Akademik Veri Yönetim Sistemi
11. International Hasankeyf Scientific Research and Innovation Congress, Batman, Türkiye, 20 - 21 Eylül 2025, ss.78-87, (Tam Metin Bildiri)
In an economy, gross fixed capital formation is one of the most
fundamental drivers of long-term growth and development. Understanding the
relationship between savings and expenditures, which are the sources of
financing for these investments, is of great importance for the sustainability
of the economic structure. This study examines the causality relationship
between gross fixed capital formation and gross expenditure and savings in the
Turkish economy for the period 1990-2024. The analysis was performed using the
Fourier Toda-Yamamoto causality test after examining the stationarity of the
series with the Fourier KPSS test. According to the results of the Fourier
Toda-Yamamoto causality test, a unidirectional and statistically significant
causality relationship was found from gross savings to gross fixed capital
formation. This finding indicates that changes in savings rates directly affect
investment levels. However, no effect was detected from capital formation to
savings. Furthermore, no significant causality relationship was found between
gross national expenditure and gross fixed capital formation. These results
reveal that capital formation in the Turkish economy is largely financed by
domestic savings and that savings are the primary determinant of investment
levels.