Kurumlar, Finansal Gelişme ve Ekonomik Büyüme

Year 2019, Issue: 60, 124 - 141, 29.04.2019

Deniz Güvercin , Adem Gök

Abstract

Bu
makale hukukun üstünlüğü ve düzenleyici kalitenin menkul kıymetler borsasının
gelişimi ve bankacılık sektörü gelişimi üzerinden ekonomik büyümeye etkisini
analiz ederek literatüre katkı sağlamaktadır. Değişkenler arasındaki karşılıklı
içsel ilişkileri açıklamak için AB-15 ülkelerini 1996-2012 zaman dilimi
arasında ele alarak panel vektör özbağlanımlı model kullanılmıştır. Tahmin
sonuçları, kurumların her iki göstergesinin de menkul kıymetler borsasının
gelişimi yanında bankacılık sektörü gelişimini arttırdığını göstermektedir. Ek
olarak, bulgular menkul kıymetler borsasının gelişimi ile bankacılık sektörü
gelişimi arasında tamamlayıcılık ilişkisi olduğunu göstermektedir. Menkul
kıymetler borsasının gelişimi kişi başına düşen geliri artırırken, bankacılık
sektörü gelişimi kişi başına düşen geliri azaltmaktadır.

Keywords

Hukukun Üstünlüğü, Düzenleyici Kalite, Bankacılık Sektörü Gelişimi, Menkul Kıymetler Borsasının Gelişimi

Institutions, Financial Development and Economic Growth

Abstract

This
paper contributes to the literature by examining the impact of rule of law and
regulatory quality on economic growth through their impact on the stock market
development and banking development. In the study, panel vector autoregressive
model is employed for the EU-15 countries over the period of 1996-2012 in order
to account the endogenous interrelations among these variables. Estimation
results indicate that both indicators of institutions increase banking
development as well as stock market development. Additionally, the findings
indicate that banking development complements with stock market development. It
is found that capital market development increases income per capita whereas
banking development decreases income per capita. 

Keywords

Rule of Law, Regulatory Quality, Banking Development, Stock Market Development

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