BibTex RIS Cite

Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme

Year 2017, Issue: 629, 77 - 86, 01.07.2017

Evrim İmer-ertunga

Abstract

Çalışmanın amacı finansal gelişme (veya özel sektöre verilen kredilerin GSYİH’ye oranı) ile hanehalkı borçluluğunun 13 G-20 ülkesinin ekonomik büyümesi üzerindeki etkisini incelemektir. 2002-2013 arasındaki yıllık verilerin kullandıldığı incelemede ABD, İngiltere, Japonya, Kore, Kanada, Avustralya, Almanya, Fransa, İtalya, Meksika, Brezilya, Güney Afrika ve Türkiye ele alınmıştır. Ekonomik büyüme üzerinde etkisi olabileceği düşünülen bazı değişkenler havuzlanmış tahmin yöntemi ile incelenmiştir. İncelemede 2008 sonrası dönem için özel sektöre verilen kredilerin GSYİH’ye oranı ele alınan ülkelerdeki ekonomik canlanmayı olumsuz etkilediği görülmüştür. Ayrıca 2002-2013 dönemi ile 2002-2007 dönemine ilişkin tahminler ise ekonomik büyümeyi açıklayıcı olarak kullanılan değişkenlerden bir diğeri olan olan hanehalkı borçluluk oranının, ekonomik büyümeyi olumlu yönde etkilediğine; dolayısıyla ele alınan ülkelerin ekonomik büyümesinde hane halkının finansal kanallarının da rol oynadığına ışık tutmuştur.

Keywords

Ekonomik büyüme finansal gelişme hanehalkı borçluluğu G-20 havuzlanmış tahmin

References

  • BALTAGI, Badi H.; (2005), Econometric Analysis of Panel Data. John Wiley and Sons Ltd., Sussex.
  • CALDERON, César; (2003), “The direction of causality between financial development and economic growth”, Journal of Development Economics, 72(1), pp. 321–334.
  • CALLAGHAN Helen; (2015), “Who Cares about Financialization? Self-reinforcing Feedback. Issue. Salience. and Increasing Acquiescence to Market-enabling Takeover Rules”, SocioEconomic Review, pp. 1–20
  • CECCHETTI, Stephen G., Madhusudan S. MOHANTY ve Fabrizio ZAMPOLLI; (2011), “The real effects of debt.” BIS Working Paper, 352.
  • GREENE William H.; (1997) Econometric Analysis, PrenticeHall International Inc., New Jersey.
  • GREENSPAN, Alan; (2004), “Understanding household debt obligations. Remark made at the Credit Union National Association 2004 Governmental Affairs Conference, 23 February 2004, Washington, D.C. http://www.federalreserve.gov/boarddocs/Speeches/2004/20040223/default.htm. 18.06.2015.
  • KIM. Yun K; (2013),“Household Debt, Financialization and Macroeconomic Performance in the U.S.. 1951-2009” Journal of Post Keynesian Economics, 35 (4), pp. 675-694.
  • KREGEL, Jan A.; (2014). Economic Development and Financial Instability: Selected Essays. London: Anthem Press.
  • LAPAVITSAS, Costas and C., Jeff POWELL; (2013), “Financialization Varied: A Comparative Analysis of Advanced Economies”. Cambridge Journal of Regions. Economy and Society 6, pp. 359–379.
  • LAPAVITSAS, Costas; (2011), “Theorizing financialization.” Work. Employment and Society 25 (4), pp. 611-626.
  • LEVIN, Andrew, Chien-Fu LIN ve Chia-Shang J. CHU; (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite Sample Properties”, Journal of Econometrics, pp. 108: 1-24.
  • NICKELL, Stephen; (1981), “Bias in Dynamic Models with Fixed Effects”. Econometrica, 49 (6), pp. 1417–1426.
  • PALLEY, Thomas; (2011). “A Theory of Minsky Super-cycles and Financial Crises”, Contribution to Political Economy, 30 (1): 31-46
  • RAJAN Raghuram G. and G, Luigi ZINGALES; (1996), “Financial Dependence and Growth.” National Bureau of Economic Research 5758.
  • THOMPSON, Paul; (2013), “Financialization and the Workplace: Extending and Applying the Disconnected Capitalism thesis.” Work. Employment and Society 27 (3), pp. 472–488.
  • VESTERGAARD, Jakob J. and Robert H. WADE; (2012), “Establishing a New Global Economic Council: Governance Reform at the G20 the IMF and the World Bank.” Global Policy 3 (3), pp. 257-269.

An Assessment for the Economic Growth, Financial Development and Household Indebtedness

Year 2017, Issue: 629, 77 - 86, 01.07.2017

Evrim İmer-ertunga

Abstract

This study aims to investigate the impacts of financial development (i.e. the ratio of domestic credit to private sector as a percent of GDP) and household indebtedness on the output growth of the 13 G-20 countries. Yearly database covers the period 2002-2013 for the USA, the UK, Japan, Korea, Canada, Australia, Germany, France, Italy, Mexico, Brazil, South Africa and Turkey. Pooled estimation technique is used in the detection of the effects of some of the possible variables related to economic growth. Estimations show that the ratio of domestic credit to private sector affects the revival of the economic growth negatively after 2008. Moreover, the results for the period 2002-2013 and between 2002 and 2017 reveal that household indebtedness has positive effect on economic growth. Therefore, this evidence may shed light on the affirmative influence of the channel of households finance on the economic growth of these countries.

Keywords

Economic growth financial development household indebtedness G-20 poled estimation

References

  • BALTAGI, Badi H.; (2005), Econometric Analysis of Panel Data. John Wiley and Sons Ltd., Sussex.
  • CALDERON, César; (2003), “The direction of causality between financial development and economic growth”, Journal of Development Economics, 72(1), pp. 321–334.
  • CALLAGHAN Helen; (2015), “Who Cares about Financialization? Self-reinforcing Feedback. Issue. Salience. and Increasing Acquiescence to Market-enabling Takeover Rules”, SocioEconomic Review, pp. 1–20
  • CECCHETTI, Stephen G., Madhusudan S. MOHANTY ve Fabrizio ZAMPOLLI; (2011), “The real effects of debt.” BIS Working Paper, 352.
  • GREENE William H.; (1997) Econometric Analysis, PrenticeHall International Inc., New Jersey.
  • GREENSPAN, Alan; (2004), “Understanding household debt obligations. Remark made at the Credit Union National Association 2004 Governmental Affairs Conference, 23 February 2004, Washington, D.C. http://www.federalreserve.gov/boarddocs/Speeches/2004/20040223/default.htm. 18.06.2015.
  • KIM. Yun K; (2013),“Household Debt, Financialization and Macroeconomic Performance in the U.S.. 1951-2009” Journal of Post Keynesian Economics, 35 (4), pp. 675-694.
  • KREGEL, Jan A.; (2014). Economic Development and Financial Instability: Selected Essays. London: Anthem Press.
  • LAPAVITSAS, Costas and C., Jeff POWELL; (2013), “Financialization Varied: A Comparative Analysis of Advanced Economies”. Cambridge Journal of Regions. Economy and Society 6, pp. 359–379.
  • LAPAVITSAS, Costas; (2011), “Theorizing financialization.” Work. Employment and Society 25 (4), pp. 611-626.
  • LEVIN, Andrew, Chien-Fu LIN ve Chia-Shang J. CHU; (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite Sample Properties”, Journal of Econometrics, pp. 108: 1-24.
  • NICKELL, Stephen; (1981), “Bias in Dynamic Models with Fixed Effects”. Econometrica, 49 (6), pp. 1417–1426.
  • PALLEY, Thomas; (2011). “A Theory of Minsky Super-cycles and Financial Crises”, Contribution to Political Economy, 30 (1): 31-46
  • RAJAN Raghuram G. and G, Luigi ZINGALES; (1996), “Financial Dependence and Growth.” National Bureau of Economic Research 5758.
  • THOMPSON, Paul; (2013), “Financialization and the Workplace: Extending and Applying the Disconnected Capitalism thesis.” Work. Employment and Society 27 (3), pp. 472–488.
  • VESTERGAARD, Jakob J. and Robert H. WADE; (2012), “Establishing a New Global Economic Council: Governance Reform at the G20 the IMF and the World Bank.” Global Policy 3 (3), pp. 257-269.
There are 16 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Evrim İmer-ertunga

Publication Date July 1, 2017
Published in Issue Year 2017 Issue: 629

Cite

APA İmer-ertunga, E. (2017). Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme. Finans Politik Ve Ekonomik Yorumlar(629), 77-86.
AMA İmer-ertunga E. Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme. FPEYD. July 2017;(629):77-86.
Chicago İmer-ertunga, Evrim. “Ekonomik Büyüme, FinansalGelişme Ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme”. Finans Politik Ve Ekonomik Yorumlar, no. 629 (July 2017): 77-86.
EndNote İmer-ertunga E (July 1, 2017) Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme. Finans Politik ve Ekonomik Yorumlar 629 77–86.
IEEE E. İmer-ertunga, “Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme”, FPEYD, no. 629, pp. 77–86, July 2017.
ISNAD İmer-ertunga, Evrim. “Ekonomik Büyüme, FinansalGelişme Ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme”. Finans Politik ve Ekonomik Yorumlar 629 (July 2017), 77-86.
JAMA İmer-ertunga E. Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme. FPEYD. 2017;:77–86.
MLA İmer-ertunga, Evrim. “Ekonomik Büyüme, FinansalGelişme Ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme”. Finans Politik Ve Ekonomik Yorumlar, no. 629, 2017, pp. 77-86.
Vancouver İmer-ertunga E. Ekonomik Büyüme, FinansalGelişme ve Hanehalkı Borçluluğunaİlişkin Bir Değerlendirme. FPEYD. 2017(629):77-86.