EURO BÖLGESİNDE TİCARİ AÇIKLIK, FİNANSAL AÇIKLIK VE FİNANSAL GELİŞME: DİNAMİK PANEL VERİDEN KANIT

Year 2018, Volume: 7 Issue: 14, 1 - 17, 05.01.2019

Hasan Ayaydın , Aykut Karakaya , Fahrettin Pala

Abstract

Bu çalışma, ticaret ve finansal açıklığın
finansal kalkınma üzerindeki etkisini 19 Avro Bölgesi ülkesini örnekleyerek
2000'den 2015'e kadar olan verileri incelemektedir. Finansal kalkınmanın en
önemli iki göstergesi olan özel kredi ve borsa büyüklüğü kullanıyoruz.  Dinamik panel tahmin teknikleri (GMM) kullanıyoruz
ve ampirik sonuçlar, hem ticari hem de finansal açıklığın finansal gelişmenin
istatistiksel olarak önemli belirleyicileri olduğunu göstermektedir.
Sonuçlarımız, ticari (finansal) açıklığın marjinal etkilerinin finansal
(ticari) açıklık derecesi ile negatif ilişkili olduğunu ve göreceli olarak
kapalı ekonomilerin ticaret ve / veya sermaye hesaplarının açılmasından en
fazla yarar sağladığını göstermektedir. 
Bulgularımız, finansal gelişim için her iki açıklığın gerekli olduğunu
belirten iyi bilinen Rajan ve Zingales hipotezine kısmi destek sağlamaktadır.

Keywords

Finansal gelişme, Ticari açıklık, Finansal açıklık, Dinamik panel veri analizi, Euro Bölgesi

TRADE OPENNESS, FINANCIAL OPENNESS, AND FINANCIAL DEVELOPMENT IN EUROZONE: EVIDENCE FROM DYNAMIC PANEL DATA

Abstract

This paper investigates the impact of trade and financial openness on financial development, sampling 19 Eurozone countries with data spanning from 2000 to 2015. We use two of the most important indicators of financial development-private credit and stock market capitalization. The empirical results, using dynamic panel estimation techniques (GMM), suggest that both trade and financial openness are statistically significant determinants of financial development.  Our results also suggest that the marginal effects of trade (financial) openness are negatively related to the degree of financial (trade) openness, indicating that relatively closed economies stand to benefit most from opening up their trade and/or capital accounts. Our findings provide partial support to the well known Rajan and Zingales hypothesis, which stipulates that both types of openness are necessary for financial development to take place.

Keywords

Financial development, Trade openness, Financial openness, Dynamic panel data analysis, Eurozone

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