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FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION

Year 2015, , 19 - 43, 31.03.2015

Gülenay Dinar Başak Dalgıç , Pelin İyidoğan

https://doi.org/10.17065/huiibf.75983

Abstract

There is a
wide empirical and theoretical literature on the causal relationship between
financial liberalization and economic growth. The background of the issue is
based on the McKinnon and Shaw hypothesis which emphasize that financial
liberalization leads to economic growth via high saving and investment rates
together with the technological improvements. While some empirical studies
support McKinnon and Shaw hypothesis some others find contradictory evidence.
In this context, utilizing recent data we investigate the relationship between
financial liberalization and economic growth for Turkey over the period 1998-2012.
Considering the structural breaks in the analysis period we first employ
Zivot-Andrews unit root test and Gregory-Hansen cointegration analysis. Next we
examine the causality relationship by means of Toda-Yamamoto methodology. Our
main findings are; (i) there is a long run interaction between financial liberalization
and economic growth, (ii) there is evidence of the causality running from
economic growth to financial liberalization.

Keywords

Financial liberalization growth structural break cointegration causality

References

  • Ağır, H. (2010) Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi, Ankara: BDDK Kitapları.
  • Akerlof, G. (1970) “The Market for ‘Lemons’: Quality, Uncertainty and The Market Mechanism”, The Quaterly Journal of Economics, 84(3), 488-500.
  • Akın, G.G., A.F. Aysan, L. Yıldıran (2008) “Transformation of the Turkish Financial Sector in the Aftermath of the 2001 Crisis”, MPRA Paper, No. 17803.
  • Alesina, A., V. Grilli, G.M. Milesi-Ferretti (1993) “The Political Economy of Capital Controls”, NBER Working Paper Series, 4353.
  • Arestis, P. (2004) “Washington Consencus and Financial Liberalization”, Journal of Post Keynesian Economics, 27(2), 251-271.
  • Arestis, P. (2005) “Financial Liberalization and The Relationship Between Finance and Growth”, CEPP Working Paper, 05/05.
  • Banerjee, A., R. Lumsdaire, J.H. Stock (1992) “Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypothesis: Theory and International Evidence, Journal of Business of Economic Statistics, 10(3), 271-287.
  • Baş Dinar, G. (2013) “Finansal Liberalizasyon ve Ekonomik Büyüme: Literatür Çalışması”, A.İ.B.Ü. – İ.İ.B.F. Ekonomik ve Sosyal Araştırmalar Dergisi, forthcoming.
  • Batiz, L.R. (2001) “International Financial Liberalization, Corruption, and Economic Growth”, Review of International Economics, 9(4), 727-737.
  • Bekaert, G., C.R. Harvey, C. Lundblad (2005) “Does Financial Liberalization Spur Growth?”, Journal of Financial Economics, 77, 3-56.
  • Bonfiglioli, A. (2005) “How Does Financial Liberalization Affect Economic Growth?”, Institute for International Economic Studies Seminar Papers, 736.
  • Christiano, L.J. (1992) “Searching for a Break in GNP”, Journal of Business of Economic Statistics, 10(3), 237-250.
  • Demetriades, P., M.P. Devereux (1992) “Investment and “Financial Repression: Theory and Evidence from 63 LDCs”, Keele University Working Paper in Economics, 92-116.
  • Demetriades, P. O., K.A. Hussein (1996) “Does Financial Development Cause Economic Growth? Time-series Evidence from 16 Countries”, Journal of Development Economics, 51(2), 387–411
  • Dickey, D., W. Fuller (1979) “Distribution of the Estimation for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427-431.
  • Eatwell, J. (1996) “International Capital Liberalization: The Impact on World Development”, CEPA Working Paper Series, 1.
  • Engle, R.F., C.W.J. Granger (1987) “Cointegration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55(2), 251-276.
  • Fischer, S. (1997) “Capital Account Liberalization and the Role of the IMF”, Asia and the IMF Conference, Hong Kong, China.
  • Fry, M.J. (1995) Money, Interest and Banking in Economic Development, Baltimore: John Hopkins University Press.
  • Galindo, A., F. Schiantarell, A. Weiss (2005) “Does Financial Liberalization Improve the Allocation of Investment? Micro Evidence from Developing Countries”, Boston College Working Papers in Economics, 625.
  • Goldsmith, R.W. (1969) Financial Structure and Economic Development, New Haven: Yale University Press.
  • Grabel, I. (1995) “Assessing the Impact of Financial Liberalization on Stock Market Volatility in Selected Developing Countries”, The Journal of Development Studies, 31(6), 903- 917.
  • Greene, J., D. Villanueva (1991) “Private Investment in Developing Countries: An Empirical Analysis”, IMF Staff Papers, 38(1), 33-58.
  • Gregory, A., B. Hansen (1996) “Residual-based Tests for Cointegration in Models with Regime Shifts”, Journal of Econometrics, 70, 99-126.
  • Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, The American Economic Review, 45(4), 515-538.
  • Gurley, J.G., E.S. Shaw (1967) “Financial Structure and Economic Development”, Economic Development and Cultural Change, 15(3), 257-268.
  • Hatemi-J, A. (2008) “Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration” Empirical Economics, 35, 497-505.
  • Hepsağ, A. (2009). “Finansal Liberalizasyon Politikalarının Geçerliliğinin McKinnon Tamamlayıcılık Hipotezi Çerçevesinde Sınanması: Türkiye Örneği”, BDDK Bankacılık ve Finansal Piyasalar, 3(1), 63-80.
  • Hermes, N. (1996) “Financial Reform and Financial İntermediation in Chile, 1983-1992”, in Financial Development and Economic Growth: Theory and Experiences from Developing Countries, N.Hermes and R. Lensink (eds.), 310-336, London: Routledge.
  • Kang, S.J, Y. Sawada (2000) “Financial Repression and External Openness in an Endogoneous Growth Model”, Journal of International Trade and Economic Development, 9(4), 427-443.
  • Kar, M., E.J. Pentecos (2000) “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”, Economic Research, 00-27, 1-21.
  • King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might be Right”, Quarterly Journal of Economics, 108(3), 717-37.
  • Klein, M.W. (2005) “Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence”, NBER Research Working Paper, 11112.
  • Klein, M.W., G.P. Olivei (2008) “Capital Account Liberalization, Financial Depth and Economic Growth”, Journal of International Money and Finance, 27, 861-875.
  • Lee, I., J.H. Shin (2008) “Financial Liberalization, Crises, and Economic Growth”, Asian Economic Papers, 7(1), 106-115.
  • Lee, J., M.C. Strazicich (2003) “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Levine, R., S. Zervos (1998) “Stock Market, Banks and Economic Growth”, American Economic Review, 88, 537-58.
  • Levine, R. (2001) “International Financial Liberalization and Economic Growth”, Review of International Economics, 9(4), 688-702.
  • Loayza, N. V., R. Ranciere (2006) "Financial Development, Financial Fragility, and Growth," Journal of Money, Credit and Banking, 38(4), 1051-1076.
  • McKinnon, R.I. (1973) Money and Capital in Economic Development, Washington D.C.: The Brookings Institution,
  • Patrick, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
  • Perron, P. (1990) “Testing for a Unit Root in a Time Series with a Changing Mean”, Journal of Business and Economic Statistics, 8(2), 153-162.
  • Prasad, E.S., K. Rogoff, S.J. Wei, A. Köse (2003) “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence”, Economic and Political Weekly, 38(41), 4319-4330.
  • Rajan, R.G., L. Zingales (1998) “Financial Dependence and Growth”, The American Economic Review, 88 (3), 559-586.
  • Ranciere, R., A. Tornell, F. Westermann (2006) “Decomposing The Effects of Financial Liberalization: Crises vs. Growth”, NBER Working Paper, 12806.
  • Rodrik, D., (1998) “Who Needs Capital Account Convertibility?”, Princeton Essays in International Finance, 207, 1-10.
  • Shan, J., A. Morris, F. Sun (2001) “Financial Development and Economic Growth: An Egg-and- Chicken Problem”, Review of International Economics, 9(3), 443 - 454.
  • Shaw, E.S. (1973) Financial Deeping in Economic Development, Cambridge: Harvard University Press.
  • Shresta, M.B., K. Chowdhury (2007) “Testing Financial Liberalization Hypothesis with ARDL Modelling Approach”, Applied Financial Economics, 17, 1529-1540.
  • Singh, A., (2002) “Capital Account Liberalization, Free Long-Term Capital Flows, Financial Crises and Economic Development”, ESRC Centre for Business Research, University of Cambridge Working Paper, 245.
  • Spence, M. (1973) “Job Market Signaling”, Ouarterly Journal of Economics, 87, 355-374.
  • Spence, M. (1974) Market Signaling,Cambridge: Harvard University Press.
  • Stiglitz J., A. Weiss (1981) “Credit Rationing in Markets with Imperfect Information”, American Economic Review, 71, 393-410.
  • Stiglitz J., A. Weiss (1983). “Incentive Effects of Terminations: Applications to the Credit and Labor Markets”, American Economic Review, 73, 912-927.
  • Stiglitz, J. (2000) “Capital Market Liberalization, Economic Growth, and Instability”, World Development, 28(6), 1075-1086.
  • Toda, H.Y., T. Yamamoto (1995) “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 225-250.
  • Yapraklı, S. (2007) “Ticari ve Finansal Dışa Açıklık ile Ekonomik Büyüme Arasındaki İlişki: Türkiye Üzerine Bir Uygulama”, Ekonometri ve İstatistik, 5(1), 67-89.
  • Yentürk, N. (2003) Körlerin Yürüyüşü: Türkiye Ekonomisi ve 1990 Sonrası Krizler, İstanbul: Bilgi Üniversitesi Yayınları.
  • Yoon, J.C. (1986) “Inefficiences from Financial Liberalization in the Absence of Well- Functioning Equity Markets”, Journal of Money, Credit and Banking, 18(2), 191- 199.
  • Zivot, E., D. Andrews (1992) “Further Evidence on the Great Crash, the Oil Price Shock and the Unit Root Hypothesis”, Journal of Business and Economic Statistics, 10, 251-270. Appendix 1 Table 1. Lee and Strazicich (2003) Unit Root Test Level
  • First difference Variables Model A Model C Model A Model C Credit -1.7493 (2003Q3-2005Q2) (2003Q2-2008Q3)
  • (2002Q1-2009Q2 BIST -2.1601 (2001Q1-2009Q2) (2000Q2-2001Q1)
  • (2000Q4-2002Q3) M3 -3.0199 (2001Q1-2006Q3) (2001Q4-2007Q4)
  • (2002Q4-2007Q1) GDP -3.0917 (2007Q1-2009Q3) (2001Q1-2006Q3) (2002Q4-2007Q1)
  • Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
  • Lee and Strazicich (2003). The parantheses below the test statistics show the break points for the series.
  • Table Hatemi-J (2008) Cointegration Test Modified ADF
  • Modified Philips Credit-GDP -5.772*
  • (2001Q1-2001Q2) -7.122***
  • (2000Q1-2000Q3) BIST-GDP -4.109
  • (2002Q2-2005Q2) -5.932*
  • (2001Q3-2004Q1) M3-GDP -5.996*
  • (2002Q2-2006Q3) -6.597** (2000Q2-2000Q3)
  • Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
  • Hatemi –J (2008). The parantheses below the test statistics show the break points for the series.
  • Table Granger Causality Test Results Error correction term (p-value) (p-value)
  • Financial liberalization Economic growth Credit  GDP -0.01279 (0.9256)
  • 0.07822 (0.9715) BISTGDP -0.00192 (0.7676)
  • 0.30820 (0.8193) M3GDP --0.00866 (0.5681) 0.78871 (0.6041)
  • Economic growth Financial liberalization GDP Credit -0.03368 (0.0912)
  • 37185 (0.0849) GDPBIST -0.43101(0.0012)
  • 70429 (0.0057) GDP M3 -0.05949 (0.1058) 1.8823 (0.1849)

TÜRKİYE’DE FİNANSAL LİBERALİZASYON VE EKONOMİK BÜYÜME: YENİ BİR DEĞERLENDİRME

Year 2015, , 19 - 43, 31.03.2015

Gülenay Dinar Başak Dalgıç , Pelin İyidoğan

https://doi.org/10.17065/huiibf.75983

Abstract

Finansal
liberalizasyon ve ekonomik büyüme arasındaki nedensel ilişkiyi teorik ve
ampirik olarak inceleyen geniş bir yazın bulunmaktadır. Konunun temelleri,
finansal liberalizasyonun yüksek tasarruf ve yatırım oranlarının yanısıra
teknolojik gelişmeler aracılığıyla ekonomik büyümeye yol açtığını vurgulayan McKinnon
Shaw hipotezine dayanmaktadır. Ampirik çalışmaların bir kısmı McKinnon Shaw
hipotezini desteklerken bazıları ise karşıt yönde sonuçlara ulaşmışlardır. Bu
çerçevede, çalışmada Türkiye için 1998-2012 dönemine ait güncel verilerle
finansal liberalizasyon ve ekonomik büyüme arasındaki ilişki incelenmektedir.
Analiz dönemi içerisindeki olası yapısal kırılmalar dikkate alınarak öncelikle
Zivot-Andrews birim kök testi ve Gregory-Hansen eşbütünleşme analizi
uygulanmaktadır. Daha sonra ilgili değişkenler arasındaki nedensellik ilişkisi
Toda-Yamamoto yöntemiyle incelenmektedir. Çalışmanın temel bulguları (i)
Türkiye ekonomisinde finansal liberalizasyon ve ekonomik büyüme arasında uzun
dönemli bir ilişkinin bulunduğu (ii) Nedensellik ilişkisinin ekonomik büyümeden
finansal liberalizasyona doğru gerçekleştiği şeklindedir.

Keywords

Finansal liberalizasyon büyüme yapısal kırılma eşbütünleşme nedensellik

References

  • Ağır, H. (2010) Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi, Ankara: BDDK Kitapları.
  • Akerlof, G. (1970) “The Market for ‘Lemons’: Quality, Uncertainty and The Market Mechanism”, The Quaterly Journal of Economics, 84(3), 488-500.
  • Akın, G.G., A.F. Aysan, L. Yıldıran (2008) “Transformation of the Turkish Financial Sector in the Aftermath of the 2001 Crisis”, MPRA Paper, No. 17803.
  • Alesina, A., V. Grilli, G.M. Milesi-Ferretti (1993) “The Political Economy of Capital Controls”, NBER Working Paper Series, 4353.
  • Arestis, P. (2004) “Washington Consencus and Financial Liberalization”, Journal of Post Keynesian Economics, 27(2), 251-271.
  • Arestis, P. (2005) “Financial Liberalization and The Relationship Between Finance and Growth”, CEPP Working Paper, 05/05.
  • Banerjee, A., R. Lumsdaire, J.H. Stock (1992) “Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypothesis: Theory and International Evidence, Journal of Business of Economic Statistics, 10(3), 271-287.
  • Baş Dinar, G. (2013) “Finansal Liberalizasyon ve Ekonomik Büyüme: Literatür Çalışması”, A.İ.B.Ü. – İ.İ.B.F. Ekonomik ve Sosyal Araştırmalar Dergisi, forthcoming.
  • Batiz, L.R. (2001) “International Financial Liberalization, Corruption, and Economic Growth”, Review of International Economics, 9(4), 727-737.
  • Bekaert, G., C.R. Harvey, C. Lundblad (2005) “Does Financial Liberalization Spur Growth?”, Journal of Financial Economics, 77, 3-56.
  • Bonfiglioli, A. (2005) “How Does Financial Liberalization Affect Economic Growth?”, Institute for International Economic Studies Seminar Papers, 736.
  • Christiano, L.J. (1992) “Searching for a Break in GNP”, Journal of Business of Economic Statistics, 10(3), 237-250.
  • Demetriades, P., M.P. Devereux (1992) “Investment and “Financial Repression: Theory and Evidence from 63 LDCs”, Keele University Working Paper in Economics, 92-116.
  • Demetriades, P. O., K.A. Hussein (1996) “Does Financial Development Cause Economic Growth? Time-series Evidence from 16 Countries”, Journal of Development Economics, 51(2), 387–411
  • Dickey, D., W. Fuller (1979) “Distribution of the Estimation for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427-431.
  • Eatwell, J. (1996) “International Capital Liberalization: The Impact on World Development”, CEPA Working Paper Series, 1.
  • Engle, R.F., C.W.J. Granger (1987) “Cointegration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55(2), 251-276.
  • Fischer, S. (1997) “Capital Account Liberalization and the Role of the IMF”, Asia and the IMF Conference, Hong Kong, China.
  • Fry, M.J. (1995) Money, Interest and Banking in Economic Development, Baltimore: John Hopkins University Press.
  • Galindo, A., F. Schiantarell, A. Weiss (2005) “Does Financial Liberalization Improve the Allocation of Investment? Micro Evidence from Developing Countries”, Boston College Working Papers in Economics, 625.
  • Goldsmith, R.W. (1969) Financial Structure and Economic Development, New Haven: Yale University Press.
  • Grabel, I. (1995) “Assessing the Impact of Financial Liberalization on Stock Market Volatility in Selected Developing Countries”, The Journal of Development Studies, 31(6), 903- 917.
  • Greene, J., D. Villanueva (1991) “Private Investment in Developing Countries: An Empirical Analysis”, IMF Staff Papers, 38(1), 33-58.
  • Gregory, A., B. Hansen (1996) “Residual-based Tests for Cointegration in Models with Regime Shifts”, Journal of Econometrics, 70, 99-126.
  • Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, The American Economic Review, 45(4), 515-538.
  • Gurley, J.G., E.S. Shaw (1967) “Financial Structure and Economic Development”, Economic Development and Cultural Change, 15(3), 257-268.
  • Hatemi-J, A. (2008) “Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration” Empirical Economics, 35, 497-505.
  • Hepsağ, A. (2009). “Finansal Liberalizasyon Politikalarının Geçerliliğinin McKinnon Tamamlayıcılık Hipotezi Çerçevesinde Sınanması: Türkiye Örneği”, BDDK Bankacılık ve Finansal Piyasalar, 3(1), 63-80.
  • Hermes, N. (1996) “Financial Reform and Financial İntermediation in Chile, 1983-1992”, in Financial Development and Economic Growth: Theory and Experiences from Developing Countries, N.Hermes and R. Lensink (eds.), 310-336, London: Routledge.
  • Kang, S.J, Y. Sawada (2000) “Financial Repression and External Openness in an Endogoneous Growth Model”, Journal of International Trade and Economic Development, 9(4), 427-443.
  • Kar, M., E.J. Pentecos (2000) “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”, Economic Research, 00-27, 1-21.
  • King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might be Right”, Quarterly Journal of Economics, 108(3), 717-37.
  • Klein, M.W. (2005) “Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence”, NBER Research Working Paper, 11112.
  • Klein, M.W., G.P. Olivei (2008) “Capital Account Liberalization, Financial Depth and Economic Growth”, Journal of International Money and Finance, 27, 861-875.
  • Lee, I., J.H. Shin (2008) “Financial Liberalization, Crises, and Economic Growth”, Asian Economic Papers, 7(1), 106-115.
  • Lee, J., M.C. Strazicich (2003) “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Levine, R., S. Zervos (1998) “Stock Market, Banks and Economic Growth”, American Economic Review, 88, 537-58.
  • Levine, R. (2001) “International Financial Liberalization and Economic Growth”, Review of International Economics, 9(4), 688-702.
  • Loayza, N. V., R. Ranciere (2006) "Financial Development, Financial Fragility, and Growth," Journal of Money, Credit and Banking, 38(4), 1051-1076.
  • McKinnon, R.I. (1973) Money and Capital in Economic Development, Washington D.C.: The Brookings Institution,
  • Patrick, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
  • Perron, P. (1990) “Testing for a Unit Root in a Time Series with a Changing Mean”, Journal of Business and Economic Statistics, 8(2), 153-162.
  • Prasad, E.S., K. Rogoff, S.J. Wei, A. Köse (2003) “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence”, Economic and Political Weekly, 38(41), 4319-4330.
  • Rajan, R.G., L. Zingales (1998) “Financial Dependence and Growth”, The American Economic Review, 88 (3), 559-586.
  • Ranciere, R., A. Tornell, F. Westermann (2006) “Decomposing The Effects of Financial Liberalization: Crises vs. Growth”, NBER Working Paper, 12806.
  • Rodrik, D., (1998) “Who Needs Capital Account Convertibility?”, Princeton Essays in International Finance, 207, 1-10.
  • Shan, J., A. Morris, F. Sun (2001) “Financial Development and Economic Growth: An Egg-and- Chicken Problem”, Review of International Economics, 9(3), 443 - 454.
  • Shaw, E.S. (1973) Financial Deeping in Economic Development, Cambridge: Harvard University Press.
  • Shresta, M.B., K. Chowdhury (2007) “Testing Financial Liberalization Hypothesis with ARDL Modelling Approach”, Applied Financial Economics, 17, 1529-1540.
  • Singh, A., (2002) “Capital Account Liberalization, Free Long-Term Capital Flows, Financial Crises and Economic Development”, ESRC Centre for Business Research, University of Cambridge Working Paper, 245.
  • Spence, M. (1973) “Job Market Signaling”, Ouarterly Journal of Economics, 87, 355-374.
  • Spence, M. (1974) Market Signaling,Cambridge: Harvard University Press.
  • Stiglitz J., A. Weiss (1981) “Credit Rationing in Markets with Imperfect Information”, American Economic Review, 71, 393-410.
  • Stiglitz J., A. Weiss (1983). “Incentive Effects of Terminations: Applications to the Credit and Labor Markets”, American Economic Review, 73, 912-927.
  • Stiglitz, J. (2000) “Capital Market Liberalization, Economic Growth, and Instability”, World Development, 28(6), 1075-1086.
  • Toda, H.Y., T. Yamamoto (1995) “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 225-250.
  • Yapraklı, S. (2007) “Ticari ve Finansal Dışa Açıklık ile Ekonomik Büyüme Arasındaki İlişki: Türkiye Üzerine Bir Uygulama”, Ekonometri ve İstatistik, 5(1), 67-89.
  • Yentürk, N. (2003) Körlerin Yürüyüşü: Türkiye Ekonomisi ve 1990 Sonrası Krizler, İstanbul: Bilgi Üniversitesi Yayınları.
  • Yoon, J.C. (1986) “Inefficiences from Financial Liberalization in the Absence of Well- Functioning Equity Markets”, Journal of Money, Credit and Banking, 18(2), 191- 199.
  • Zivot, E., D. Andrews (1992) “Further Evidence on the Great Crash, the Oil Price Shock and the Unit Root Hypothesis”, Journal of Business and Economic Statistics, 10, 251-270. Appendix 1 Table 1. Lee and Strazicich (2003) Unit Root Test Level
  • First difference Variables Model A Model C Model A Model C Credit -1.7493 (2003Q3-2005Q2) (2003Q2-2008Q3)
  • (2002Q1-2009Q2 BIST -2.1601 (2001Q1-2009Q2) (2000Q2-2001Q1)
  • (2000Q4-2002Q3) M3 -3.0199 (2001Q1-2006Q3) (2001Q4-2007Q4)
  • (2002Q4-2007Q1) GDP -3.0917 (2007Q1-2009Q3) (2001Q1-2006Q3) (2002Q4-2007Q1)
  • Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
  • Lee and Strazicich (2003). The parantheses below the test statistics show the break points for the series.
  • Table Hatemi-J (2008) Cointegration Test Modified ADF
  • Modified Philips Credit-GDP -5.772*
  • (2001Q1-2001Q2) -7.122***
  • (2000Q1-2000Q3) BIST-GDP -4.109
  • (2002Q2-2005Q2) -5.932*
  • (2001Q3-2004Q1) M3-GDP -5.996*
  • (2002Q2-2006Q3) -6.597** (2000Q2-2000Q3)
  • Notes: ***,** and* denote significance at 1%, 5% and 10% level respectively using the critical values from
  • Hatemi –J (2008). The parantheses below the test statistics show the break points for the series.
  • Table Granger Causality Test Results Error correction term (p-value) (p-value)
  • Financial liberalization Economic growth Credit  GDP -0.01279 (0.9256)
  • 0.07822 (0.9715) BISTGDP -0.00192 (0.7676)
  • 0.30820 (0.8193) M3GDP --0.00866 (0.5681) 0.78871 (0.6041)
  • Economic growth Financial liberalization GDP Credit -0.03368 (0.0912)
  • 37185 (0.0849) GDPBIST -0.43101(0.0012)
  • 70429 (0.0057) GDP M3 -0.05949 (0.1058) 1.8823 (0.1849)
There are 82 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Gülenay Dinar This is me

Başak Dalgıç

Pelin İyidoğan

Publication Date March 31, 2015
Submission Date April 2, 2015
Published in Issue Year 2015

Cite

APA Dinar, G., Dalgıç, B., & İyidoğan, P. (2015). FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 33(1), 19-43. https://doi.org/10.17065/huiibf.75983
AMA Dinar G, Dalgıç B, İyidoğan P. FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. March 2015;33(1):19-43. doi:10.17065/huiibf.75983
Chicago Dinar, Gülenay, Başak Dalgıç, and Pelin İyidoğan. “FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 33, no. 1 (March 2015): 19-43. https://doi.org/10.17065/huiibf.75983.
EndNote Dinar G, Dalgıç B, İyidoğan P (March 1, 2015) FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 33 1 19–43.
IEEE G. Dinar, B. Dalgıç, and P. İyidoğan, “FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 33, no. 1, pp. 19–43, 2015, doi: 10.17065/huiibf.75983.
ISNAD Dinar, Gülenay et al. “FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 33/1 (March 2015), 19-43. https://doi.org/10.17065/huiibf.75983.
JAMA Dinar G, Dalgıç B, İyidoğan P. FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2015;33:19–43.
MLA Dinar, Gülenay et al. “FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 33, no. 1, 2015, pp. 19-43, doi:10.17065/huiibf.75983.
Vancouver Dinar G, Dalgıç B, İyidoğan P. FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH IN TURKEY: A REEXAMINATION. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2015;33(1):19-43.

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