ANALYSIS OF THE RELATIONSHIPS BETWEEN FINANCIAL DEVELOPMENT, SAVING AND GLOBALIZATION AND CAPITAL FORMATION BY HIDDEN COINTEGRATION AND ASYMMETRIC CAUSALITY TESTS: THE CASE OF TURKEY

Year 2021, Issue: 3, 203 - 222, 30.07.2021

Mehmet Levent Erdaş , Gamze Göçmen Yağcılar

https://doi.org/10.51551/verimlilik.779506

Cited By: 3

Abstract

Purpose: Relationships of capital formation with macro-economic and financial factors are among the widely investigated and discussed issues by researchers in recent years. The aim of this study is to investigate whether financial development, globalization and savings effect capital formation in Turkey.

Methodology: The relationships between the variables were tested using the Hatemi-J and Irandoust (2012) cointegration test, where the hidden cointegration relationship was examined, and the Hatemi J (2012) causality tests, where the asymmetric causality relationship was examined.

Findings: Hatemi-J (2012) test suggests that there is asymmetric causality relationship between capital formation and financial development indicators except financial system deposits, globalization and savings. Results also suggest that this relationship differentiate among variables. Furthermore, causalities

from financial development variables to capital formation are always positive while capital formation effect financial development negatively. Consequently, this study shows that capital formation is affected positively from financial development, globalization and savings.

Originality: This paper is first of its kind to research the asymmetric relationship between financial development savings, globalization and capital formation in Turkish economy by using econometric methods.

Keywords

Capital Formation, Financial Development, Domestic Savings, Direct Foreign Investments, Asymmetric Relationship, Turkey

FİNANSAL GELİŞME, TASARRUF VE KÜRESELLEŞME İLE SERMAYE OLUŞUMU ARASINDAKİ İLİŞKİNİN SAKLI EŞBÜTÜNLEŞME VE ASİMETRİK NEDENSELLİK TESTLERİ İLE ANALİZ EDİLMESİ: TÜRKİYE ÖRNEĞİ

Abstract

Amaç: Son yıllarda sermaye oluşumu ile makroekonomik ve finansal faktörler arasındaki ilişki araştırmacılar tarafından araştırılan ve tartışılan konulardan biridir. Bu çalışmanın amacı Türkiye’de finansal gelişmişliğin, küreselleşmenin ve tasarrufların sermaye oluşumu üzerinde etkisinin olup olmadığını araştırmaktır.

Yöntem: Saklı eşbütünleşme ilişkisinin incelendiği Hatemi-J ve Irandoust (2012) eşbütünleşme testi ile asimetrik nedensellik ilişkisinin incelendiği Hatemi J (2012) nedensellik testi kullanılarak değişkenler arasındaki ilişkiler analiz edilmiştir.

Bulgular: Hatemi-J (2012) test sonuçları finansal sistem mevduatları hariç finansal gelişmişlik göstergeleri, küreselleşme ve tasarruflar ile sermaye oluşumu arasında asimetrik nedensellik ilişkisinin var olduğunu ve bu ilişkinin değişkenler arasında farklılaştığını göstermiştir. Ayrıca finansal gelişmişlikten sermaye

oluşumuna doğru nedensellik ilişkileri hep pozitif iken sermaye oluşumundan finansal gelişmişliğe doğru etkinin yönü ise hep negatif olarak gerçekleşmiştir. Sonuç olarak sermaye birikimi, finansal gelişmişlikten, küreselleşmeden ve tasarruflardan pozitif yönde etkilenmektedir.

Özgünlük: Bu çalışma Türkiye ekonomisi için finansal gelişmişlik, tasarruf ve küreselleşme ile sermaye oluşumu arasındaki asimetrik ilişkiyi ekonometrik yöntemlerle araştıran ilk çalışmadır.

Keywords

Sermaye Oluşumu, Finansal Gelişme, Yurtiçi Tasarruflar, Doğrudan Yabancı Yatırımlar, Asimetrik İlişki, Türkiye

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