Interest Rate Convergence in BRICS Countries: an Empirical Evaluation

Yıl 2020, Cilt: 3 Sayı: 1, 20 - 33, 30.06.2020

Yavuz Özek

https://doi.org/10.5281/zenodo.3923617

Öz

It is one of the main
research topics of the economics literature that what are the differences
between the economies arising from and how to overcome these differences. And
many theories have been produced on this subject. One of these theories is the
convergence theory put forward by neo-classical economists. Convergence theory
is one of the topics that have been studied both theoretically and empirically
in economic theory in recent years. In this study, whether the real interest
rates of Brazil, Russia, China, India and South Africa economies converged to
the real interest rates of the United States in 1997-2018 periods are examined
by using panel data method. As a result of empirical analysis, there is strong
evidence that only real interest rates convergence in India.

Anahtar Kelimeler

Convergence, Interest Rates, Panel Unit Root, BRICS, Endogenous Growth

BRICS Ülkelerinde Faiz Oranı Yakınsaması: Ampirik Bir Değerlendirme

Öz

Ekonomiler
arası gelişmişlik farklılıklarının nelerden kaynaklandığı ve bu farkların nasıl
giderileceği iktisat literatürünün temel araştırma konularından bir olmuş ve
konu ile ilgili birçok teori üretilmiştir. Bu teorilerden biri de neo-klasik
iktisatçılar tarafından ortaya atılan yakınsama teorisidir. Yakınsama teorisi, iktisat teorisinde son yıllarda hem teorik hem
de ampirik olarak çalışılan konuların başında gelmektedir. Bu çalışmada
1997-2018 döneminde Brezilya, Rusya, Çin, Hindistan ve Güney Afrika ekonomilerinin
reel faiz oranlarının Amerika Birleşik Devletleri reel faiz oranlarına
yakınsama yaşayıp yaşamadıkları panel veri yöntemi kullanılarak
incelenmektedir. Ampirik analizler sonucunda yalnızca Hindistan reel faiz
oranlarının yakınsadığına yönelik güçlü kanıtlar bulunmaktadır. 

Anahtar Kelimeler

Yakınsama, Faiz Oranı, Panel Birim Kök, BRICS, İçsel Büyüme

Kaynakça

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