İNOVASYON GÜDÜMLÜ VE FAKTÖR-VERİMLİLİK GÜDÜMLÜ EKONOMİLERDE PARA POLİTİKASI ETKİNLİĞİ VE FİNANSAL GELİŞME İLİŞKİSİNİN İNCELENMESİ: BİR PANEL VERİ ANALİZİ

Yıl 2024, Cilt: 11 Sayı: 24, 567 - 598, 27.04.2024

Remzi Can Yılmaz , Özlem Durgun

https://doi.org/10.58884/akademik-hassasiyetler.1339025

Öz

Bu makale, finansal gelişme ile para politikası etkinliği ilişkisini 32 ekonominin panel verilerini kullanarak ortaya çıkarma amacını taşımaktadır. 2004-2017 yıl aralığında Genelleştirilmiş Momentler Tahmincisi (GMM) aracılığıyla analizler gerçekleştirilmiştir. Ekonometrik analize konu olan ülkeler ilk olarak tek grup olarak kullanılmıştır. Buna ek olarak inovasyon güdümlü ve faktör ve verimlilik güdümlü ülkeler şeklinde iki farklı alt gruba ayrılarak analizlerde kullanılmıştır. Finansal gelişme ölçütleri olarak özel sektöre verilen krediler, borsa kapitalizasyonu ve finansal sistem mevduatları değişkenlerinin kullanımı tercih edilmiştir. Elde edilen bulgulara göre finansal gelişme para politikası etkinliğini inovasyon güdümlü ekonomilerde etkilemektedir. Faktör ve verimlilik güdümlü ekonomilerde finansal gelişme, spesifik bir durum haricinde, para politikası etkinliği üzerinde herhangi bir etkiye sahip olarak bulunmamıştır. Çalışmadan elde edilen bulgular, politika yapıcılar ve para otoritelerinin dikkate alması gereken birkaç önemli sonucu vurgulamaktadır. İnovasyon güdümlü ekonomilerde, finansal gelişme, para politikasının makroekonomik hedeflere ulaşmadaki etkinliğini artırmak için güçlü bir araç olarak kullanılabilecektir. Bu bağlamda politika yapıcılar, finansal aracılığın geliştirilmesi, sermaye piyasalarının derinleştirilmesi ve finansal hizmetlere erişimin artırılmasını teşvik eden reformları uygulamaya koymalıdır. Öte yandan, faktör ve verimlilik güdümlü ekonomilerde, para politikası etkinliğinin finansal gelişme duyarlılığının düşük olduğu görülmektedir. Bu durumlarda politika yapıcılar, makroekonomik hedeflere erişme sürecinde etkinliği sağlayabilmek adına diğer politika araçlarına odaklanmalıdır. Bununla birlikte, finansal gelişmenin para politikası etkinliği üzerinde etkileri olabilecek spesifik durumlar ortaya çıkabilecek ve söz konusu senaryoların tespit edilmesi karar verme aşamasında oldukça önem arz etmektedir

Anahtar Kelimeler

: Finansal Gelişme, Para Politikası, Ekonomik Büyüme, Enflasyon, Dinamik Panel Veri Analizi

EXAMINING THE RELATIONSHİP BETWEEN MONETARY POLICY EFFICIENCY AND FINANCIAL DEVELOPMENT IN INNOVATION DRIVEN AND FACTOR-EFFICIENCY DRIVEN ECONOMIES: A PANEL DATA ANALYSIS

Öz

This article aims to reveal the relationship between financial development and monetary policy efficiency using panel data from 32 economies. Analyzes were performed using the generalized moments estimator (GMM) using the 2004-2017 year range. The countries that are subject to econometric analysis were taken as a single group. In addition, countries were divided into two different sub-groups: innovation-driven countries and factor and efficiency-driven countries. For financial development, domestic credit to the private sector, stock market capitalization and financial system deposits variables are preferred. According to the findings, financial development affects the effectiveness of monetary policy in innovation-driven economies. In factor- and productivity-driven economies, financial development has not been found to have any impact on monetary policy efficiency, except for a specific case. Findings from the study highlight several important conclusions that policymakers and monetary authorities should consider. In innovation-driven economies, financial development can be used as a powerful tool to increase the effectiveness of monetary policy for achieving macroeconomic targets. In this context, policy makers should implement reforms that encourage the development of financial intermediation, the deepening of capital markets and increased access to financial services. On the other hand, in factor and productivity-driven economies, the sensitivity of monetary policy to financial development tends to be low. In these cases, policy makers should focus on other policy tools to ensure efficiency in the process of achieving macroeconomic targets. However, specific situations may arise that may have an impact on the monetary policy effectiveness of financial development, and the determination of these scenarios is considered to be substantial at the decision-making stage

Anahtar Kelimeler

Financial Development, Monetary Policy, Economic Growth, Inflation, Dynamic Panel Data Analysis

Kaynakça

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