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Kurumlar, Finansal Gelişme ve Ekonomik Büyüme

Yıl 2019, Sayı: 60, 124 - 141, 29.04.2019

Deniz Güvercin , Adem Gök

Öz

Bu
makale hukukun üstünlüğü ve düzenleyici kalitenin menkul kıymetler borsasının
gelişimi ve bankacılık sektörü gelişimi üzerinden ekonomik büyümeye etkisini
analiz ederek literatüre katkı sağlamaktadır. Değişkenler arasındaki karşılıklı
içsel ilişkileri açıklamak için AB-15 ülkelerini 1996-2012 zaman dilimi
arasında ele alarak panel vektör özbağlanımlı model kullanılmıştır. Tahmin
sonuçları, kurumların her iki göstergesinin de menkul kıymetler borsasının
gelişimi yanında bankacılık sektörü gelişimini arttırdığını göstermektedir. Ek
olarak, bulgular menkul kıymetler borsasının gelişimi ile bankacılık sektörü
gelişimi arasında tamamlayıcılık ilişkisi olduğunu göstermektedir. Menkul
kıymetler borsasının gelişimi kişi başına düşen geliri artırırken, bankacılık
sektörü gelişimi kişi başına düşen geliri azaltmaktadır.

Anahtar Kelimeler

Hukukun Üstünlüğü Düzenleyici Kalite Bankacılık Sektörü Gelişimi Menkul Kıymetler Borsasının Gelişimi

Kaynakça

  • Acemoglu, D., & Robinson, J. A. (2005). Economic origins of dictatorship and democracy. New York: Cambridge University Press.
  • Acemoglu, D., & Zilibotti, F. (1997). Was Prometheus unbound by chance? Risk, diversification, and growth. Journal of Political Economy, 105(4), 709-751.
  • Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). The colonial origins of comparative development: An empirical investigation. American Economic Review, 91(5), 1369-1401.
  • Akyüz, Y. (1993). Financial liberalization: The key issues (UNCTAD Discussion Paper No. 56). Retrieved from http://www.southcentre.int/wp-content/uploads/2013/08/REP1_FInancial-Liberalization_EN.pdf.
  • Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of financial economics, 77(1), 57-116.
  • Arestis, P., & Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence. The economic journal, 107(442), 783-799.
  • Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(1), 16-41.
  • Asoni, A. (2008). Protection of property rights and growth as political equilibria. The Journal of Economic Surveys, 22(5), 953–987.
  • Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423-442.
  • Beck, T., Demirgüç-Kunt, A., & Levine, R. (2003). Law, endowments, and finance. Journal of financial Economics, 70(2), 137-181.
  • Beck, T., Demirgüç‐Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter?. The Journal of Finance, 60(1), 137-177.
  • Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2017). Financial development and economic growth: The role of foreign-owned banks in CESEE countries. Sustainability, 9(3), 335.
  • Boot, A.W., & Thakor, A. V. (1997a). Financial system architecture. Review of Financial Studies, 10(3), 693-733
  • Calderon, C., & Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72, 321-334. Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the impact of finance on growth (BIS Working Paper No. 381). Retrieved from SSRN website: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2117753.
  • Coffee Jr, J. C. (2001). The rise of dispersed ownership: The roles of law and the state in the separation of ownership and control. Yale Law Journal, 111, 1–82.
  • Creel, J., Hubert, P., & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, 48, 25-40.
  • Dam, K. W. (2007). The law-growth nexus: The rule of law and economic development. Brookings Institution Press.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • Demetriades, P. O., & Luintel, K. B. (1996). Financial development, economic growth and banking sector controls: Evidence from India. The Economic Journal, 106(435), 359-374.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. The Journal of Finance, 53(6), 2107-2137.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1999). Institutions, financial markets, and firm debt maturity. Journal of Financial Economics, 54(3), 295-336.
  • Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2003). Courts. The Quarterly Journal of Economics, 118(2), 453-517.
  • Federal Reserve Bank of St. Louis (2018). Economic data. Retrieved May 6, 2018, from https://fred.stlouisfed.org/.
  • Galor, O., & Zeira, J. (1993). Income distribution and macroeconomics. The Review of Economic Studies, 60(1), 35-52.
  • Glaeser, E., Johnson, S., & Shleifer, A. (2001). Coase versus the Coasians. The Quarterly Journal of Economics, 116(3), 853-899.
  • Goldsmith, R.W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Greenwood, J., & Smith, B. D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145-181.
  • Hoque, M. E., & Yakob, N. A. (2017). Revisiting stock market development and economic growth nexus: The moderating role of foreign capital inflows and exchange rates. Cogent Economics & Finance, 5(1), 1-17.
  • Khoutem Ben, J., Boujelbène, T., & Helali, K. (2014). Financial development and economic growth: New evidence from Tunisia. Journal of Policy Modeling, 36(5), 883–898
  • Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of political economy, 98(2), 225-264. King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. Kyophilavong, P., Uddin, G. S., & Shahbaz, M. (2016). The nexus between financial development and economic growth in Lao PDR. Global Business Review, 17(2), 303–317.
  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2013). Law and finance after a decade of research. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 2, pp. 425-491). North Holland: Elsevier.
  • Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth?. Journal of Banking & Finance, 41, 36-44.
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
  • Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30(3), 596-613.
  • Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American economic review, 88(3), 537-558.
  • Love, I., & Zicchino, L. (2006). Financial development and dynamic investment behavior: Evidence from panel VAR. The Quarterly Review of Economics and Finance, 46(2), 190-210.
  • McKinnon, R. I. (1993). The order of economic liberalization: Financial control in the transition to a market economy. JHU Press.
  • Merryman, J. H. (1996). The French deviation. The American Journal of Comparative Law, 44, 109-119.
  • Musso, P., & Schiavo, S. (2008). The impact of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 18(2), 135-149.
  • North, D. C. (1981). Structure and change in economic history. Norton.
  • Pistor, K., Raiser, M. & Gelfer,S. (2000). Law and Finance in Transition Economies. Economics of Transition, 8(2), 325-368.
  • Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
  • Rajan, R. G., & Zingales, L. (1996). Financial dependence and growth (NBER Working Paper No. 5758). Retrieved from National Bureau of Economic Research website: https://www.nber.org/papers/w5758.
  • Rajan, R. G., & Zingales, L. (1998). Power in a theory of the firm. The Quarterly Journal of Economics, 113(2), 387-432.
  • Rigobon, R., & Rodrik, D. (2005). Rule of law, democracy, openness, and income: Estimating the interrelationships. Economics of Transition, 13(3), 533-564. Robinson, J. (1952). The rate of interests and other essays. London: Macmillan.
  • Saad, W. (2014). Financial development and economic growth: Evidence from Lebanon. International Journal of Economics and Finance, 6(8), 173-186.
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press. Singh, A. (1997). Financial liberalisation, stockmarkets and economic development. The Economic Journal, 107(442), 771-782.
  • Smaoui, H., & Nechi, S. (2017). Does sukuk market development spur economic growth?. Research in International Business and Finance, 41, 136-147.
  • Sokoloff, K. L., & Engerman, S. L. (2000). Institutions, factor endowments, and paths of development in the new world. Journal of Economic perspectives, 14(3), 217-232.
  • Song, F., & Thakor, A. V. (2010). Financial system architecture and the co-evolution of banks and capital markets. The Economic Journal, 120, 1021–1055.
  • Stiglitz, J. E. (1985). Credit markets and the control of capital. Journal of Money, credit and Banking, 17(2), 133-152.
  • The World Bank (2018a). World Development Indicators. Retrieved May 7, 2018, from https://databank.worldbank.org/data/source/world-development-indicators#.
  • The World Bank (2018b). Worldwide Governance Indicators. Retrieved May 8, 2018, from https://databank.worldbank.org/data/source/worldwide-governance-indicators.

Institutions, Financial Development and Economic Growth

Yıl 2019, Sayı: 60, 124 - 141, 29.04.2019

Deniz Güvercin , Adem Gök

Öz




















This
paper contributes to the literature by examining the impact of rule of law and
regulatory quality on economic growth through their impact on the stock market
development and banking development. In the study, panel vector autoregressive
model is employed for the EU-15 countries over the period of 1996-2012 in order
to account the endogenous interrelations among these variables. Estimation
results indicate that both indicators of institutions increase banking
development as well as stock market development. Additionally, the findings
indicate that banking development complements with stock market development. It
is found that capital market development increases income per capita whereas
banking development decreases income per capita. 

Anahtar Kelimeler

Rule of Law Regulatory Quality Banking Development Stock Market Development

Kaynakça

  • Acemoglu, D., & Robinson, J. A. (2005). Economic origins of dictatorship and democracy. New York: Cambridge University Press.
  • Acemoglu, D., & Zilibotti, F. (1997). Was Prometheus unbound by chance? Risk, diversification, and growth. Journal of Political Economy, 105(4), 709-751.
  • Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). The colonial origins of comparative development: An empirical investigation. American Economic Review, 91(5), 1369-1401.
  • Akyüz, Y. (1993). Financial liberalization: The key issues (UNCTAD Discussion Paper No. 56). Retrieved from http://www.southcentre.int/wp-content/uploads/2013/08/REP1_FInancial-Liberalization_EN.pdf.
  • Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of financial economics, 77(1), 57-116.
  • Arestis, P., & Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence. The economic journal, 107(442), 783-799.
  • Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(1), 16-41.
  • Asoni, A. (2008). Protection of property rights and growth as political equilibria. The Journal of Economic Surveys, 22(5), 953–987.
  • Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423-442.
  • Beck, T., Demirgüç-Kunt, A., & Levine, R. (2003). Law, endowments, and finance. Journal of financial Economics, 70(2), 137-181.
  • Beck, T., Demirgüç‐Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter?. The Journal of Finance, 60(1), 137-177.
  • Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2017). Financial development and economic growth: The role of foreign-owned banks in CESEE countries. Sustainability, 9(3), 335.
  • Boot, A.W., & Thakor, A. V. (1997a). Financial system architecture. Review of Financial Studies, 10(3), 693-733
  • Calderon, C., & Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72, 321-334. Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the impact of finance on growth (BIS Working Paper No. 381). Retrieved from SSRN website: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2117753.
  • Coffee Jr, J. C. (2001). The rise of dispersed ownership: The roles of law and the state in the separation of ownership and control. Yale Law Journal, 111, 1–82.
  • Creel, J., Hubert, P., & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, 48, 25-40.
  • Dam, K. W. (2007). The law-growth nexus: The rule of law and economic development. Brookings Institution Press.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • Demetriades, P. O., & Luintel, K. B. (1996). Financial development, economic growth and banking sector controls: Evidence from India. The Economic Journal, 106(435), 359-374.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. The Journal of Finance, 53(6), 2107-2137.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1999). Institutions, financial markets, and firm debt maturity. Journal of Financial Economics, 54(3), 295-336.
  • Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2003). Courts. The Quarterly Journal of Economics, 118(2), 453-517.
  • Federal Reserve Bank of St. Louis (2018). Economic data. Retrieved May 6, 2018, from https://fred.stlouisfed.org/.
  • Galor, O., & Zeira, J. (1993). Income distribution and macroeconomics. The Review of Economic Studies, 60(1), 35-52.
  • Glaeser, E., Johnson, S., & Shleifer, A. (2001). Coase versus the Coasians. The Quarterly Journal of Economics, 116(3), 853-899.
  • Goldsmith, R.W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Greenwood, J., & Smith, B. D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145-181.
  • Hoque, M. E., & Yakob, N. A. (2017). Revisiting stock market development and economic growth nexus: The moderating role of foreign capital inflows and exchange rates. Cogent Economics & Finance, 5(1), 1-17.
  • Khoutem Ben, J., Boujelbène, T., & Helali, K. (2014). Financial development and economic growth: New evidence from Tunisia. Journal of Policy Modeling, 36(5), 883–898
  • Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of political economy, 98(2), 225-264. King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. Kyophilavong, P., Uddin, G. S., & Shahbaz, M. (2016). The nexus between financial development and economic growth in Lao PDR. Global Business Review, 17(2), 303–317.
  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2013). Law and finance after a decade of research. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 2, pp. 425-491). North Holland: Elsevier.
  • Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth?. Journal of Banking & Finance, 41, 36-44.
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
  • Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30(3), 596-613.
  • Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American economic review, 88(3), 537-558.
  • Love, I., & Zicchino, L. (2006). Financial development and dynamic investment behavior: Evidence from panel VAR. The Quarterly Review of Economics and Finance, 46(2), 190-210.
  • McKinnon, R. I. (1993). The order of economic liberalization: Financial control in the transition to a market economy. JHU Press.
  • Merryman, J. H. (1996). The French deviation. The American Journal of Comparative Law, 44, 109-119.
  • Musso, P., & Schiavo, S. (2008). The impact of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 18(2), 135-149.
  • North, D. C. (1981). Structure and change in economic history. Norton.
  • Pistor, K., Raiser, M. & Gelfer,S. (2000). Law and Finance in Transition Economies. Economics of Transition, 8(2), 325-368.
  • Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
  • Rajan, R. G., & Zingales, L. (1996). Financial dependence and growth (NBER Working Paper No. 5758). Retrieved from National Bureau of Economic Research website: https://www.nber.org/papers/w5758.
  • Rajan, R. G., & Zingales, L. (1998). Power in a theory of the firm. The Quarterly Journal of Economics, 113(2), 387-432.
  • Rigobon, R., & Rodrik, D. (2005). Rule of law, democracy, openness, and income: Estimating the interrelationships. Economics of Transition, 13(3), 533-564. Robinson, J. (1952). The rate of interests and other essays. London: Macmillan.
  • Saad, W. (2014). Financial development and economic growth: Evidence from Lebanon. International Journal of Economics and Finance, 6(8), 173-186.
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press. Singh, A. (1997). Financial liberalisation, stockmarkets and economic development. The Economic Journal, 107(442), 771-782.
  • Smaoui, H., & Nechi, S. (2017). Does sukuk market development spur economic growth?. Research in International Business and Finance, 41, 136-147.
  • Sokoloff, K. L., & Engerman, S. L. (2000). Institutions, factor endowments, and paths of development in the new world. Journal of Economic perspectives, 14(3), 217-232.
  • Song, F., & Thakor, A. V. (2010). Financial system architecture and the co-evolution of banks and capital markets. The Economic Journal, 120, 1021–1055.
  • Stiglitz, J. E. (1985). Credit markets and the control of capital. Journal of Money, credit and Banking, 17(2), 133-152.
  • The World Bank (2018a). World Development Indicators. Retrieved May 7, 2018, from https://databank.worldbank.org/data/source/world-development-indicators#.
  • The World Bank (2018b). Worldwide Governance Indicators. Retrieved May 8, 2018, from https://databank.worldbank.org/data/source/worldwide-governance-indicators.
Toplam 54 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Deniz Güvercin 0000-0001-6158-3877

Adem Gök 0000-0002-3786-2507

Yayımlanma Tarihi 29 Nisan 2019
Yayımlandığı Sayı Yıl 2019 Sayı: 60

Kaynak Göster

APA Güvercin, D., & Gök, A. (2019). Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(60), 124-141.
AMA Güvercin D, Gök A. Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. Nisan 2019;(60):124-141.
Chicago Güvercin, Deniz, ve Adem Gök. “Institutions, Financial Development and Economic Growth”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 60 (Nisan 2019): 124-41.
EndNote Güvercin D, Gök A (01 Nisan 2019) Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 60 124–141.
IEEE D. Güvercin ve A. Gök, “Institutions, Financial Development and Economic Growth”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 60, ss. 124–141, Nisan 2019.
ISNAD Güvercin, Deniz - Gök, Adem. “Institutions, Financial Development and Economic Growth”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 60 (Nisan 2019), 124-141.
JAMA Güvercin D, Gök A. Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2019;:124–141.
MLA Güvercin, Deniz ve Adem Gök. “Institutions, Financial Development and Economic Growth”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 60, 2019, ss. 124-41.
Vancouver Güvercin D, Gök A. Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2019(60):124-41.
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