FİNANSAL GELİŞME VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİNİN ARAŞTIRILMASI: TÜRKİYE VE G7 ÜLKELERİ ÜZERİNE BİR DEĞERLENDİRME
Yıl 2024,
, 46 - 57, 01.04.2024
Dilay Tekin
,
İshak Şimşek
,
Sude Dışkaya
Öz
Günümüzde olduğu kadar geçmişte de araştırmacılar tarafından üzerinde durulan bir konu olan ekonomik büyüme ve finansal gelişme ilişkisinin teorik ve ampirik boyutlardaki tartışmaları sürdürülmektedir. Bu çalışmada, 1980-2019 dönemi için Türkiye ve G7 ülkeleri örneklemi için finansal gelişim ve ekonomik büyüme arasında ilişkilerin ortaya konması amaçlanmıştır. Yapılan Maki eşbütünleşme testi (2012) neticesinde Türkiye, Fransa ve İtalya için ekonomik büyüme ve finansal gelişim arasında uzun dönemli birlikte hareket görülmüştür. Öte yandan Hacker ve Hatemi-J (2012) bootstrap nedensellik testi sonucunda ise yalnızca ABD için çift yönlü nedensellik görülmüş olup, diğer ülkeler için herhangi bir bulguya rastlanmamıştır.
Kaynakça
- Abdullahi, D. A. (2013). Effects of financial liberalization on financial market development and economic performance of the SSA region: An empirical assessment. Economic Modelling, 30, 261-273.
- Altıntaş, H., ve Ayrıçay, Y. (2010). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin sınır testi yaklaşımıyla analizi: 1987–2007. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10(2).
- Antonios, A. (2010). Stock market and economic growth: an empirical analysis for Germany. Business and Economics Journal, 2010(1), 1-12.
- Anwar, S., ve Sun, S. (2011). Financial development, foreign investment and economic growth in Malaysia. Journal of Asian economics, 22(4), 335-342. doi:10.1016/j.asieco.2011.04.001
- Aslan, Ö., ve Küçükaksoy, İ. (2011). Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi üzerine ekonometrik bir uygulama. Ekonometri ve İstatistik e-Dergisi(4), 25-38.
- Calderón, C., ve Liu, L. (2003). The Direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334
- Chang, H.-J. (2002). Kicking away the ladder: development strategy in historical perspective. London: Anthem Press.
- Christopoulos, D. K., ve León-Ledesma, M. A. (2010). Smooth breaks and non-linear mean reversion: Post-Bretton Woods real exchange rates. Journal of International Money and Finance, 29(6), 1076-1093. doi:10.1016/j.jimonfin.2010.02.003
- Çeştepe, H., ve Yıldırım, E. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 12-26.
- Danışoğlu, A. Ç. (2004). Finansal gelişme ve iktisadi büyüme ilişkisi : Türkiye Örneği. Istanbul Management Journal, 15(49), 19-29.
- Demetriades, P., ve Hussein, K. A. (1993). Financial development and economic growth: Cointegration and causality tests for 12 countries. Department of Economics.
- Enders, W., ve Lee, J. (2012). The flexible fourier form and Dickey–Fuller type unit root tests. Economics Letters, 117(1), 196-199. doi:10.1016/j.econlet.2012.04.081
- Eryılmaz, S., Öksüz, M. S., ve Zeren, F. (2021). KOBİ kredilerinin ekonomik büyüme ve istihdam üzerine etkisi: Türkiye örneği. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 22(1), 75-93. doi:10.24889/ifede.929855
- Fleming, A. E. (2005). Financial Sector Assessment: A Handbook. World Bank Publications.
- Gallant, A. (1981). On the bias in flexible functional forms and an essentially unbiased form: The fourier flexible form. Journal of Econometrics, 15(2), 211-245. doi:10.1016/0304-4076(81)90115-9
- Goldsmith, R. W. (1969). Financial Structure and Development. New Haven: Yale University Press.
- Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438. doi:10.2307/1912791
- Gurley, J. G., ve Shaw, E. S. (1967). Financial structure and economic development. Economic Development and Cultural Change, 15(3), 257-268.
- Gürsoy, S. ve Sökmen, F. Ş. (2021). Investigation of the relationship between bitcoin and gold prices with the Maki Cointegration Test. Ekonomi, İşletme ve Maliye Araştırmaları Dergisi, 3(2), 217-230.
- Hacker, R. S., ve Hatemi-J, A. (2006). Tests for causality between integrated variables using asymptotic and bootstrap distributions: theory and application. Applied Economics, 38(13), 1489-1500. doi:10.1080/00036840500405763
- Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447-456. doi:10.1007/s00181-011-0484-x
- James, B. A. (2008). What are the mechanisms linking financial development and economic growth in Malaysia? Economic Modelling, 25(1), 38-53.
- Jung, W. S. (1986). Financial development and economic growth: international evidence. Economic Development and Cultural Change, 34(2), 333-346.
- Kandır, S. Y., İskenderoğlu, Ö., ve Önal, Y. B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
- Kar, M., ve Pentecost, E. J. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue. Loughborough University Economic Research, Paper No. 00/27, 1-20.
- Karaca, O. (2012). Financial development and economic growth: A causality analysis for Turkey. Journal of BRSA Banking and Financial Markets, 6(2), 85-111.
- King, R. G., ve Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. doi:10.2307/2118406
- Komal, R., ve Abbas, F. (2015). Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
- Levine, R., Loayza, N. ve Beck, T. (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 46(1), 31-77. doi:10.1016/S0304-3932(00)00017-9.
- Levine, R. (2002). Bank-Based or market-based financial systems: which is better? Working Paper. USA: National Bureau of Economic Research.
- Liang, Q. ve Teng, J. Z. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395-411. doi:10.1016/j.chieco.2005.09.003
- Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
- Maki, D. (2012). Tests for Cointegration allowing for an unknown number of breaks. Economic Modelling, 29, 2011-2015.
- McKinnon, R. I. (2010). Money and capital in economic development. Washington D.C.: Brookings Institution Press.
- Nain, M. Z., ve Kamaiah, B. (2014). Financial development and economic growth in India: some evidence from non-linear causality analysis. Economic Change and Restructuring, 47, 299-319.
- Neusser, K., ve Kugler, M. (1998). Manufacturing growth and financial development: evidence from OECD countries. The Review of Economics and Statistics, 80(4), 638-646.
- Odhiambo, N. M. (2005). Financial development and economic growth in Tanzania: a dynamic causality test. African Finance Journal, 7(1), 1-17.
- Odhiambo, N. M. (2010). Is financial development a spur to poverty reduction? Kenya’s experience. Journal of Economic Studies, 37(3), 343-353. doi:10.1108/01443581011061311
- Opoku, E. E. O., Ibrahim, M., ve Sare, Y. A. (2019). The causal relationship between financial development and economic growth in Africa. International Review of Applied Economics, 33(6), 789-812.
- Özcan, B., ve Ari, A. (2011). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin ampirik bir analizi: Türkiye örneği. Business and Economics Research Journal, 2(1), 121-142.
- Pata, U. K., ve Yılancı, U. (2020). Financial development, globalization and ecological footprint in G7: further evidence from threshold cointegration and fractional frequency causality tests. Environmental and Ecological Statistics (2020) 27:803-825.
- Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. doi:10.1086/450153
- Rana, M. S., Haque, M. E., Bhuiya, M. I., ve Barua, U. (2015). Training and development practice of banks from an international perspective with special emphasis on Bangladesh: findings from the literatures. European Journal of Business and Management, 7(1), 277-283.
- Robinson, J. (1952). The generalisation of the general theory, in the rate of interest, and other essays. London: MacMillan.
- Sağlam, Y., ve Sönmez, F. E. (2017). Finansal gelişme ve ekonomik büyüme arasındaki ilişki: Avrupa geçiş ekonomileri örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 121-140.
- Schmidt, P., ve Phillips, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford Bulletin of Economics and Statistics, 54(3), 257-287. doi:10.1111/j.1468-0084.1992.tb00002.x
- Schumpeter, J. A. (1911). The Theory of Economic Development. Cambridge: Harvard University Press.
- Shahbaz, M. Doğan, M. Akkuş, H. T., ve Gürsoy, S. (2023). The effect of financial development and economic growth on ecological footprint: Evidence from Top 10 emitter countries. Environmental Science and Pollution Research, 30, 73518-73533.
- Toda, H. Y., ve Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. doi:10.1016/0304-4076(94)01616-8
- Tunalı, H., ve Çetinkaya, H. (2019). Küreselleşmenin gelir eşitsizliği üzerindeki G7 ülkeleri panel veri analizi. İktisadi İdari ve Siyasal Araştırmalar Dergisi, 4(10), 224-237.
- Vazakidis, A., ve Adamopoulos, A. (2011). Financial development and economic growth: an empirical analysis for the UK. European Research Studies Journal, 14(2), 135-148.
- Wang, J., Zhang, D., ve Zhang, J. (2015). Mean reversion in stock prices of seven Asian stock markets: unit root test and stationary test with Fourier functions. International Review of Economics & Finance, 37, 157-164. doi:10.1016/j.iref.2014.11.020
- Zang, H., ve Kim, Y. C. (2007). Does financial development precede growth? Robinson and Lucas might be right. Applied Economics Letters, 14(1), 15-19. doi:10.1080/13504850500425469
- Zeren, F., ve Gürsoy, S. (2022). The Nexus between wind energy Consumption, economic growth and financial development: evidence from panel causality and cointegration test with fourier function. Technology and Economics of Smart Grids and Sustainable Energy, 7(31), 1-13.
INVESTIGATION OF THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EVALUATION ON TURKEY AND G7 COUNTRIES
Yıl 2024,
, 46 - 57, 01.04.2024
Dilay Tekin
,
İshak Şimşek
,
Sude Dışkaya
Kaynakça
- Abdullahi, D. A. (2013). Effects of financial liberalization on financial market development and economic performance of the SSA region: An empirical assessment. Economic Modelling, 30, 261-273.
- Altıntaş, H., ve Ayrıçay, Y. (2010). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin sınır testi yaklaşımıyla analizi: 1987–2007. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10(2).
- Antonios, A. (2010). Stock market and economic growth: an empirical analysis for Germany. Business and Economics Journal, 2010(1), 1-12.
- Anwar, S., ve Sun, S. (2011). Financial development, foreign investment and economic growth in Malaysia. Journal of Asian economics, 22(4), 335-342. doi:10.1016/j.asieco.2011.04.001
- Aslan, Ö., ve Küçükaksoy, İ. (2011). Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi üzerine ekonometrik bir uygulama. Ekonometri ve İstatistik e-Dergisi(4), 25-38.
- Calderón, C., ve Liu, L. (2003). The Direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334
- Chang, H.-J. (2002). Kicking away the ladder: development strategy in historical perspective. London: Anthem Press.
- Christopoulos, D. K., ve León-Ledesma, M. A. (2010). Smooth breaks and non-linear mean reversion: Post-Bretton Woods real exchange rates. Journal of International Money and Finance, 29(6), 1076-1093. doi:10.1016/j.jimonfin.2010.02.003
- Çeştepe, H., ve Yıldırım, E. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 12-26.
- Danışoğlu, A. Ç. (2004). Finansal gelişme ve iktisadi büyüme ilişkisi : Türkiye Örneği. Istanbul Management Journal, 15(49), 19-29.
- Demetriades, P., ve Hussein, K. A. (1993). Financial development and economic growth: Cointegration and causality tests for 12 countries. Department of Economics.
- Enders, W., ve Lee, J. (2012). The flexible fourier form and Dickey–Fuller type unit root tests. Economics Letters, 117(1), 196-199. doi:10.1016/j.econlet.2012.04.081
- Eryılmaz, S., Öksüz, M. S., ve Zeren, F. (2021). KOBİ kredilerinin ekonomik büyüme ve istihdam üzerine etkisi: Türkiye örneği. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 22(1), 75-93. doi:10.24889/ifede.929855
- Fleming, A. E. (2005). Financial Sector Assessment: A Handbook. World Bank Publications.
- Gallant, A. (1981). On the bias in flexible functional forms and an essentially unbiased form: The fourier flexible form. Journal of Econometrics, 15(2), 211-245. doi:10.1016/0304-4076(81)90115-9
- Goldsmith, R. W. (1969). Financial Structure and Development. New Haven: Yale University Press.
- Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438. doi:10.2307/1912791
- Gurley, J. G., ve Shaw, E. S. (1967). Financial structure and economic development. Economic Development and Cultural Change, 15(3), 257-268.
- Gürsoy, S. ve Sökmen, F. Ş. (2021). Investigation of the relationship between bitcoin and gold prices with the Maki Cointegration Test. Ekonomi, İşletme ve Maliye Araştırmaları Dergisi, 3(2), 217-230.
- Hacker, R. S., ve Hatemi-J, A. (2006). Tests for causality between integrated variables using asymptotic and bootstrap distributions: theory and application. Applied Economics, 38(13), 1489-1500. doi:10.1080/00036840500405763
- Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447-456. doi:10.1007/s00181-011-0484-x
- James, B. A. (2008). What are the mechanisms linking financial development and economic growth in Malaysia? Economic Modelling, 25(1), 38-53.
- Jung, W. S. (1986). Financial development and economic growth: international evidence. Economic Development and Cultural Change, 34(2), 333-346.
- Kandır, S. Y., İskenderoğlu, Ö., ve Önal, Y. B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
- Kar, M., ve Pentecost, E. J. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue. Loughborough University Economic Research, Paper No. 00/27, 1-20.
- Karaca, O. (2012). Financial development and economic growth: A causality analysis for Turkey. Journal of BRSA Banking and Financial Markets, 6(2), 85-111.
- King, R. G., ve Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. doi:10.2307/2118406
- Komal, R., ve Abbas, F. (2015). Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
- Levine, R., Loayza, N. ve Beck, T. (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 46(1), 31-77. doi:10.1016/S0304-3932(00)00017-9.
- Levine, R. (2002). Bank-Based or market-based financial systems: which is better? Working Paper. USA: National Bureau of Economic Research.
- Liang, Q. ve Teng, J. Z. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395-411. doi:10.1016/j.chieco.2005.09.003
- Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
- Maki, D. (2012). Tests for Cointegration allowing for an unknown number of breaks. Economic Modelling, 29, 2011-2015.
- McKinnon, R. I. (2010). Money and capital in economic development. Washington D.C.: Brookings Institution Press.
- Nain, M. Z., ve Kamaiah, B. (2014). Financial development and economic growth in India: some evidence from non-linear causality analysis. Economic Change and Restructuring, 47, 299-319.
- Neusser, K., ve Kugler, M. (1998). Manufacturing growth and financial development: evidence from OECD countries. The Review of Economics and Statistics, 80(4), 638-646.
- Odhiambo, N. M. (2005). Financial development and economic growth in Tanzania: a dynamic causality test. African Finance Journal, 7(1), 1-17.
- Odhiambo, N. M. (2010). Is financial development a spur to poverty reduction? Kenya’s experience. Journal of Economic Studies, 37(3), 343-353. doi:10.1108/01443581011061311
- Opoku, E. E. O., Ibrahim, M., ve Sare, Y. A. (2019). The causal relationship between financial development and economic growth in Africa. International Review of Applied Economics, 33(6), 789-812.
- Özcan, B., ve Ari, A. (2011). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin ampirik bir analizi: Türkiye örneği. Business and Economics Research Journal, 2(1), 121-142.
- Pata, U. K., ve Yılancı, U. (2020). Financial development, globalization and ecological footprint in G7: further evidence from threshold cointegration and fractional frequency causality tests. Environmental and Ecological Statistics (2020) 27:803-825.
- Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. doi:10.1086/450153
- Rana, M. S., Haque, M. E., Bhuiya, M. I., ve Barua, U. (2015). Training and development practice of banks from an international perspective with special emphasis on Bangladesh: findings from the literatures. European Journal of Business and Management, 7(1), 277-283.
- Robinson, J. (1952). The generalisation of the general theory, in the rate of interest, and other essays. London: MacMillan.
- Sağlam, Y., ve Sönmez, F. E. (2017). Finansal gelişme ve ekonomik büyüme arasındaki ilişki: Avrupa geçiş ekonomileri örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 121-140.
- Schmidt, P., ve Phillips, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford Bulletin of Economics and Statistics, 54(3), 257-287. doi:10.1111/j.1468-0084.1992.tb00002.x
- Schumpeter, J. A. (1911). The Theory of Economic Development. Cambridge: Harvard University Press.
- Shahbaz, M. Doğan, M. Akkuş, H. T., ve Gürsoy, S. (2023). The effect of financial development and economic growth on ecological footprint: Evidence from Top 10 emitter countries. Environmental Science and Pollution Research, 30, 73518-73533.
- Toda, H. Y., ve Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. doi:10.1016/0304-4076(94)01616-8
- Tunalı, H., ve Çetinkaya, H. (2019). Küreselleşmenin gelir eşitsizliği üzerindeki G7 ülkeleri panel veri analizi. İktisadi İdari ve Siyasal Araştırmalar Dergisi, 4(10), 224-237.
- Vazakidis, A., ve Adamopoulos, A. (2011). Financial development and economic growth: an empirical analysis for the UK. European Research Studies Journal, 14(2), 135-148.
- Wang, J., Zhang, D., ve Zhang, J. (2015). Mean reversion in stock prices of seven Asian stock markets: unit root test and stationary test with Fourier functions. International Review of Economics & Finance, 37, 157-164. doi:10.1016/j.iref.2014.11.020
- Zang, H., ve Kim, Y. C. (2007). Does financial development precede growth? Robinson and Lucas might be right. Applied Economics Letters, 14(1), 15-19. doi:10.1080/13504850500425469
- Zeren, F., ve Gürsoy, S. (2022). The Nexus between wind energy Consumption, economic growth and financial development: evidence from panel causality and cointegration test with fourier function. Technology and Economics of Smart Grids and Sustainable Energy, 7(31), 1-13.