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ÜLKELERDE REKABET-FİNANSAL GELİŞMİŞLİK İLİŞKİSİ: TÜRKİYE-BRICS ÜLKELERİ KARŞILAŞTIRMASI

Yıl 2023, Sayı: 43, 356 - 378, 19.04.2023
https://doi.org/10.14520/adyusbd.1231621

Öz

Bu çalışmanın amacı rekabetin ülkelerin finansal gelişmişlikleri üzerine etkisini araştırmaktır. Bu amaçla çalışmada örneklem ülkeler olarak Türkiye ve BRICS (Brezilya, Rusya, Hindistan, Çin, Güney Afrika) ülkeleri seçilmiştir. Dönem olarak 2005-2021 yılları arası ülke verileri ile 17 yıllık veri seti oluşturulmuştur. Rekabet faktörü, Dünya Bankası tarafından yayınlanan Küresel Rekabet Endeksi verileri kullanılarak analize bağımsız değişken olarak dahil edilmiştir. Bağımlı değişken olarak da ülkelerin finansal gelişmişliklerini temsilen borsalarındaki en fazla işlem gören payların yer aldığı endeksler kullanılmıştır. Çalışmada yöntem olarak Westerlund Eşbütünleşme testi, AMG ve CCE Ortalama Grup Tahmincileri kullanılmıştır. Uygulanan analizler sonucunda örneklem ülkelerinin finansal gelişmişlikleri üzerine rekabetin pozitif ve anlamlı bir etkisi olduğu tespit edilmiştir.

Kaynakça

  • Ahmed, S. M., & Ansari, M. I. (1998). Financial sector development and economic growth: The South-Asian experience. Journal of Asian Economics, 9(3), 503-517.
  • Al-Yousif, Y. K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Review of financial economics, 11(2), 131-150.
  • Aliber, R. Z. (1993). The multinational paradigm. MIT Press Books, 1.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation:: does having a market-or bank-based system matter?. Journal of financial economics, 64(2), 147-180.
  • Süslü, B., Baydur, M. C., & Çolak, Ö. F. (2006). Finansal Gelişme ve Rekabet Gücü: Ege Bölgesi İçin Karşılaştırmalı Bir Analiz. Iktisat Isletme ve Finans, 21(238), 73-87.
  • Büberkökü, Ö. (2016). Ekonomik Büyüme ve Turizm İlişkisi: Yatay Kesit Bağımlılığına Karşı Dirençli Panel Nedensellik ve Eşbütünleşme Testlerine Dayalı Küresel Bir Analiz. Ekonomik Yaklaşım, 27(100), 177-206.
  • Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the impact of finance on growth. Access Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2117753
  • Corden, W. M. (1994). Economic policy, exchange rates, and the international system. OUP Oxford.
  • De Guevara, J. F., & Maudos, J. (2009). Regional financial development and bank competition: effects on firms' growth. Regional Studies, 43(2), 211-228.
  • Demetriades, P. O., & Rousseau, P. L. (2016). The changing face of financial development. Economics Letters, 141, 87-90.
  • Dritsakis, N., & Adamopoulos, A. (2004). Financial development and economic growth in Greece: An empirical investigation with Granger causality analysis. International Economic Journal, 18(4), 547-559.
  • Gülençer, I., & Türkoglu, S. P. (2020). Gelişmekte Olan Asya ve Avrupa Ülkelerinin Finansal Gelişmişlik Performansının İstatistiksel Varyans Prosedürü Temelli OCRA Yöntemiyle Analizi. Third Sector Social Economic Review, 55(2), 1330-1344.
  • Hepaktan, C. E., & Çınar, S. (2011). OECD ülkeleri vergi sistemi esnekliğinin panel eşbütünleşme testleri ile analizi. Sosyal Bilimler Dergisi, 4(2), 133-153.
  • Kaya, D. G., & Kaygısız, D. A. (2015). 2008 Küresel Krizi Ve Sonrasında Türkiye'de Uygulanan Maliye Politikalarına Genel Bir Bakış. International Journal of Management Economics & Business/Uluslararasi Yönetim Iktisat ve Isletme Dergisi, 11(26).
  • Kester, W. C., & Luehrman, T. A. (1989). Are we feeling more competitive yet? The exchange rate gambit. MIT Sloan Management Review, 30(2), 19.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737.
  • Koçbulut, Ö., & Altıntaş, H. (2016). İkiz açıklar ve Feldstein-Horioka Hipotezi: OECD ülkeleri üzerine yatay kesit bağımlılığı altında yapısal kırılmalı panel eşbütünleşme analizi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (48), 145-174.
  • Kuşat, N., & Denli, E. A. (2021). Açıklanmış karşılaştırmalı üstünlüklere göre Türkiye-BRICS rekabet gücü analizi (2008-2019). Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(1), 94-111.
  • Levine, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934.
  • Kester, W. C., & Luehrman, T. A. (1989). Are we feeling more competitive yet? The exchange rate gambit. MIT Sloan Management Review, 30(2), 19.
  • Luintel, K. B., & Khan, M. (1999). A quantitative reassessment of the finance–growth nexus: evidence from a multivariate VAR. Journal of development economics, 60(2), 381-405.
  • Minsky, H. P. (1977). The financial instability hypothesis: An interpretation of Keynes and an alternative to “standard” theory. Challenge, 20(1), 20-27. Retrieved from https://www.jstor.org/
  • Murinde, V., & Eng, F. S. (1994). Financial development and economic growth in Singapore: demand-following or supply-leading?. Applied Financial Economics, 4(6), 391-404.
  • Özkaya, A. (2014). Türkiye’de Rekabet, Ar-Ge, İnovasyon ve Ekonomik Büyüme: Nasıl Bir İlişki Söz Konusudur. Maliye Dergisi, 166, 17-38.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Prahalad, C. K., & Doz, Y. L. (1987). The multinational mission: Balancing local demands and global vision. Simon and Schuster.
  • Congress, U. S. (1985, March). Report of the President’s Commission on Industrial Competitiveness. In Hearing before the Subcomitee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, Hous of Representatives, Ninety-nith Congress, first session.
  • Rajan, R., & Zingales, L. (1996). Financial dependence and growth.
  • Scott, B. R., Lodge, G. C., & Bower, J. L. (1985). US competitiveness in the world economy. Harvard Business School Press.
  • Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge journal of economics, 28(5), 719-741.
  • Şahin, S. Rekabet Gücünün 2006-2017 Dönemleri Kapsamında Analizi: BRICS Ülkeleri Ve Türkiye Örneği. Equinox Journal of Economics Business and Political Studies, 9(1), 69-88.
  • WEF (2020), “The Global Competitiveness Report 2019-2020” Full Data Edition, World Economic Forum. Waheeduzzaman, A. N. M., & Ryans, J. K. (1996). Definition, perspectives, and understanding of international competitiveness: A quest for a common ground. Competitiveness Review: An International Business Journal, 6(2), 7-26.
  • Yurttançıkmaz, Z., Kabadayi, B., & Emsen, Ö. (2014). Ekonomik büyüme ve rekabet gücü üzerine Türkiye analizi. Istanbul University Econometrics and Statistics e-Journal, (21), 21-46.
  • Zhang, Z., & Yao, S. (2002). Financial deepening and economic development in China. Asia Pacific Business Review, 8(3), 61-75.
  • Internet Sources
  • OECD (2009). Competition and Financial Markets, Date of Access: 11.06.2022, Access Link: https:// www.oecd. org /daf/ competition/43067294.pdf
  • TR Investing (2022). BIST 100 (XU100). Access Link: https://tr.investing.com/indices/ise-100, Date of Access: 11.03.2022.
  • TR Investing (2022). Bovespa (BVSP). Access Link: https://tr.investing.com/indices/bovespa Date of Access: 11.03.2022.
  • TR Investing (2022). MOEX Russia (IMOEX). Access Link: https://tr.investing.com/indices/mcx Date of Access: 11.03.2022.
  • TR Investing (2022). Nifty 50 (NSEI). Access Link: https://tr.investing.com/indices/s-p-cnx-nifty Date of Access: 11.03.2022.
  • TR Investing (2022). Shanghai Composite (SSEC). Access Link: https://tr.investing.com/indices/shanghai-composite Date of Access: 11.03.2022.
  • TR Investing (2022). South Africa Top 40 (JTOPI). Access Link: https://tr.investing.com/indices/ftse-jse-top-40 Date of Access: 11.03.2022.
  • Vikipedi (2020). BRICS. Erişim Tarihi: 11.06.2022, Access Link: https://tr.wikipedia.org/wiki/BRICS Date of Access: 11.03.2022.

RELATIONSHIP BETWEEN COMPETITION AND FINANCIAL DEVELOPMENT IN COUNTRIES: COMPARISON OF TURKEY-BRICS COUNTRIES

Yıl 2023, Sayı: 43, 356 - 378, 19.04.2023
https://doi.org/10.14520/adyusbd.1231621

Öz

The purpose of this study is to examine the impact of competition on the financial development of countries. For this purpose, Turkey, and BRICS countries (Brazil, Russia, India, China, South Africa) were selected as sample countries for the study. A 17-year dataset was created with country data from 2005 to 2021 as the time period. The competitiveness factor is included in the analysis as an independent variable, using data from the Global Competitiveness Index published by the World Bank. The indices of the most traded stocks on the stock exchanges, which represent the financial performance of countries, were used as the dependent variable. The methods used in the study were the Westerlund cointegration test, Augmented Mean Group (AMG) estimation and Common Correlated Effects (CCE) estimation. The analyzes conducted showed that competition has a positive and significant impact on the financial performance of the sample countries.

Kaynakça

  • Ahmed, S. M., & Ansari, M. I. (1998). Financial sector development and economic growth: The South-Asian experience. Journal of Asian Economics, 9(3), 503-517.
  • Al-Yousif, Y. K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Review of financial economics, 11(2), 131-150.
  • Aliber, R. Z. (1993). The multinational paradigm. MIT Press Books, 1.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation:: does having a market-or bank-based system matter?. Journal of financial economics, 64(2), 147-180.
  • Süslü, B., Baydur, M. C., & Çolak, Ö. F. (2006). Finansal Gelişme ve Rekabet Gücü: Ege Bölgesi İçin Karşılaştırmalı Bir Analiz. Iktisat Isletme ve Finans, 21(238), 73-87.
  • Büberkökü, Ö. (2016). Ekonomik Büyüme ve Turizm İlişkisi: Yatay Kesit Bağımlılığına Karşı Dirençli Panel Nedensellik ve Eşbütünleşme Testlerine Dayalı Küresel Bir Analiz. Ekonomik Yaklaşım, 27(100), 177-206.
  • Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the impact of finance on growth. Access Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2117753
  • Corden, W. M. (1994). Economic policy, exchange rates, and the international system. OUP Oxford.
  • De Guevara, J. F., & Maudos, J. (2009). Regional financial development and bank competition: effects on firms' growth. Regional Studies, 43(2), 211-228.
  • Demetriades, P. O., & Rousseau, P. L. (2016). The changing face of financial development. Economics Letters, 141, 87-90.
  • Dritsakis, N., & Adamopoulos, A. (2004). Financial development and economic growth in Greece: An empirical investigation with Granger causality analysis. International Economic Journal, 18(4), 547-559.
  • Gülençer, I., & Türkoglu, S. P. (2020). Gelişmekte Olan Asya ve Avrupa Ülkelerinin Finansal Gelişmişlik Performansının İstatistiksel Varyans Prosedürü Temelli OCRA Yöntemiyle Analizi. Third Sector Social Economic Review, 55(2), 1330-1344.
  • Hepaktan, C. E., & Çınar, S. (2011). OECD ülkeleri vergi sistemi esnekliğinin panel eşbütünleşme testleri ile analizi. Sosyal Bilimler Dergisi, 4(2), 133-153.
  • Kaya, D. G., & Kaygısız, D. A. (2015). 2008 Küresel Krizi Ve Sonrasında Türkiye'de Uygulanan Maliye Politikalarına Genel Bir Bakış. International Journal of Management Economics & Business/Uluslararasi Yönetim Iktisat ve Isletme Dergisi, 11(26).
  • Kester, W. C., & Luehrman, T. A. (1989). Are we feeling more competitive yet? The exchange rate gambit. MIT Sloan Management Review, 30(2), 19.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737.
  • Koçbulut, Ö., & Altıntaş, H. (2016). İkiz açıklar ve Feldstein-Horioka Hipotezi: OECD ülkeleri üzerine yatay kesit bağımlılığı altında yapısal kırılmalı panel eşbütünleşme analizi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (48), 145-174.
  • Kuşat, N., & Denli, E. A. (2021). Açıklanmış karşılaştırmalı üstünlüklere göre Türkiye-BRICS rekabet gücü analizi (2008-2019). Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(1), 94-111.
  • Levine, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934.
  • Kester, W. C., & Luehrman, T. A. (1989). Are we feeling more competitive yet? The exchange rate gambit. MIT Sloan Management Review, 30(2), 19.
  • Luintel, K. B., & Khan, M. (1999). A quantitative reassessment of the finance–growth nexus: evidence from a multivariate VAR. Journal of development economics, 60(2), 381-405.
  • Minsky, H. P. (1977). The financial instability hypothesis: An interpretation of Keynes and an alternative to “standard” theory. Challenge, 20(1), 20-27. Retrieved from https://www.jstor.org/
  • Murinde, V., & Eng, F. S. (1994). Financial development and economic growth in Singapore: demand-following or supply-leading?. Applied Financial Economics, 4(6), 391-404.
  • Özkaya, A. (2014). Türkiye’de Rekabet, Ar-Ge, İnovasyon ve Ekonomik Büyüme: Nasıl Bir İlişki Söz Konusudur. Maliye Dergisi, 166, 17-38.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Prahalad, C. K., & Doz, Y. L. (1987). The multinational mission: Balancing local demands and global vision. Simon and Schuster.
  • Congress, U. S. (1985, March). Report of the President’s Commission on Industrial Competitiveness. In Hearing before the Subcomitee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, Hous of Representatives, Ninety-nith Congress, first session.
  • Rajan, R., & Zingales, L. (1996). Financial dependence and growth.
  • Scott, B. R., Lodge, G. C., & Bower, J. L. (1985). US competitiveness in the world economy. Harvard Business School Press.
  • Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge journal of economics, 28(5), 719-741.
  • Şahin, S. Rekabet Gücünün 2006-2017 Dönemleri Kapsamında Analizi: BRICS Ülkeleri Ve Türkiye Örneği. Equinox Journal of Economics Business and Political Studies, 9(1), 69-88.
  • WEF (2020), “The Global Competitiveness Report 2019-2020” Full Data Edition, World Economic Forum. Waheeduzzaman, A. N. M., & Ryans, J. K. (1996). Definition, perspectives, and understanding of international competitiveness: A quest for a common ground. Competitiveness Review: An International Business Journal, 6(2), 7-26.
  • Yurttançıkmaz, Z., Kabadayi, B., & Emsen, Ö. (2014). Ekonomik büyüme ve rekabet gücü üzerine Türkiye analizi. Istanbul University Econometrics and Statistics e-Journal, (21), 21-46.
  • Zhang, Z., & Yao, S. (2002). Financial deepening and economic development in China. Asia Pacific Business Review, 8(3), 61-75.
  • Internet Sources
  • OECD (2009). Competition and Financial Markets, Date of Access: 11.06.2022, Access Link: https:// www.oecd. org /daf/ competition/43067294.pdf
  • TR Investing (2022). BIST 100 (XU100). Access Link: https://tr.investing.com/indices/ise-100, Date of Access: 11.03.2022.
  • TR Investing (2022). Bovespa (BVSP). Access Link: https://tr.investing.com/indices/bovespa Date of Access: 11.03.2022.
  • TR Investing (2022). MOEX Russia (IMOEX). Access Link: https://tr.investing.com/indices/mcx Date of Access: 11.03.2022.
  • TR Investing (2022). Nifty 50 (NSEI). Access Link: https://tr.investing.com/indices/s-p-cnx-nifty Date of Access: 11.03.2022.
  • TR Investing (2022). Shanghai Composite (SSEC). Access Link: https://tr.investing.com/indices/shanghai-composite Date of Access: 11.03.2022.
  • TR Investing (2022). South Africa Top 40 (JTOPI). Access Link: https://tr.investing.com/indices/ftse-jse-top-40 Date of Access: 11.03.2022.
  • Vikipedi (2020). BRICS. Erişim Tarihi: 11.06.2022, Access Link: https://tr.wikipedia.org/wiki/BRICS Date of Access: 11.03.2022.
Toplam 44 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Burak Büyükoğlu 0000-0002-1174-3112

Ahmet Şit 0000-0002-0257-9023

Burcu Buyuran 0000-0001-5022-7383

Yayımlanma Tarihi 19 Nisan 2023
Yayımlandığı Sayı Yıl 2023 Sayı: 43

Kaynak Göster

APA Büyükoğlu, B., Şit, A., & Buyuran, B. (2023). RELATIONSHIP BETWEEN COMPETITION AND FINANCIAL DEVELOPMENT IN COUNTRIES: COMPARISON OF TURKEY-BRICS COUNTRIES. Adıyaman Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(43), 356-378. https://doi.org/10.14520/adyusbd.1231621