Araştırma Makalesi
The Relationship Between the Financial Development and Economic Growth: An Empirical Application for Turkey
Öz
The
relationship between financial development and economic growth has been
extensively analysed. It is generally
hold that financial development is crucial for economic growth. The growth of financial development enables the capital to
be used more efficiently, increases the investment and production in parallel
with the credit provided to the market, and fosters the economic growth. In
this study, the relationship between financial development and economic growth
was investigated with the quarterly data for the period of 1985-2016.
Toda-Yamamoto causality tests were employed to determine the existence and the
direction of causality among the variables.
The main empirical finding in this paper is that the financial growth has a positive effect on
economic growth. This result was also confirmed by the results of analysis
related to ''supply-leading'' hypothesis put forward by Patrick (1966).
Anahtar Kelimeler
Financial Development Economic Growth Toda-Yamamoto Causality Tests
Kaynakça
- ANG, James and McKİBBİN, Warwick (2007), ''Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia'', Journal of Development Economics, 84, pp. 215-233. ALTUNÇ, Ö., Faruk (2008), ''Türkiye’de Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedenselliğin Ampirik Bir Analizi'', Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 3(2), pp. 113-127. ATAMTÜRK, Burak (2004), ''Türkiye’de Finansal Gelişme ve Ekonomik Büyümenin Nedensellik Yönü Üzerine Bir İnceleme (1975-2003)'', İstanbul Üniversitesi Maliye Araştırma Konferansları, 46, pp. 100-104. ATJE, Raymond and JOVANOVIC, Boyan (1993), ''Stock Markets and Development'', European Economic Review, 37(2-3), pp. 635–637. BECK, Thorsten; ROSS, Levine; NORMAN, Loayza (2000), ''Finance and the Sources of Growth'',Journal of Financial Economics, 58(1-2), pp. 261–300. BENCİVENGA, Valerie and BRUCE, Smith (1991), ''Financial Intermediation and Endogenous Growth'', Review of Economic Studies, 58, pp. 195-209. CAPORALE, G., Maria; HOWELLS, Paesani; ALAA, M., Soliman (2005), ''Endogenous Growth Models and Stock Market Development: Evidence From Four Countries'', Review of Development Economics, 9(2), pp. 166–176. CHRISTOPOULOS, Dimitris and TSIONAS, Mike (2004), ''Financial development and economic growth: evidence from panel unit root and cointegration tests'', Journal of Development Economics, 73(1), pp. 55-74. ENDERS, Walter (2004), Applied Econometrics Time Series, Newyork, John Wiley and Sons, 2004, pp. 229 ENİSAN, A., Akinlo and OLUFİSAYO, Akinlo (2009), ''Stock Market Development and Economic Growth: Evidence from Seven Sub-Saharan African Countries'', Journal of Economics and Business, 61(2), March-April, pp. 162-171. ERİM, Neşe and TÜRK, Armağan (2005), ''Finansal Gelişme ve İktisadi Büyüme'', Kocaeli Üniversitesi SBE Dergisi, 10(2), pp. 21-45. GURLEY, John and SHAW, S., Edward (1967), ''Financial Structure and Economic Development'', Economic Development and Cultural Change, 15(3), pp. 257-268. HACKER, R., Scott and HATEMI-J, Abdulnasser (2006), ''Tests For Causality Between Integrated Variables Using Asymptotic and Bootstrap Distributions: Theory and Application'', Applied Economics Sayı: 38, pp. 1489- 1500, JAYARATNE, Jith and PHILIP, E., Strahan (1996), ''The Finance-Growth Nexus: Evidence From Bank Branch Deregulation'', The Quartely Journal of Economics, 111(3), pp. 639-670. KANG, S., Joo and SAWADA, Yasuyuki (2000), ''Financial Repression and External Openness in An Endogenous Growth Model'', The Journal of International Trade & Economic Development, 9(4), pp. 427-443. LYNCH, David (1996), ''Measuring Financial Sector Development: A Study of Selected Asia Pasific Countries'', The Developing Economies XXXIV-I, pp.3-33. LUCAS, Robert (1988), ''On the Mechanics of Economic Development'', Journal of Monetary Economics, 22(1), pp. 3-42. MÜSLÜMOV, Alövsat and ARAS, Güler (2002), ''Sermaye Piyasası Gelişmesi ve Ekonomik Büyüme Arasında Nedensellik İlişkisi: OECD Ülkeleri Örneği'', İktisat İşletme ve Finans, 17(198), pp. 90-100. NAZLIOĞLU, Şaban; EGE, İsmail; BAYRAKDAROĞLU, Ali (2009), ''Financial Development and Economic Growth: Cointegration and Causality Analysis for Turkey'', Banking and Finance Letters, 1(2), pp. 59-66. NEMLİ, Esra (2004), Sürdürülebilir Kalkınma: Şirketlerin Sosyal ve Çevresel Yaklaşımları, Filiz Kitabevi, İstanbul. ÖZCAN, Burcu and ARI, Ayşe (2011), ''Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örneği'', BER Journal, 2(1), pp. 121-142. PATRICK, H., Wilhelm (1966), ''Financial Development and Economic Growth in Underdeveloped Countries'', Economic Development and Cultural Change, 14(2), pp. 174-189. SEVÜKTEKİN, Mustafa and NARGELEÇEKENLER, Mehmet (2007), Nobel Yayın Dağıtım Ltd, Ankara. TODA, Y., Hiro and YAMAMOTO, Taku (1995), ''Statistical inference in vector auto-regressions with possibly integrated processes'', Journal of Econometrics, 66(1), pp. 225-250. TÜREDİ, Salih and BERBER, Metin (2010), ''Finansal Kalkınma, Ticari Açıklık ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Üzerine Bir Analiz'', Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 0 (35), pp. 301-316. YAVUZ, Nilgün (2010), ''Reel döviz Kurunun Dış Ticaret Dengesine Etkisi: Türkiye İçin Marshall Lerner Koşulunun Testi'', İktisat İşletme ve Finans Dergisi, 24(287), pp.69- 90.
Yıl 2018,
Cilt: 9 Sayı: 2, 116 - 123, 03.01.2019
Öz
Kaynakça
- ANG, James and McKİBBİN, Warwick (2007), ''Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia'', Journal of Development Economics, 84, pp. 215-233. ALTUNÇ, Ö., Faruk (2008), ''Türkiye’de Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedenselliğin Ampirik Bir Analizi'', Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 3(2), pp. 113-127. ATAMTÜRK, Burak (2004), ''Türkiye’de Finansal Gelişme ve Ekonomik Büyümenin Nedensellik Yönü Üzerine Bir İnceleme (1975-2003)'', İstanbul Üniversitesi Maliye Araştırma Konferansları, 46, pp. 100-104. ATJE, Raymond and JOVANOVIC, Boyan (1993), ''Stock Markets and Development'', European Economic Review, 37(2-3), pp. 635–637. BECK, Thorsten; ROSS, Levine; NORMAN, Loayza (2000), ''Finance and the Sources of Growth'',Journal of Financial Economics, 58(1-2), pp. 261–300. BENCİVENGA, Valerie and BRUCE, Smith (1991), ''Financial Intermediation and Endogenous Growth'', Review of Economic Studies, 58, pp. 195-209. CAPORALE, G., Maria; HOWELLS, Paesani; ALAA, M., Soliman (2005), ''Endogenous Growth Models and Stock Market Development: Evidence From Four Countries'', Review of Development Economics, 9(2), pp. 166–176. CHRISTOPOULOS, Dimitris and TSIONAS, Mike (2004), ''Financial development and economic growth: evidence from panel unit root and cointegration tests'', Journal of Development Economics, 73(1), pp. 55-74. ENDERS, Walter (2004), Applied Econometrics Time Series, Newyork, John Wiley and Sons, 2004, pp. 229 ENİSAN, A., Akinlo and OLUFİSAYO, Akinlo (2009), ''Stock Market Development and Economic Growth: Evidence from Seven Sub-Saharan African Countries'', Journal of Economics and Business, 61(2), March-April, pp. 162-171. ERİM, Neşe and TÜRK, Armağan (2005), ''Finansal Gelişme ve İktisadi Büyüme'', Kocaeli Üniversitesi SBE Dergisi, 10(2), pp. 21-45. GURLEY, John and SHAW, S., Edward (1967), ''Financial Structure and Economic Development'', Economic Development and Cultural Change, 15(3), pp. 257-268. HACKER, R., Scott and HATEMI-J, Abdulnasser (2006), ''Tests For Causality Between Integrated Variables Using Asymptotic and Bootstrap Distributions: Theory and Application'', Applied Economics Sayı: 38, pp. 1489- 1500, JAYARATNE, Jith and PHILIP, E., Strahan (1996), ''The Finance-Growth Nexus: Evidence From Bank Branch Deregulation'', The Quartely Journal of Economics, 111(3), pp. 639-670. KANG, S., Joo and SAWADA, Yasuyuki (2000), ''Financial Repression and External Openness in An Endogenous Growth Model'', The Journal of International Trade & Economic Development, 9(4), pp. 427-443. LYNCH, David (1996), ''Measuring Financial Sector Development: A Study of Selected Asia Pasific Countries'', The Developing Economies XXXIV-I, pp.3-33. LUCAS, Robert (1988), ''On the Mechanics of Economic Development'', Journal of Monetary Economics, 22(1), pp. 3-42. MÜSLÜMOV, Alövsat and ARAS, Güler (2002), ''Sermaye Piyasası Gelişmesi ve Ekonomik Büyüme Arasında Nedensellik İlişkisi: OECD Ülkeleri Örneği'', İktisat İşletme ve Finans, 17(198), pp. 90-100. NAZLIOĞLU, Şaban; EGE, İsmail; BAYRAKDAROĞLU, Ali (2009), ''Financial Development and Economic Growth: Cointegration and Causality Analysis for Turkey'', Banking and Finance Letters, 1(2), pp. 59-66. NEMLİ, Esra (2004), Sürdürülebilir Kalkınma: Şirketlerin Sosyal ve Çevresel Yaklaşımları, Filiz Kitabevi, İstanbul. ÖZCAN, Burcu and ARI, Ayşe (2011), ''Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örneği'', BER Journal, 2(1), pp. 121-142. PATRICK, H., Wilhelm (1966), ''Financial Development and Economic Growth in Underdeveloped Countries'', Economic Development and Cultural Change, 14(2), pp. 174-189. SEVÜKTEKİN, Mustafa and NARGELEÇEKENLER, Mehmet (2007), Nobel Yayın Dağıtım Ltd, Ankara. TODA, Y., Hiro and YAMAMOTO, Taku (1995), ''Statistical inference in vector auto-regressions with possibly integrated processes'', Journal of Econometrics, 66(1), pp. 225-250. TÜREDİ, Salih and BERBER, Metin (2010), ''Finansal Kalkınma, Ticari Açıklık ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Üzerine Bir Analiz'', Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 0 (35), pp. 301-316. YAVUZ, Nilgün (2010), ''Reel döviz Kurunun Dış Ticaret Dengesine Etkisi: Türkiye İçin Marshall Lerner Koşulunun Testi'', İktisat İşletme ve Finans Dergisi, 24(287), pp.69- 90.
Toplam 1 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 3 Ocak 2019 |
| Gönderilme Tarihi | 15 Ekim 2018 |
| Yayımlandığı Sayı | Yıl 2018 Cilt: 9 Sayı: 2 |
