Araştırma Makalesi
THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND GROWTH IN PERIPHERAL COUNTRIES: A PANEL DATA ANALYSIS
Öz
The Relationship between Financial Development and Growth in Peripheral Countries: A Panel Data Analysis The relation between ‘financial liberalisation’ policies and ‘economic growth’ have started at the beginning of 2008 in USA and after a period of time, it has been the focal point one more time with the financial crisis that influenced the whole liberal capitalist system. By according with the tendency, the relation between the financial development degree and the economic growth for a group of neighboring countries is analyzed at the term of 1980-2010 with the help of panel data analysis. The basic findings that the panel data analyses displays are that, at neighboring countries;(a) the banking sectors' basic functions' unreliable operation (b) the enlargement of financial liberties have influenced the performance of economic growth negatively
Anahtar Kelimeler
Kaynakça
- Abu -Bader, S., A.S. Abu-Qarn (2008) “Financial Development and Economic Growth: The Egyptian Experience”, Journal of Policy Modeling, 30(5), 887-898.
- 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.
- Asteriou, D., S.G. Hall (2007) Applied Econometrics: A Modern Approach Using EViews and Microfit, New York: Palgrave Macmillan.
- Aydın, M.K. (2003) “Kapitalizm ve Kriz”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 1-10.
- Baltagi, B.H. (2005) Econometric Analysis of Panel Data, Third Ed., Chichester: John Wiley & Sons.
- Baltagi, B.H., P.O. Demetriades, S.H. Law (2009) “Financial Development and Openness: Evidence From Panel Data”, Journal Of Development Economics, 89(2), 285-296.
- Calderon, C., L. Liu (2003) “The Direction of Causality between Financial Development and Economic Growth”, Journal of Development Economics, 72(1), 321–334.
- Fase, M.M.G., R.C.N. Abma (2003) “Financial Environment and Economic Growth in Selected Asian Countries”, Journal of Asian Economics, 14(1), 11-21.
- Federici, D., F. Caprioli (2009) “Financial Development and Growth: An Empirical Analysis”, Economic Modelling, 26(2), 285-294.
- Fry, M.J. (1978) “Money and Capital or Financial Deeping in Economic Development?”, Journal of Money, Credit and Banking, 10(4), 464-475.
- Goldsmith, R.W. (1969) Financial Structure and Development, New Haven: Yale University Press.
- Gujarati, D.N. (2004) Basic Econometrics, New York: McGraw-Hill/Irwin.
- Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, American Economic Review, 45(4), 515-538.
- Güloğlu, B. (2003) “Financial Liberalisation and Economic Growth”, The ISE Review”, 7(27), 35-58.
- Hao, C. (2006) “Development of Financial Intermediation and Economic Growth: The Chinese Experience”, China Economic Review, 17(4), 347-362.
- Hsiao, C. (2003) Analysis of Panel Data, Cambridge: Cambridge University Press.
- Im K.S, M.H. Pesaran, Y. Shin (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
- King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-737.
- Laing, Q., J.Z. Teng (2005) “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
- Liu, W.C., C.M. Hsu (2006) “The Role of Financial Development in Economic Growth: The Experiences of Taiwan, Korea, and Japan”, Journal of Asian Economics, 17(4), 667-690.
- Lynch, D. (1996) “Measuring Financial Sector Development: A Study of Selected Asia- Pasific Countries”, The Developing Economies, 34(1), 3-33.
- Mckinnon, R. (1973) Money and Capital in a Developing Country, Washington: Brookings.
- Naceur, S.B., S. Ghazouani (2007) “Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region”, Research in International Business and Finance, 21(2), 297-315.
- Patrich, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
- Robinson, J. (1952) “The Generalization of General Theory”, [içinde] The Rate of Interest and Other Essays, London: Macmillan, 69-142.
- Shaw E. (1973) Financial Deeping in Economic Development, New York: Oxford University Press.
- Yang, Y.Y., M.H. YI (2008) “Does Financial Development Cause Economic Growth? Implication for Policy in Korea”, Journal of Policy Modeling, 30(5), 827-840.
Yıl 2013,
Cilt: 31 Sayı: 2, 1 - 14, 31.12.2013
Öz
‘Finansal serbestleşme’ politikaları ile ‘büyüme’ arasındaki ilişki 2008 yılı başı itibariyle Amerika Birleşik Devletleri’nde başlayıp bir müddet sonra liberal kapitalist sistemin tamamını tesiri altına alan finans krizi ile birlikte yeniden ilgi odağı haline gelmiştir. Bu eğilime uyularak, panel veri testleri yardımıyla, 1991-2009 döneminde bir grup çevre ülkesi için finansal gelişmişlik düzeyi ile iktisadi büyüme arasındaki ilişki incelenmiştir. Panel veri analizinin ortaya koyduğu temel bulgular şunlardır: Çevre ülkelerde (a) bankacılık sektörünün fonksiyonel temellerinin sağlıklı işlememesi (b) finansal özgürlükler alanının genişlemesi iktisadi büyüme performansını negatif yönde etkilemiştir.
Anahtar Kelimeler
Kaynakça
- Abu -Bader, S., A.S. Abu-Qarn (2008) “Financial Development and Economic Growth: The Egyptian Experience”, Journal of Policy Modeling, 30(5), 887-898.
- 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.
- Asteriou, D., S.G. Hall (2007) Applied Econometrics: A Modern Approach Using EViews and Microfit, New York: Palgrave Macmillan.
- Aydın, M.K. (2003) “Kapitalizm ve Kriz”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 1-10.
- Baltagi, B.H. (2005) Econometric Analysis of Panel Data, Third Ed., Chichester: John Wiley & Sons.
- Baltagi, B.H., P.O. Demetriades, S.H. Law (2009) “Financial Development and Openness: Evidence From Panel Data”, Journal Of Development Economics, 89(2), 285-296.
- Calderon, C., L. Liu (2003) “The Direction of Causality between Financial Development and Economic Growth”, Journal of Development Economics, 72(1), 321–334.
- Fase, M.M.G., R.C.N. Abma (2003) “Financial Environment and Economic Growth in Selected Asian Countries”, Journal of Asian Economics, 14(1), 11-21.
- Federici, D., F. Caprioli (2009) “Financial Development and Growth: An Empirical Analysis”, Economic Modelling, 26(2), 285-294.
- Fry, M.J. (1978) “Money and Capital or Financial Deeping in Economic Development?”, Journal of Money, Credit and Banking, 10(4), 464-475.
- Goldsmith, R.W. (1969) Financial Structure and Development, New Haven: Yale University Press.
- Gujarati, D.N. (2004) Basic Econometrics, New York: McGraw-Hill/Irwin.
- Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, American Economic Review, 45(4), 515-538.
- Güloğlu, B. (2003) “Financial Liberalisation and Economic Growth”, The ISE Review”, 7(27), 35-58.
- Hao, C. (2006) “Development of Financial Intermediation and Economic Growth: The Chinese Experience”, China Economic Review, 17(4), 347-362.
- Hsiao, C. (2003) Analysis of Panel Data, Cambridge: Cambridge University Press.
- Im K.S, M.H. Pesaran, Y. Shin (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
- King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-737.
- Laing, Q., J.Z. Teng (2005) “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
- Liu, W.C., C.M. Hsu (2006) “The Role of Financial Development in Economic Growth: The Experiences of Taiwan, Korea, and Japan”, Journal of Asian Economics, 17(4), 667-690.
- Lynch, D. (1996) “Measuring Financial Sector Development: A Study of Selected Asia- Pasific Countries”, The Developing Economies, 34(1), 3-33.
- Mckinnon, R. (1973) Money and Capital in a Developing Country, Washington: Brookings.
- Naceur, S.B., S. Ghazouani (2007) “Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region”, Research in International Business and Finance, 21(2), 297-315.
- Patrich, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
- Robinson, J. (1952) “The Generalization of General Theory”, [içinde] The Rate of Interest and Other Essays, London: Macmillan, 69-142.
- Shaw E. (1973) Financial Deeping in Economic Development, New York: Oxford University Press.
- Yang, Y.Y., M.H. YI (2008) “Does Financial Development Cause Economic Growth? Implication for Policy in Korea”, Journal of Policy Modeling, 30(5), 827-840.
Toplam 27 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Aralık 2013 |
| Gönderilme Tarihi | 21 Ocak 2015 |
| Yayımlandığı Sayı | Yıl 2013 Cilt: 31 Sayı: 2 |
Kaynak Göster
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