Yıl 2015,
Cilt: 7 Sayı: 12, 17 - 39, 20.04.2015
Öz
In this article financial development and growth relation is examined with the help of the Solow model. Capital’s diminishing rate of return emphasized in the model was used in explanation for the importance of roles which internatinal capital flows and a developed financial system in that field may play from growth perspective. Defining different monetary, loan and security variables belong to Turkey economy as indicators of financial development, long-term equilibrium relation with national income was studied. The econometric results support the hypothesis about existence of cointegrating relations between financial development and growth
Anahtar Kelimeler
Financial Development Solow Growth Model Financial Openness Cointegration
Kaynakça
- ABU-BADER, Suleiman ve Aamer S. Abu-QARN. “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”. Review of Development Economics. Vol.12(4), 2008, ss.803–817.
- AGHION, Phillippe ve Peter HOWITT. The Economics of Growth. Massachusetts: The MIT Press, 2009.
- ALTINTAŞ, Halil ve Yücel AYRIÇAY. “Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 1987-2007”. Anadolu Üniversitesi Sosyal Bilimler Dergisi. Vol. 10, No.2, 2010, ss.71-98.
- BARRO, Robert J. ve Xavier SALA-I MARTIN. Economic Growth. 2. Edition, Massachusetts: The MIT Press, 2004.
- CHIU, Jonathan, Cesaire MEH ve Randall WRIGHT. “Innovation and Growth with Financial, and other Frictions”. NBER Working Paper, No. 17512, Ekim 2011.
- DUMRUL, Cüneyt. “Finansal Sistemin Gelişimi ve Ekonomik Büyüme: Teori ve Türkiye Uygulaması”. Yayınlanmamış Doktora Tezi. Erciyes Üniversitesi Sosyal Bilimler Enstitüsü, 2010.
- DUVAN, Osman Berke. “Türkiye’de Finansal Gelişme-Ekonomik Büyüme İlişkisi: Sermaye Birikimi ve Verimlilik Kanalları”. Yayınlanmamış Doktora Tezi. Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, 2011.
- DARRAT, Ali F. “Are Financial Deepening and Economic Growth Causally Related? Another Look at the Evidence”. International Economic Journal, Vol.13, No.3, Autumn 1999, ss.19-30.
- ESSO, Loesse Jacques. “Cointegration and Causality between Financial Development and Economic Growth: Evidence from ECOWAS Countries”. European Journal of Economics, Finance and Administrative Sciences, Vol.16, 2009, ss.112-122.
- GRANGER , C.W.J., Bwo-Nung Huang ve Chin Wei Yang. “A Bivariate Causality between Stock Prices and Exchange Rates: Evidence from Recent Asia Flu”. Uni. California, San Diego, Dis. Papers, No.98/09, Nisan 1998.
- GRANGER, Clive W.J. ve Gawon YOON. “Hidden Cointegration”. Uni. California, San Diego, Discussion Paper No.2002/02, Ocak 2002, http://www.escholarship.org/uc/item/9qn5f61j(7Şubat2013).
- HALICIOĞLU, Ferda. “Financial Development and Economic Growth Nexus for Turkey”. Economics and Econometrics Research Institute, Research Paper Series, No.6, 2007.
- JOHANSEN, Søren. “Cointegration. Overview and Development”. Uni. Of Copenhagen, Dep. of App. Math. And Stat. Soren Johansen’s Papers, No.SJ120207, http://www.math.ku.dk/~sjo/papers/ CointegrationSJ120207.pdf(1Şubat2013).
- KAR, Muhsin ve Eric J. PENTECOST. “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”. Loughborough University, Dep. of Eco. Eco. Res. Paper, No. 00/27, Ararlık 2000.
- KING, Robert ve Ross LEVINE. “Finance and Growth: Schumpeter Might Be Right”. Policy Research W.P.S. No.1083, The World Bank, Şubat 1993.
- KİRANKABEŞ, Mustafa Cem ve Çağatay BAŞARIR. “Stock Market Development and Economic Growth in Developing Countries: An Empirical Analysis for Turkey”. International Research Journal of Finance and Economics. No.87, 2012, ss.134-146.
- KONISHI, Toru, Valerie A. RAMEY ve C.W.J. GRANGER. “Stochastic Trends and Short-run Relationships Between Financial Variables and Real Activity”. NBER W.P.S. No.4275, Şubat 1993.
- KÖSE, M.Ayhan, Eswar PRASAD, Kenneth ROGOFF ve Shang-Jin WEI. “Financial Globalization: A Reapprasial”. NBER W.P.S, No.12484, Ağustos 2006.
- LAMOREAUX, Naomi R. ve Kenneth L. SOKOLOFF. “Inventive Activity and the Market for Technology in the United States, 1849-1920”. NBER W.P.S. No.7107, Mayıs 1999.
- LEVINE, Ross ve Sara ZERVOS. “Stock Market Development and Long-run Growth”. Policy Research W. P. S. No.1582, The World Bank, Mart 1996.
- LOAYZA, Norman ve Romain RANCIERE. “Financial Development, Financial Fragility, and Growth”. Center for Economic Studies & Ifo Institute for Economic Research, W.P. No.684(5), Mart 2002.
- LUCAS, Robert. E. Lectures on Economic Growth. First Harvard University Press paperback edition, Massachsetts: Harvard University Press, 2004.
- MADDISON, Angus. “The World Economy: a Millennial Perspective”. Paris:Development Centre of the OECD, 2001.
- MISHKIN, Frederic S. “Is Financial Globalization Beneficial?”. NBER W.P.S. No.11891, Aralık 2005.
- NEUSSER, Klaus ve Maurice KUGLER. “Manufacturing Growth and Financial Development: Evidence from OECD Countries”. Review of Economics and Statistics. No.80, 1998, ss.636-646.
- OBSFELD, Maurice. “International Finance and Growth in Developning Countries: What We Have Learned?”. NBER W.P.S, No.14691, Şubat 2009.
- PHILLIPS, Peter C. B. ve Mico LORETAN. “Estimating Long-run Equilibria”. Cowles Foundation Discussion Papers, No.928, Ekim 1989.
- RODRIK, Dani ve Andrés VELASCO. “Short-term Capital Flows”. NBER W.P.S. No.7364, Eylül 1999.
- ROUSSEAU, Peter L. ve Dadanee VUTHIPADADORN. “Finance, Investment, and Growth: Time Series Evidence from 10 Asian Economies”. Journal of Macroeconomics. Vol.27, 2005, ss.87–106.
- ROUSSEAU, Peter L. ve Paul Wachtel. “Economic Growth and Financial Depth, Is the Relationship Extinct Already?”. Dis. Paper No.2005/10, UNU-WIDER, Aralık 2005.
- TAMURA, Robert. “From Decay to Growth: a Demographic Transition to Economic Growth”. Journal of Economic Dynamics and Control. No.20, 1996, ss.1237-1261.http://www.escholarship.org/uc/ item/9bk607p6(7Şubat2013).
- VALEV, Neven ve Felix Rioja. “Finance and the Sources of Growth at Various Stages of Economic Development”. Int. Studies Prog., Georgia State Uni. W.P. No.02-17, Eylül 2002.
Yıl 2015,
Cilt: 7 Sayı: 12, 17 - 39, 20.04.2015
Öz
Bu makalede finansal gelişme ve büyüme ilişkisi Solow modeli yardımıyla incelenmiştir. Modelde
vurgulanan sermayenin azalan getirisi uluslararası sermaye akışlarının ve bu alanda gelişmiş bir finansal
sistemin oynayabileceği rollerin büyüme açısından önemini açıklamada kullanılmıştır. Türkiye ekonomisine
ait farklı parasal büyüklükler, kredi miktarları ve menkul değer değişkenleri finansal gelişmenin göstergesi
olarak tanımlanıp milli hasıla ile uzun dönemli denge ilişkisi araştırılmıştır. Elde edilen ekonometrik
sonuçlar finansal gelişmeyle büyüme arasında eşbütünleşme ilişkisinin var olduğu hipotezini desteklemiştir.
Anahtar Kelimeler
Finansal Gelişme Solow Büyüme Modeli Finansal Dışa Açıklık Eş-bütünleşme
Kaynakça
- ABU-BADER, Suleiman ve Aamer S. Abu-QARN. “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”. Review of Development Economics. Vol.12(4), 2008, ss.803–817.
- AGHION, Phillippe ve Peter HOWITT. The Economics of Growth. Massachusetts: The MIT Press, 2009.
- ALTINTAŞ, Halil ve Yücel AYRIÇAY. “Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 1987-2007”. Anadolu Üniversitesi Sosyal Bilimler Dergisi. Vol. 10, No.2, 2010, ss.71-98.
- BARRO, Robert J. ve Xavier SALA-I MARTIN. Economic Growth. 2. Edition, Massachusetts: The MIT Press, 2004.
- CHIU, Jonathan, Cesaire MEH ve Randall WRIGHT. “Innovation and Growth with Financial, and other Frictions”. NBER Working Paper, No. 17512, Ekim 2011.
- DUMRUL, Cüneyt. “Finansal Sistemin Gelişimi ve Ekonomik Büyüme: Teori ve Türkiye Uygulaması”. Yayınlanmamış Doktora Tezi. Erciyes Üniversitesi Sosyal Bilimler Enstitüsü, 2010.
- DUVAN, Osman Berke. “Türkiye’de Finansal Gelişme-Ekonomik Büyüme İlişkisi: Sermaye Birikimi ve Verimlilik Kanalları”. Yayınlanmamış Doktora Tezi. Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, 2011.
- DARRAT, Ali F. “Are Financial Deepening and Economic Growth Causally Related? Another Look at the Evidence”. International Economic Journal, Vol.13, No.3, Autumn 1999, ss.19-30.
- ESSO, Loesse Jacques. “Cointegration and Causality between Financial Development and Economic Growth: Evidence from ECOWAS Countries”. European Journal of Economics, Finance and Administrative Sciences, Vol.16, 2009, ss.112-122.
- GRANGER , C.W.J., Bwo-Nung Huang ve Chin Wei Yang. “A Bivariate Causality between Stock Prices and Exchange Rates: Evidence from Recent Asia Flu”. Uni. California, San Diego, Dis. Papers, No.98/09, Nisan 1998.
- GRANGER, Clive W.J. ve Gawon YOON. “Hidden Cointegration”. Uni. California, San Diego, Discussion Paper No.2002/02, Ocak 2002, http://www.escholarship.org/uc/item/9qn5f61j(7Şubat2013).
- HALICIOĞLU, Ferda. “Financial Development and Economic Growth Nexus for Turkey”. Economics and Econometrics Research Institute, Research Paper Series, No.6, 2007.
- JOHANSEN, Søren. “Cointegration. Overview and Development”. Uni. Of Copenhagen, Dep. of App. Math. And Stat. Soren Johansen’s Papers, No.SJ120207, http://www.math.ku.dk/~sjo/papers/ CointegrationSJ120207.pdf(1Şubat2013).
- KAR, Muhsin ve Eric J. PENTECOST. “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”. Loughborough University, Dep. of Eco. Eco. Res. Paper, No. 00/27, Ararlık 2000.
- KING, Robert ve Ross LEVINE. “Finance and Growth: Schumpeter Might Be Right”. Policy Research W.P.S. No.1083, The World Bank, Şubat 1993.
- KİRANKABEŞ, Mustafa Cem ve Çağatay BAŞARIR. “Stock Market Development and Economic Growth in Developing Countries: An Empirical Analysis for Turkey”. International Research Journal of Finance and Economics. No.87, 2012, ss.134-146.
- KONISHI, Toru, Valerie A. RAMEY ve C.W.J. GRANGER. “Stochastic Trends and Short-run Relationships Between Financial Variables and Real Activity”. NBER W.P.S. No.4275, Şubat 1993.
- KÖSE, M.Ayhan, Eswar PRASAD, Kenneth ROGOFF ve Shang-Jin WEI. “Financial Globalization: A Reapprasial”. NBER W.P.S, No.12484, Ağustos 2006.
- LAMOREAUX, Naomi R. ve Kenneth L. SOKOLOFF. “Inventive Activity and the Market for Technology in the United States, 1849-1920”. NBER W.P.S. No.7107, Mayıs 1999.
- LEVINE, Ross ve Sara ZERVOS. “Stock Market Development and Long-run Growth”. Policy Research W. P. S. No.1582, The World Bank, Mart 1996.
- LOAYZA, Norman ve Romain RANCIERE. “Financial Development, Financial Fragility, and Growth”. Center for Economic Studies & Ifo Institute for Economic Research, W.P. No.684(5), Mart 2002.
- LUCAS, Robert. E. Lectures on Economic Growth. First Harvard University Press paperback edition, Massachsetts: Harvard University Press, 2004.
- MADDISON, Angus. “The World Economy: a Millennial Perspective”. Paris:Development Centre of the OECD, 2001.
- MISHKIN, Frederic S. “Is Financial Globalization Beneficial?”. NBER W.P.S. No.11891, Aralık 2005.
- NEUSSER, Klaus ve Maurice KUGLER. “Manufacturing Growth and Financial Development: Evidence from OECD Countries”. Review of Economics and Statistics. No.80, 1998, ss.636-646.
- OBSFELD, Maurice. “International Finance and Growth in Developning Countries: What We Have Learned?”. NBER W.P.S, No.14691, Şubat 2009.
- PHILLIPS, Peter C. B. ve Mico LORETAN. “Estimating Long-run Equilibria”. Cowles Foundation Discussion Papers, No.928, Ekim 1989.
- RODRIK, Dani ve Andrés VELASCO. “Short-term Capital Flows”. NBER W.P.S. No.7364, Eylül 1999.
- ROUSSEAU, Peter L. ve Dadanee VUTHIPADADORN. “Finance, Investment, and Growth: Time Series Evidence from 10 Asian Economies”. Journal of Macroeconomics. Vol.27, 2005, ss.87–106.
- ROUSSEAU, Peter L. ve Paul Wachtel. “Economic Growth and Financial Depth, Is the Relationship Extinct Already?”. Dis. Paper No.2005/10, UNU-WIDER, Aralık 2005.
- TAMURA, Robert. “From Decay to Growth: a Demographic Transition to Economic Growth”. Journal of Economic Dynamics and Control. No.20, 1996, ss.1237-1261.http://www.escholarship.org/uc/ item/9bk607p6(7Şubat2013).
- VALEV, Neven ve Felix Rioja. “Finance and the Sources of Growth at Various Stages of Economic Development”. Int. Studies Prog., Georgia State Uni. W.P. No.02-17, Eylül 2002.
Toplam 32 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 20 Nisan 2015 |
| Gönderilme Tarihi | 20 Nisan 2015 |
| Yayımlandığı Sayı | Yıl 2015 Cilt: 7 Sayı: 12 |