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SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK

Yıl 2017, Cilt: 1 Sayı: 2, 209 - 228, 20.11.2017

Öz

Ticaret ve finasal açıklığının büyüme oynaklığı üzerindeki etkisi hakkında bir fikir birliği bulunmamaktadır. Bu çalışmada sistem GMM kullanılarak Sahraaltı Afrika’da açıklığın büyüme oynaklığı üzerindeki ektisi ampirik olrak incelenmiştir. Çalışma 1981- 2010 dönemini ve 29 ülkeyi kapsamaktadır. Önceki çalışmaların tersine, elde ettiğimiz sonuçlara göre Sahraaltı Afrika’da hem ticari hem de finansal açıklık büyüme oynaklığını anlamlı biçimde düşürmektedir. Ancak, farklı tanımlamalarda finansal açıklık güçlü bulunmamıştır. Bir aşama ileri giderek ticaret ve finansal açıklığı ayrıştırıldığında, imalat sektörü malları ticaretinin, imalat dışı malların ticaretine göre, oynaklığı belirgin bir biçimde azaltmaktadır. Finansal açıklığı doğrudan yabancı sermaye ve portfolyo akımları olarak ayrıştırmak ise büyüme oynaklığı üzerinde anlamlı bir etki göstermediği tespit edilmiştir.

Kaynakça

  • Ahmed, A. D., and Suardi, S. (2009). Macroeconomic Volatility, Trade and Financial Liberalization in Africa. World Development, 37 (10): 1623–1636. Arellano, M., and Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations. Review of Economic Studies, 58: 277-297. Arellano, M., and Bover, O. (1995). Another Look at The Instrumental-Variable Estimation of Error- Components Models. Journal of Econometrics, 68: 29-51. Baltagi, B. H., Demetriades, P. O., and Law, S. H. (2009). Financial Development and Openness: Evidence from Panel Data. Journal of Development Economics, 89: 285–296. Bejan, M. (2007). Trade Openness and Output Volatility. MPRA, Paper No. 2759. Bekaert, G., Harvey, C. R., and Lundblad, C. (2005). Does Financial Liberalization Spur Growth?. Journal of Financial Economics, 77: 3–55. Bekaert, G., Harvey, C. R., and Lundblad, C. (2006). Growth Volatility and Financial Liberalization. Journal of International Money and Finance, 25: 370-403. Blanchard, O. J., and Simon, J. A. (2001). The Long and Large Decline in U.S. Output Volatility. Brookings Papers on Economic Activity: 135-174. Bleaney, M. and Greenaway, D. (2001). The Impact of Terms of Trade and Real Exchange Rate Volatility on Investment and Growth in Sub-Saharan Africa. Journal of Development Economics, 65 (2): 491–500. Blundell, R., and Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87: 115-43. Buch, C. M., Doepke, J., and Pierdzioch, C. (2005). Financial Openness and Business Cycle Volatility. Journal of International Money and Finance, 24: 744-765. Buch, C. M., Döpke, J., and Strotmann, H. (2009). Does Export Openness Increase Firm-Level Output Volatility?. The World Economy, 32 (4): 531-551. Calderón, C., and Schmidt-Hebbel, K. (2008). Openness and Growth Volatility. Central Bank of Chile Working Papers, 483. Calderón, C., Loayza, N., and Schmidt-Hebbel, K. (2005). Does Openness Imply Greater Exposure?. World Bank Policy Research Working Paper, 3733. Caselli, F., Koren, M., Lisicky, M., and Tenreyro, S. (2015). Diversification Through Trade. NBER Working Paper, 21498. Cavallo, E. A. (2007). Output Volatility and Openness to Trade: A Reassessment. Inter-American Development Bank Working Paper, 604. Cavallo, E. A., and Frankel, J. A. (2008). Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality. Journal of International Money and Finance, 27: 1430-1452. Di Giovanni, J., and Levchenko, A. A. (2009). Trade Openness and Volatility. The Review of Economics and Statistics, 91 (3): 558-585. Dollar, D. (1992). Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-85. Economic Development and Cultural Change, 40 (3): 523-544. Easterly, W., Islam, R., and Stiglitz, J. E. (2001). Shaken and Stirred: Explaining Growth Volatility. Annual Bank Conference on Development Economics, Eds: B. Pleskovic and N. Stern, Washington, DC, The World Bank: 191-211. dison, H. J., Levine, R., Ricci, L., and Sløk, T. (2002). International Financial Integration and Economic Growth. Journal of International Money and Finance, 21: 749–776. Fata´S, A., and Mihov, I. (2003). The Case for Restricting Fiscal Policy Discretion. Quarterly Journal of Economics, 118 (4): 1419–1447. Fata´S, A., and Mihov, I. (2013). Policy Volatility, Institutions, and Economic Growth. Review of Economics and Statistics, 95 (2): 362-376. Frankel, J. A., and Romer, D. (1999). Does Trade Cause Growth?. American Economic Review, 89: 379– 399. Haddad, M., Lim, J. J., Pancaro, C., and Saborowski, C. (2012). Trade Openness Reduces Growth Volatility When Countries are Well Diversified. European Central Bank Working Paper Series, 1491. Kim, S. Y. (2007). Openness, External Risk, and Volatility: Implications for The Compensation Hypothesis. International Organization, 61 (1): 181-216. Kose, M.A. (2002). Explaining Business Cycles in Small Open Economies: How Much Do World Prices Matter?. Journal of International Economics, 56: 299-327. Kose, M. A., Prasad, E. S., and Terrones, M. E. (2006). How Do Trade and Financial Integration Affect The Relationship Between Growth and Volatility?. Journal of International Economics, 69: 176– 202. Kose, M. A., Prasad, E. S., and Terrones, M. E. (2003). Financial Integration and Macroeconomic Volatility. IMF Working Paper, WP/03/50. Kose, M. A., and Riezman, R. (1999). Trade Shocks and Macroeconomic Fluctuations in Africa. CSGR Working Paper, 43. Lane, P. R., and Milesi-Ferretti, G. M. (2007). The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004. Journal of International Economics, 73: 223-250. Loayza, N. V., Rancie`Re, R., Serve´N, L., and Ventura, J. (2007). Macroeconomic Volatility and Welfare in Developing Countries: An Introduction. The World Bank Economic Review, 21 (3): 343–357. Prasad, E. S., and Rajan, R. G. (2008). A Pragmatic Approach to Capital Account Liberalization. The Journal of Economic Perspectives, 22 (3): 149-172. Prasad, E. S., Rogoff, K., Wei, S-J., and Kose, M. A. (2007). Financial Globalization, Growth, and Volatility in Developing Countries. Globalization and Poverty: 457-516, Ed.: Harrison, A., University of Chicago Press. Raddatz, C. (2007). Are External Shocks Responsible for The Instability of Output in Low-Income Countries?. Journal of Development Economics, 84: 155–187. Reinhart, C.M., and Tokatlidis, I. (2003). Financial Liberalization: The African Experience. Journal of African Economies, 12 (1): 53–88. Rodríguez, F., and Rodrik, D. (2001). Trade Policy and Economic Growth: A Skeptic’s Guide to The Cross-National Evidence. NBER Macroeconomics Annual 2001, 15: 261-338. Eds.: Bernanke, B. S., and Rogoff, K., Cambridge, MA, MIT Press. Roodman, D. (2009) How to Do Xtabond2: An Introduction to Difference and System GMM in Stata. Stata Journal, 9 (1): 86-136. Sissoko, Y., and Dibooglu, S. (2006). The Exchange Rate System and Macroeconomic fluctuations in Sub-Saharan Africa. Economic Systems, 30 (2): 141–156. Wacziarg, R., and Welch, K. H. (2008). Trade Liberalization and Growth: New Evidence. The World Bank Economic Review, 22 (2): 187–231.
Yıl 2017, Cilt: 1 Sayı: 2, 209 - 228, 20.11.2017

Öz

Kaynakça

  • Ahmed, A. D., and Suardi, S. (2009). Macroeconomic Volatility, Trade and Financial Liberalization in Africa. World Development, 37 (10): 1623–1636. Arellano, M., and Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations. Review of Economic Studies, 58: 277-297. Arellano, M., and Bover, O. (1995). Another Look at The Instrumental-Variable Estimation of Error- Components Models. Journal of Econometrics, 68: 29-51. Baltagi, B. H., Demetriades, P. O., and Law, S. H. (2009). Financial Development and Openness: Evidence from Panel Data. Journal of Development Economics, 89: 285–296. Bejan, M. (2007). Trade Openness and Output Volatility. MPRA, Paper No. 2759. Bekaert, G., Harvey, C. R., and Lundblad, C. (2005). Does Financial Liberalization Spur Growth?. Journal of Financial Economics, 77: 3–55. Bekaert, G., Harvey, C. R., and Lundblad, C. (2006). Growth Volatility and Financial Liberalization. Journal of International Money and Finance, 25: 370-403. Blanchard, O. J., and Simon, J. A. (2001). The Long and Large Decline in U.S. Output Volatility. Brookings Papers on Economic Activity: 135-174. Bleaney, M. and Greenaway, D. (2001). The Impact of Terms of Trade and Real Exchange Rate Volatility on Investment and Growth in Sub-Saharan Africa. Journal of Development Economics, 65 (2): 491–500. Blundell, R., and Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87: 115-43. Buch, C. M., Doepke, J., and Pierdzioch, C. (2005). Financial Openness and Business Cycle Volatility. Journal of International Money and Finance, 24: 744-765. Buch, C. M., Döpke, J., and Strotmann, H. (2009). Does Export Openness Increase Firm-Level Output Volatility?. The World Economy, 32 (4): 531-551. Calderón, C., and Schmidt-Hebbel, K. (2008). Openness and Growth Volatility. Central Bank of Chile Working Papers, 483. Calderón, C., Loayza, N., and Schmidt-Hebbel, K. (2005). Does Openness Imply Greater Exposure?. World Bank Policy Research Working Paper, 3733. Caselli, F., Koren, M., Lisicky, M., and Tenreyro, S. (2015). Diversification Through Trade. NBER Working Paper, 21498. Cavallo, E. A. (2007). Output Volatility and Openness to Trade: A Reassessment. Inter-American Development Bank Working Paper, 604. Cavallo, E. A., and Frankel, J. A. (2008). Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality. Journal of International Money and Finance, 27: 1430-1452. Di Giovanni, J., and Levchenko, A. A. (2009). Trade Openness and Volatility. The Review of Economics and Statistics, 91 (3): 558-585. Dollar, D. (1992). Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-85. Economic Development and Cultural Change, 40 (3): 523-544. Easterly, W., Islam, R., and Stiglitz, J. E. (2001). Shaken and Stirred: Explaining Growth Volatility. Annual Bank Conference on Development Economics, Eds: B. Pleskovic and N. Stern, Washington, DC, The World Bank: 191-211. dison, H. J., Levine, R., Ricci, L., and Sløk, T. (2002). International Financial Integration and Economic Growth. Journal of International Money and Finance, 21: 749–776. Fata´S, A., and Mihov, I. (2003). The Case for Restricting Fiscal Policy Discretion. Quarterly Journal of Economics, 118 (4): 1419–1447. Fata´S, A., and Mihov, I. (2013). Policy Volatility, Institutions, and Economic Growth. Review of Economics and Statistics, 95 (2): 362-376. Frankel, J. A., and Romer, D. (1999). Does Trade Cause Growth?. American Economic Review, 89: 379– 399. Haddad, M., Lim, J. J., Pancaro, C., and Saborowski, C. (2012). Trade Openness Reduces Growth Volatility When Countries are Well Diversified. European Central Bank Working Paper Series, 1491. Kim, S. Y. (2007). Openness, External Risk, and Volatility: Implications for The Compensation Hypothesis. International Organization, 61 (1): 181-216. Kose, M.A. (2002). Explaining Business Cycles in Small Open Economies: How Much Do World Prices Matter?. Journal of International Economics, 56: 299-327. Kose, M. A., Prasad, E. S., and Terrones, M. E. (2006). How Do Trade and Financial Integration Affect The Relationship Between Growth and Volatility?. Journal of International Economics, 69: 176– 202. Kose, M. A., Prasad, E. S., and Terrones, M. E. (2003). Financial Integration and Macroeconomic Volatility. IMF Working Paper, WP/03/50. Kose, M. A., and Riezman, R. (1999). Trade Shocks and Macroeconomic Fluctuations in Africa. CSGR Working Paper, 43. Lane, P. R., and Milesi-Ferretti, G. M. (2007). The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004. Journal of International Economics, 73: 223-250. Loayza, N. V., Rancie`Re, R., Serve´N, L., and Ventura, J. (2007). Macroeconomic Volatility and Welfare in Developing Countries: An Introduction. The World Bank Economic Review, 21 (3): 343–357. Prasad, E. S., and Rajan, R. G. (2008). A Pragmatic Approach to Capital Account Liberalization. The Journal of Economic Perspectives, 22 (3): 149-172. Prasad, E. S., Rogoff, K., Wei, S-J., and Kose, M. A. (2007). Financial Globalization, Growth, and Volatility in Developing Countries. Globalization and Poverty: 457-516, Ed.: Harrison, A., University of Chicago Press. Raddatz, C. (2007). Are External Shocks Responsible for The Instability of Output in Low-Income Countries?. Journal of Development Economics, 84: 155–187. Reinhart, C.M., and Tokatlidis, I. (2003). Financial Liberalization: The African Experience. Journal of African Economies, 12 (1): 53–88. Rodríguez, F., and Rodrik, D. (2001). Trade Policy and Economic Growth: A Skeptic’s Guide to The Cross-National Evidence. NBER Macroeconomics Annual 2001, 15: 261-338. Eds.: Bernanke, B. S., and Rogoff, K., Cambridge, MA, MIT Press. Roodman, D. (2009) How to Do Xtabond2: An Introduction to Difference and System GMM in Stata. Stata Journal, 9 (1): 86-136. Sissoko, Y., and Dibooglu, S. (2006). The Exchange Rate System and Macroeconomic fluctuations in Sub-Saharan Africa. Economic Systems, 30 (2): 141–156. Wacziarg, R., and Welch, K. H. (2008). Trade Liberalization and Growth: New Evidence. The World Bank Economic Review, 22 (2): 187–231.
Toplam 1 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Jemberu Lulie Mekonnen Bu kişi benim

A. Suut Dogruel

Yayımlanma Tarihi 20 Kasım 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 1 Sayı: 2

Kaynak Göster

APA Mekonnen, J. L., & Dogruel, A. S. (2017). SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK. Marmara İktisat Dergisi, 1(2), 209-228.
AMA Mekonnen JL, Dogruel AS. SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK. mje. Kasım 2017;1(2):209-228.
Chicago Mekonnen, Jemberu Lulie, ve A. Suut Dogruel. “SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK”. Marmara İktisat Dergisi 1, sy. 2 (Kasım 2017): 209-28.
EndNote Mekonnen JL, Dogruel AS (01 Kasım 2017) SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK. Marmara İktisat Dergisi 1 2 209–228.
IEEE J. L. Mekonnen ve A. S. Dogruel, “SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK”, mje, c. 1, sy. 2, ss. 209–228, 2017.
ISNAD Mekonnen, Jemberu Lulie - Dogruel, A. Suut. “SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK”. Marmara İktisat Dergisi 1/2 (Kasım 2017), 209-228.
JAMA Mekonnen JL, Dogruel AS. SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK. mje. 2017;1:209–228.
MLA Mekonnen, Jemberu Lulie ve A. Suut Dogruel. “SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK”. Marmara İktisat Dergisi, c. 1, sy. 2, 2017, ss. 209-28.
Vancouver Mekonnen JL, Dogruel AS. SAHRAALTI AFRİKA’DA BÜYÜME OYNAKLIĞI VE AÇIKLIK. mje. 2017;1(2):209-28.