Financial Development and Economic Growth Nexus In Turkey: Casuality Analysis Based On Bootsrap Approach

Year 2018, Volume: 5 Issue: 3, 172 - 184, 31.12.2018

Emrah Eray Akça , Harun Bal , Müge Manga

https://doi.org/10.30803/adusobed.396868

Cited By: 2

https://izlik.org/JA49YG92AA

Abstract

In this study, causality analysis were
carried out to specify the relationship between financial development and
economic growth using annual data for 1986-2016 period for Turkey. It was
followed Leveraged Bootstrap Approach Procedure by Hacker and Hatemi-J (2006)
to test causality. Findings obtained from causality analysis generally refer to
one-way causality towards economic growth from financial development. General
results obtained from our study support evidence on supply-leading hypothesis.
Consequently, practices towards financial development contribute positively to
economic development. Therefore, these practices should be improved in carefull
and in a controlled manner.

Keywords

Financial Development , Economic Growth , Bootstrap Approach , Turkey

Türkiye’de Finansal Gelişme ve Ekonomik Büyüme Bağlantısı: Bootstrap Yaklaşımına Dayalı Nedensellik Analizi

https://izlik.org/JA49YG92AA

Abstract

Bu çalışmada
Türkiye için 1986-2016 dönemi yıllık zaman serileri kullanılarak finansal
gelişme ve ekonomik büyüme arasındaki ilişkinin belirlenmesine yönelik
nedensellik analizleri yürütülmüştür. Nedensellik ilişkisinin test edilmesinde
Hacker ve Hatemi-J (2006) tarafından geliştirilen Kaldıraçlı (Leveraged)
Bootstrap yaklaşımı prosedürü takip edilmiştir. Nedensellik analizlerinden elde
edilen bulgular genel olarak nedenselliğin yönünün finansal gelişmeden ekonomik
büyümeye doğru olduğuna işaret etmektedir. Elde edilen bulgular, Türkiye’de
mevcut zaman diliminde, ağırlıklı olarak Arz Öncüllü Hipotez’in desteklendiğini
göstermektedir. Dolayısıyla Türkiye’de finansal gelişmeyi artırmaya dönük
uygulamaların ekonomik büyümeye pozitif yönde katkı sunduğu ve bu tür
uygulamaların kontrollü ve dikkatli bir şekilde geliştirilmesi gerekliliği
çalışmadan elde edilen temel çıkarımdır.

Keywords

Finansal Gelişme , Ekonomik Büyüme , Bootstrap Yaklaşımı , Türkiye

References

• Afşar, A. (2007), “Finansal Gelişme İle Ekonomik Büyüme Arasındaki İlişki”, MUFAD Dergisi, 36(3), 102-113.
• Ağır, H. (2010), Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi, BDDK Aroks Doküman Merkezi, Ankara.
• Ak, M.Z., Altıntaş, N. ve Şimşek, A.S. (2016), “Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Nedensellik Analizi”, Doğuş Üniversitesi Dergisi, 17(2), 151-160.
• Ang, J.B. ve Mckibbin, W.J. (2007), “Financial Liberalization, Financial Sector Development And Growth: Evidence From Malaysia. Journal of Development Economics, 84(1), 215-233.
• Arestis, P., Demetriades, P. O. ve Luintel, K. B. (2001), Financial Development and Economic Growth: The Role of Stock Markets. Journal of Money, Credit and Banking, 33(1), 16-41.
• Aslan, A.G.Ö. ve Küçükaksoy, İ. (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama, Ekonometri ve İstatistik Dergisi, (4), 12-28.
• Aydın, M.K., Ak, M.Z. ve Altıntaş, N. (2014), “Finansal Gelişmenin Büyümeye Etkisi: Türkiye Özelinde Nedensellik Analiz. Maliye Dergisi, 167, 149-162.
• Bencivenga, V.R. ve Smith, B.D. (1991), “Financial Intermediation and Endogenous Growth”, Review of Economic Studies 58, 195–209.
• Chandavarkar, A. (1992), "Of Finance and Development: Neglected and Unsettled. Questions", World Development, 20(1)
• Deidda, L.G. (2006), “Interaction Between Economic And Financial Development”, Journal of Monetary Economics, 53, 233-248.
• Efron, B. (1979), Bootstrap Methods: Another Look At The Jackknife, The Annals of Statistics, 1-26.Fred (2017), https://fred.stlouisfed.org/search?st=turkey (Erişim Tarihi: 05.10.2017)Granger, C.W.J. (1969), “Investigating Causal Relations By Econometric Models And Cross Spectral Methods”, Econometrica, 37, 424-438.
• Granger, C.W.J. (1988), “Some Recent Developments In The Concept Of Causality”, Journal of Econometrics, 39, 199-211.
• Greenwood, J. ve Jovanovic, B. (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy 98(5), 1076-1107.
• Güneş, S. (2013), “Finansal Gelişmişlik ve Büyüme Arasındaki Nedensellik Testi: Türkiye Örneği”, Doğuş Üniversitesi Dergisi, 14(1), 73-85.
• Hacker, R.S. ve Hatemi-J, A. (2006), “Tests For Causality Between İntegrated Variables Using Asymptotic And Bootstrap Distributions: Theory And Application”, Applied Economics, 38(13), 1489-1500.
• Hatemi-J, A. (2002), “Export Performance And Economic Growth Nexus İn Japan: A Bootstrap Approach”, Japan and the World Economy, 14(1), 25-33.
• Hye, Q.M.A. ve Islam, F. (2013), “Does Financial Development Hamper Economic Growth: Empirical Evidence From Bangladesh”, Journal of Business Economics and Management, 14(3), 558-582.
• Jalil, A. ve Feridun, M. (2011), “Impact of Financial Development on Economic Growth: Empirical Evidence From Pakistan”, Journal of the Asia Pacific Economy, 16(1), 71-80.
• Kandır, S.Y., İskenderoğlu, A.G. ve Önal, Y.B. (2007), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
• Kar, M. ve Pentecost, E.J. (2000), “The Direction of Causality Between Financial Development and Economic Growth in Turkey: Further Evidence”, Loughborough University, Department of Economics, Economic Research Paper No: 00/27.
• Kar, M., Nazlıoğlu, Ş. ve Ağır, H. (2011), “Financial Development And Economic Growth Nexus in The MENA Countries: Bootstrap Panel Granger Causality Analysis”, Economic Modelling, 28(1), 685-693.
• Kar, M., Nazlıoğlu, Ş. ve Ağır, H. (2014). “Trade Openness, Financial Development and Economic Growth in Turkey: Linear and Nonlinear Causality Analysis”. Journal of BRSA Banking & Financial Markets, 8(1).
• King, R.G. ve Levine, R. (1993a), Finance and Growth: Schumpeter Might Be Right? Quarterly Journal of Economics 108(3), 717-737.
• King, R.G. ve Levine, R. (1993b), “Finance, Entrepreneurship, and Growth: Theory and Evidence”, Journal of Monetary Economics, 32 (3), 513–542.
• Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35, 688-726.
• Lucas, R.E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, 22(1), 3-42.
• Mantalos, P. (2000), “A Graphical İnvestigation of the Size and Power of the Granger-Causality Tests In Integrated-Cointegrated VAR Systems”, Studies in Nonlinear Dynamics and Econometrics, The MIT Press, 4(1), 1-18.
• Mercan, M. ve Peker, O. (2013), “Finansal Gelişmenin Ekonomik Büyümeye Etkisi: Ekonometrik Bir Analiz”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 8(1), 93-120.
• Özşahin, Ş. (2011), “Türkiye Ekonomisinde Finansal Liberalizasyon ve Ekonomik Büyüme Etkileşimi Üzerine Ekonometrik Bir Analiz (Doctoral Dissertation, Selçuk Üniversitesi Sosyal Bilimleri Enstitüsü).
• Pagano, M. (1993), “Financial Markets and Growth: An Overview”, European Economic Review, 37, 613-622.
• Patrick, H.T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”. Economic Development and Cultural Change, 14, 174–189.
• Roubini, N. ve Sala-i Martin, X. (1992), “Financial Repression and Economic Growth. Journal of Development Economics 39, 5-30.
• Saci, K. ve Holden, K. (2008), “Evidence on Growth and Financial Development Using Principal Components”, Applied Financial Economics, 18(19),1549-1560.
• Schumpeter, J.A. (1911), “The Theory of Economic Development; an Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Translated by Opie”, R. Harvard University Press, Cambridge.
• Sehrawat, M. ve Giri, A.K. (2015), “Financial Development and Economic Growth: Empirical Evidence From India”, Studies in Economics and Finance, 32(3), 340-356.
• Stern, N. (1989), “The Economics of Development: A Survey”, The Economic Journal, 100, 597-685.
• Thangavelu, S.M. ve Jiunn, A. B. J. (2004), “Financial Development and Economic Growth In Australia: An Empirical Analysis”, Empirical Economics, 29(2), 247-280.
• Toda, H.Y. ve Yamamoto, T. (1995), “Statistical Inference in Vector Autoregressions With Possibly Integrated Processes”, Journal of Econometrics, 66, 225-250.
• Tuna, K. ve Bektaş, H. (2013), “Kredi Hacminin Ekonomik Büyüme Üzerindeki Rolünün Incelenmesi: Türkiye Örneği”, Finansal Araştırmalar ve Çalışmalar Dergisi, 5(9), 139-150.
• Wongpiyabovorn, O. (2016), “Financial Development and Economic Growth: The Cases of Thailand, Malaysia, and the Philippines”, International Journal of Economic Policy in Emerging Economies, 9(2), 103-126.
• World Bank (2017), http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators#