Interest Rate Convergence in BRICS Countries: an Empirical Evaluation

Abstract

It is one of the main research topics of the economics literature that what are the differences between the economies arising from and how to overcome these differences. And many theories have been produced on this subject. One of these theories is the convergence theory put forward by neo-classical economists. Convergence theory is one of the topics that have been studied both theoretically and empirically in economic theory in recent years. In this study, whether the real interest rates of Brazil, Russia, China, India and South Africa economies converged to the real interest rates of the United States in 1997-2018 periods are examined by using panel data method. As a result of empirical analysis, there is strong evidence that only real interest rates convergence in India.

Keywords

• Convergence
• Interest Rates
• Panel Unit Root
• BRICS
• Endogenous Growth

BRICS Ülkelerinde Faiz Oranı Yakınsaması: Ampirik Bir Değerlendirme

Abstract

Ekonomiler arası gelişmişlik farklılıklarının nelerden kaynaklandığı ve bu farkların nasıl giderileceği iktisat literatürünün temel araştırma konularından bir olmuş ve konu ile ilgili birçok teori üretilmiştir. Bu teorilerden biri de neo-klasik iktisatçılar tarafından ortaya atılan yakınsama teorisidir. Yakınsama teorisi, iktisat teorisinde son yıllarda hem teorik hem de ampirik olarak çalışılan konuların başında gelmektedir. Bu çalışmada 1997-2018 döneminde Brezilya, Rusya, Çin, Hindistan ve Güney Afrika ekonomilerinin reel faiz oranlarının Amerika Birleşik Devletleri reel faiz oranlarına yakınsama yaşayıp yaşamadıkları panel veri yöntemi kullanılarak incelenmektedir. Ampirik analizler sonucunda yalnızca Hindistan reel faiz oranlarının yakınsadığına yönelik güçlü kanıtlar bulunmaktadır. 

Keywords

• Yakınsama
• Faiz Oranı
• Panel Birim Kök
• BRICS
• İçsel Büyüme

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