Ekonomik Özgürlük ve Borçlanma Faiz Oranları Arasındaki İlişkinin Analizi

Year 2022, Volume: 6 Issue: 3, 2667 - 2682, 30.09.2022

Burak Büyükoğlu , Burcu Buyuran , İbrahim Halil Ekşi

https://doi.org/10.29023/alanyaakademik.1071556

Cited By: 2

Abstract

Ekonomik özgürlük kavramı ülkelerin toplumsal refahını gösteren, kurumsallaşma yapısını ortaya koyan ve gerek tüzel kişilerin gerekse bireylerin kendi emek ve mülkiyetini kontrol edebilme, üretim, tüketim ve yatırım kararlarını alabilme gücünü gösteren önemli göstergelerden biridir. Toplumda ekonomik özgürlük artışının toplumun refah seviyesini artırması ile birlikte ülkelerin borçlanma seviyelerini azaltması beklenmektedir. Bu çalışmanın temel amacı ülkelerin ekonomik özgürlük ile borç verme faiz oranları arasındaki ilişkinin tespit edilmesidir. Çalışmada G20 ülkelerinin 2010-2020 arası verileri kullanılarak geliştirilen model, dinamik panel veri yöntemi ile tahmin edilmiştir. Araştırma sonucunda borç verme faiz oranı ile ekonomik özgürlük arasında negatif yönlü anlamlı ilişki tespit edilmiştir. Bu sonuca göre ülkelerde ekonomik özgürlük arttıkça borç verme faiz oranı azalmakta olduğu tespit edilmiştir.

Keywords

Ekonomik Özgürlük, Heritage Ekonomik Özgürlükler Endeksi (IEF), Borç Verme Faiz Oranı, GMM

Analysis of the Relationship Between Economic Freedom and Lending Interest Rates

Abstract

The concept of economic freedom is one of the important indicators showing the social welfare of countries, revealing the institutionalization structure, and showing the power of both legal persons and individuals to control their own labor and property, and to make production, consumption and investment decisions. It is expected that the increase in economic freedom in the society will increase the welfare level of the society and decrease the borrowing levels of the countries. In the study, the model developed by using the data of the G20 countries between 2010 and 2020 was estimated with the dynamic panel data method. As a result of the research, a negative significant relationship was determined between the lending interest rate and economic freedom. According to this result, it has been determined that as economic freedom increases in countries, the lending interest rate decreases.

Keywords

Economic Freedom, Heritage Index of Economic Freedoms (IEF), Lending Rate, GMM

References

• Adkins, L.C., Moomaw, R.L. and Savvides, A. (2002), “Institutions, freedom, and technical efficiency”, Southern Economic Journal, Vol. 69 No. 1, pp. 92-108.
• Anwar, A.Mughal, M.. (2012). “Economic Freedom and Indian Outward Foreign Direct Investment: An Empirical Analysis”. Economics Bulletin, C.32, Sayı:4, ss.2991-3007.
• Anyanwu,A. Gan,C.and Hu,B. (2017). Government Domestic Debt, Private Sector Credit, and Crowding Out Effect in Oil-Dependent Countries. Journal of Economic Research 22 (2017) 127-151 127.
• Arellano, M. and Bover, O. (1995), “Another look at the instrumental variable estimation of error component models”, Journal of Econometrics, Vol. 68 No. 1, pp. 29-51.
• 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, Vol. 58 No. 2, pp. 277-297.
• Artan, S., ve Hayaloğlu, P. (2013). “Ülkelerarası Büyüme Farklılıklarının Açıklanmasında Kurumsal Yapının Rolü: Panel Veri Analizi”. Eskişehir Osman Gazi Üniversitesi İİBF Dergisi, 8(13), 31-54.
• Beck, T. and Cull, R. (2013), “Banking in africa”, Policy Research Working Paper 6684. The World Bank Development Research Group, Finance and Private Sector Development.
• Caetano, J.., Calerıo, A. (2009). “Economic Freedom And Foreign Direct Investment: How Different Are The Mena Countries From The Eu”. Business, C.1, Ss.65-74.
• Clark, J.R., Lawson, R., Nowrasten, A., Powell, B. And Murphy, R.(2015). Does İmmigration Impact Institutions ? Public Choice,163,(321-335).
• Dawson, John W. (2003), “Causality in the Freedom‐Growth Relationship”, Euro‐ pean Journal of Political Economy, 19, 479‐495.
• De Haan, Jakob and Clemens L. J. Sierman (1998), “Further Evidence on the Rela‐ tionship Between Economic Freedom and Economic Growth”, Public Choice, 95, 363‐380.
• De Haan, Jakob and Jan‐Egbert Sturm (2000), “On the Relationship Between Eco‐ nomic Freedom and Economic Growth”, European Journal of Political Economy, 16, 215‐241.
• Easton, Stephen T. and Michael A. Walker (1997), “Income, Growth and Economic Freedom”, The American Economic Review, 87(2), 328‐332.
• Güney, T. (2017) “Sürdürülebilir Kalkınma Açısından Ekonomik Özgürlüğün Önemi: Panel Veri Analizi”, KMÜ Sosyal ve Ekonomik Araştırmalar Dergisi, 19(32), ss.8-14.
• Heckelman, J.C. (2000) “Economic Freedom and Economic Growth: A ShortRun Causal Relationship”, Journal of Applied Economics, 3, ss.71-91.
• Heckelman, J. C., and S. Knack. “Foreign Aid and Market-Liberalizing Reform.” Economica, 75, 2008, 524–48.
• Imtıaz, S.; Bashır, M. (2017). “Economic Freedom And Foreign Direct Investment İn South Asian Countries”. Theoretical And Applied Economics, C.14, Sayı:2, Ss. 281-294.
• Islam, S. (1996) “Economic Freedom, Per Capita Income and Economic Growth”, Applied Economics Letters, 3(9), ss.595-597.
• Karabegovic, A., Samida, D., Schlegel, C.M. & McMahon, F. (2003) “North American Economic Freedom: An Index of 10 Canadian Provinces and 50 US States”, European Journal of Political Economy, 19, ss.431-452.
• Kılıç, C. & Arıca, F. (2014) “Economic Freedom, Inflation Rate and Their Impact on Economic Growth: A Panel Data Analysis”, Romanian Journal of Economic Forecasting, 17(1), ss.160–176.
• Miller, T., and Kim, A. B. (2017). “2017 Index of Economic Freedom: Institute For Economic Freedom”. The Heritage Foundation, Washington, 2017.
• Oussama, Z. Ahmed, H. & Fatma, H. (2017) ‘‘Financial Development, Economic Freedom and Economic Growth: New Evidence From Tunisia’’, Jounal Of Economics and Business, 15(2), ss.7-18.
• Powell, B, Ryan M.E.(2017). The Global Spread of Think Tanks and Economic Freedom. The Journal of Private Enterprise, Vol.32, Nu.3.
• Próchniak M. (2011), Determinants of economic growth in Central and Eastern Europe: the global crisis perspective, Post-Communist Economies, 23:4, 449-468, DOI: 10.1080/14631377.2011.622566
• Pearson, D.., Nyonna, D.., Kim, Kil-Joong. (2012). “The Relationship Between Economic Freedom, State Growth And Foreign Direct Investment İn Us States”. International Journal Of Economics And Finance, C.4, Sayı:10, Ss. 1-7.
• Razmi, M.J. & Refaei, R. (2013) ‘‘The Effect of Trade Openness and Economic Freedom on Economic Growth: the Case of Middle East and East Asian Countries’’, International Journal Of Economics and Financial Issues, 3(2), ss.376-385.
• Rose, P.S. (2003). The Determinants Of İnterest Rates: Competing Ideas. In Capital Markets: Financial İnstitutions And Instruments İn A Global Marketplace (8thed.).Mcgraw Hill/Irwin.
• Şahin D. (2018) “Brıcs-T Ülkelerinde Ekonomik Özgürlükler ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki İlişki: Bootstrap Panel Nedensellik Testi” Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt: 8 • Sayı: 16.
• The Heritage Foundation, 2021 Index of Economic Freedom, All Index Data, http://www.heritage.org/index/explore?view=by‐region‐country‐year
• Tunçsiper, B.., Biçen, Ö.F. (2014). Ekonomik Özgürlükler Ve Ekonomik Büyüme Arasındaki İlişkinin Panel Regresyon Yöntemiyle İncelenmesi”. Eskişehir Osmangazi Üniversitesi İibf Dergisi, C.9, Sayı:2, Ss. 25-45.
• Zghidi, N., Sghaier, Imen., Abida, Zouheir. (2016). “Does Economic Freedom EnhanCe The Impact Of Foreign Direct Investment On Economic Growth İn North African Countries? A Panel Data Analysis”. African Development Review, C. 28, Sayı:1, Ss. 64-74.
• Tanin, T. I. Masih, M. (2017): Does Economic Freedom Lead Or Lag Economic Growth? Evidence From Bangladesh. Inceıf, Malaysia, Inceıf, Malaysia Mpra