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TÜRKİYE’DE KREDİ KULLANIMI - EKONOMİK BÜYÜME İLİŞKİSİ

Year 2010, Volume: 24 Issue: 2, 21 - 35, 06.07.2011

Abstract

Krediler ve reel ekonomi arasındaki etkileşim daha çok finansal
gelişme-ekonomik büyüme bağlamında ele alınmaktadır. Finansal gelişmeekonomik
büyüme ilişkisi, genellikle finansal piyasaların gelişmişlik
farklılıklarını, arz-talep yanlı yaklaşımları ve kredi tayınlamasını içeren
modellere göre açıklanmaktadır. Söz konusu iki değişken arasındaki nedensel
ilişkileri inceleyen ampirik çalışmalar, ilişkinin yönü konusunda ortak bir
sonucun oluşmadığını göstermektedir.
Bu çalışmada, Türkiye’de yurtiçi kredi hacmi ile ekonomik büyüme
arasındaki nedensel ilişkiler araştırılmıştır. 1998-2008 dönemi üç aylık zaman
serilerini içeren analizde Granger nedensellik testi ve hata düzeltme modeli
kullanılmıştır. Çalışmadan elde edilen bulgular, ekonomik büyümeden kredilere
doğru tek yönlü nedensel bir ilişkiyi göstermektedir.

References

  • Alfaro, R., Frankel, H., Garcia, C. ve Jara, A. (2003), “Bank Lending Channel and The Monetary Transmission Mechanism: The Case of Chile”, Central Bank of Chile, Working Papers No 223.
  • Al-Yousif, K. H. (2002), “Financial Development and Economic Growth: Another look at the Evidence from Developing Countries”, Review of Financial Economics, 11 (2), ss. 131-150.
  • Aslan, Ö. ve Küçükaksoy, I. (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, Ekonometri ve İstatistik, 4, ss. 12-28.
  • Beck, T. ve Levine, R. (2004), “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking & Finance, 28, ss. 423-442.
  • Bhide, A. (1993), “The Hidden Costs of Stock Market Liquidity”, Journal of Financial Economics, 34, ss. 1-51.
  • Boon, K. T. ve Rahman, S., (2006), “Domestic Bank Credit, Foreign Direct Investment and Economic Growth”, Second Development Conference of GRES, 24 November 2006, Bordeaux, France.
  • Calderŏn, C. ve Liu, L. (2002),”The Direction of Causality Between Financial Development and Economic Growth”, Central Bank of Chile, Working Papers No 184.
  • Coricelli, F. ve Masten, I. (2004), “Growth and Volatility in Transition Countries: The Role of Credit”, Festschrift in Honor of Guillermo A. Calvo, April 15-16.
  • Danışoğlu, Ç. A. (2004), “Finansal Gelişme ve İktisadi Büyüme İlişkisi: Türkiye Örneği”, Yönetim, 15 (49), ss. 19-29.
  • Dickey D.A. ve Fuller, W.A. (1979), “Distribution of the Estimators for Autoregressive Series with a Unit Root”, Journal of the American Statistical Association, 74, ss. 427-431.
  • Elliott, G., Rothenberg, T.J. ve Stock, J. H. (1996), “Efficient Test for an Autoregressive Unit Root”, Econometrica, 64, ss. 813-836
  • Enders, W. (2004), Applied Econometric Time Series, Second Edition, John Willey & Sons Inc, USA.
  • Engle, R. F. ve Granger, C. W. J. (1987), “Cointegration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55, ss. 251- 276.
  • Ghirmay, T. (2005), “Financial Development and Economic Growth in Sub- Saharan African Countries: Evidence from Time Series Analysis”, African Development Review, 16 (3), ss. 415-432.
  • Granger, C. W. J. (1969), “Investigating Casual Relations by Econometric Models and Cross-Spectral Methods”, Econometrica, 137, ss. 424- 438.
  • Granger, C. W. J. (1988), “Some Recent Developments in a Concept of Causality”, Journal of Econometrics, 39, ss. 199-211.
  • Gujarati, D. N. (2001), Temel Ekonometri, 2nci Baskı, Literatür Yayınları, İstanbul.
  • Gurley, J. ve Shaw, E. S. (1955), “Financial Aspect of Economic Devolopment”, American Economic Review, 45(4), ss. 515-538.
  • Güven, S. (2002), ‘’Türkiye’de Banka Kredileri ve Büyüme’’, İktisat, İşletme ve Finans Dergisi, 197, ss. 88-100.
  • İnan, E. A. (2001), ‘’Parasal Aktarım Mekanizmasının Kredi Kanalı ve Türkiye’’, Bankacılar Dergisi, 39, ss. 3-19.
  • Jalilian, H. ve Kirkpatrick, C. (2002), “Financial Development and Poverty Reduction in Developing Countries”, International Journal of Finance and Economics, 7, ss. 97-108.
  • Kar, M. ve Pentecost, J. E. (2000), “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”, Loughborough University Department of Economics, Economic Research Paper No 00/27.
  • King, R. G. ve Levine, R., (1993), “Finance and Growth: Schumpeter Might Be Right’’, Quarterly Journal of Economics, 108(3), ss.717-37.
  • Kim, E. H. (1999), “Was the Credit Channel a Key Monetary Transmission Mechanism Following the Recent Financial Crisis in the Republic of Korea?”, Policy Research, Working Paper No 3003.
  • Khan M. H. (2004), “Defence Expenditure and Macroeconomic Stabilization: Causality Evidence from Pakistan”, State Bank of Pakistan, Working Papers No 2.
  • Levine, R. ve Zervos, S. (1998), “Stock Markets, Banks, and Economic Growth’’, American Economic Review, 88, ss. 537-558.
  • Luintel, K. ve Khan, M. (1999), “A Guantitative Reassessment of the Finance- Growth Nexus: Evidence from a Multivariate VAR”, Journal of Development Economics, 60(2), ss. 381-405.
  • Öztürkler, H. ve Çermikli, A. H. (2007), “Türkiye’de Bir Parasal Aktarım Kanalı Olarak Banka Kredileri’’, Finans Politik ve Ekonomik Yorumlar, 44(514), ss. 57-68.
  • Patrick, H. T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14, ss. 174-189.
  • Rajan, R. G. ve Zingales, L. (1998), “Financial Dependence and Growth”, The American Economic Review, 88(3), ss. 559-586.
  • Saarenheimo, T. (1995), “Credit Crunch Caused Investment Slump? An Empirical Analysis Using Finnish Data’’, Bank of Finland, Discussion Papers No 6/95.
  • Schumpeter, J.A. (1949), The Theory of Economic Development, third printing, Harvard University Pres, USA.
  • Shan, J. ve Jianhong, Q. (2006), ‘’Does Financial Development ‘lead’ Economic Growth? The Case of China’’, Annals of Economics and Finance 1, ss. 231-250.
  • Shan, J. ve Morris, A.(2002), “Does Financial Development ‘Lead’ Economic Growth?”, International Review of Applied Economics, 16(2), ss. 153- 68.
  • Stefani, P. (2007), “Financial Development and Economic Growth in Brazil: 1986-2006”, Economics Bulletin, 3(69), ss. 1-13.
  • Stiglitz, J. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit and Banking, 17, ss. 133-152.
  • Waqabaca, C. (2004), “Financial Development and Economic Growth in Fiji”, Economics Department Reserve Bank of Fiji, Working Paper No 2004/03.
Year 2010, Volume: 24 Issue: 2, 21 - 35, 06.07.2011

Abstract

References

  • Alfaro, R., Frankel, H., Garcia, C. ve Jara, A. (2003), “Bank Lending Channel and The Monetary Transmission Mechanism: The Case of Chile”, Central Bank of Chile, Working Papers No 223.
  • Al-Yousif, K. H. (2002), “Financial Development and Economic Growth: Another look at the Evidence from Developing Countries”, Review of Financial Economics, 11 (2), ss. 131-150.
  • Aslan, Ö. ve Küçükaksoy, I. (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, Ekonometri ve İstatistik, 4, ss. 12-28.
  • Beck, T. ve Levine, R. (2004), “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking & Finance, 28, ss. 423-442.
  • Bhide, A. (1993), “The Hidden Costs of Stock Market Liquidity”, Journal of Financial Economics, 34, ss. 1-51.
  • Boon, K. T. ve Rahman, S., (2006), “Domestic Bank Credit, Foreign Direct Investment and Economic Growth”, Second Development Conference of GRES, 24 November 2006, Bordeaux, France.
  • Calderŏn, C. ve Liu, L. (2002),”The Direction of Causality Between Financial Development and Economic Growth”, Central Bank of Chile, Working Papers No 184.
  • Coricelli, F. ve Masten, I. (2004), “Growth and Volatility in Transition Countries: The Role of Credit”, Festschrift in Honor of Guillermo A. Calvo, April 15-16.
  • Danışoğlu, Ç. A. (2004), “Finansal Gelişme ve İktisadi Büyüme İlişkisi: Türkiye Örneği”, Yönetim, 15 (49), ss. 19-29.
  • Dickey D.A. ve Fuller, W.A. (1979), “Distribution of the Estimators for Autoregressive Series with a Unit Root”, Journal of the American Statistical Association, 74, ss. 427-431.
  • Elliott, G., Rothenberg, T.J. ve Stock, J. H. (1996), “Efficient Test for an Autoregressive Unit Root”, Econometrica, 64, ss. 813-836
  • Enders, W. (2004), Applied Econometric Time Series, Second Edition, John Willey & Sons Inc, USA.
  • Engle, R. F. ve Granger, C. W. J. (1987), “Cointegration and Error Correction: Representation, Estimation and Testing”, Econometrica, 55, ss. 251- 276.
  • Ghirmay, T. (2005), “Financial Development and Economic Growth in Sub- Saharan African Countries: Evidence from Time Series Analysis”, African Development Review, 16 (3), ss. 415-432.
  • Granger, C. W. J. (1969), “Investigating Casual Relations by Econometric Models and Cross-Spectral Methods”, Econometrica, 137, ss. 424- 438.
  • Granger, C. W. J. (1988), “Some Recent Developments in a Concept of Causality”, Journal of Econometrics, 39, ss. 199-211.
  • Gujarati, D. N. (2001), Temel Ekonometri, 2nci Baskı, Literatür Yayınları, İstanbul.
  • Gurley, J. ve Shaw, E. S. (1955), “Financial Aspect of Economic Devolopment”, American Economic Review, 45(4), ss. 515-538.
  • Güven, S. (2002), ‘’Türkiye’de Banka Kredileri ve Büyüme’’, İktisat, İşletme ve Finans Dergisi, 197, ss. 88-100.
  • İnan, E. A. (2001), ‘’Parasal Aktarım Mekanizmasının Kredi Kanalı ve Türkiye’’, Bankacılar Dergisi, 39, ss. 3-19.
  • Jalilian, H. ve Kirkpatrick, C. (2002), “Financial Development and Poverty Reduction in Developing Countries”, International Journal of Finance and Economics, 7, ss. 97-108.
  • Kar, M. ve Pentecost, J. E. (2000), “Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”, Loughborough University Department of Economics, Economic Research Paper No 00/27.
  • King, R. G. ve Levine, R., (1993), “Finance and Growth: Schumpeter Might Be Right’’, Quarterly Journal of Economics, 108(3), ss.717-37.
  • Kim, E. H. (1999), “Was the Credit Channel a Key Monetary Transmission Mechanism Following the Recent Financial Crisis in the Republic of Korea?”, Policy Research, Working Paper No 3003.
  • Khan M. H. (2004), “Defence Expenditure and Macroeconomic Stabilization: Causality Evidence from Pakistan”, State Bank of Pakistan, Working Papers No 2.
  • Levine, R. ve Zervos, S. (1998), “Stock Markets, Banks, and Economic Growth’’, American Economic Review, 88, ss. 537-558.
  • Luintel, K. ve Khan, M. (1999), “A Guantitative Reassessment of the Finance- Growth Nexus: Evidence from a Multivariate VAR”, Journal of Development Economics, 60(2), ss. 381-405.
  • Öztürkler, H. ve Çermikli, A. H. (2007), “Türkiye’de Bir Parasal Aktarım Kanalı Olarak Banka Kredileri’’, Finans Politik ve Ekonomik Yorumlar, 44(514), ss. 57-68.
  • Patrick, H. T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14, ss. 174-189.
  • Rajan, R. G. ve Zingales, L. (1998), “Financial Dependence and Growth”, The American Economic Review, 88(3), ss. 559-586.
  • Saarenheimo, T. (1995), “Credit Crunch Caused Investment Slump? An Empirical Analysis Using Finnish Data’’, Bank of Finland, Discussion Papers No 6/95.
  • Schumpeter, J.A. (1949), The Theory of Economic Development, third printing, Harvard University Pres, USA.
  • Shan, J. ve Jianhong, Q. (2006), ‘’Does Financial Development ‘lead’ Economic Growth? The Case of China’’, Annals of Economics and Finance 1, ss. 231-250.
  • Shan, J. ve Morris, A.(2002), “Does Financial Development ‘Lead’ Economic Growth?”, International Review of Applied Economics, 16(2), ss. 153- 68.
  • Stefani, P. (2007), “Financial Development and Economic Growth in Brazil: 1986-2006”, Economics Bulletin, 3(69), ss. 1-13.
  • Stiglitz, J. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit and Banking, 17, ss. 133-152.
  • Waqabaca, C. (2004), “Financial Development and Economic Growth in Fiji”, Economics Department Reserve Bank of Fiji, Working Paper No 2004/03.
There are 37 citations in total.

Details

Primary Language tr;en
Journal Section Makaleler
Authors

Servet Ceylan This is me

Mehmet Durkaya This is me

Publication Date July 6, 2011
Published in Issue Year 2010 Volume: 24 Issue: 2

Cite

APA Ceylan, S., & Durkaya, M. (2011). TÜRKİYE’DE KREDİ KULLANIMI - EKONOMİK BÜYÜME İLİŞKİSİ. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(2), 21-35.

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