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Year 2018, Volume: 2 Issue: 1, 12 - 28, 04.07.2018

Emrah Koçak

Abstract

References

  • Aghion, P., Howitt, P. (1992). The Schumpeterian Approach to Technical Change and Growth. In Economic Growth in the World Economy: Symposium: Vol. 1993.
  • Aristizabal‐Ramirez, M., Botero‐Franco, M. C., Canavire‐Bacarreza, G. (2017). Does Financial Development Promote Innovation in Developing Economies? An Empirical Analysis. Review of Development Economics, 21(3), 475-496.
  • Benfratello, L., Schiantarelli, F., Sembenelli, A. (2008). Banks and Innovation: Microeconometric Evidence on Italian Firms. Journal of Financial Economics, 90(2), 197-217.
  • Brown, J. R., Martinsson, G., Petersen, B. C. (2013). Law, Stock Markets, and Innovation. The Journal of Finance, 68(4), 1517-1549.
  • Demirgüç-Kunt, A., Levine, R., Detragiache, E. (2008). Finance and Economic Development: The Role of Government. Policy Working Paper: 3955.
  • Dickey, D. A., Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with A Unit Root. Econometrica: Journal of the Econometric Society, 1057-1072.
  • Engle, R. F., Granger, C. W. J. (1987). Co-integration and Error Correction: Representation, Estimation, and Testing. Econometrica: Journal of the Econometric Society, 251-276.
  • Freeman, C. (2002). Continental, National and Sub-national Innovation Systems—Complementarity and Economic Growth. Research policy, 31(2), 191-211.
  • Girma, S., Gong, Y., Görg, H. (2008). Foreign Direct Investment, Access to Finance, and Innovation Activity in Chinese Enterprises. The World Bank Economic Review, 22(2), 367-382.
  • Gregory, A. W., Hansen, B. E. (1996). Residual-based Tests for Cointegration in Models with Regime Shifts. Journal of Econometrics, 70(1), 99-126. Hanley, A., Liu, W. H., Vaona, A. (2011). Financial Development and Innovation in China: Evidence from the Provincial Data. Kiel working paper: No. 1673.
  • Hatemi-j, A. (2008). Tests for Cointegration with Two Unknown Regime Shifts with An Application to Financial Market Integration. Empirical Economics, 35(3), 497-505.
  • Ho, C. Y., Huang, S., Shi, H., Wu, J. (2017). Financial Deepening and Innovation Efficiency: The Role of Political Institutions. ADBI Working Paper Series: No. 694.
  • Holmstrom, B. (1989). Agency Costs and Innovation. Journal of Economic Behavior & Organization, 12(3), 305-327.
  • Hsu, P. H., Tian, X., Xu, Y. (2014). Financial Development and Innovation: Cross-country Evidence. Journal of Financial Economics, 112(1), 116-135.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12 (2), 231-254.
  • Johansen, S., Juselius, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration—with Applications to the Demand for Money. Oxford Bulletin of Economics and Statistics, 52 (2), 169-210.
  • Koçak, E., Bulut, Ü. (2014). Orta Gelir Tuzağı: Teorik Çerçeve, Ampirik Yaklaşımlar ve Türkiye Üzerine Ekonometrik Bir Uygulama. Maliye Dergisi, 167, 1-21.
  • Kızılkaya, O., Sofuoğlu, E., Ay, A. (2017). Yüksek Teknolojili Ürün İhracatı Üzerinde Doğrudan Yabancı Sermaye Yatırımları ve Dışa Açıklığın Etkisi: Gelişmekte Olan Ülkelerde Panel Veri Analizi. Doğuş Üniversitesi Dergisi, 18(1), 63-78.
  • Law, S. H., Lee, W. C., Singh, N. (2017). Revisiting the Finance-Innovation Nexus: Evidence from A Non-linear Approach. Journal of Innovation & Knowledge.
  • Maskus, K. E., Neumann, R., Seidel, T. (2012). How National and International Financial Development Affect Industrial R&D. European Economic Review, 56(1), 72-83.
  • Meierrieks, D. (2014). Financial Development and Innovation: Is There Evidence of a Schumpeterian Finance-Innovation Nexus?. Annals of Economics & Finance, 15(2), 343-363.
  • Park, J. Y. (1992). Canonical Cointegrating Regressions. Econometrica: Journal of the Econometric Society, 119-143.
  • Phillips, P. C. (1987). Time Series Regression with A Unit Root. Econometrica: Journal of the Econometric Society, 277-301.
  • Phillips, P. C., Hansen, B. E. (1990). Statistical Inference in Instrumental Variables Regression with I (1) Processes. The Review of Economic Studies, 57(1), 99-125.
  • Phillips, P. C., Perron, P. (1988). Testing for A Unit Root in Time Series Regression. Biometrika, 75(2), 335-346.
  • Porter, M. E. (1992). Capital Disadvantage: America's Failing Capital Investment System. Harvard Business Review, 70(5), 65-82.
  • Rajan, R.G. (1992). Insiders and Outsiders, the Choice between Informed and Arms Length Debt. Journal of Finance, 47, 1367-1400.
  • Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5, Part 2), 71-102.
  • Schumpeter, J. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle. Cambridge, M.A.: Harvard University Press.
  • Stiglitz, J. (1985). Credit Markets and Capital Control. Journal of Money, Credit and Banking,17, 133-152.
  • Stock, J. H., Watson, M. W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica: Journal of the Econometric Society, 783-820.
  • Tee, L. T., Low, S. W., Kew, S. R., Ghazali, N. A. (2014). Financial Development and Innovation Activity: Evidence from Selected East Asian Countries. Prague Economic Papers, 23(2), 162-180.
  • Verspagen, B. (2005). Innovation and Economic Growth. In The Oxford handbook of innovation.

FİNANSAL GELİŞME VE YENİLİK (İNOVASYON): TÜRKİYE ÜZERİNE AMPİRİK BİR ARAŞTIRMA

Year 2018, Volume: 2 Issue: 1, 12 - 28, 04.07.2018

Emrah Koçak

Abstract

Yenilik, ekonomik büyüme ve gelişmenin en önemli dinamiklerinden biri
kabul edilmektedir. Bu önemden dolayı, çok sayıda araştırma yenilik
performansını belirleyen faktörler üzerine yoğunlaşmıştır. Bu çalışma ilgili
faktörlerden finansal gelişmenin rolüne odaklanmıştır. Bu amaç çerçevesinde, 1974-2014
dönemi Türkiye’de finansal gelişmenin yenilik performansı üzerindeki etkisi
yıllık veriler ile araştırılmıştır. Araştırmada birim kök testleri, Hatemi-j
(2008) iki yapısal kırılmalı eşbütünleşme ve Stock ve Watson (1992) dinamik en
küçük kareler tahmin yöntemleri takip edilmiştir. Araştırma sonucunda finansal
gelişme ve yenilik arasında uzun dönemli bir ilişkinin varlığı doğrulanmıştır.
Bu ilişkiye göre, finansal gelişmenin yenilik performansı üzerinde pozitif bir
etkisi olduğu görülmüştür. Türkiye için elde edilen sonuçlar, finansal sistemin
ulusal yenilik alt yapısının önemli bir bileşeni olduğunu ortaya koymaktadır. Çalışmanın
sonuç kısmında, finansal gelişme- yenilik ilişkisi kapsamında çeşitli politika
önerileri sunulmuştur

Keywords

Finansal Gelişme Yenilik (İnovasyon) Türkiye Eşbütünleşme Dinamik En Küçük Kareler (DOLS)

References

  • Aghion, P., Howitt, P. (1992). The Schumpeterian Approach to Technical Change and Growth. In Economic Growth in the World Economy: Symposium: Vol. 1993.
  • Aristizabal‐Ramirez, M., Botero‐Franco, M. C., Canavire‐Bacarreza, G. (2017). Does Financial Development Promote Innovation in Developing Economies? An Empirical Analysis. Review of Development Economics, 21(3), 475-496.
  • Benfratello, L., Schiantarelli, F., Sembenelli, A. (2008). Banks and Innovation: Microeconometric Evidence on Italian Firms. Journal of Financial Economics, 90(2), 197-217.
  • Brown, J. R., Martinsson, G., Petersen, B. C. (2013). Law, Stock Markets, and Innovation. The Journal of Finance, 68(4), 1517-1549.
  • Demirgüç-Kunt, A., Levine, R., Detragiache, E. (2008). Finance and Economic Development: The Role of Government. Policy Working Paper: 3955.
  • Dickey, D. A., Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with A Unit Root. Econometrica: Journal of the Econometric Society, 1057-1072.
  • Engle, R. F., Granger, C. W. J. (1987). Co-integration and Error Correction: Representation, Estimation, and Testing. Econometrica: Journal of the Econometric Society, 251-276.
  • Freeman, C. (2002). Continental, National and Sub-national Innovation Systems—Complementarity and Economic Growth. Research policy, 31(2), 191-211.
  • Girma, S., Gong, Y., Görg, H. (2008). Foreign Direct Investment, Access to Finance, and Innovation Activity in Chinese Enterprises. The World Bank Economic Review, 22(2), 367-382.
  • Gregory, A. W., Hansen, B. E. (1996). Residual-based Tests for Cointegration in Models with Regime Shifts. Journal of Econometrics, 70(1), 99-126. Hanley, A., Liu, W. H., Vaona, A. (2011). Financial Development and Innovation in China: Evidence from the Provincial Data. Kiel working paper: No. 1673.
  • Hatemi-j, A. (2008). Tests for Cointegration with Two Unknown Regime Shifts with An Application to Financial Market Integration. Empirical Economics, 35(3), 497-505.
  • Ho, C. Y., Huang, S., Shi, H., Wu, J. (2017). Financial Deepening and Innovation Efficiency: The Role of Political Institutions. ADBI Working Paper Series: No. 694.
  • Holmstrom, B. (1989). Agency Costs and Innovation. Journal of Economic Behavior & Organization, 12(3), 305-327.
  • Hsu, P. H., Tian, X., Xu, Y. (2014). Financial Development and Innovation: Cross-country Evidence. Journal of Financial Economics, 112(1), 116-135.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12 (2), 231-254.
  • Johansen, S., Juselius, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration—with Applications to the Demand for Money. Oxford Bulletin of Economics and Statistics, 52 (2), 169-210.
  • Koçak, E., Bulut, Ü. (2014). Orta Gelir Tuzağı: Teorik Çerçeve, Ampirik Yaklaşımlar ve Türkiye Üzerine Ekonometrik Bir Uygulama. Maliye Dergisi, 167, 1-21.
  • Kızılkaya, O., Sofuoğlu, E., Ay, A. (2017). Yüksek Teknolojili Ürün İhracatı Üzerinde Doğrudan Yabancı Sermaye Yatırımları ve Dışa Açıklığın Etkisi: Gelişmekte Olan Ülkelerde Panel Veri Analizi. Doğuş Üniversitesi Dergisi, 18(1), 63-78.
  • Law, S. H., Lee, W. C., Singh, N. (2017). Revisiting the Finance-Innovation Nexus: Evidence from A Non-linear Approach. Journal of Innovation & Knowledge.
  • Maskus, K. E., Neumann, R., Seidel, T. (2012). How National and International Financial Development Affect Industrial R&D. European Economic Review, 56(1), 72-83.
  • Meierrieks, D. (2014). Financial Development and Innovation: Is There Evidence of a Schumpeterian Finance-Innovation Nexus?. Annals of Economics & Finance, 15(2), 343-363.
  • Park, J. Y. (1992). Canonical Cointegrating Regressions. Econometrica: Journal of the Econometric Society, 119-143.
  • Phillips, P. C. (1987). Time Series Regression with A Unit Root. Econometrica: Journal of the Econometric Society, 277-301.
  • Phillips, P. C., Hansen, B. E. (1990). Statistical Inference in Instrumental Variables Regression with I (1) Processes. The Review of Economic Studies, 57(1), 99-125.
  • Phillips, P. C., Perron, P. (1988). Testing for A Unit Root in Time Series Regression. Biometrika, 75(2), 335-346.
  • Porter, M. E. (1992). Capital Disadvantage: America's Failing Capital Investment System. Harvard Business Review, 70(5), 65-82.
  • Rajan, R.G. (1992). Insiders and Outsiders, the Choice between Informed and Arms Length Debt. Journal of Finance, 47, 1367-1400.
  • Romer, P. M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5, Part 2), 71-102.
  • Schumpeter, J. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle. Cambridge, M.A.: Harvard University Press.
  • Stiglitz, J. (1985). Credit Markets and Capital Control. Journal of Money, Credit and Banking,17, 133-152.
  • Stock, J. H., Watson, M. W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica: Journal of the Econometric Society, 783-820.
  • Tee, L. T., Low, S. W., Kew, S. R., Ghazali, N. A. (2014). Financial Development and Innovation Activity: Evidence from Selected East Asian Countries. Prague Economic Papers, 23(2), 162-180.
  • Verspagen, B. (2005). Innovation and Economic Growth. In The Oxford handbook of innovation.
There are 33 citations in total.

Details

Subjects Economics, Business Administration
Journal Section case study
Authors

Emrah Koçak

Publication Date July 4, 2018
Submission Date December 4, 2017
Acceptance Date July 4, 2018
Published in Issue Year 2018 Volume: 2 Issue: 1

Cite

APA Koçak, E. (2018). FİNANSAL GELİŞME VE YENİLİK (İNOVASYON): TÜRKİYE ÜZERİNE AMPİRİK BİR ARAŞTIRMA. Kapadokya Akademik Bakış, 2(1), 12-28.
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