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FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM

Year 2020, , 869 - 890, 28.12.2020
https://doi.org/10.17065/huniibf.714983

Abstract

Bu çalışmada, optimal finansal yapıların ülkelerin ekonomik gelişmişlik düzeylerine göre farklılık gösterdiği “yeni yapısalcılık” görüşünden yola çıkılarak, 23 gelişmekte olan ülkede 1980-2017 yılları arasında finansal sistemlerin yapısı, optimal finansal yapılar ve reel ekonomi ile olan ilişkileri incelenmektedir. Panel en küçük kareler yöntemi ve dinamik panel Genelleştirilmiş Momentler Yöntemi (GMY) tahminleri sonuçları, bir ülkede ekonomi büyüdükçe o ülkedeki finansal sistem yapısının daha piyasa odaklı olduğu görüşünü desteklemektedir. Bu çalışma, ayrıca, bir ülkenin mevcut finansal yapısının tahmin edilen optimal finansal yapıdan sapmasının reel ekonomiyi olumsuz yönde etkilediği sonucuna varmaktadır. Gelişmekte olan bir ülkeye en uygun olan finansal yapı, gelişmiş bir ülkenin finansal yapısından farklı olacaktır. Bu sebeple, ekonomik büyümeyi sağlamak adına, gelişmiş ülkelerin finansal yapı stratejilerini takip etmek yerine, her bir gelişmekte olan ülke için özel olarak hazırlanmış finansal yapı stratejileri izlenmelidir. 

Supporting Institution

Orta Doğu Teknik Üniversitesi Bilimsel Araştırma Projeleri Koordinasyon Birimi

Project Number

YÖP-402-2018-2664

References

  • Allen, F., D. Gale (1997), “Financial Markets, Intermediaries, and Intertemporal Smoothing”, Journal of Political Economy, 105, 523-546.
  • Allen, F., D. Gale (1999), “Diversity of Opinion and Financing of New Technologies”, Journal of Financial Intermediation, 8, 68-89.
  • Allen, F., D. Gale (2000), “Comparing Financial Systems”, Cambridge, MA: MIT Press.
  • Arellano, M., S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, Review of Economic Studies, 58, 277–297.
  • Arellano, M., O. Bover (1995), “Another Look at the Instrumental-variable Estimation of Error-Components Models”, Journal of Econometrics, 68, 29–52.
  • Arestis, P., P.O. Demetriades, K.B. Luintel (2001), “Financial Development and Economic Growth: The Role of Stock Markets”, Journal of Money, Credit and Banking, 33(1), 16-41.
  • Atje, R., B. Jovanovic (1993), “Stock Markets and Development”, European Economic Review, 37, 632-640.
  • Beck, T., R. Levine, N. Loayza (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, 58(1), 261-300.
  • Beck, T., R. Levine (2004), “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking and Finance, 28, 423-442.
  • Bhide, A. (1993), “The Hidden Costs of Stock Market Liquidity”, Journal of Financial Economics, 34, 1-51.
  • Boyd, J.H., E.C. Prescott (1986), Financial Intermediary-Coalitions, Journal of Economics Theory, 38, 211-232.
  • Boyd, J.H., B.D., Smith (1998), “The Evolution of Debt and Equity Markets in Economic Development”, Economic Theory, 12, 519-560.
  • Chakraborty, S., R. Ray (2004), “Bank-Based versus Market-Based Financial Systems: A Growth-Theoretic Analysis”, University of Oregon (Department of Economics), mimeo. Chu, L.K. (2020), “Financial Structure and Economic Growth Nexus Revisited”, Borsa İstanbul Review, 20(1), 24-36.
  • Demir, A.U., S. Hall (2017), “Financial Structure and Economic Development: Evidence on the View of ‘New Structuralism’”, International Review of Financial Analysis, 52, 252–259.
  • Demirgüç-Kunt, A., H. Huizinga (2000), “Financial Structure and Bank Profitability”, in, Demirgüç–Kunt, A. and Levine, R. eds., Financial Structure and Economic Growth, A Cross–Country Comparison of Banks, Markets, and Development, Cambridge, MA: MIT Press, 243–261.
  • Demirgüç-Kunt, A., R. Levine (1996a), “Stock Markets Corporate Finance and Economic Growth”, World Bank Economic Review, 10(2), 223–240.
  • Demirgüç-Kunt, A., R. Levine (1996b), “Stock Market Development and Financial Intermediaries: stylized facts”, World Bank Economic Review, 10(2), 291–322.
  • Demirguc-Kunt, A., R. Levine (2001), “Financial Structures and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development”, Cambridge, MA: MIT Press.
  • Demirgüç-Kunt, A., E. Feyen, R. Levine (2011), “Optimal Financial Structures and Development: The Evolving Importance of Banks and Markets”, World Bank Working Paper.
  • Edison, H.J., R. Levine, L. Ricci, T. Slok (2002), “International Financial Integration and Eeconomic Growth”, Journal of International Money and Finance, 21, 749-776.
  • Goldsmith, R.W. (1969), “Financial Structure and Development”, New Haven, CT: Yale University Press.
  • Grossman, S.J., O. Hart (1980), “Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation”, Bell Journal of Economics, 11, 42-64.
  • Hall, R. E., C. I. Jones (1999), “Why Do Some Countries Produce So Much More Output Per Worker than Others”, The Quarterly Journal of Economics, 114(1), 83–116.
  • Harris, R.D.F. (1997), “Stock Markets and Development: A Re-assessment”, European Economic Review, 41, 139–146.
  • Hellwig, M. (1991), “Banking, Financial Intermediation, and Corporate Finance”, in, European Financial Integration, Eds: Giovanni, A. and C. Mayer, Cambridge: Cambridge University Press, England, 35-63.
  • Holtz–Eakin, D., W. Newey, H. S. Rosen (1988), “Estimating Vector Autoregressions with Panel Data”, Econometrica, 56(6), 1371–1395.
  • Hung, F. (2003), “Inflation, Financial Development, and Economic Growth”, International Review of Economics and Finance, 12, 45–67.
  • Jeong, W., K.O. Kymn, C.J. Kymn (2003), “The Long-run Interdependence of Bank-health, Investment-oriented Bank Loans, and Economic Performance: A Time-series Analysis”, The Quarterly Review of Economics and Finance, 43, 11–30.
  • King, R.G, R. Levine (1993), “Finance and Growth: Schumpeter Might be Right”, Quarterly Journal of Economics, 108, 717-38.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (1997), “Legal Determinants of External Finance”, Journal of Finance, 52, 1131-1150.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106, 1113-1155.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (2000), “Investor Protection and Corporate Governance”, Journal of Financial Economics, 58, 3-27.
  • Levin, A., C.F. Lin, C.S.J. Chu (2002), “Asymptotic and Finitesample Properties”, Journal of Econometrics, 108, 1-24.
  • Levine, R. (1997), “Financial Development and Economic Growth, Views and Agenda”, Journal of Economic Literature, 35, 688-726.
  • Levine, R., (2005), “Finance and Growth, Theory and Evidence”, in Philippe Aghion and Steven Durlauf, eds. Handbook of Economic Growth, The Netherlands, Elsevier Science.
  • Levine, R., N. Loayza, T. Beck (2000), “Financial Intermediation and Growth, Causality and causes”, Journal of Monetary Economics, 46, 31-77.
  • Levine, R., S. Zervos (1998), “Stock Markets, Banks, and Economic Growth”, The American Economic Review, 88(3), 537-558.
  • Lin, J. Y., X. Sun, Y. Jiang (2006), “On the Optimal Financial Theory in Economic Development”, CCER working paper.
  • Lin, J.Y., X. Sun, Y. Jiang (2009), “Toward a Theory of Optimal Financial Structure”, World Bank Policy Research Working Paper.
  • Lin, J.Y. (2012), “New Structural Economics, A Framework for Rethinking Development”, World Bank.
  • Liu, G., C. Zhang (2020), “Does Financial Structure Matter for Economic Growth in China”, China Economic Review, 61, 101194.
  • Ma, Y. (2018), “Financial Development, Financial Structure, and the Growth Effect of Monetary Policy”, International Evidence, Global Economic Review, 47, 395-418.
  • Merton, R.C. (1992), “Financial Innovation and Economic Performance”, Journal of Applied Corporate Finance, 4, 12-22.
  • Merton, R.C. (1995), “A Functional Perspective of Financial Intermediation”, Financial Management, 24, 23-41.
  • Merton, R.C., Z. Bodie. (1995), “A Conceptual Framework for Analyzing the Financial Environment”, in, The Global Financial System, A Functional Perspective, Eds, D. B.Crane, vd., Boston, MA: Harvard Business School Press, 3-31.
  • Merton, R.C., Z. Bodie (2004), “The Design of Financial Systems, Towards a Synthesis of Function and Structure”, National Bureau of Economic Research Working Paper Number 10620.
  • Rajan, R.G. (1992), “Insiders and Outsiders, the Choice Between Informed and Arms Length Debt, Journal of Finance, 47, 1367-1400.
  • Rajan, R.G., L. Zingales (1999), “Which Capitalism? Lessons From the East Asian Crisis”, Journal of Applied Corporate Finance, 11, 40-48.
  • Roodman, D. (2004), "ABAR: Stata module to perform Arellano-Bond test for autocorrelation", Statistical Software Components S437501, Boston College Department of Economics.
  • Rousseau, P.L., P. Wachtel (1998), “Financial Intermediation and Economic Performance: Historical Evidence from Five Industrial Countries”, Journal of Money, Credit and Banking, 30, 657-678.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan (2008), “Interdependence of the Banking Sector and the Real Sector: Evidence from OECD Countries”, Applied Economics, 40, 749–764.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan. (2018), “Do Stock Index Futures Affect Economic Growth? Evidence from 32 Countries”, Emerging Markets Finance and Trade, 54(2), 410-429.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan (2019), “Optimal Financial Structure and Economic Growth in Emerging Markets”, in, Handbook of Global Financial Markets, Transformations, Dependence, and Risk Spillovers, Sabri Boubaker and Duc Khuong Nguyen (Eds.), World Scientific Publishing, 591-609.
  • Shleifer, A., R.W. Vishny (1997), “A Survey of Corporate Governance”, Journal of Finance, 52, 737-783.
  • Song, F., A.V. Thakor (2010), “Financial System Architecture and the Co-Evolution of Banks and Capital Markets”, The Economic Journal, 120, 1021-1055.
  • Stiglitz, J.E. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit and Banking, 17, 133-152.
  • Svaleryd, H., J. Vlachos (2005), “Financial Markets, the Pattern of Industrial Specialization and Comparative Advantage, Evidence from OECD countries”, European Economic Review, Elsevier, 49(1), 113-144, January.
  • Tadesse, S. (2002), “Financial Architecture and Economic Performance, International Evidence”, Journal of Financial Intermediation, 11, 429–454.
  • Theil, H., D. Chen (1995), “The Equatorial Grand Canyon”, De Economist, 143 (3), 317–327.
  • Zhang K.H. (2003), “Does Financial Development Promote Economic Growth in the East Asia?” China Journal of Finance, 1(2), 1–10.

DYNAMIC INTERACTION BETWEEN THE STRUCTURE OF THE FINANCIAL SYSTEM AND THE REAL ECONOMY

Year 2020, , 869 - 890, 28.12.2020
https://doi.org/10.17065/huniibf.714983

Abstract

 In this study, structure of financial systems, optimal financial structures and their relationships with the real economy are examined in 23 emerging markets between 1980-2017, following the “new structuralism” view, in which optimal financial structures differ according to the economic development levels of the countries. Results of panel least squares and dynamic panel Generalized Method of Moments (GMM) estimators give evidence for the view that as economy of a country grows, financial system of that country becomes more market based. This study also documents that a deviation of a country’s actual financial structure from the predicted optimal financial structure has a negative effect on the real economy. The financial structure that best suits an emerging market will differ from that of a developed market. Therefore, financial structure strategies that are tailor-made for individual emerging economies should be followed rather than mimicking the strategies of developed economies in order to achieve higher levels of economic development.

Project Number

YÖP-402-2018-2664

References

  • Allen, F., D. Gale (1997), “Financial Markets, Intermediaries, and Intertemporal Smoothing”, Journal of Political Economy, 105, 523-546.
  • Allen, F., D. Gale (1999), “Diversity of Opinion and Financing of New Technologies”, Journal of Financial Intermediation, 8, 68-89.
  • Allen, F., D. Gale (2000), “Comparing Financial Systems”, Cambridge, MA: MIT Press.
  • Arellano, M., S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, Review of Economic Studies, 58, 277–297.
  • Arellano, M., O. Bover (1995), “Another Look at the Instrumental-variable Estimation of Error-Components Models”, Journal of Econometrics, 68, 29–52.
  • Arestis, P., P.O. Demetriades, K.B. Luintel (2001), “Financial Development and Economic Growth: The Role of Stock Markets”, Journal of Money, Credit and Banking, 33(1), 16-41.
  • Atje, R., B. Jovanovic (1993), “Stock Markets and Development”, European Economic Review, 37, 632-640.
  • Beck, T., R. Levine, N. Loayza (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, 58(1), 261-300.
  • Beck, T., R. Levine (2004), “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking and Finance, 28, 423-442.
  • Bhide, A. (1993), “The Hidden Costs of Stock Market Liquidity”, Journal of Financial Economics, 34, 1-51.
  • Boyd, J.H., E.C. Prescott (1986), Financial Intermediary-Coalitions, Journal of Economics Theory, 38, 211-232.
  • Boyd, J.H., B.D., Smith (1998), “The Evolution of Debt and Equity Markets in Economic Development”, Economic Theory, 12, 519-560.
  • Chakraborty, S., R. Ray (2004), “Bank-Based versus Market-Based Financial Systems: A Growth-Theoretic Analysis”, University of Oregon (Department of Economics), mimeo. Chu, L.K. (2020), “Financial Structure and Economic Growth Nexus Revisited”, Borsa İstanbul Review, 20(1), 24-36.
  • Demir, A.U., S. Hall (2017), “Financial Structure and Economic Development: Evidence on the View of ‘New Structuralism’”, International Review of Financial Analysis, 52, 252–259.
  • Demirgüç-Kunt, A., H. Huizinga (2000), “Financial Structure and Bank Profitability”, in, Demirgüç–Kunt, A. and Levine, R. eds., Financial Structure and Economic Growth, A Cross–Country Comparison of Banks, Markets, and Development, Cambridge, MA: MIT Press, 243–261.
  • Demirgüç-Kunt, A., R. Levine (1996a), “Stock Markets Corporate Finance and Economic Growth”, World Bank Economic Review, 10(2), 223–240.
  • Demirgüç-Kunt, A., R. Levine (1996b), “Stock Market Development and Financial Intermediaries: stylized facts”, World Bank Economic Review, 10(2), 291–322.
  • Demirguc-Kunt, A., R. Levine (2001), “Financial Structures and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development”, Cambridge, MA: MIT Press.
  • Demirgüç-Kunt, A., E. Feyen, R. Levine (2011), “Optimal Financial Structures and Development: The Evolving Importance of Banks and Markets”, World Bank Working Paper.
  • Edison, H.J., R. Levine, L. Ricci, T. Slok (2002), “International Financial Integration and Eeconomic Growth”, Journal of International Money and Finance, 21, 749-776.
  • Goldsmith, R.W. (1969), “Financial Structure and Development”, New Haven, CT: Yale University Press.
  • Grossman, S.J., O. Hart (1980), “Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation”, Bell Journal of Economics, 11, 42-64.
  • Hall, R. E., C. I. Jones (1999), “Why Do Some Countries Produce So Much More Output Per Worker than Others”, The Quarterly Journal of Economics, 114(1), 83–116.
  • Harris, R.D.F. (1997), “Stock Markets and Development: A Re-assessment”, European Economic Review, 41, 139–146.
  • Hellwig, M. (1991), “Banking, Financial Intermediation, and Corporate Finance”, in, European Financial Integration, Eds: Giovanni, A. and C. Mayer, Cambridge: Cambridge University Press, England, 35-63.
  • Holtz–Eakin, D., W. Newey, H. S. Rosen (1988), “Estimating Vector Autoregressions with Panel Data”, Econometrica, 56(6), 1371–1395.
  • Hung, F. (2003), “Inflation, Financial Development, and Economic Growth”, International Review of Economics and Finance, 12, 45–67.
  • Jeong, W., K.O. Kymn, C.J. Kymn (2003), “The Long-run Interdependence of Bank-health, Investment-oriented Bank Loans, and Economic Performance: A Time-series Analysis”, The Quarterly Review of Economics and Finance, 43, 11–30.
  • King, R.G, R. Levine (1993), “Finance and Growth: Schumpeter Might be Right”, Quarterly Journal of Economics, 108, 717-38.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (1997), “Legal Determinants of External Finance”, Journal of Finance, 52, 1131-1150.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106, 1113-1155.
  • La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny (2000), “Investor Protection and Corporate Governance”, Journal of Financial Economics, 58, 3-27.
  • Levin, A., C.F. Lin, C.S.J. Chu (2002), “Asymptotic and Finitesample Properties”, Journal of Econometrics, 108, 1-24.
  • Levine, R. (1997), “Financial Development and Economic Growth, Views and Agenda”, Journal of Economic Literature, 35, 688-726.
  • Levine, R., (2005), “Finance and Growth, Theory and Evidence”, in Philippe Aghion and Steven Durlauf, eds. Handbook of Economic Growth, The Netherlands, Elsevier Science.
  • Levine, R., N. Loayza, T. Beck (2000), “Financial Intermediation and Growth, Causality and causes”, Journal of Monetary Economics, 46, 31-77.
  • Levine, R., S. Zervos (1998), “Stock Markets, Banks, and Economic Growth”, The American Economic Review, 88(3), 537-558.
  • Lin, J. Y., X. Sun, Y. Jiang (2006), “On the Optimal Financial Theory in Economic Development”, CCER working paper.
  • Lin, J.Y., X. Sun, Y. Jiang (2009), “Toward a Theory of Optimal Financial Structure”, World Bank Policy Research Working Paper.
  • Lin, J.Y. (2012), “New Structural Economics, A Framework for Rethinking Development”, World Bank.
  • Liu, G., C. Zhang (2020), “Does Financial Structure Matter for Economic Growth in China”, China Economic Review, 61, 101194.
  • Ma, Y. (2018), “Financial Development, Financial Structure, and the Growth Effect of Monetary Policy”, International Evidence, Global Economic Review, 47, 395-418.
  • Merton, R.C. (1992), “Financial Innovation and Economic Performance”, Journal of Applied Corporate Finance, 4, 12-22.
  • Merton, R.C. (1995), “A Functional Perspective of Financial Intermediation”, Financial Management, 24, 23-41.
  • Merton, R.C., Z. Bodie. (1995), “A Conceptual Framework for Analyzing the Financial Environment”, in, The Global Financial System, A Functional Perspective, Eds, D. B.Crane, vd., Boston, MA: Harvard Business School Press, 3-31.
  • Merton, R.C., Z. Bodie (2004), “The Design of Financial Systems, Towards a Synthesis of Function and Structure”, National Bureau of Economic Research Working Paper Number 10620.
  • Rajan, R.G. (1992), “Insiders and Outsiders, the Choice Between Informed and Arms Length Debt, Journal of Finance, 47, 1367-1400.
  • Rajan, R.G., L. Zingales (1999), “Which Capitalism? Lessons From the East Asian Crisis”, Journal of Applied Corporate Finance, 11, 40-48.
  • Roodman, D. (2004), "ABAR: Stata module to perform Arellano-Bond test for autocorrelation", Statistical Software Components S437501, Boston College Department of Economics.
  • Rousseau, P.L., P. Wachtel (1998), “Financial Intermediation and Economic Performance: Historical Evidence from Five Industrial Countries”, Journal of Money, Credit and Banking, 30, 657-678.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan (2008), “Interdependence of the Banking Sector and the Real Sector: Evidence from OECD Countries”, Applied Economics, 40, 749–764.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan. (2018), “Do Stock Index Futures Affect Economic Growth? Evidence from 32 Countries”, Emerging Markets Finance and Trade, 54(2), 410-429.
  • Şendeniz-Yüncü, İ., L. Akdeniz, K. Aydoğan (2019), “Optimal Financial Structure and Economic Growth in Emerging Markets”, in, Handbook of Global Financial Markets, Transformations, Dependence, and Risk Spillovers, Sabri Boubaker and Duc Khuong Nguyen (Eds.), World Scientific Publishing, 591-609.
  • Shleifer, A., R.W. Vishny (1997), “A Survey of Corporate Governance”, Journal of Finance, 52, 737-783.
  • Song, F., A.V. Thakor (2010), “Financial System Architecture and the Co-Evolution of Banks and Capital Markets”, The Economic Journal, 120, 1021-1055.
  • Stiglitz, J.E. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit and Banking, 17, 133-152.
  • Svaleryd, H., J. Vlachos (2005), “Financial Markets, the Pattern of Industrial Specialization and Comparative Advantage, Evidence from OECD countries”, European Economic Review, Elsevier, 49(1), 113-144, January.
  • Tadesse, S. (2002), “Financial Architecture and Economic Performance, International Evidence”, Journal of Financial Intermediation, 11, 429–454.
  • Theil, H., D. Chen (1995), “The Equatorial Grand Canyon”, De Economist, 143 (3), 317–327.
  • Zhang K.H. (2003), “Does Financial Development Promote Economic Growth in the East Asia?” China Journal of Finance, 1(2), 1–10.
There are 60 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

İlkay Şendeniz-yüncü

Project Number YÖP-402-2018-2664
Publication Date December 28, 2020
Submission Date April 5, 2020
Published in Issue Year 2020

Cite

APA Şendeniz-yüncü, İ. (2020). FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 38(4), 869-890. https://doi.org/10.17065/huniibf.714983
AMA Şendeniz-yüncü İ. FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2020;38(4):869-890. doi:10.17065/huniibf.714983
Chicago Şendeniz-yüncü, İlkay. “FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 38, no. 4 (December 2020): 869-90. https://doi.org/10.17065/huniibf.714983.
EndNote Şendeniz-yüncü İ (December 1, 2020) FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 38 4 869–890.
IEEE İ. Şendeniz-yüncü, “FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 38, no. 4, pp. 869–890, 2020, doi: 10.17065/huniibf.714983.
ISNAD Şendeniz-yüncü, İlkay. “FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 38/4 (December 2020), 869-890. https://doi.org/10.17065/huniibf.714983.
JAMA Şendeniz-yüncü İ. FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2020;38:869–890.
MLA Şendeniz-yüncü, İlkay. “FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 38, no. 4, 2020, pp. 869-90, doi:10.17065/huniibf.714983.
Vancouver Şendeniz-yüncü İ. FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2020;38(4):869-90.

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