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THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND GROWTH IN PERIPHERAL COUNTRIES: A PANEL DATA ANALYSIS

Year 2013, Volume: 31 Issue: 2, 1 - 14, 31.12.2013
https://doi.org/10.17065/huniibf.103641

Abstract

The Relationship between Financial Development and Growth in Peripheral Countries: A Panel Data Analysis The relation between ‘financial liberalisation’ policies and ‘economic growth’ have started at the beginning of 2008 in USA and after a period of time, it has been the focal point one more time with the financial crisis that influenced the whole liberal capitalist system. By according with the tendency, the relation between the financial development degree and the economic growth for a group of neighboring countries is analyzed at the term of 1980-2010 with the help of panel data analysis. The basic findings that the panel data analyses displays are that, at neighboring countries;(a) the banking sectors' basic functions' unreliable operation (b) the enlargement of financial liberties have influenced the performance of economic growth negatively

References

  • Abu -Bader, S., A.S. Abu-Qarn (2008) “Financial Development and Economic Growth: The Egyptian Experience”, Journal of Policy Modeling, 30(5), 887-898.
  • Al-Yousif, Y.K. (2002) “Financial Development and Economic Growth another Look at the Evidence from Developing Countries”, Review of Financial Economics, 11(2), 131-150.
  • Asteriou, D., S.G. Hall (2007) Applied Econometrics: A Modern Approach Using EViews and Microfit, New York: Palgrave Macmillan.
  • Aydın, M.K. (2003) “Kapitalizm ve Kriz”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 1-10.
  • Baltagi, B.H. (2005) Econometric Analysis of Panel Data, Third Ed., Chichester: John Wiley & Sons.
  • Baltagi, B.H., P.O. Demetriades, S.H. Law (2009) “Financial Development and Openness: Evidence From Panel Data”, Journal Of Development Economics, 89(2), 285-296.
  • Calderon, C., L. Liu (2003) “The Direction of Causality between Financial Development and Economic Growth”, Journal of Development Economics, 72(1), 321–334.
  • Fase, M.M.G., R.C.N. Abma (2003) “Financial Environment and Economic Growth in Selected Asian Countries”, Journal of Asian Economics, 14(1), 11-21.
  • Federici, D., F. Caprioli (2009) “Financial Development and Growth: An Empirical Analysis”, Economic Modelling, 26(2), 285-294.
  • Fry, M.J. (1978) “Money and Capital or Financial Deeping in Economic Development?”, Journal of Money, Credit and Banking, 10(4), 464-475.
  • Goldsmith, R.W. (1969) Financial Structure and Development, New Haven: Yale University Press.
  • Gujarati, D.N. (2004) Basic Econometrics, New York: McGraw-Hill/Irwin.
  • Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, American Economic Review, 45(4), 515-538.
  • Güloğlu, B. (2003) “Financial Liberalisation and Economic Growth”, The ISE Review”, 7(27), 35-58.
  • Hao, C. (2006) “Development of Financial Intermediation and Economic Growth: The Chinese Experience”, China Economic Review, 17(4), 347-362.
  • Hsiao, C. (2003) Analysis of Panel Data, Cambridge: Cambridge University Press.
  • Im K.S, M.H. Pesaran, Y. Shin (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
  • King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-737.
  • Laing, Q., J.Z. Teng (2005) “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
  • Liu, W.C., C.M. Hsu (2006) “The Role of Financial Development in Economic Growth: The Experiences of Taiwan, Korea, and Japan”, Journal of Asian Economics, 17(4), 667-690.
  • Lynch, D. (1996) “Measuring Financial Sector Development: A Study of Selected Asia- Pasific Countries”, The Developing Economies, 34(1), 3-33.
  • Mckinnon, R. (1973) Money and Capital in a Developing Country, Washington: Brookings.
  • Naceur, S.B., S. Ghazouani (2007) “Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region”, Research in International Business and Finance, 21(2), 297-315.
  • Patrich, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
  • Robinson, J. (1952) “The Generalization of General Theory”, [içinde] The Rate of Interest and Other Essays, London: Macmillan, 69-142.
  • Shaw E. (1973) Financial Deeping in Economic Development, New York: Oxford University Press.
  • Yang, Y.Y., M.H. YI (2008) “Does Financial Development Cause Economic Growth? Implication for Policy in Korea”, Journal of Policy Modeling, 30(5), 827-840.

‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ

Year 2013, Volume: 31 Issue: 2, 1 - 14, 31.12.2013
https://doi.org/10.17065/huniibf.103641

Abstract

‘Finansal serbestleşme’ politikaları ile ‘büyüme’ arasındaki ilişki 2008 yılı başı itibariyle Amerika Birleşik Devletleri’nde başlayıp bir müddet sonra liberal kapitalist sistemin tamamını tesiri altına alan finans krizi ile birlikte yeniden ilgi odağı haline gelmiştir. Bu eğilime uyularak, panel veri testleri yardımıyla, 1991-2009 döneminde bir grup çevre ülkesi için finansal gelişmişlik düzeyi ile iktisadi büyüme arasındaki ilişki incelenmiştir. Panel veri analizinin ortaya koyduğu temel bulgular şunlardır: Çevre ülkelerde (a) bankacılık sektörünün fonksiyonel temellerinin sağlıklı işlememesi (b) finansal özgürlükler alanının genişlemesi iktisadi büyüme performansını negatif yönde etkilemiştir.

References

  • Abu -Bader, S., A.S. Abu-Qarn (2008) “Financial Development and Economic Growth: The Egyptian Experience”, Journal of Policy Modeling, 30(5), 887-898.
  • Al-Yousif, Y.K. (2002) “Financial Development and Economic Growth another Look at the Evidence from Developing Countries”, Review of Financial Economics, 11(2), 131-150.
  • Asteriou, D., S.G. Hall (2007) Applied Econometrics: A Modern Approach Using EViews and Microfit, New York: Palgrave Macmillan.
  • Aydın, M.K. (2003) “Kapitalizm ve Kriz”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 1-10.
  • Baltagi, B.H. (2005) Econometric Analysis of Panel Data, Third Ed., Chichester: John Wiley & Sons.
  • Baltagi, B.H., P.O. Demetriades, S.H. Law (2009) “Financial Development and Openness: Evidence From Panel Data”, Journal Of Development Economics, 89(2), 285-296.
  • Calderon, C., L. Liu (2003) “The Direction of Causality between Financial Development and Economic Growth”, Journal of Development Economics, 72(1), 321–334.
  • Fase, M.M.G., R.C.N. Abma (2003) “Financial Environment and Economic Growth in Selected Asian Countries”, Journal of Asian Economics, 14(1), 11-21.
  • Federici, D., F. Caprioli (2009) “Financial Development and Growth: An Empirical Analysis”, Economic Modelling, 26(2), 285-294.
  • Fry, M.J. (1978) “Money and Capital or Financial Deeping in Economic Development?”, Journal of Money, Credit and Banking, 10(4), 464-475.
  • Goldsmith, R.W. (1969) Financial Structure and Development, New Haven: Yale University Press.
  • Gujarati, D.N. (2004) Basic Econometrics, New York: McGraw-Hill/Irwin.
  • Gurley, J.G., E.S. Shaw (1955) “Financial Aspects of Economic Development”, American Economic Review, 45(4), 515-538.
  • Güloğlu, B. (2003) “Financial Liberalisation and Economic Growth”, The ISE Review”, 7(27), 35-58.
  • Hao, C. (2006) “Development of Financial Intermediation and Economic Growth: The Chinese Experience”, China Economic Review, 17(4), 347-362.
  • Hsiao, C. (2003) Analysis of Panel Data, Cambridge: Cambridge University Press.
  • Im K.S, M.H. Pesaran, Y. Shin (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
  • King, R.G., R. Levine (1993) “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-737.
  • Laing, Q., J.Z. Teng (2005) “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
  • Liu, W.C., C.M. Hsu (2006) “The Role of Financial Development in Economic Growth: The Experiences of Taiwan, Korea, and Japan”, Journal of Asian Economics, 17(4), 667-690.
  • Lynch, D. (1996) “Measuring Financial Sector Development: A Study of Selected Asia- Pasific Countries”, The Developing Economies, 34(1), 3-33.
  • Mckinnon, R. (1973) Money and Capital in a Developing Country, Washington: Brookings.
  • Naceur, S.B., S. Ghazouani (2007) “Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region”, Research in International Business and Finance, 21(2), 297-315.
  • Patrich, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14(2), 174-189.
  • Robinson, J. (1952) “The Generalization of General Theory”, [içinde] The Rate of Interest and Other Essays, London: Macmillan, 69-142.
  • Shaw E. (1973) Financial Deeping in Economic Development, New York: Oxford University Press.
  • Yang, Y.Y., M.H. YI (2008) “Does Financial Development Cause Economic Growth? Implication for Policy in Korea”, Journal of Policy Modeling, 30(5), 827-840.
There are 27 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

M. Aydın

Mehmet Ak

Nurullah Altuntaş

Publication Date December 31, 2013
Submission Date January 21, 2015
Published in Issue Year 2013 Volume: 31 Issue: 2

Cite

APA Aydın, M., Ak, M., & Altuntaş, N. (2013). ‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 31(2), 1-14. https://doi.org/10.17065/huniibf.103641
AMA Aydın M, Ak M, Altuntaş N. ‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2013;31(2):1-14. doi:10.17065/huniibf.103641
Chicago Aydın, M., Mehmet Ak, and Nurullah Altuntaş. “‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 31, no. 2 (December 2013): 1-14. https://doi.org/10.17065/huniibf.103641.
EndNote Aydın M, Ak M, Altuntaş N (December 1, 2013) ‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 31 2 1–14.
IEEE M. Aydın, M. Ak, and N. Altuntaş, “‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 31, no. 2, pp. 1–14, 2013, doi: 10.17065/huniibf.103641.
ISNAD Aydın, M. et al. “‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 31/2 (December 2013), 1-14. https://doi.org/10.17065/huniibf.103641.
JAMA Aydın M, Ak M, Altuntaş N. ‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2013;31:1–14.
MLA Aydın, M. et al. “‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 31, no. 2, 2013, pp. 1-14, doi:10.17065/huniibf.103641.
Vancouver Aydın M, Ak M, Altuntaş N. ‘ÇEVRE’ ÜLKELERİNDE FİNANSAL GELİŞME İLE BÜYÜME ARASINDAKİ İLİŞKİ: PANEL VERİ ANALİZİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2013;31(2):1-14.

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