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THE RELATIONSHIP BETWEEN SUKUK MARKET AND ECONOMIC GROWTH: PANEL CAUSALITY ANALYSIS

Year 2020, Volume 7, Issue 1, 66 - 74, 30.03.2020
https://doi.org/10.17261/Pressacademia.2020.1182

Abstract

Purpose- The aim of this study is to examine the relationship between countries' Sukuk market development and economic growth. Panel VAR analysis was applied to investigate whether there is a realtionship between these two factors. Methodology- In the analysis of the research, quarterly data of 2014Q1-2019Q2 period is used. Turkey, Kuwait, Malaysia, Pakistan, Saudi Arabian, Sudan, United Arab and Indonesia countries are included in the analysis. In the study, Dumitrescu Hurlin panel causality test was applied as a method. Sukuk and economic growth rates of the countries are used as a variable. Findings- According to the findings obtained as a result of the analysis, a one-way causality relationship is observed from the economic growth to the Sukuk growth rate. Conclusion- When the Sukuk and economic growth results are analyzed, there is no causality relationship from Sukuk growth rate to economic growth. However, a causality relationship has been identified from economic growth to Sukuk growth rate. When the economic growth variance decomposition results are analyzed, in the first period, the change in economic growth is fully explained by itself. When the Sukuk variance decomposition results are analyzed, 99.6% of the change in Sukuk in the first period is announced by itself. Keywords: Economic growth, Sukuk, panel causality, response analysis

References

  • Ahmad, W.& Radzi, R.M., (2011). Sustainability of Sukuk and conventional bond during financial crisis: Malaysian capital market. Glob. Econ. Financ. J. 4, 1–14.
  • Akkuş, Ö. (2019). Türkiye’de para talep fonksiyonu ve para politikası. Uluslararası Ekonomik Araştırmalar Dergisi, 5(3).
  • Alper, A., & Oransay, G. (2015). Cari açık ve finansal gelişmişlik ilişkisinin panel nedensellik analizi ekseninde değerlendirilmesi. Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Al-Raeai, A. M., Zainol, Z., Rahim, A. K. B. A., & Khilmy, A. (2018). The role of macroeconomic factors on Sukuk market development of GULF cooperation council (gcc) countries. International Journal of Economics and Financial Issues, 8(3), 333-339.
  • Khoutem, D. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47-60.
  • Dimitris, K., Naifar, N. & Dimitrios, D., (2016). Islamic financial markets and global crises: contagion or decoupling? Econ. Model. 57, 36–46.
  • Dumitrescu, Elena-Ivona & Hurlin, Christophe (2012). Testing for granger noncausality in heterogeneous panels. Economic Modelling, 29(4):1450-1460.
  • Echchabi, A., & Idrıss, U. (2016). Does Sukuk financing promote economic growth? An emphasis on the major issuing countries. Türkiye İslam İktisadı Dergisi, 3(2), 63-73. Godlewski, C.J., Turk-Ariss, R. & Weill, L. (2013), Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3), 745-761.
  • İçellioğlu, C. Ş. (2019). Bir sermaye piyasası aracı olarak Sukuk: S&P Sukuk endeksi ve geleneksel tahvil endeksi üzerine bir uygulama. Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19(1), 43-62.
  • Khoutem, D. B. J. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47-60.
  • Malikov, A. (2017). How do sovereign Sukuk ımpact on the economic growth of developing countries? An analysis of the ınfrastructure sector. In critical issues and challenges in Islamic economics and finance development (pp. 1-37). Palgrave Macmillan, Cham.
  • Muharam, H., Anwar, R. J., & Robiyanto, R. (2019). Islamic stock market and sukuk market development, economic growth, and trade openness (the case of Indonesia and Malaysia). Business: Theory and Practice, 20, 196-207.
  • Naifar, N., Mroua, M. & Bahloul, S., (2017). Do regional and global uncertainty factors affect differently the conventional bonds and sukuk? New evidence. Pac. Basin Financ. J. 41, 65–74.
  • Said, A. & Grassa, R. (2013). The determinants of Sukuk market development: Does macroeconomic factors influence the construction of certain structure of Sukuk? Journal of Applied Finance & Banking 3 (5): 251-267.
  • Saleem, M. B., Mohamed, F., & Nejib, H. (2016). Is the relationship between financial development and economic growth monotonic? evidence from a sample of middle income countries. World Development.
  • Sâri, N., Syamsurijal, A. K., & Widiyanti, M. (2018). The impact of Islamic capital market development on economic growth: The case of Indonesia. Journal of Smart Economic Growth, 3(2), 21-30. Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H. & Kantar, L. (2019). Finans biliminde ekonometri uygulamaları, Seçkin Yayıncılık, Ankara.
  • Smaoui, H. & Nechi, S., (2017). Does Sukuk market development spur economic growth? Res. Int. Bus. Financ. 41, 136–147.
  • Smaoui, H., & Ghouma, H. (2020). Sukuk market development and Islamic banks’ capital ratios. Research in International Business and Finance, 51, 101064.
  • Şahbaz, A., Yanar, R., & Adıgüzel, U. (2014). Ar-Ge harcamaları ve ileri teknoloji mal ihracatı ilişkisi: panel nedensellik analizi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 23(1), 47-60.
  • Şeker, A. (2018). Teknolojik ürün ticareti ve ekonomik büyüme ilişkisi. Yalova Üniversitesi Sosyal Bilimler Enstitüsü, Doktora Tezi.
  • Şimşek, T., & Yiğit, E. (2017). BRICT ülkelerinde yenilenebilir enerji tüketimi, petrol fiyatları, CO2 emisyonu, kentleşme ve ekonomik büyüme üzerine nedensellik analizi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 12(3), 117-136.
  • Ülgen, G., & Özalp, L. F. A. (2017). Bir refah devleti analizi: Ekonomik ve sosyal sonuçlar. Siyasal Bilimler Dergisi, 5(2), 219-243.
  • Yıldız, F. (2019). Türkiye ekonomisinde dış borç, ekonomik büyüme ve cari işlemler dengesi ilişkisinin analizi. MANAS Sosyal Araştırmalar Dergisi, 8(4), 3416-3438.
  • Yilmaz, E. (2014). Yeni bir finansal araç olarak Sukuk: Çeşitleri, Türkiye uygulaması ve vergilendirilmesi. Journal of Accounting & Finance, (61)

SUKUK PAZARI VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİSİ: PANEL NEDENSELLİK ANALİZİ

Year 2020, Volume 7, Issue 1, 66 - 74, 30.03.2020
https://doi.org/10.17261/Pressacademia.2020.1182

Abstract

Amaç- Bu çalışmanın amacı, ülkelerin Sukuk pazarı gelişimi ile ekonomik büyüme arasındaki ilişkisinin incelenmesidir. Bu iki faktör arasında bir ilişkinin olup olmadığı, Panel VAR analizi ile araştırılmaya çalışılmıştır. Yöntem- Araştırmanın analizinde, 2014Q1-2019Q2 dönemi çeyreklik veriler kullanılmıştır. Çalışmada Türkiye, Kuwait, Malezya, Pakistan, Sadi Arabistan, Sudan, Birleşik Arap Emirliği ve Endonezya ülkeleri analize dahil edilmiştir. Çalışmada, Dumitrescu Hurlin panel nedensellik testi yöntem olarak uygulanmıştır. Ülkelerin Sukuk ve ekonomik büyüme oranları değişken olarak kullanılmıştır. Bulgular- Yapılan analizler sonucunda elde edilen bulgulara göre, ekonomik büyümeden Sukuk büyüme oranına doğru tek yönlü bir nedensellik ilişkisi görülmektedir. Sonuç- Sukuk ve ekonomik büyüme sonuçları incelendiğinde, Sukuk büyüme oranından ekonomik büyümeye doğru nedensellik ilişkisi görülmemiştir. Fakat, ekonomik büyümeden Sukuk büyüme oranına doğru bir nedensellik ilişkisi tespit edilmiştir. Ekonomik büyümenin varyans ayrıştırma sonuçları incelendiğinde, 1. dönemde ekonomik büyümedeki değişimin tamamı kendisi tarafından açıklanmaktadır. Sukuk’un varyans ayrıştırma sonuçları incelendiğinde ise, 1. dönemde Sukuk’daki değişimin %99,6’sı kendisi tarafından açıklanmaktadır.

References

  • Ahmad, W.& Radzi, R.M., (2011). Sustainability of Sukuk and conventional bond during financial crisis: Malaysian capital market. Glob. Econ. Financ. J. 4, 1–14.
  • Akkuş, Ö. (2019). Türkiye’de para talep fonksiyonu ve para politikası. Uluslararası Ekonomik Araştırmalar Dergisi, 5(3).
  • Alper, A., & Oransay, G. (2015). Cari açık ve finansal gelişmişlik ilişkisinin panel nedensellik analizi ekseninde değerlendirilmesi. Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Al-Raeai, A. M., Zainol, Z., Rahim, A. K. B. A., & Khilmy, A. (2018). The role of macroeconomic factors on Sukuk market development of GULF cooperation council (gcc) countries. International Journal of Economics and Financial Issues, 8(3), 333-339.
  • Khoutem, D. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47-60.
  • Dimitris, K., Naifar, N. & Dimitrios, D., (2016). Islamic financial markets and global crises: contagion or decoupling? Econ. Model. 57, 36–46.
  • Dumitrescu, Elena-Ivona & Hurlin, Christophe (2012). Testing for granger noncausality in heterogeneous panels. Economic Modelling, 29(4):1450-1460.
  • Echchabi, A., & Idrıss, U. (2016). Does Sukuk financing promote economic growth? An emphasis on the major issuing countries. Türkiye İslam İktisadı Dergisi, 3(2), 63-73. Godlewski, C.J., Turk-Ariss, R. & Weill, L. (2013), Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3), 745-761.
  • İçellioğlu, C. Ş. (2019). Bir sermaye piyasası aracı olarak Sukuk: S&P Sukuk endeksi ve geleneksel tahvil endeksi üzerine bir uygulama. Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19(1), 43-62.
  • Khoutem, D. B. J. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47-60.
  • Malikov, A. (2017). How do sovereign Sukuk ımpact on the economic growth of developing countries? An analysis of the ınfrastructure sector. In critical issues and challenges in Islamic economics and finance development (pp. 1-37). Palgrave Macmillan, Cham.
  • Muharam, H., Anwar, R. J., & Robiyanto, R. (2019). Islamic stock market and sukuk market development, economic growth, and trade openness (the case of Indonesia and Malaysia). Business: Theory and Practice, 20, 196-207.
  • Naifar, N., Mroua, M. & Bahloul, S., (2017). Do regional and global uncertainty factors affect differently the conventional bonds and sukuk? New evidence. Pac. Basin Financ. J. 41, 65–74.
  • Said, A. & Grassa, R. (2013). The determinants of Sukuk market development: Does macroeconomic factors influence the construction of certain structure of Sukuk? Journal of Applied Finance & Banking 3 (5): 251-267.
  • Saleem, M. B., Mohamed, F., & Nejib, H. (2016). Is the relationship between financial development and economic growth monotonic? evidence from a sample of middle income countries. World Development.
  • Sâri, N., Syamsurijal, A. K., & Widiyanti, M. (2018). The impact of Islamic capital market development on economic growth: The case of Indonesia. Journal of Smart Economic Growth, 3(2), 21-30. Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H. & Kantar, L. (2019). Finans biliminde ekonometri uygulamaları, Seçkin Yayıncılık, Ankara.
  • Smaoui, H. & Nechi, S., (2017). Does Sukuk market development spur economic growth? Res. Int. Bus. Financ. 41, 136–147.
  • Smaoui, H., & Ghouma, H. (2020). Sukuk market development and Islamic banks’ capital ratios. Research in International Business and Finance, 51, 101064.
  • Şahbaz, A., Yanar, R., & Adıgüzel, U. (2014). Ar-Ge harcamaları ve ileri teknoloji mal ihracatı ilişkisi: panel nedensellik analizi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 23(1), 47-60.
  • Şeker, A. (2018). Teknolojik ürün ticareti ve ekonomik büyüme ilişkisi. Yalova Üniversitesi Sosyal Bilimler Enstitüsü, Doktora Tezi.
  • Şimşek, T., & Yiğit, E. (2017). BRICT ülkelerinde yenilenebilir enerji tüketimi, petrol fiyatları, CO2 emisyonu, kentleşme ve ekonomik büyüme üzerine nedensellik analizi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 12(3), 117-136.
  • Ülgen, G., & Özalp, L. F. A. (2017). Bir refah devleti analizi: Ekonomik ve sosyal sonuçlar. Siyasal Bilimler Dergisi, 5(2), 219-243.
  • Yıldız, F. (2019). Türkiye ekonomisinde dış borç, ekonomik büyüme ve cari işlemler dengesi ilişkisinin analizi. MANAS Sosyal Araştırmalar Dergisi, 8(4), 3416-3438.
  • Yilmaz, E. (2014). Yeni bir finansal araç olarak Sukuk: Çeşitleri, Türkiye uygulaması ve vergilendirilmesi. Journal of Accounting & Finance, (61)

Details

Primary Language Turkish
Subjects Management, Business Finance
Journal Section Articles
Authors

Tunahan AVCI This is me (Primary Author)
ERCIYES UNIVERSITY
0000-0003-0434-5834
Türkiye

Publication Date March 30, 2020
Published in Issue Year 2020, Volume 7, Issue 1

Cite

APA Avcı, T. (2020). SUKUK PAZARI VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİSİ: PANEL NEDENSELLİK ANALİZİ . Journal of Economics Finance and Accounting , 7 (1) , 66-74 . DOI: 10.17261/Pressacademia.2020.1182

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