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McKinnon Tamamlayıcılık Hipotezinin ARDL Sınır Testi Yaklaşımı ile Analizi: Türkiye Örneği

Year 2021, Volume: 20 Issue: 3, 1124 - 1147, 29.07.2021
https://doi.org/10.21547/jss.868429

Abstract

McKinnon (1973) ve Shaw (1973) gelişmekte olan ülkelerde finansal serbestleşme uygulamalarının faiz oranlarını yükselterek iç tasarruf birikimini uyaracağını ve yaratılan fonların gerekli yatırımları finanse ederek ekonomik büyüme için itici bir güç olacağını ileri sürmektedirler. Literatürde McKinnon tamamlayıcılık hipotezi olarak bilinen bu hipoteze göre para, temelde sermaye oluşumu için gerekli bir araç olarak görülmekte ve para talebi ile fiziki sermaye oluşumu arasında tamamlayıcılık ilişkisinin varlığı vurgulanmaktadır. Çalışmamız, reel faiz oranları, reel para talebi ve reel fiziki yatırımlar arasındaki ilişkileri Türkiye örneğinde test etmek suretiyle McKinnon (1973) tamamlayıcılık hipotezinin geçerliliğini araştırmaktadır. Çalışmada ARDL (Gecikmesi Dağıtılmış Otoregresif Sınır Testi) testi yaklaşımı kullanılmakta ve Türkiye Ekonomisi için 2005:Q4-2019:Q4 dönemi çeyreklik verileri ile analiz gerçekleştirilmektedir. Çalışmamızda ilgili literatürden farklı olarak standart birim kök testlerinin yanı sıra doğrusal olmayan (Non-Linear) yapısal kırılmalı Fourier ADF birim kök testi kullanılmıştır. ARDL sınır testi analiz sonuçları; reel para talebi ile yatırımların gelire oranı ve reel mevduat faiz oranı değişkenleri arasında uzun dönemde negatif ve istatistiksel olarak anlamlı ilişkilerin geçerliğine işaret etmektedir. Kısa dönemli sonuçlar değerlendirildiğinde ise para talebi değişkeni ile reel mevduat faiz oranları arasında negatif yönlü ilişki tespitine karşın, reel para talebi ile yatırım oranı değişkenleri arasında istatistiksel olarak anlamlı ilişkiler bulunmadığı görülmüştür. Ayrıca, yatırım oranı değişkeni ile reel mevduat faiz oranları arasında uzun dönemde pozitif ve istatistiksel olarak anlamlı bir ilişkinin olduğu buna karşılık bu ilişkinin kısa dönemde geçerli olmadığı tespit edilmiştir. Çalışmadan elde edilen bulguları birlikte değerlendirdiğimizde, tamamlayıcılık hipotezinin Türkiye Ekonomisi örneğinde kısmen geçerli olduğu sonucuna ulaşılmıştır.

References

  • Ahmed, S. M., & Ansari, M. I. (1995). Financial development in Bangladesh—A test of the McKinnon-Shaw model. Canadian Journal of Development Studies/Revue Canadienne D’études du Développement, 16(2), 291–302.
  • Alam, I., & Quazi, R. (2003). Determinants of capital flight: An econometric case study of Bangladesh, International Review of Applied Economics, 17:1, 85-103.
  • Arestis, P., & Caner, A. (2004). Financial liberalization and poverty: Channels of influence. Levy Economics Institute, Economics Working Paper No. 411, 1-28.
  • Bahmani-Oskooee*, M., & Rehman, H. (2005). Stability of the money demand function in Asian developing countries. Applied Economics, 37(7), 773-792.
  • Balassa, B. (1989). Financial Liberalization İn Developing Countries (English). Policy, Planning and Research Department working papers ; no. WPS 55. Washington, DC: World Bank.
  • Balassa, B. (1990). Financial liberalization in developing countries. Studies in Comparative International Development, 25(4), 56-70.
  • Bouzid, A. (2012). Mckinnon’s Complementarity Hypothesis: Empirical Evidence For The Arab Maghrebean Countries. The Romanian Economic Journal, 44, 23-36.
  • Belloumi, M. (2014). The relationship between trade, FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model. Economic systems, 38(2), 269-287.
  • Bouzid, A. (2012). McKinnon’s complementarity hypothesis: empirical evidence for the Arab Maghrebean countries. The Romanian Economic Journal, 44, 23-36.
  • Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163.
  • Demiralp, S. (2015). “Büyümeyi faiz mi engelliyor?” https://businessht.bloomberght.com/piyasalar/haber/1062967-dusuk-buyumenin-sebebi-yuksek-faiz-mi, Erişim Tarihi: Kasım, 2020.
  • Demiralp, S. (2017). “Yatırım ve Faiz İlişkisi”. https://www.milliyet.com.tr/yazarlar/selva-demiralp/yatirim-ve-faiz-iliskisi-2402094, Erişim Tarihi: Kasım, 2020.
  • Doğan H., (2011). Mckinnon'ın para ve fiziki sermaye arasında tamamlayıcılık hipotezinin Kırgızistan örneğinde testi. Internatıonal Conference On Eurasıan Economıes Beykent University and Kyrgyzstan-Turkey Manas University, Bişkek, Kırgızistan, 12-14 Ekim 2011, vol.151, no.22, pp.343-349.
  • Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306.
  • Eğilmez, M. (2016). “Faiz Düşerse Yatırımlar Artar mı?” https://www.mahfiegilmez.com/2016/02/faiz-duserse-yatrmlar-artar-m.html, Erişim Tarihi: Kasım, 2020.
  • Eschenbach, F. (2004). Finance and growth: A survey of the theoretical and empirical literature
  • Fanelli, J. M., & Medhora, R. (1998). Financial reform in developing countries: An overview. In Financial Reform in Developing Countries (pp. 3-28). Palgrave Macmillan, London.
  • Fry, M. J. (1980). Saving, investment, growth and the cost of financial repression. World Development, 8(4), 317–327.
  • Gujarati, D. N. (2004). Basic Econometrics, Fourth Edition, McGraw Hill Companies, New York.
  • Ismihan, M., Dinçergök, B., & Cilasun, S. M. (2017). Revisiting the finance–growth nexus: the Turkish case, 1980–2010. Applied Economics, 49(18), 1737-1750.
  • Jayaraman, T.K. (2000), “Does Money Matter in The South Pasific Island Countries?. Some Empirical Evidence.
  • Kar, M., & Pentecost, E. J. (2001). A system test of Mckinnon’s complementarity hypothesis with an application to Turkey. Economic Development And Cultural Change, 18(2).
  • Karagöl, Erdal, Erman Erbaykal ve H. Murat Ertuğrul (2007). Türkiye’de Ekonomik Büyüme İle Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, Vol. 8, No. 1, ss. 72-80.
  • Khan, A. H., & Hasan, L. (1998). Financial Liberalization, Savings, And Economic Development İn Pakistan. Economic Development and Cultural Change, 46(3), 581-597.
  • Köse, Y., Atik, M., & YILMAZ, B. (2015). Türkiye İçin Negatif Faiz Oranının Uygulanabilirliği Ve Analitik Olarak İncelenmesi. Journal Of Financial Researches & Studies/Finansal Arastirmalar Ve Calismalar Dergisi, 7(13).
  • McPherson, M. F. & Rakovski T. (1999), “Financial Deepening and Investment in Africa: Evidence from Botswana and Mauritius”, Discussion Paper No:727.
  • Molho, L. E. (1986). Interest Rates, Saving, And İnvestment İn Developing Countries: A Re-Examination Of The Mckinnon-Shaw Hypotheses. Staff Papers, 33(1), 90-116.
  • Moore, T. (2010). A Critical Appraisal Of Mckinnon’s Complementarity Hypothesis: Does The Real Rate Of Return On Money Matter For İnvestment İn Developing Countries?. World Development, 38(3), 260-269.
  • Ozcan, K. M., Gunay, A., & Ertac, S. (2003). Determinants Of Private Savings Behaviour In Turkey. Applied Economics, 35(12), 1405-1416).
  • Öztürk, S., & Çoltu, S. (2018). Finansal Derinleşmenin Ekonomik Büyümeye Etkisi 2001-2016 Yılları Türkiye Örneği1. Gaziantep University Journal of Social Sciences, 17(4)).
  • Pentecost, E. J., & Moore, T. (2006). Financial Liberalization İn India And A New Test Of The Complementarity Hypothesis. Economic Development And Cultural Change, 54(2), 487-502).
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
  • Sevinç, M. (2000). Finansal Serbestleşme Sonrası Türkiye Ekonomisi. Hacettepe Üniversitesi İİBF Dergisi. Cilt: 18, Sayı:2: 83-107).
  • Shrestha, M. B., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modelling approach. Applied Financial Economics, 17(18), 1529-1540.
  • Özşahin, Ş. (2012) Türkiye Ekonomisi’nde Finansal Liberalizasyon ve Ekonomik Büyüme Etkileşiminin ARDL Yöntemi İle Analizi. Sosyal ve Ekonomik Araştırmalar Dergisi, 12(23), s. 379-413.
  • Tarı, R. (2008). Ekonometri, 5.Baskı, Avcı Ofset İstanbul.
  • T.C. Kalkınma Bakanlığı; (2011), Yüksek Büyümenin Sürdürülebilirliği: Yurtiçi Tasarrufların Rolü. www.kalkinma.gov.tr, Erişim Tarihi: 13.12.2019.

Analysis of the Mckinnon's Complementarity Hypothesis with the ARDL Bounds Test Approach: The Case of Turkey

Year 2021, Volume: 20 Issue: 3, 1124 - 1147, 29.07.2021
https://doi.org/10.21547/jss.868429

Abstract

McKinnon (1973) and Shaw (1973) argue that financial liberalization practices in developing countries will stimulate domestic savings accumulation by raising interest rates, and the funds created will be a driving force for economic growth by financing the necessary investments. According to this hypothesis, known as the McKinnon's complementarity hypothesis in the literature, money is basically seen as a necessary tool for capital formation and the existence of a complementarity relationship between money demand and physical capital formation is emphasized. Our study, the relationship between real interest rates, demand for real money and the real physical investment by testing for Turkey investigates the validity of the hypothesis of complementarity. The study ARDL (Autoregressive Distributed Lag Bounds Test) test approach is used and Turkey Economy 2005: Q4-2019:Q4 period with quarterly data analysis is performed. In our study, unlike the relevant literature, Fourier ADF unit root test with non-linear structural break was used as well as standard unit root tests. ARDL bounds test analysis results; It indicates that there are negative and statistically significant relationships between real money demand and the ratio of investments to income and real deposit interest rate in the long run. When the short-term results are evaluated, it is seen that although there is a negative relationship between money demand variable and real deposit interest rates, there is no statistically significant relationship between real money demand and investment rate variables. In addition, while there is a positive and statistically significant relationship between the investment-to-income variable and real deposit interest rates in the long run, it is observed that this relationship is not valid in the short run. Considered together with findings obtained from the study of complementarity hypothesis in the case of Turkey the economy has reached the conclusion that partially valid.

References

  • Ahmed, S. M., & Ansari, M. I. (1995). Financial development in Bangladesh—A test of the McKinnon-Shaw model. Canadian Journal of Development Studies/Revue Canadienne D’études du Développement, 16(2), 291–302.
  • Alam, I., & Quazi, R. (2003). Determinants of capital flight: An econometric case study of Bangladesh, International Review of Applied Economics, 17:1, 85-103.
  • Arestis, P., & Caner, A. (2004). Financial liberalization and poverty: Channels of influence. Levy Economics Institute, Economics Working Paper No. 411, 1-28.
  • Bahmani-Oskooee*, M., & Rehman, H. (2005). Stability of the money demand function in Asian developing countries. Applied Economics, 37(7), 773-792.
  • Balassa, B. (1989). Financial Liberalization İn Developing Countries (English). Policy, Planning and Research Department working papers ; no. WPS 55. Washington, DC: World Bank.
  • Balassa, B. (1990). Financial liberalization in developing countries. Studies in Comparative International Development, 25(4), 56-70.
  • Bouzid, A. (2012). Mckinnon’s Complementarity Hypothesis: Empirical Evidence For The Arab Maghrebean Countries. The Romanian Economic Journal, 44, 23-36.
  • Belloumi, M. (2014). The relationship between trade, FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model. Economic systems, 38(2), 269-287.
  • Bouzid, A. (2012). McKinnon’s complementarity hypothesis: empirical evidence for the Arab Maghrebean countries. The Romanian Economic Journal, 44, 23-36.
  • Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163.
  • Demiralp, S. (2015). “Büyümeyi faiz mi engelliyor?” https://businessht.bloomberght.com/piyasalar/haber/1062967-dusuk-buyumenin-sebebi-yuksek-faiz-mi, Erişim Tarihi: Kasım, 2020.
  • Demiralp, S. (2017). “Yatırım ve Faiz İlişkisi”. https://www.milliyet.com.tr/yazarlar/selva-demiralp/yatirim-ve-faiz-iliskisi-2402094, Erişim Tarihi: Kasım, 2020.
  • Doğan H., (2011). Mckinnon'ın para ve fiziki sermaye arasında tamamlayıcılık hipotezinin Kırgızistan örneğinde testi. Internatıonal Conference On Eurasıan Economıes Beykent University and Kyrgyzstan-Turkey Manas University, Bişkek, Kırgızistan, 12-14 Ekim 2011, vol.151, no.22, pp.343-349.
  • Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306.
  • Eğilmez, M. (2016). “Faiz Düşerse Yatırımlar Artar mı?” https://www.mahfiegilmez.com/2016/02/faiz-duserse-yatrmlar-artar-m.html, Erişim Tarihi: Kasım, 2020.
  • Eschenbach, F. (2004). Finance and growth: A survey of the theoretical and empirical literature
  • Fanelli, J. M., & Medhora, R. (1998). Financial reform in developing countries: An overview. In Financial Reform in Developing Countries (pp. 3-28). Palgrave Macmillan, London.
  • Fry, M. J. (1980). Saving, investment, growth and the cost of financial repression. World Development, 8(4), 317–327.
  • Gujarati, D. N. (2004). Basic Econometrics, Fourth Edition, McGraw Hill Companies, New York.
  • Ismihan, M., Dinçergök, B., & Cilasun, S. M. (2017). Revisiting the finance–growth nexus: the Turkish case, 1980–2010. Applied Economics, 49(18), 1737-1750.
  • Jayaraman, T.K. (2000), “Does Money Matter in The South Pasific Island Countries?. Some Empirical Evidence.
  • Kar, M., & Pentecost, E. J. (2001). A system test of Mckinnon’s complementarity hypothesis with an application to Turkey. Economic Development And Cultural Change, 18(2).
  • Karagöl, Erdal, Erman Erbaykal ve H. Murat Ertuğrul (2007). Türkiye’de Ekonomik Büyüme İle Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, Vol. 8, No. 1, ss. 72-80.
  • Khan, A. H., & Hasan, L. (1998). Financial Liberalization, Savings, And Economic Development İn Pakistan. Economic Development and Cultural Change, 46(3), 581-597.
  • Köse, Y., Atik, M., & YILMAZ, B. (2015). Türkiye İçin Negatif Faiz Oranının Uygulanabilirliği Ve Analitik Olarak İncelenmesi. Journal Of Financial Researches & Studies/Finansal Arastirmalar Ve Calismalar Dergisi, 7(13).
  • McPherson, M. F. & Rakovski T. (1999), “Financial Deepening and Investment in Africa: Evidence from Botswana and Mauritius”, Discussion Paper No:727.
  • Molho, L. E. (1986). Interest Rates, Saving, And İnvestment İn Developing Countries: A Re-Examination Of The Mckinnon-Shaw Hypotheses. Staff Papers, 33(1), 90-116.
  • Moore, T. (2010). A Critical Appraisal Of Mckinnon’s Complementarity Hypothesis: Does The Real Rate Of Return On Money Matter For İnvestment İn Developing Countries?. World Development, 38(3), 260-269.
  • Ozcan, K. M., Gunay, A., & Ertac, S. (2003). Determinants Of Private Savings Behaviour In Turkey. Applied Economics, 35(12), 1405-1416).
  • Öztürk, S., & Çoltu, S. (2018). Finansal Derinleşmenin Ekonomik Büyümeye Etkisi 2001-2016 Yılları Türkiye Örneği1. Gaziantep University Journal of Social Sciences, 17(4)).
  • Pentecost, E. J., & Moore, T. (2006). Financial Liberalization İn India And A New Test Of The Complementarity Hypothesis. Economic Development And Cultural Change, 54(2), 487-502).
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
  • Sevinç, M. (2000). Finansal Serbestleşme Sonrası Türkiye Ekonomisi. Hacettepe Üniversitesi İİBF Dergisi. Cilt: 18, Sayı:2: 83-107).
  • Shrestha, M. B., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modelling approach. Applied Financial Economics, 17(18), 1529-1540.
  • Özşahin, Ş. (2012) Türkiye Ekonomisi’nde Finansal Liberalizasyon ve Ekonomik Büyüme Etkileşiminin ARDL Yöntemi İle Analizi. Sosyal ve Ekonomik Araştırmalar Dergisi, 12(23), s. 379-413.
  • Tarı, R. (2008). Ekonometri, 5.Baskı, Avcı Ofset İstanbul.
  • T.C. Kalkınma Bakanlığı; (2011), Yüksek Büyümenin Sürdürülebilirliği: Yurtiçi Tasarrufların Rolü. www.kalkinma.gov.tr, Erişim Tarihi: 13.12.2019.
Year 2021, Volume: 20 Issue: 3, 1124 - 1147, 29.07.2021
https://doi.org/10.21547/jss.868429

Abstract

References

  • Ahmed, S. M., & Ansari, M. I. (1995). Financial development in Bangladesh—A test of the McKinnon-Shaw model. Canadian Journal of Development Studies/Revue Canadienne D’études du Développement, 16(2), 291–302.
  • Alam, I., & Quazi, R. (2003). Determinants of capital flight: An econometric case study of Bangladesh, International Review of Applied Economics, 17:1, 85-103.
  • Arestis, P., & Caner, A. (2004). Financial liberalization and poverty: Channels of influence. Levy Economics Institute, Economics Working Paper No. 411, 1-28.
  • Bahmani-Oskooee*, M., & Rehman, H. (2005). Stability of the money demand function in Asian developing countries. Applied Economics, 37(7), 773-792.
  • Balassa, B. (1989). Financial Liberalization İn Developing Countries (English). Policy, Planning and Research Department working papers ; no. WPS 55. Washington, DC: World Bank.
  • Balassa, B. (1990). Financial liberalization in developing countries. Studies in Comparative International Development, 25(4), 56-70.
  • Bouzid, A. (2012). Mckinnon’s Complementarity Hypothesis: Empirical Evidence For The Arab Maghrebean Countries. The Romanian Economic Journal, 44, 23-36.
  • Belloumi, M. (2014). The relationship between trade, FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model. Economic systems, 38(2), 269-287.
  • Bouzid, A. (2012). McKinnon’s complementarity hypothesis: empirical evidence for the Arab Maghrebean countries. The Romanian Economic Journal, 44, 23-36.
  • Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149-163.
  • Demiralp, S. (2015). “Büyümeyi faiz mi engelliyor?” https://businessht.bloomberght.com/piyasalar/haber/1062967-dusuk-buyumenin-sebebi-yuksek-faiz-mi, Erişim Tarihi: Kasım, 2020.
  • Demiralp, S. (2017). “Yatırım ve Faiz İlişkisi”. https://www.milliyet.com.tr/yazarlar/selva-demiralp/yatirim-ve-faiz-iliskisi-2402094, Erişim Tarihi: Kasım, 2020.
  • Doğan H., (2011). Mckinnon'ın para ve fiziki sermaye arasında tamamlayıcılık hipotezinin Kırgızistan örneğinde testi. Internatıonal Conference On Eurasıan Economıes Beykent University and Kyrgyzstan-Turkey Manas University, Bişkek, Kırgızistan, 12-14 Ekim 2011, vol.151, no.22, pp.343-349.
  • Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306.
  • Eğilmez, M. (2016). “Faiz Düşerse Yatırımlar Artar mı?” https://www.mahfiegilmez.com/2016/02/faiz-duserse-yatrmlar-artar-m.html, Erişim Tarihi: Kasım, 2020.
  • Eschenbach, F. (2004). Finance and growth: A survey of the theoretical and empirical literature
  • Fanelli, J. M., & Medhora, R. (1998). Financial reform in developing countries: An overview. In Financial Reform in Developing Countries (pp. 3-28). Palgrave Macmillan, London.
  • Fry, M. J. (1980). Saving, investment, growth and the cost of financial repression. World Development, 8(4), 317–327.
  • Gujarati, D. N. (2004). Basic Econometrics, Fourth Edition, McGraw Hill Companies, New York.
  • Ismihan, M., Dinçergök, B., & Cilasun, S. M. (2017). Revisiting the finance–growth nexus: the Turkish case, 1980–2010. Applied Economics, 49(18), 1737-1750.
  • Jayaraman, T.K. (2000), “Does Money Matter in The South Pasific Island Countries?. Some Empirical Evidence.
  • Kar, M., & Pentecost, E. J. (2001). A system test of Mckinnon’s complementarity hypothesis with an application to Turkey. Economic Development And Cultural Change, 18(2).
  • Karagöl, Erdal, Erman Erbaykal ve H. Murat Ertuğrul (2007). Türkiye’de Ekonomik Büyüme İle Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, Vol. 8, No. 1, ss. 72-80.
  • Khan, A. H., & Hasan, L. (1998). Financial Liberalization, Savings, And Economic Development İn Pakistan. Economic Development and Cultural Change, 46(3), 581-597.
  • Köse, Y., Atik, M., & YILMAZ, B. (2015). Türkiye İçin Negatif Faiz Oranının Uygulanabilirliği Ve Analitik Olarak İncelenmesi. Journal Of Financial Researches & Studies/Finansal Arastirmalar Ve Calismalar Dergisi, 7(13).
  • McPherson, M. F. & Rakovski T. (1999), “Financial Deepening and Investment in Africa: Evidence from Botswana and Mauritius”, Discussion Paper No:727.
  • Molho, L. E. (1986). Interest Rates, Saving, And İnvestment İn Developing Countries: A Re-Examination Of The Mckinnon-Shaw Hypotheses. Staff Papers, 33(1), 90-116.
  • Moore, T. (2010). A Critical Appraisal Of Mckinnon’s Complementarity Hypothesis: Does The Real Rate Of Return On Money Matter For İnvestment İn Developing Countries?. World Development, 38(3), 260-269.
  • Ozcan, K. M., Gunay, A., & Ertac, S. (2003). Determinants Of Private Savings Behaviour In Turkey. Applied Economics, 35(12), 1405-1416).
  • Öztürk, S., & Çoltu, S. (2018). Finansal Derinleşmenin Ekonomik Büyümeye Etkisi 2001-2016 Yılları Türkiye Örneği1. Gaziantep University Journal of Social Sciences, 17(4)).
  • Pentecost, E. J., & Moore, T. (2006). Financial Liberalization İn India And A New Test Of The Complementarity Hypothesis. Economic Development And Cultural Change, 54(2), 487-502).
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
  • Sevinç, M. (2000). Finansal Serbestleşme Sonrası Türkiye Ekonomisi. Hacettepe Üniversitesi İİBF Dergisi. Cilt: 18, Sayı:2: 83-107).
  • Shrestha, M. B., & Chowdhury, K. (2007). Testing financial liberalization hypothesis with ARDL modelling approach. Applied Financial Economics, 17(18), 1529-1540.
  • Özşahin, Ş. (2012) Türkiye Ekonomisi’nde Finansal Liberalizasyon ve Ekonomik Büyüme Etkileşiminin ARDL Yöntemi İle Analizi. Sosyal ve Ekonomik Araştırmalar Dergisi, 12(23), s. 379-413.
  • Tarı, R. (2008). Ekonometri, 5.Baskı, Avcı Ofset İstanbul.
  • T.C. Kalkınma Bakanlığı; (2011), Yüksek Büyümenin Sürdürülebilirliği: Yurtiçi Tasarrufların Rolü. www.kalkinma.gov.tr, Erişim Tarihi: 13.12.2019.
There are 37 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Economics
Authors

Harun Bal 0000-0003-0878-8253

Berk Palandökenlier 0000-0001-9010-7685

Esma Erdoğan This is me 0000-0002-7324-8512

Publication Date July 29, 2021
Submission Date January 27, 2021
Acceptance Date May 28, 2021
Published in Issue Year 2021 Volume: 20 Issue: 3

Cite

APA Bal, H., Palandökenlier, B., & Erdoğan, E. (2021). McKinnon Tamamlayıcılık Hipotezinin ARDL Sınır Testi Yaklaşımı ile Analizi: Türkiye Örneği. Gaziantep University Journal of Social Sciences, 20(3), 1124-1147. https://doi.org/10.21547/jss.868429