Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019

Year 2021, Volume: 16 Issue: 63, 1164 - 1184, 31.07.2021

Şencan Felek Nihal Yayla İsmail Çeviş

https://doi.org/10.19168/jyasar.912290

Abstract

Öz:70’li yıllardan itibaren dünyada yaygınlaşan finansal liberalizasyon süreci bir taraftan ekonomilerin finansal gelişmişlik düzeyine olumlu katkılar sağlarken diğer taraftan da finansal kırılganlık düzeylerinin artmasına zemin hazırlamıştır. Türkiye de 1980 sonrasında finansal liberalleşme akımına ayak uydurmaya başlamış ve 1989’da tam liberalizasyona geçiş yapmıştır. 1990 sonrasında ardarda yaşanan krizler ise liberalizasyon sürecinin Türk finans sistemine yönelik dersleri niteliğinde olmuştur. 2001 krizinden sonra bu dersleri iyi değerlendiren Türkiye 2008 küresel krizinden en az hasarla çıkan ekonomiler arasında olmayı başarmıştır. 2007-2019 dönemi için finansal gelişme endeksi ve finansal kırılganlık endeksinin Temel Bileşenler Analizi yöntemi kullanılarak hesaplandığı çalışmada bu iki endeks arasındaki ilişkiler ARDL (sınır testi) yaklaşımı ile incelenmiştir. Elde edilen bulgular Türkiye’de finansal gelişmişlik artarken finansal kırılganlığın giderek azaldığını göstermektedir. Bu durum, finansal kesimde gerçekleştirilen yasal ve kurumsal düzenlemelerin önemine vurgu yapacak niteliktedir.

Keywords

Finansal Gelişme, Finansal Kırılganlık, ARDL

An Analysis on the Relationship Between Financial Development and Financial Fragility in Turkey: 2007-2019

Abstract

The process of financial liberalization, which has become widespread in the world since the 70s, has provided a positive contribution to the level of financial development of economies, as well as a basis for increasing the level of financial fragility. Turkey also joined the financial liberalization movement after 1980 and switched to full liberalization in 1989. Successive crises after 1990 were the lessons of the liberalization process for the Turkish financial system. Having evaluated these lessons well after the 2001 crisis, Turkey has been one of the economies that emerged from the 2008 global crisis with the least damage. In this study, in which the financial development Index and the financial fragility index were calculated for the period 2007-2019 using the Principal Component Analysis technique, the relations between these two indices were examined using the ARDL (boundary test) approach. The findings show that while the level of financial development is increasing in Turkey, financial fragility is gradually decreasing. This situation emphasizes the importance of legal and institutional regulations appeared in the financial sector.

Keywords

Financial Development, Financial Fragility, ARDL

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