Finansal Gelişme ve İktisadi Büyüme

Abstract

Bu yazının temel amaçlarından biri finans sisteminin, büyüme göstergeleri, tasarruflar ve yatırım üzerindeki olası etkilerini teorik temelde incelemektir. Bu amaçla ilk önce finans kesiminin tanımı ve fonksiyonları açıklanmaktadır. Finans sistemi ile ilgili teorik bilgiler ve finansal araçlar hakkında bilgi verilmektedir. Finansal gelişme ile faizler, tasarruflar, yatırımlar ve büyüme oranı arasındaki ilişki açıklanmaktadır. Bunun dışında finansal belirleyicilerin büyüme üzerindeki etkileri bu konuda yapılmış araştırmalarla açıklanmaktadır. Finans sisteminin etkileri, içsel modeller çerçevesinde ele alınmaktadır

Keywords

• Finansal Gelişme, Ekonomik Büyüme, İçsel Büyüme, Reel Faiz Oranı

Financial Development and Economic Growth

Abstract

One of the main objectives of this article is to examine the likely effects of financial liberalization and deepening on savings, investments and growth indicators, in a theoretical framework. First of all, financial sector definition and functions explained. Some financial tools and theoretical information are mentioned. With financial development, connection between real interest rate, savings, investment and growth rate was explain. Furthermore, effect on growth of financial determinants, explain with some empirical studies. In this article, according to endogen models, effects of financial system were explained.

Keywords

• Financial Development, Economic Growth, Endogen Growth, Real Interest Rate

References

1. Bardhan P. (1989), The Economic Theory of Agrarian Institutions, Clarendon Pres.
2. Bencivenga, Valerie and Smith, Bruce (1991), “Financial Intermediation and Endogenous Growth”, Review of Economic Studies, No:58, 1991: 195-209
3. Berthelemy, Jean Claude ve Varoudakis, Aristomene (1996), “Financial Development, Policy and Economic Growth.” [(Eds) N. Hermes ve R. Lensink Financial Development and Eco- nomic Growth : Theory and Experiences from Developing Countries. London: Routledge] içinde: 53-66
4. Calvo, Guillermo ve Coricelli, Fabrizioi (1992), “Stagflationary Effects of Stabilization Pro- grams in Reforming Socialist Countries: Enterprise-Side and Household-Side Factors. ”The World Bank Economic Review, Sayı:6,1, 1992: 71-90
5. Demirgüç (Kunt), Aslı ve Levine, Ross (1996), “Stock Market Development and Financing Choices of the Firm. “World Bank Economic Review, Sayı:10, 2, 1996: 341-370.
6. Floro, Sagrario ve Yotopoulos, Pan (1992), “Income Distribution, Transaction Costs and Market Fragmentation in Informal Credit Markets”, Cambridge Journal of Economics, Vol.16, 1992:303-326
7. Fry, M. (1988), Money, Interest and Banking in Economic Development, First edn., John Hopkins University Press, Baltimore.
8. Fry, M. (1995), Money, Interest and Banking in Economic Development. Second edn., John Hopkins University Press, Baltimore.

9. Fry, M. (1997), Emancipating the Banking System and Developing Markets for Government London: Routledge.
10. Fry, M. (1996), “Finance and Growth in Pacific Basin Developing Countries” [(Eds) N. Her- mes and R. Lensink (1996), Financial Development and Economic Growth: Theory and Ex- periences from Developing Countries, London Routledge] içinde: 148
11. Gelb, Alain (1989), “Financial Policies Growth and Efficiency” World Bank PPR Working Pa- per, No.202, 1989: 118
12. Gregori De J. and Guidotti Pablo E. (1995), “Financial Development, Growth and the Distri- bution of Income”, World Development, 23, 3, 1995:433-448
13. Hanson, Pontus ve Jonung, Lars (1997), “Finance and Economic Growth: The Case of Swe- den 1834- 1991”, Stockholm School of Economics the Economic Research Institute. Working Paper Series in Economics and Finance, No. 176. , Sweden 1997: 2-17
14. Haque, Nadeen, Lahiri, U. and Montiel, Kajal (1990), “A Macroeconometric Model for De- veloping Countries” IMF Staff Papers Sayı:37,3, 1990: 337-339
15. Hermes, Niels (1996), “Financial Reform and Financial Intermadiation in Chile, 1983-1992”, [(Eds) N. Hermes and R. Lensink, Financial Development and Economic Growth : Theory and Experiences from Developing Countries, London, Routledge] içinde:310-336.
16. Jaramillo, Fidel, Shianterelli, Fabio and Weiss, Andrew (1996), “Capital Market Imperfec- tions Before and After Financial Liberalization: An Euler Equation Approach to Panel Data for Ecuadorian Firms.”, Journal of Development Economics, Sayı.51, 1996: 367- 386.
17. King, Robert and Levine, Rose (1993), “Finance, Entreprenuership, and Growth: Theory and Evidence.”Journal of Monetary Economics, Sayı: 32, 3, 1993: 513-542
18. Kumar, P.C. (1994), “Financial Intermadiation Through Development Banks”, Internal Sources of Development Finance, Quorum Boks, 1994:167
19. Lanyi, Anthony ve Saraçoğlu, Rüştü (1983), “Interest Rate Policies in Developing Countries” IMF Occasional Paper, No.22, Washington D.C., 1983:254
20. Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Vol. 35, June: 1997:688-689
21. Levine, Ross and Zervos, Sara (1996), “Stock Market Development and Long-Run Growth.” The World Bank Economic Review, Sayı: 10, 2, 1996: 323-339
22. McKinnon, R. (1991), The Order of Economic Liberalization: Financial Control in the Transi- tion to a Market Economy, Baltimore: Johns Hopkins University Pres, 1991:13-16
23. Mıhçı, Sevinç (1999), Finansal Serbestleşme ve Derinleşmenin Tasarruflar, Yatırımlar ve İktisadi Büyüme Üzerene Etkileri: Türkiye Örneği (Basılmamış Doktora Tezi), Hacette- pe Üniversitesi Sosyal Bilimler Enstitüsü, İktisat Anabilim Dalı.
24. Murinde, Victor (1996), “Financial Markets and Endogenous Growth: An Econometric Analy- sis for Pacific Basin Countries”, [(Eds) ) N. Hermes ve R. Lensink, Financial Development and Economic Growth : Theory and Experiences from Developing Countries, London, Routledge] içinde:
25. Oksay, Suna (2000), “Finansal Piyasalarda Yeni Yasal Düzenlemeler (Reregulation) İhtiyacı ve Türk Finans Sistemi”, Marmara Üniversitesi, Sosyal Bilimler Enstitüsü, Öneri Dergisi, Haziran:2000:1
26. Odedokun, Matthew (1996), “Financial Indicators and Economic Efficiency in Developing Countries.” [(Eds) N. Hermes and R. Lensink, Financial Development and Economic Growth : Theory and Experiences from Developing Countries, London: Routledge] içinde: 115-138
27. Oruç, Bora (2002), “Finansal Sistemlerin Ekonomik Kalkınma ve Krizler Üzerindeki Etkileri”, Sermaye Piyasası Kurulu Piyasa Gözetim ve Denetleme Dairesi, Ekim:2002:6
28. Parabhu B. Ghate. (1992), “Interaction Between the Formal and Informal Financial Sec- tors: The Asian Experience”, World Development, Vol.20, No.6, 1992:863
29. Roubini, Nourel Roubini and Sala-i Martin, Xavier (1992), “Financial Repression and Eco- nomic Growth.”, Journal of Development Economics, 391, May: 1992: 12
30. Targan, Ü. (1996), Finans Kesiminin Reel Sektöre Kaynak Yaratma Kapasitesi, İstanbul Ti- caret Odası Yayını, No:31.
31. Warman, F. and Thirwall, A.P. (1994), “Interest Rates, Saving, Investment and Growth in Mexico 1960-90: Test of Financial Liberalization Hypothesis”, Journal of Development Studies, 30,3, 1994:629-649
32. Whited, Toni (1992), “Interest Rates , Saving, Investment and Growth in Mexico 1960-90: Test of Financial Liberalization Hypothesis.” Journal of Development Studies, 30,3, 1992: 629-649
33. World Bank (1989), World Development Report 1989: Financial Systems and Development, New York, Oxford University Pres, 1989.
34. Yılmaz, Rasim (2001), “Türk Bankacılık Kesimindeki Yapısal Değişimler Ekseninde Formal ve Formal Olmayan Finans Sektörü”, İ.Ü. İktisat Fakültesi Mezunları Cemiyeti İktisat Der- gisi, Sayı.417, Eylül: 2001: 7