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Year 2019, Volume 6 , Issue 2, Pages 471 - 484 2019-08-29

FİNANSAL GELİŞME VE EKONOMİK BÜYÜME: OECD ÜLKELERİ ÖRNEĞİNDE PANEL NEDENSELLİK ANALİZİ
FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: A PANEL CAUSALITY ANALYSIS FOR OECD COUNTRIES

Seymur Ağazade [1] , Aykut Karakaya [2]

Abstract

Finansal gelişme ile ekonomik büyüme arasındaki nedensellik ilişkisi farklı hipotezlerle ifade edilmektedir. Ekonomik büyüme ve gelir düzeyindeki artışın neden olduğu talep baskısı finansal sistemin gelişmesine neden olabilir. Bu görüş talep takipli hipotez olarak bilinmekte-dir. Bunun aksine, arz öncüllü hipotez finansal gelişmenin kaynak dağılımında etkinlik artışı sağlamakla büyümeye neden olduğunu öngörür. Geri besleme hipotezi finansal gelişme ve büyüme arasındaki nedensellik ilişkisinin çift yönlü olduğunu ifade ederken, yansızlık hipotezinde ise herhangi bir nedensellik ilişkisi söz konusu değildir. Bu çalışmada finansal gelişme ile ekonomik büyüme arasın-daki ilişki 34 OECD üyesi ülke örneğinde incelenmiştir. Çalışmada panel birimleri arasında bağımlılığa ve hete-rojenliğe izin veren Dumitrescu ve Hurlin (2012) panel nedensellik analiz yapılmış ve heterojen VAR modeli tahmin edilmiştir. Nedensellik testi sonuçları finansal gelişme ve büyüme arasında çift yönlü ilişki olduğunu göstermiştir. Büyüme için tahmin edilen VAR modelinde 11 ülke için gecikmeli finansal gelişme değişkenine ait parametreler anlamlı bulunmuştur. Finansal gelişme VAR modellerinde ise büyüme değişkeni gecikmeli değerine ait katsayıların 17 ülke için anlamlı olduğu görülmüştür. Bu sonuçlar OECD ülkelerinde finansal gelişme ve ekonomik büyüme ilişkisinde geri besleme hipotezinin geçerli olduğunu desteklemektedir.

The relationship between financial development and economic growth is expressed by different hypotheses. Demand pressure which is caused by increased income as a conclusion of growth may lead to the financial development. This argument is known as demand-following hypothesis. On the contrary, the supply-leading hypothesis indicates that financial development leads to increased efficiency and therefore promotes growth. The feedback hypothesis implies that the causal relationship between financial development and growth is bidirectional, whereas there is no causality in the neutral hypothesis. This study examines the relationship between financial development and economic growth in the case of 34 OECD countries. For this purpose we estimate heterogeneous VAR model and conduct Dumitrescu and Hurlin (2012) causality test which allows for dependency in panel units and heterogeneity of parameters. Findings of causality test showed that there is a bidirectional relationship. In VAR model that estimated for growth, parameters of lagged financial development were found to be significant for 11 countries. In financial development VAR model, lagged growth variable coefficients of 17 countries were significant. These findings support the feedback hypothesis for OECD countries in financial development and economic growth relationship.

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Details

Primary Language tr
Subjects Social
Journal Section Research Articles
Authors

Orcid: 0000-0001-5484-5189
Author: Seymur Ağazade (Primary Author)
Institution: RECEP TAYYİP ERDOĞAN ÜNİVERSİTESİ
Country: Turkey

Orcid: 0000-0001-6491-132X
Author: Aykut Karakaya
Institution: RECEP TAYYİP ERDOĞAN ÜNİVERSİTESİ
Dates

Publication Date : August 29, 2019

Cite

APA Ağazade, S , Karakaya, A . (2019). FİNANSAL GELİŞME VE EKONOMİK BÜYÜME: OECD ÜLKELERİ ÖRNEĞİNDE PANEL NEDENSELLİK ANALİZİ. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi , 6 (2) , 471-484 . DOI: 10.30798/makuiibf.526723
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