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Abstract

In this article financial development and growth relation is examined with the help of the Solow model. Capital’s diminishing rate of return emphasized in the model was used in explanation for the importance of roles which internatinal capital flows and a developed financial system in that field may play from growth perspective. Defining different monetary, loan and security variables belong to Turkey economy as indicators of financial development, long-term equilibrium relation with national income was studied. The econometric results support the hypothesis about existence of cointegrating relations between financial development and growth

Keywords

• Financial Development, Solow Growth Model, Financial Openness, Cointegration

FİNANSAL GELİŞME VE BÜYÜME İLİŞKİSİNİN SOLOW MODELİ İLE ANALİZİ: TÜRKİYE ÜZERİNE BİR ÇALIŞMA

Öz

Bu makalede finansal gelişme ve büyüme ilişkisi Solow modeli yardımıyla incelenmiştir. Modelde vurgulanan sermayenin azalan getirisi uluslararası sermaye akışlarının ve bu alanda gelişmiş bir finansal sistemin oynayabileceği rollerin büyüme açısından önemini açıklamada kullanılmıştır. Türkiye ekonomisine ait farklı parasal büyüklükler, kredi miktarları ve menkul değer değişkenleri finansal gelişmenin göstergesi olarak tanımlanıp milli hasıla ile uzun dönemli denge ilişkisi araştırılmıştır. Elde edilen ekonometrik sonuçlar finansal gelişmeyle büyüme arasında eşbütünleşme ilişkisinin var olduğu hipotezini desteklemiştir.

Anahtar Kelimeler

• Finansal Gelişme, Solow Büyüme Modeli, Finansal Dışa Açıklık, Eş-bütünleşme

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