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MERKEZ BANKASI BAĞIMSIZLIĞI VE MALİ GÜVEN İLİŞKİSİ: MIST ÜLKELERİ PANEL VERİ UYGULAMASI

Year 2019, Volume: 11 Issue: 21, 197 - 208, 31.07.2019
https://doi.org/10.14784/marufacd.623397

Abstract

Temel görevi fiyat
istikrarını sağlamak ve sürekli kılmak olan merkez bankaları için, özerklik
veya bağımsızlık günümüzde neredeyse tüm dünyada yerleşik bir standart haline
gelmiştir. 2008’deki küresel krizi takiben merkez bankalarına finansal
istikrarı korumanın da ilave bir görev olarak yüklenmesiyle bağımsızlık
sorgulanmaya başlanmıştır. Bu bağlamda merkez bankası bağımsızlığı ile mali güvenilirlik
veya kredibilite arasındaki ilişkinin önemli bir araştırma konusu haline
geldiği görülmektedir.Çalışmamızda MIST ülkeleri olan Meksika, Endonezya, Güney
Kore ve Türkiye’nin merkez bankası bağımsızlığı ile beraber çeşitli ekonomik
göstergelerinin sistemin mali güvenilirliği’ne katkıda bulunup bulunmadığı
incelenecektir. Analizler, Doğrusal (Sabit Etkiler ve Rassal Etkiler)  Panel Veri Yöntemi vasıtasıyla yürütülecektir. 

References

  • AGOBA, A. M., ABOR, J., OSEI, K. A., & SA-AADU, J. (2017). Central bank independence and inflation in Africa: The role of financial systems and institutional quality. Central Bank Review, 17(4), 131-146. ALANDEJANI, M., & ASUTAY, M. (2017). Nonperforming loans in the GCC banking sectors: Does the Islamic finance matter?. Research in International Business and Finance, 42, 832-854. ANTONIE, M. D., CRISTESCU, A., & CATANICIU, N. (2010, June). A panel data analysis of the connection between employee remuneration, productivity and minimum wage in Romania. In Proceedings of the 11th WSEAS Int. Conf. MCBE (pp. 134-139). ARAS, E . (2015). The Effect of Minimum Wage Level on Labor Efficency: An Analysis on OECD Countries. Journal of International Management Educational and Economics Perspectives, 3 (2), 1-11. ARELLANO, M., & BOVER, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. BALASUBRAMANYAM, V., & TOGAN, S. (Eds.). (2016). The Economy of Turkey Since Liberalization. Springer. BALTAGI, B. (2008). Econometric Analysis of Panel Data. John Wiley & Sons. BECH, M. L., & Malkhozov, A. (2016). How have central banks implemented negative policy rates?. BIS Quarterly Review March. BERNANKE, B. S., & GERTLER, M. (2001). Should central banks respond to movements in asset prices?. American Economic Review, 91(2), 253-257. BODEA, C., & HICKS, R. (2015). Price stability and central bank independence: Discipline, credibility, and democratic institutions. International Organization, 69(1), 35-61. BODEA, C., & HIGASHIJIMA, M. (2017). Central bank independence and fiscal policy: can the central bank restrain deficit spending?. British Journal of Political Science, 47(1), 47-70. BREUSCH, T. S., & PAGAN, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. CHIARAMONTE, L., CROCI, E., & POLI, F. (2015). Should we trust the Z-score? Evidence from the European Banking Industry. Global Finance Journal, 28, 111-131. CRISTE, A., & LUPU, I. (2014). The central bank policy between the price stability objective and promoting financial stability. Procedia Economics and Finance, 8, 219-225. CROWE, C., & MEADE, E. E. (2008). Central bank independence and transparency: Evolution and effectiveness. European Journal of Political Economy, 24(4), 763-777. DOUGHERTY, C. (2011). Introduction to Econometrics. Oxford University Press. DOUMPOS, M., GAGANIS, C., & PASIOURAS, F. (2015). Central bank independence, financial supervision structure and bank soundness: An empirical analysis around the crisis. Journal of Banking & Finance, 61, S69-S83. DUBRA, J., & HERRERA, H. (2002). Market participation, information and volatility (No. 0206). ENGLISH, W. B., LOPEZ-SALIDO, J. D., & TETLOW, R. J. (2015). The Federal Reserve’s framework for monetary policy: Recent changes and new questions. IMF Economic Review, 63(1), 22-70. ENNSER-JEDENASTIK, L. (2015). Credibility versus control: Agency independence and partisan influence in the regulatory state. Comparative Political Studies, 48(7), 823-853. FERNÁNDEZ-ALBERTOS, J. (2015). The politics of central bank independence. Annual Review of Political Science, 18, 217-237. GASPAR, V., OBSTFELD, M., SAHAY, R., LAXTON, D., BOTMAN, D. P. J., CLINTON, K., ... & NGOUANA, C. L. (2016). Macroeconomic management when policy space is constrained: a comprehensive, consistent and coordinated approach to economic policy (No. 16/09). International Monetary Fund. GUJARATI, D. N. (2003). Basic Econometrics. Tata McGraw-Hill Education. GÜNGÖR, B., & KAYGIN, C. Y. (2015). Dinamik panel veri analizi ile hisse senedi fiyatini etkileyen faktörlerin belirlenmesi. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(9), 149-168. HALL, R. B. (2008). Central banking as global governance: constructing financial credibility (Vol. 109). Cambridge University Press. HAUSMAN, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of The Econometric Society, 1251-1271. HAYO, B. (1998). Inflation culture, central bank independence and price stability. European Journal of Political Economy, 14(2), 241-263. HERRERO, A. G., & DEL RIO, P. (2003). Financial stability and the design of monetary policy. Communications, 33(40.62), 07-29. KLOMP, J., & DE HAAN, J. (2009). Central bank independence and financial instability. Journal of Financial Stability, 5(4), 321-338. KOVACS, E. (2019). Sustainable Foreign Direct Investment the Existence and Difference in Developed, Developing and Transition Countries (Doctoral dissertation, Webster University). KUTTNER, K. N., & POSEN, A. S. (2010). Do markets care who chairs the central bank?. Journal of Money, Credit and Banking, 42(2‐3), 347-371. KUZNETS, P. W. (1988). An East Asian Model of Economic Development: Japan, Taiwan, and South Korea. Economic Development and Cultural Change, 36(S3), S11-S43. LEVIEUGE, G., LUCOTTE, Y., & PRADINES-JOBET, F. (2017). Central banks’ preferences and banking sector vulnerability. Journal of Financial Stability. MADHAVAN, V. (2017). How interrelated are MIST equity markets with the developed stock markets of the world?. Cogent Economics & Finance, 5(1), 1362822. NAUDÉ, W. (2009). The financial crisis of 2008 and the developing countries (No. 2009/01). WIDER Discussion Papers, World Institute for Development Economics (UNU-WIDER). PAPADAMOU, S., SIDIROPOULOS, M., & SPYROMITROS, E. (2014). Does central bank transparency affect stock market volatility?. Journal of International Financial Markets, Institutions and Money, 31, 362-377. PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. POSSO, A., & TAWADROS, G. B. (2013). Does greater central bank independence really lead to lower inflation? Evidence from panel data. Economic Modelling, 33, 244-247. SARGAN, J. D. (1958). The estimation of economic relationships using instrumental variables. Econometrica: Journal of the Econometric Society, 393-415. SCHMIDT, V. A. (2016). Reinterpreting the rules ‘by stealth’in times of crisis: a discursive institutionalist analysis of the European Central Bank and the European Commission. West European Politics, 39(5), 1032-1052. SMAGA, P. (2013). Assessing involvement of central banks in financial stability. Center for Financial Stability. Policy paper. SPIEGLER, R. (2016). Bayesian networks and boundedly rational expectations. The Quarterly Journal of Economics, 131(3), 1243-1290. İnternet Kaynakları BIS. Retrieved 12 April 2019 from https://www.bis.org/speeches/sp140606.pdf CHICAGOBOOTH.COM. Wayback Machine. (2019). Retrieved 1 May 2019 from https://web.archive.org/web/20100331050553/http://www.chicagobooth.edu/alumni/clubs/pakistan/docs/next11dream-march%20%2707-goldmansachs.pdf CHOSUN.COM. Moody's Raises Korea's Credit Range. (2010). Retrieved 21 February 2019 from http://english.chosun.com/site/data/html_dir/2010/08/02/2010080201090.html FRB: Speech, Bernanke--The Great Moderation--February 20, 2004. (2004). Retrieved 23 April 2019 from https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/ HANI.CO.KR. Financial markets unstable in S.Korea following Cheonan sinking. (2018). Retrieved 17 April 2019 from http://hani.co.kr/arti/english_edition/e_business/422572.html JAKARTAGLOBE.ID. Moody's Upgrades Indonesia's Sovereign Rating in Boost to Jokowi's Economic Agenda. (2012). Retrieved 22 April 2019 from https://jakartaglobe.id/business/moodys-upgrades-indonesias-sovereign-rating-boost-jokowis-economic-agenda/ NIKKEI.COM. Nearly one billion Asians in vulnerable jobs, says ILO. (2018). Retrieved 22 April 2019 from https://asia.nikkei.com/Economy/Nearly-one-billion-Asians-in-vulnerable-jobs-says-ILO OECD iLibrary | Home. (2011). Retrieved 23 April 2019 from https://www.oecd-ilibrary.org/sites/9789264298750-5-en/index.html?itemId=/content/component/9789264298750-5-en
Year 2019, Volume: 11 Issue: 21, 197 - 208, 31.07.2019
https://doi.org/10.14784/marufacd.623397

Abstract

References

  • AGOBA, A. M., ABOR, J., OSEI, K. A., & SA-AADU, J. (2017). Central bank independence and inflation in Africa: The role of financial systems and institutional quality. Central Bank Review, 17(4), 131-146. ALANDEJANI, M., & ASUTAY, M. (2017). Nonperforming loans in the GCC banking sectors: Does the Islamic finance matter?. Research in International Business and Finance, 42, 832-854. ANTONIE, M. D., CRISTESCU, A., & CATANICIU, N. (2010, June). A panel data analysis of the connection between employee remuneration, productivity and minimum wage in Romania. In Proceedings of the 11th WSEAS Int. Conf. MCBE (pp. 134-139). ARAS, E . (2015). The Effect of Minimum Wage Level on Labor Efficency: An Analysis on OECD Countries. Journal of International Management Educational and Economics Perspectives, 3 (2), 1-11. ARELLANO, M., & BOVER, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. BALASUBRAMANYAM, V., & TOGAN, S. (Eds.). (2016). The Economy of Turkey Since Liberalization. Springer. BALTAGI, B. (2008). Econometric Analysis of Panel Data. John Wiley & Sons. BECH, M. L., & Malkhozov, A. (2016). How have central banks implemented negative policy rates?. BIS Quarterly Review March. BERNANKE, B. S., & GERTLER, M. (2001). Should central banks respond to movements in asset prices?. American Economic Review, 91(2), 253-257. BODEA, C., & HICKS, R. (2015). Price stability and central bank independence: Discipline, credibility, and democratic institutions. International Organization, 69(1), 35-61. BODEA, C., & HIGASHIJIMA, M. (2017). Central bank independence and fiscal policy: can the central bank restrain deficit spending?. British Journal of Political Science, 47(1), 47-70. BREUSCH, T. S., & PAGAN, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. CHIARAMONTE, L., CROCI, E., & POLI, F. (2015). Should we trust the Z-score? Evidence from the European Banking Industry. Global Finance Journal, 28, 111-131. CRISTE, A., & LUPU, I. (2014). The central bank policy between the price stability objective and promoting financial stability. Procedia Economics and Finance, 8, 219-225. CROWE, C., & MEADE, E. E. (2008). Central bank independence and transparency: Evolution and effectiveness. European Journal of Political Economy, 24(4), 763-777. DOUGHERTY, C. (2011). Introduction to Econometrics. Oxford University Press. DOUMPOS, M., GAGANIS, C., & PASIOURAS, F. (2015). Central bank independence, financial supervision structure and bank soundness: An empirical analysis around the crisis. Journal of Banking & Finance, 61, S69-S83. DUBRA, J., & HERRERA, H. (2002). Market participation, information and volatility (No. 0206). ENGLISH, W. B., LOPEZ-SALIDO, J. D., & TETLOW, R. J. (2015). The Federal Reserve’s framework for monetary policy: Recent changes and new questions. IMF Economic Review, 63(1), 22-70. ENNSER-JEDENASTIK, L. (2015). Credibility versus control: Agency independence and partisan influence in the regulatory state. Comparative Political Studies, 48(7), 823-853. FERNÁNDEZ-ALBERTOS, J. (2015). The politics of central bank independence. Annual Review of Political Science, 18, 217-237. GASPAR, V., OBSTFELD, M., SAHAY, R., LAXTON, D., BOTMAN, D. P. J., CLINTON, K., ... & NGOUANA, C. L. (2016). Macroeconomic management when policy space is constrained: a comprehensive, consistent and coordinated approach to economic policy (No. 16/09). International Monetary Fund. GUJARATI, D. N. (2003). Basic Econometrics. Tata McGraw-Hill Education. GÜNGÖR, B., & KAYGIN, C. Y. (2015). Dinamik panel veri analizi ile hisse senedi fiyatini etkileyen faktörlerin belirlenmesi. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(9), 149-168. HALL, R. B. (2008). Central banking as global governance: constructing financial credibility (Vol. 109). Cambridge University Press. HAUSMAN, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of The Econometric Society, 1251-1271. HAYO, B. (1998). Inflation culture, central bank independence and price stability. European Journal of Political Economy, 14(2), 241-263. HERRERO, A. G., & DEL RIO, P. (2003). Financial stability and the design of monetary policy. Communications, 33(40.62), 07-29. KLOMP, J., & DE HAAN, J. (2009). Central bank independence and financial instability. Journal of Financial Stability, 5(4), 321-338. KOVACS, E. (2019). Sustainable Foreign Direct Investment the Existence and Difference in Developed, Developing and Transition Countries (Doctoral dissertation, Webster University). KUTTNER, K. N., & POSEN, A. S. (2010). Do markets care who chairs the central bank?. Journal of Money, Credit and Banking, 42(2‐3), 347-371. KUZNETS, P. W. (1988). An East Asian Model of Economic Development: Japan, Taiwan, and South Korea. Economic Development and Cultural Change, 36(S3), S11-S43. LEVIEUGE, G., LUCOTTE, Y., & PRADINES-JOBET, F. (2017). Central banks’ preferences and banking sector vulnerability. Journal of Financial Stability. MADHAVAN, V. (2017). How interrelated are MIST equity markets with the developed stock markets of the world?. Cogent Economics & Finance, 5(1), 1362822. NAUDÉ, W. (2009). The financial crisis of 2008 and the developing countries (No. 2009/01). WIDER Discussion Papers, World Institute for Development Economics (UNU-WIDER). PAPADAMOU, S., SIDIROPOULOS, M., & SPYROMITROS, E. (2014). Does central bank transparency affect stock market volatility?. Journal of International Financial Markets, Institutions and Money, 31, 362-377. PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. POSSO, A., & TAWADROS, G. B. (2013). Does greater central bank independence really lead to lower inflation? Evidence from panel data. Economic Modelling, 33, 244-247. SARGAN, J. D. (1958). The estimation of economic relationships using instrumental variables. Econometrica: Journal of the Econometric Society, 393-415. SCHMIDT, V. A. (2016). Reinterpreting the rules ‘by stealth’in times of crisis: a discursive institutionalist analysis of the European Central Bank and the European Commission. West European Politics, 39(5), 1032-1052. SMAGA, P. (2013). Assessing involvement of central banks in financial stability. Center for Financial Stability. Policy paper. SPIEGLER, R. (2016). Bayesian networks and boundedly rational expectations. The Quarterly Journal of Economics, 131(3), 1243-1290. İnternet Kaynakları BIS. Retrieved 12 April 2019 from https://www.bis.org/speeches/sp140606.pdf CHICAGOBOOTH.COM. Wayback Machine. (2019). Retrieved 1 May 2019 from https://web.archive.org/web/20100331050553/http://www.chicagobooth.edu/alumni/clubs/pakistan/docs/next11dream-march%20%2707-goldmansachs.pdf CHOSUN.COM. Moody's Raises Korea's Credit Range. (2010). Retrieved 21 February 2019 from http://english.chosun.com/site/data/html_dir/2010/08/02/2010080201090.html FRB: Speech, Bernanke--The Great Moderation--February 20, 2004. (2004). Retrieved 23 April 2019 from https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/ HANI.CO.KR. Financial markets unstable in S.Korea following Cheonan sinking. (2018). Retrieved 17 April 2019 from http://hani.co.kr/arti/english_edition/e_business/422572.html JAKARTAGLOBE.ID. Moody's Upgrades Indonesia's Sovereign Rating in Boost to Jokowi's Economic Agenda. (2012). Retrieved 22 April 2019 from https://jakartaglobe.id/business/moodys-upgrades-indonesias-sovereign-rating-boost-jokowis-economic-agenda/ NIKKEI.COM. Nearly one billion Asians in vulnerable jobs, says ILO. (2018). Retrieved 22 April 2019 from https://asia.nikkei.com/Economy/Nearly-one-billion-Asians-in-vulnerable-jobs-says-ILO OECD iLibrary | Home. (2011). Retrieved 23 April 2019 from https://www.oecd-ilibrary.org/sites/9789264298750-5-en/index.html?itemId=/content/component/9789264298750-5-en
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Details

Primary Language Turkish
Journal Section Makaleler
Authors

Mustafa Salim Erek

Publication Date July 31, 2019
Submission Date May 11, 2019
Published in Issue Year 2019 Volume: 11 Issue: 21

Cite

APA Erek, M. S. (2019). MERKEZ BANKASI BAĞIMSIZLIĞI VE MALİ GÜVEN İLİŞKİSİ: MIST ÜLKELERİ PANEL VERİ UYGULAMASI. Finansal Araştırmalar Ve Çalışmalar Dergisi, 11(21), 197-208. https://doi.org/10.14784/marufacd.623397