EXAMINING THE RELATIONSHIP BETWEEN ECONOMIC FREEDOM INDEX AND DOMESTIC CREDIT IN SOUTHEASTERN EUROPEAN COOPERATION MEMBER COUNTRIES USING PANEL DATA METHOD

Year 2023, , 2529 - 2546, 25.12.2023

Hasan Kazak , Abdullah Kılıçarslan

https://doi.org/10.30783/nevsosbilen.1376149

Abstract

The aim of this study is to assess the impact of economic freedoms on domestic credit to the private sector in the member countries of the Southeast European Cooperation, namely Albania, Bulgaria, Greece, Croatia, Romania, Slovenia, and Turkey. In this context, Fractional Frequency Flexible Fourier Form Panel Cointegration Test, and single-frequency panel Fourier granger causality test have been used to reveal the relationship and direction between economic freedom and domestic credit to the private sector. The analysis was conducted using annual data for the period 1995-2021. Empirical analyses showed a statistically significant long-term relationship between the domestic credit dependent variable for the private sector and the independent variable of economic freedoms through the cointegration tests. The results of the Fourier Toda-Yamamoto Causality Test, which examines short-term relationships, show that there is a one-way causality relationship from economic freedoms to domestic credit to the private sector in the case of Albania, Bulgaria, and Slovenia, while no causality relationship was identified for the other countries. However, no causality relationship was identified for the other countries. Consequently, economic freedoms affect the amount of domestic credit to the private sector by banks in the long run.

Keywords

Economic Freedom, Domestic Credit, Cointegration

GÜNEYDOĞU AVRUPA İŞ BİRLİĞİ ÜYESİ ÜLKELERDE EKONOMİK ÖZGÜRLÜK ENDEKSİ İLE YURTİÇİ KREDİLER ARASINDAKİ İLİŞKİLERİN PANEL VERİ YÖNTEMİYLE İNCELENMESİ

Abstract

Bu çalışmanın amacı, Güneydoğu Avrupa iş birliği üyesi ülkelerden Arnavutluk, Bulgaristan, Yunanistan, Hırvatistan, Romanya, Slovenya ve Türkiye açısından ekonomik özgürlüklerin özel sektöre yönelik yurtiçi krediler üzerindeki etkisini değerlendirmektir. Bu bağlamda, ekonomik özgürlük ve özel sektöre yönelik yurt içi krediler arasındaki ilişkiyi ve yönünü ortaya çıkarmak üzere kesirli frekans esnek Fourier form paneli eşbütünleşme testi ve tek frekanslı panel fourier granger nedensellik testi kullanılmıştır. Çalışmada 1995-2021 dönemi yıllık verileri üzerinden analizler gerçekleştirilmiştir. Ampirik analizler sonucunda, eşbütünleşme testleriyle özel sektöre yönelik yurt içi krediler bağımlı değişkeni ile ekonomik özgürlükler bağımsız değişkeni arasında istatistiksel olarak anlamlı uzun dönemli ilişki olduğu ortaya konulmuştur. Kısa dönemli ilişkinin analiz edildiği Fourier Toda-Yamamoto Nedensellik Testi sonuçları ise Arnavutluk, Bulgaristan ve Slovenya için ekonomik özgürlükler değişkeninden özel sektöre yönelik yurt içi krediler değişkenine doğru tek yönlü nedensellik ilişkisinin olduğunu diğer ülkeler için ise herhangi bir nedensellik ilişkisinin olmadığını ortaya koymuştur. Buna göre ekonomik özgürlükler uzun dönemde bankalar tarafından özel sektöre yurt içi kredi tutarını etkilemektedir. Kısa dönemli ilişkilerde ise sadece üç ülke için (Arnavutluk, Bulgaristan ve Slovenya) ekonomik özgürlüklerden özel sektöre yönelik yurt içi krediler değişkenine doğru tek taraflı nedensellik ilişkisi söz konusudur.

Keywords

Ekonomik Özgürlük, Yurtiçi Krediler, Eşbütünleşme

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