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Türkiye’de Finansal Gelişme ile Ticari Serbestleşmenin Büyümeye Etkisi

Year 2015, Volume: 10 Issue: 3, 0 - 0, 01.12.2015

Mehmet Zeki Ak M Kemal Aydın Nurullah Altıntaş Düzeltilmiş En Küçük

Abstract

Ticaretin ve finansın önündeki engelleri azaltıp dışa açılan ekonomilerin içe dönük ekonomilere göre daha hızlı büyüme kaydettiğine vurgu yapan neoliberal yaklaşımlar, gerek politika yapıcıların gerekse çekmektedir. gerçekleştirilen bu çalışma, neoliberal yaklaşımı destekle-yen Çalışmada ekonomisinde gelişme ve büyüme değişkenleri arasındaki ilişki sorgulanmıştır. Bu amaca dönük olarak Johansen eş-bütünleşme testleri ile Dinamik En Küçük Kareler Yöntemi DOLS ve Düzeltilmiş En Küçük Kareler Yöntemi FMOLS uygulanmıştır. Johansen testi sonuçlarına göre değişkenler arasında bir eşbütünleşme ilişkisi bulun-maktadır. Bir başka ifade ile finansal gelişme ve ticari serbestleşme, ülkenin büyüme performansını belirleyen güçlü birer faktördür. Diğer taraftan DOLS ve FMOLS testleri, üzerindeki etkisi-nin finansal serbestleşmenin büyüme üzerindeki etkisinden daha güçlü olduğu göstermektedir

References

  • Atif, R. M., A. Jadoon, K. Zaman, A. Ismail, R. Seemab (2010), “Trade Liberalization
  • Finan-cial Development and Economic Growth: Evidence from Pakistan: 1980
  • ”, Journal of International Academic Research, 10 (2), 30-37. Awojobi, O. (2013), “Does Trade Openness and Financial Liberalization Foster
  • Growth: An Empirical Study of Greek Economy”, International Journal of Social Economics, 40 (6), 537-555. Barro, R. J. ve X. Sala-i Martin, (1995). Economic Growth, New York: McGraw-Hill
  • Bencivenga, V. R. ve B. D. Smith (1991), “Financial Intermediation and Endogenous
  • Growth”, Review of Economic Studies, 58(2), 195-209. Bojanic, A. N. (2012), “The Impact of Financial Development and Trade on The Economic Growth of Bolivia”, Journal of Applied Economics, 15 (1), 51-70.
  • Chimobi, O. P. (2010), “The Causal Relationship among Financial Development
  • Trade Open-ness and Economic Growth in Nigeria”, International Journal of Economics and Finance, 2 (2), 137-147. Dickey, D. A. ve W.A. Fuller (1981), “Distribution of the Estimators for
  • Autoregressive Time Series with a Unit Root”, Econometrica, 49 (4), 1057-1072.
  • Dollar, D. (1992), “Outward-oriented Developing Economies Really Do Grow More
  • Rapidly: Evidence from 95 LDCs: 1976–1985”, Economic Development and Cultural Change, 40 (3), 523-544.
  • Edwards, S. (1998), “Openness, Productivity and Growth: What Do We Really
  • Know”, Eco-nomic Journal, 108 (447), 383-398. Elliott, G. R., T. J. Rothenberg and J. H. Stock (1996), “Efficient Tests for an
  • Autoregressive Unit Root”, Econometrica, 64 (4), 813-836. Greenaway, D., W. Morgan, P. Wright (2002), “Trade Liberalization and Growth in
  • Greenwood, J. ve B. Jovanovic (1990), “Financial Development, Growth and The Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Grossman, G. M., ve E. Helpman (1991), Innovation and Growth in The Global
  • Economy, Cambridge: MIT Press. Harrison, A. (1996), “Openness and Growth: A time-series, Cross-country Analysis for Devel-oping Countries”, Journal of Development Economics, 48 (2), 419-447.
  • İsmihan, M. ve F. G. Özkan (2012), “Public Debt and Financial Development: A
  • Theoretical Exploration”, Economics Letters, 115 (3), 348-351. İsmihan, M., B. Özkösem, S. M. Cilasun (2013), “Finance, Instability, Debt and Growth: The Turkish Case, 1980-2010”, EY International Congress on Economics I
  • Gazi University, An-kara, Turkey, October 24-25. Johansen, S. (1988), “Statistical Analysis of Co-integrating Vectors,” Journal of
  • Economic Dy-namics and Control, 12 (2-3), 231-254. Kar, M., S. Nazlioglu, H. Agir (2011), “Financial Development and Trade Openness
  • Linear and Nonlinear Causality Analysis”. 12th International Symposium on Econometrics Opera-tions Research and Statistics, May 26-29, 2011, Denizli, Turkey.
  • Katircioglu, S. T., N. Kahyalar, H. Benar (2007), “Financial Development, Trade and Growth Triangle: The Case of India”, International Journal of Social Economics, 34 (9), 586-598
  • Kennedy, P. (2003), A Guide to Econometrics, Cambridge, MA: MIT Press.
  • King, R. G., ve R. Levine (1993) “Finance, Entrepreneurship and Growth”, Journal of Mone-tary Economics, 32(3), 513-542.
  • Levine, R. (2005), “Finance and Growth: Theory and Evidence”, in (eds.) Philippe
  • Aghion and Steven N. Durlauf (2005), Handbook of Economic Growth, North
  • Holland: Elsevier Science, 865-934. Levine, R., ve D. Renelt (1992), “A Sensitivity Analysis of Cross-country Growth
  • Regres-sions”, American Economic Review, 82, 942-963. Leamer, E. E. (1988), “Measures of Openness”, (ed.) Robert E. Baldwin (1988)
  • Trade Policy Issues and Empirical Analysis, University of Chicago Press,145-204. Lucas, R. (1988), “On the Mechanics of Economic Development”, Journal of
  • Monetary Eco-nomics, 22(1), 3-42. Nazlioglu, Ş., K. Menyah, Y. Wolde-Rufael (2014), “Financial Development, Trade
  • Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach”, Economic Modelling, 37, 386-394. Pagano, M. (1993), “Financial Markets and Growth: An Overview”, European
  • Economic Re-view, 37(2-3), 613–622. Phillips, P. C. ve B. E. Hansen (1990), “Statistical Inference in Instrumental
  • Variables Regres-sion with I (1) Processes”, The Review of Economic Studies, 57 (1), 99-125. Rebelo, S. (1991), “Long-Run Policy Analysis and Long-Run Growth”, The Journal of
  • Political Economy, 99 (3), 500-521. Rodriguez, F. and D. Rodrik (2001), “Trade Policy and Economic Growth: a
  • Skeptic’s Guide to the Cross national Evidence”, NBER Macroeconomics Annual , Volume 15. MIT Press, 261-338. Romer, P. (1986), “Increasing Returns and Long Run Growth”, Journal of Political Economy, 94 (5), 1002-1037.
  • Roubini, N. ve X. Sala-i Martin (1992), “Financial Repression and Economic
  • Growth.”, Jour-nal of Development Economics, 39(1), 5-30. Saint-Paul, G. (1992), “Technological Choice, Financial Markets and Economic
  • Development”, European Economic Review, 36(4), 763-781. Sachs, J. D., A. Warner, A. Åslund, S. Fischer, (1995), “Economic Reform and The Process of Global Integration”, Brookings Papers on Economic Activity, 1-118
  • Solow, R. M. (1994), “Perspectives on Growth Theory”, The Journal of Economic Perspecti-ves, 45-54.
  • Yücel, F. (2009), “Causal Relationships between Financial Development, Trade
  • Openness and Economic Growth: The Case of Turkey”, Journal of Social Sciences, (1), 33-42. Wacziarg, R. ve K. H. Welch (2008), “Trade Liberalization and Growth: New
  • Evidence”, The World Bank Economic Review, 22 (2), 187-231.

Year 2015, Volume: 10 Issue: 3, 0 - 0, 01.12.2015

Mehmet Zeki Ak M Kemal Aydın Nurullah Altıntaş Düzeltilmiş En Küçük

Abstract

Neoliberal approaches, which emphasizes that outward looking economies has a faster growth than inward looking economies by reducing the obstacles of trade and finance, gains intense interest of both policymaker and researchers. Based on this interest, this study presents findings that support neoliberal approaches.In this study, trade liberalization in Turkish economy and the relation between financial growth and expansion parameters in the period 1980-2010 are examined.For this aim, Johansen cointegration test with DOLS and FMOLS methodologies are applied. According to results of Johansen test there is a cointegration relation between the parameters.In other words, financial growth and trade liberalization are subsitantial factors thatdetermine the growth performance of the country.On the other hand, DOLS and FMOLS tests shows that trade liberalization has more powerful effect than financial liberalization on growth

Keywords

Liberalization methodologies Financial Development DOLS Trade FMOLS Growth and

References

  • Atif, R. M., A. Jadoon, K. Zaman, A. Ismail, R. Seemab (2010), “Trade Liberalization
  • Finan-cial Development and Economic Growth: Evidence from Pakistan: 1980
  • ”, Journal of International Academic Research, 10 (2), 30-37. Awojobi, O. (2013), “Does Trade Openness and Financial Liberalization Foster
  • Growth: An Empirical Study of Greek Economy”, International Journal of Social Economics, 40 (6), 537-555. Barro, R. J. ve X. Sala-i Martin, (1995). Economic Growth, New York: McGraw-Hill
  • Bencivenga, V. R. ve B. D. Smith (1991), “Financial Intermediation and Endogenous
  • Growth”, Review of Economic Studies, 58(2), 195-209. Bojanic, A. N. (2012), “The Impact of Financial Development and Trade on The Economic Growth of Bolivia”, Journal of Applied Economics, 15 (1), 51-70.
  • Chimobi, O. P. (2010), “The Causal Relationship among Financial Development
  • Trade Open-ness and Economic Growth in Nigeria”, International Journal of Economics and Finance, 2 (2), 137-147. Dickey, D. A. ve W.A. Fuller (1981), “Distribution of the Estimators for
  • Autoregressive Time Series with a Unit Root”, Econometrica, 49 (4), 1057-1072.
  • Dollar, D. (1992), “Outward-oriented Developing Economies Really Do Grow More
  • Rapidly: Evidence from 95 LDCs: 1976–1985”, Economic Development and Cultural Change, 40 (3), 523-544.
  • Edwards, S. (1998), “Openness, Productivity and Growth: What Do We Really
  • Know”, Eco-nomic Journal, 108 (447), 383-398. Elliott, G. R., T. J. Rothenberg and J. H. Stock (1996), “Efficient Tests for an
  • Autoregressive Unit Root”, Econometrica, 64 (4), 813-836. Greenaway, D., W. Morgan, P. Wright (2002), “Trade Liberalization and Growth in
  • Greenwood, J. ve B. Jovanovic (1990), “Financial Development, Growth and The Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Grossman, G. M., ve E. Helpman (1991), Innovation and Growth in The Global
  • Economy, Cambridge: MIT Press. Harrison, A. (1996), “Openness and Growth: A time-series, Cross-country Analysis for Devel-oping Countries”, Journal of Development Economics, 48 (2), 419-447.
  • İsmihan, M. ve F. G. Özkan (2012), “Public Debt and Financial Development: A
  • Theoretical Exploration”, Economics Letters, 115 (3), 348-351. İsmihan, M., B. Özkösem, S. M. Cilasun (2013), “Finance, Instability, Debt and Growth: The Turkish Case, 1980-2010”, EY International Congress on Economics I
  • Gazi University, An-kara, Turkey, October 24-25. Johansen, S. (1988), “Statistical Analysis of Co-integrating Vectors,” Journal of
  • Economic Dy-namics and Control, 12 (2-3), 231-254. Kar, M., S. Nazlioglu, H. Agir (2011), “Financial Development and Trade Openness
  • Linear and Nonlinear Causality Analysis”. 12th International Symposium on Econometrics Opera-tions Research and Statistics, May 26-29, 2011, Denizli, Turkey.
  • Katircioglu, S. T., N. Kahyalar, H. Benar (2007), “Financial Development, Trade and Growth Triangle: The Case of India”, International Journal of Social Economics, 34 (9), 586-598
  • Kennedy, P. (2003), A Guide to Econometrics, Cambridge, MA: MIT Press.
  • King, R. G., ve R. Levine (1993) “Finance, Entrepreneurship and Growth”, Journal of Mone-tary Economics, 32(3), 513-542.
  • Levine, R. (2005), “Finance and Growth: Theory and Evidence”, in (eds.) Philippe
  • Aghion and Steven N. Durlauf (2005), Handbook of Economic Growth, North
  • Holland: Elsevier Science, 865-934. Levine, R., ve D. Renelt (1992), “A Sensitivity Analysis of Cross-country Growth
  • Regres-sions”, American Economic Review, 82, 942-963. Leamer, E. E. (1988), “Measures of Openness”, (ed.) Robert E. Baldwin (1988)
  • Trade Policy Issues and Empirical Analysis, University of Chicago Press,145-204. Lucas, R. (1988), “On the Mechanics of Economic Development”, Journal of
  • Monetary Eco-nomics, 22(1), 3-42. Nazlioglu, Ş., K. Menyah, Y. Wolde-Rufael (2014), “Financial Development, Trade
  • Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach”, Economic Modelling, 37, 386-394. Pagano, M. (1993), “Financial Markets and Growth: An Overview”, European
  • Economic Re-view, 37(2-3), 613–622. Phillips, P. C. ve B. E. Hansen (1990), “Statistical Inference in Instrumental
  • Variables Regres-sion with I (1) Processes”, The Review of Economic Studies, 57 (1), 99-125. Rebelo, S. (1991), “Long-Run Policy Analysis and Long-Run Growth”, The Journal of
  • Political Economy, 99 (3), 500-521. Rodriguez, F. and D. Rodrik (2001), “Trade Policy and Economic Growth: a
  • Skeptic’s Guide to the Cross national Evidence”, NBER Macroeconomics Annual , Volume 15. MIT Press, 261-338. Romer, P. (1986), “Increasing Returns and Long Run Growth”, Journal of Political Economy, 94 (5), 1002-1037.
  • Roubini, N. ve X. Sala-i Martin (1992), “Financial Repression and Economic
  • Growth.”, Jour-nal of Development Economics, 39(1), 5-30. Saint-Paul, G. (1992), “Technological Choice, Financial Markets and Economic
  • Development”, European Economic Review, 36(4), 763-781. Sachs, J. D., A. Warner, A. Åslund, S. Fischer, (1995), “Economic Reform and The Process of Global Integration”, Brookings Papers on Economic Activity, 1-118
  • Solow, R. M. (1994), “Perspectives on Growth Theory”, The Journal of Economic Perspecti-ves, 45-54.
  • Yücel, F. (2009), “Causal Relationships between Financial Development, Trade
  • Openness and Economic Growth: The Case of Turkey”, Journal of Social Sciences, (1), 33-42. Wacziarg, R. ve K. H. Welch (2008), “Trade Liberalization and Growth: New
  • Evidence”, The World Bank Economic Review, 22 (2), 187-231.
There are 43 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Mehmet Zeki Ak This is me

M Kemal Aydın This is me

Nurullah Altıntaş This is me

Düzeltilmiş En Küçük This is me

Publication Date December 1, 2015
Published in Issue Year 2015 Volume: 10 Issue: 3

Cite

APA Ak, M. Z., Aydın, M. K., Altıntaş, N., Küçük, D. E. (2015). Türkiye’de Finansal Gelişme ile Ticari Serbestleşmenin Büyümeye Etkisi. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 10(3).