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Analysis of Financial Development Shocks at Different Time Scales with Wavelet Transform (Wavelet): The Case of MERCOSUR Countries

Year 2023, , 313 - 332, 26.10.2023

Havanur Ergün Tatar

https://doi.org/10.17233/sosyoekonomi.2023.04.16

Abstract

The primary purpose of this study is to analyse financial development shocks in the MERCOSUR country group with annual data for the period 1980-2020. In the analysis, the financial development index (FD), the financial institutions index (FI) constituting it and financial markets indices (FM) are used to represent financial development. The wavelet transforms method tests whether the shocks are permanent in the short, medium and long term. In this respect, the study makes an important contribution to the literature. In conclusion, it is determined that the shocks encountered by all the variables examined in the medium term are temporary.

Keywords

Financial Development Wavelet Method MERCOSUR Countries

References

  • Abu‐Bader, S. & A.S. Abu‐Qarn (2008), “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”, Review of Development Economics, 12(4), 803-817.
  • Adler, G. et al. (2016), “Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play A Stabilizing Role?”, Journal of International Money and Finance, 60, 8-28.
  • Ağayev, S. (2012), “Geçiş Ekonomilerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 32(1), 155-164.
  • Allegret, J.P. & A. Sand-Zantman (2009), “Modeling The Impact of Real and Financial Shocks on Mercosur: The Role of The Exchange Rate Regime”, Open Economies Review, 20, 359-384.
  • Altıner, A. & E. Bozkurt (2018), “N11 Ülkelerinde Finansal Gelişme ve Ekonomik Büyüme: Panel Veri Analizi”, Uluslararası Ekonomi İşletme ve Politika Dergisi, 2(2), 197-212.
  • Al-Yousif, Y.K. (2002), “Financial Development and Economic Growth: Another Look at The Evidence from Developing Countries”, Review of Financial Economics, 11(2), 131-150.
  • Apergis, N. et al. (2007), “Financial Deepening and Economic Growth Linkages: A Panel Data Analysis”, Review of World Economics, 143, 179-198.
  • Araghi, A. et al. (2015), “Using Wavelet Transforms to Estimate Surface Temperature Trends and Dominant Periodicities in Iran Based on Gridded Reanalysis Data”, Atmospheric Research, 155, 52-72.
  • Aslan, A. & İ. Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, Istanbul University Econometrics and Statistics e-Journal, (4), 25-38.
  • BCBS (2004), International Convergence of Capital Measurement and Capital Standards, <http://www. bis.org/publ/bcbsca.htm>, 01.02.2023.
  • Becker, R. et al. (2006), “A Stationarity Test in the Presence of An Unknown Number of Smooth Breaks”, Journal of Time Series Analysis, 27(3), 381-409.
  • Boschi, M. (2005), “International Financial Contagion: Evidence from The Argentine Crisis of 2001-2002”, Applied Financial Economics, 15, 153-163.
  • Bozoklu, Ş. & V. Yılancı (2013), “Finansal Gelişme ve İktisadi Büyüme Arasindaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • Cameron, R. et al. (1967), Banking in the Early Stages of Industrialisation: A Study in Comparative Economic History, Oxford University Press, New York.
  • Campello, M. et al. (2011), “Liquidity Management and Corporate Investment During a Financial Crisis”, Review of Financial Studies, 24(6), 1944-1979.
  • Chaiechi, T. (2012), “Financial Development Shocks and Contemporaneous Feedback Effect on Key Macroeconomic Indicators: A Post Keynesian Time Series Analysis”, Economic Modelling, 29(2), 487-501.
  • Chakraborty, I. (2008), “Does Financial Development Cause Economic Growth? The Case of India”, South Asia Economic Journal, 9(1), 109-139.
  • Chant, J. et al. (2003), Essays on Financial Stability, <https://www.bankofcanada.ca/wp-content/uploads/2010/01/tr95.pdf>, 12.02.2023.
  • Christiano, L.J. et al. (2007), Financial Factors in Business Cycles, <https://www.ecb.europa.eu/events/pdf/conferences/ecbcf_cbfm/MottoRostagno_paper.pdf?2b6da86ad453ba1511c61447f9fd6523>, 10.02.2023.
  • Christopoulos, D.K. & E.G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, 73(1), 55-74.
  • Cihak, M. et al. (2012), “Benchmarking Financial Systems Around The World”, World Bank Policy Research Working Paper, 6175.
  • Čihák, M. et al. (2013), “Financial Development in 205 Economies, 1960 to 2010”, National Bureau of Economic Research Working Paper, 18946.
  • De Graeve, F. (2008), “The External Finance Premium and The Macroeconomy: US post-WWII Evidence”, Journal of Economic Dynamics and Control, 32(11), 3415-3440.
  • De Haas, R. & N. Van Horen (2009), “The Crisis As A Wake-Up Call. Do Banks Tighten Lending Standards During A Financial Crisis?”, Working Paper, 16382.
  • Doğan, H. (2002), “Finansal Derinleşme ve Ekonomik Büyüme İlişkisi: Türkiye Örneği”, İktisat İşletme ve Finans Dergisi, 190, 60-71.
  • Durusu-Ciftci, D. et al. (2016), “Financial Development and Economic Growth: Some Theory and More Evidence”, Journal of Policy Modeling, 39(2), 290-306.
  • Ergeç, E.H. (2004), “Finansal Gelişme ile Ekonomik Büyüme Arasındaki Nedensellik İlişkisi ve Türkiye Örneği: 1988-2001”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 5(2), 51-66.
  • Fahmi, M.S. et al. (2019), “Testing for Unit Roots and Structural Breaks in Malaysia Unanticipated Macroeconomic Variables”, Malaysian Journal of Business and Economics, 6(2), 1-12.
  • Fayissa, B. & C. Nsiah (2012), “Financial Development and Remittances in Africa and The Americas: A Panel Unit-Root Tests and Panel Cointegration Analysis”, Working Paper Series, 201201.
  • Galindo, A.J. et al. (2013), “Financial Integration and Foreign Banks in Latin America: How Do They Impact The Transmission of External Financial Shocks?”, In Global Banking, Financial Markets and Crises, 14, 305-339.
  • Gencay, R. et al. (2010), “Asymmetry of Information Flow Between Volatilities Across Time Scales”, Quant Finance, 10, 895-915.
  • Gerschenkron, A. (1962), Economic Backwardness in Historical Perspective: A Book of Essays, Harvard University Press, Cambridge.
  • Ghirmay, T. (2004), “Financial Development and Economic Growth in Sub‐Saharan African Countries: Evidence From Time Series Analysis”, African Development Review, 16(3), 415-432.
  • Glick, R. & A.K. Rose (1999), “Contagion and Trade: Why are Currency Crises Regional?”, Journal of International Money and Finance, 18, 603-617.
  • Goldsmith, R.W. (1969), Financial Structure and Development, Yale University Press, New Haven, CT.
  • Ha, J. et al. (2018), “Linear and Nonlinear Causal Relationship Between Energy Consumption and Economic Growth in China: New Evidence Based on Wavelet Analysis”, PloS one, 13, 1-21.
  • Hirakata, N. et al. (2009), “Chained Credit Contracts and Financial Accelerators”, IMES Discussion Paper Series, 2009-E-30.
  • IMF (2023a), FD Index Database, <https://data.imf.org/?sk=388DFA60-1D26-4ADE-B505-A05A558D9A42&sId=1479329132316>, 01.12.2022.
  • IMF (2023b), Financial Development, Top Twenty Countries, <https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B&ref=mondato-insight&sId=1481207801912>, 01.12.2022.
  • Işık, H.B. & O. Bilgin (2016), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği”, İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757-1765.
  • İnal, V. (2021), “Türkiye’de Finansal Gelişme Şokları Kalıcı Mı? Geçici Mi? Dalgacık Tabanlı Birim Kök Testlerinden Kanıtlar”, Alanya Akademik Bakış, 5(3), 1433-1442.
  • İnançlı, S. vd. (2016), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: D-8 Örneği”, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14(4), 36-49.
  • Kandır, S.Y. vd. (2007), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • Kim, J.H. & I. Choi (2017), “Unit Roots in Economic and Financial Time Series: A Re-Evaluation at The Decision-Based Significance Levels”, Econometrics, 5(3), 41.
  • Krapohl, S. (2015), “Financial Crises As Catalysts for Regional Cooperation? Chances and Obstacles for Financial Integration in ASEAN+ 3, MERCOSUR and The Eurozone”, Contemporary Politics, 21(2), 161-178.
  • Kwiatkowski, D. et al. (1992), “Testing the Null Hypothesis of Stationarity Against The Alternative of Unit Root”, Journal of Econometrics, 54, 159-178.
  • Liang, Q. & T. Jian-Zhou (2006), “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
  • Meh, C.A. & K. Moran (2010), “The Role of Bank Capital in The Propagation of Shocks”, Journal of Economic Dynamics and Control, 34(3), 555-576.
  • Nolan, C. & C. Thoenissen (2009), “Financial Shocks and The US Business Cycle”, Journal of Monetary Economics, 56(4), 596-604.
  • Öztürk, N. vd. (2011), “Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar için Bir Panel Nedensellik Analizi”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 30(1), 53-69.
  • Paudel, R.C. & J. Sun (2020), “Financial Development, Export Performance and Economic Growth in BRICS: New Evidence from Panel Unit Root and ARDL Cointegration”, IOSR Journal of Economics and Finance, 11(6), 36-49.
  • Percival, D. & A. Walden (2000), Wavelet Methods for Time Series Analysis, Cambridge, UK: Cambridge University Press.
  • Pericoli, M & M. Sbracia (2003), “A Primer on Financial Contagion”, Journal of Economic Surveys, 17(4), 571-608.
  • Qi, L. & T. Jianzhou (2006), “Unit Roots and Structural Breakpoints in China’s Macroeconomic and Financial Time Series”, Frontiers of Economics in China, 1(4), 537-559.
  • Rajan, R.G. (2006), “Has Financial Development Made The World Riskier?”, European Financial Management,12(4), 499-533.
  • Rose, A. (2006), “A Stable International Monetary System Emerges: Bretton Woods Reversed”, CEPR Discussion Paper, 5854.
  • Schularick, M. & A.M. Taylor (2009), “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008”, NBER Working Paper, 15512.
  • Schumpeter, J.A. (1911), The Theory of Economic Development, Harvard University Press, Cambridge.
  • Svirydzenka, K. (2016), “Introducing A New Broad-Based Index of Financial Development”, IMF Working Paper, Wp/16/5.
  • Thangavelu, S.M. & A. Beng Jiunn (2004), “Financial Development and Economic Growth in Australia: An Empirical Analysis”, Empirical Economics, 29, 247-260.
  • Ursavaş, U. & V. Yılancı (2022), “Convergence Analysis of Ecological Footprint at Different Time Scales: Evidence from Southern Common Market Countries”, Energy & Environment, 34(2), 429-442.
  • Vaillant, M. (2005), “MERCOSUR: Southern Integration Under Construction”, MPRA Paper, 47251.
  • Walden, A.T. (2001), Wavelet Analysis of Discrete Time Series, <https://www.math.uni-bielefeld.de/~rehmann/ECM/cdrom/3ecm/pdfs/pant3/walden.pdf>, 12.01.2023.
  • Yılancı, V. (2017), “Petrol Fiyatları ve Ekonomik Büyüme Arasındaki İlişkinin İncelenmesi: Fourier Yaklaşımı”, Ekonometri ve İstatistik e-Dergisi, (27), 51-67.

Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği

Year 2023, , 313 - 332, 26.10.2023

Havanur Ergün Tatar

https://doi.org/10.17233/sosyoekonomi.2023.04.16

Abstract

Bu çalışmanın temel amacı, 1980-2020 dönemi yıllık verilerle MERCOSUR ülke grubunda finansal gelişme şoklarını analiz etmektir. Analizde, finansal gelişmeyi temsilen finansal gelişim endeksi (FD) ve onu oluşturan finansal kurumlar endeksi (FI) ile finansal piyasalar endeksleri (FM) kullanılmıştır. Dalgacık dönüşümü kullanılarak şokların kısa, orta ve uzun vadede kalıcı olup olmadığı sınanmıştır. Bu yönüyle çalışma literatüre önemli katkı sunmaktadır. Araştırma neticesinde orta vadede, incelenen tüm değişkenlerin karşılaştığı şokların geçici özellik taşıdığı tespit edilmiştir.

Keywords

Finansal Gelişme Wavelet Yöntemi MERCOSUR Ülkeleri

References

  • Abu‐Bader, S. & A.S. Abu‐Qarn (2008), “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”, Review of Development Economics, 12(4), 803-817.
  • Adler, G. et al. (2016), “Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play A Stabilizing Role?”, Journal of International Money and Finance, 60, 8-28.
  • Ağayev, S. (2012), “Geçiş Ekonomilerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 32(1), 155-164.
  • Allegret, J.P. & A. Sand-Zantman (2009), “Modeling The Impact of Real and Financial Shocks on Mercosur: The Role of The Exchange Rate Regime”, Open Economies Review, 20, 359-384.
  • Altıner, A. & E. Bozkurt (2018), “N11 Ülkelerinde Finansal Gelişme ve Ekonomik Büyüme: Panel Veri Analizi”, Uluslararası Ekonomi İşletme ve Politika Dergisi, 2(2), 197-212.
  • Al-Yousif, Y.K. (2002), “Financial Development and Economic Growth: Another Look at The Evidence from Developing Countries”, Review of Financial Economics, 11(2), 131-150.
  • Apergis, N. et al. (2007), “Financial Deepening and Economic Growth Linkages: A Panel Data Analysis”, Review of World Economics, 143, 179-198.
  • Araghi, A. et al. (2015), “Using Wavelet Transforms to Estimate Surface Temperature Trends and Dominant Periodicities in Iran Based on Gridded Reanalysis Data”, Atmospheric Research, 155, 52-72.
  • Aslan, A. & İ. Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, Istanbul University Econometrics and Statistics e-Journal, (4), 25-38.
  • BCBS (2004), International Convergence of Capital Measurement and Capital Standards, <http://www. bis.org/publ/bcbsca.htm>, 01.02.2023.
  • Becker, R. et al. (2006), “A Stationarity Test in the Presence of An Unknown Number of Smooth Breaks”, Journal of Time Series Analysis, 27(3), 381-409.
  • Boschi, M. (2005), “International Financial Contagion: Evidence from The Argentine Crisis of 2001-2002”, Applied Financial Economics, 15, 153-163.
  • Bozoklu, Ş. & V. Yılancı (2013), “Finansal Gelişme ve İktisadi Büyüme Arasindaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • Cameron, R. et al. (1967), Banking in the Early Stages of Industrialisation: A Study in Comparative Economic History, Oxford University Press, New York.
  • Campello, M. et al. (2011), “Liquidity Management and Corporate Investment During a Financial Crisis”, Review of Financial Studies, 24(6), 1944-1979.
  • Chaiechi, T. (2012), “Financial Development Shocks and Contemporaneous Feedback Effect on Key Macroeconomic Indicators: A Post Keynesian Time Series Analysis”, Economic Modelling, 29(2), 487-501.
  • Chakraborty, I. (2008), “Does Financial Development Cause Economic Growth? The Case of India”, South Asia Economic Journal, 9(1), 109-139.
  • Chant, J. et al. (2003), Essays on Financial Stability, <https://www.bankofcanada.ca/wp-content/uploads/2010/01/tr95.pdf>, 12.02.2023.
  • Christiano, L.J. et al. (2007), Financial Factors in Business Cycles, <https://www.ecb.europa.eu/events/pdf/conferences/ecbcf_cbfm/MottoRostagno_paper.pdf?2b6da86ad453ba1511c61447f9fd6523>, 10.02.2023.
  • Christopoulos, D.K. & E.G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, 73(1), 55-74.
  • Cihak, M. et al. (2012), “Benchmarking Financial Systems Around The World”, World Bank Policy Research Working Paper, 6175.
  • Čihák, M. et al. (2013), “Financial Development in 205 Economies, 1960 to 2010”, National Bureau of Economic Research Working Paper, 18946.
  • De Graeve, F. (2008), “The External Finance Premium and The Macroeconomy: US post-WWII Evidence”, Journal of Economic Dynamics and Control, 32(11), 3415-3440.
  • De Haas, R. & N. Van Horen (2009), “The Crisis As A Wake-Up Call. Do Banks Tighten Lending Standards During A Financial Crisis?”, Working Paper, 16382.
  • Doğan, H. (2002), “Finansal Derinleşme ve Ekonomik Büyüme İlişkisi: Türkiye Örneği”, İktisat İşletme ve Finans Dergisi, 190, 60-71.
  • Durusu-Ciftci, D. et al. (2016), “Financial Development and Economic Growth: Some Theory and More Evidence”, Journal of Policy Modeling, 39(2), 290-306.
  • Ergeç, E.H. (2004), “Finansal Gelişme ile Ekonomik Büyüme Arasındaki Nedensellik İlişkisi ve Türkiye Örneği: 1988-2001”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 5(2), 51-66.
  • Fahmi, M.S. et al. (2019), “Testing for Unit Roots and Structural Breaks in Malaysia Unanticipated Macroeconomic Variables”, Malaysian Journal of Business and Economics, 6(2), 1-12.
  • Fayissa, B. & C. Nsiah (2012), “Financial Development and Remittances in Africa and The Americas: A Panel Unit-Root Tests and Panel Cointegration Analysis”, Working Paper Series, 201201.
  • Galindo, A.J. et al. (2013), “Financial Integration and Foreign Banks in Latin America: How Do They Impact The Transmission of External Financial Shocks?”, In Global Banking, Financial Markets and Crises, 14, 305-339.
  • Gencay, R. et al. (2010), “Asymmetry of Information Flow Between Volatilities Across Time Scales”, Quant Finance, 10, 895-915.
  • Gerschenkron, A. (1962), Economic Backwardness in Historical Perspective: A Book of Essays, Harvard University Press, Cambridge.
  • Ghirmay, T. (2004), “Financial Development and Economic Growth in Sub‐Saharan African Countries: Evidence From Time Series Analysis”, African Development Review, 16(3), 415-432.
  • Glick, R. & A.K. Rose (1999), “Contagion and Trade: Why are Currency Crises Regional?”, Journal of International Money and Finance, 18, 603-617.
  • Goldsmith, R.W. (1969), Financial Structure and Development, Yale University Press, New Haven, CT.
  • Ha, J. et al. (2018), “Linear and Nonlinear Causal Relationship Between Energy Consumption and Economic Growth in China: New Evidence Based on Wavelet Analysis”, PloS one, 13, 1-21.
  • Hirakata, N. et al. (2009), “Chained Credit Contracts and Financial Accelerators”, IMES Discussion Paper Series, 2009-E-30.
  • IMF (2023a), FD Index Database, <https://data.imf.org/?sk=388DFA60-1D26-4ADE-B505-A05A558D9A42&sId=1479329132316>, 01.12.2022.
  • IMF (2023b), Financial Development, Top Twenty Countries, <https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B&ref=mondato-insight&sId=1481207801912>, 01.12.2022.
  • Işık, H.B. & O. Bilgin (2016), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği”, İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757-1765.
  • İnal, V. (2021), “Türkiye’de Finansal Gelişme Şokları Kalıcı Mı? Geçici Mi? Dalgacık Tabanlı Birim Kök Testlerinden Kanıtlar”, Alanya Akademik Bakış, 5(3), 1433-1442.
  • İnançlı, S. vd. (2016), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: D-8 Örneği”, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14(4), 36-49.
  • Kandır, S.Y. vd. (2007), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • Kim, J.H. & I. Choi (2017), “Unit Roots in Economic and Financial Time Series: A Re-Evaluation at The Decision-Based Significance Levels”, Econometrics, 5(3), 41.
  • Krapohl, S. (2015), “Financial Crises As Catalysts for Regional Cooperation? Chances and Obstacles for Financial Integration in ASEAN+ 3, MERCOSUR and The Eurozone”, Contemporary Politics, 21(2), 161-178.
  • Kwiatkowski, D. et al. (1992), “Testing the Null Hypothesis of Stationarity Against The Alternative of Unit Root”, Journal of Econometrics, 54, 159-178.
  • Liang, Q. & T. Jian-Zhou (2006), “Financial Development and Economic Growth: Evidence from China”, China Economic Review, 17(4), 395-411.
  • Meh, C.A. & K. Moran (2010), “The Role of Bank Capital in The Propagation of Shocks”, Journal of Economic Dynamics and Control, 34(3), 555-576.
  • Nolan, C. & C. Thoenissen (2009), “Financial Shocks and The US Business Cycle”, Journal of Monetary Economics, 56(4), 596-604.
  • Öztürk, N. vd. (2011), “Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar için Bir Panel Nedensellik Analizi”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 30(1), 53-69.
  • Paudel, R.C. & J. Sun (2020), “Financial Development, Export Performance and Economic Growth in BRICS: New Evidence from Panel Unit Root and ARDL Cointegration”, IOSR Journal of Economics and Finance, 11(6), 36-49.
  • Percival, D. & A. Walden (2000), Wavelet Methods for Time Series Analysis, Cambridge, UK: Cambridge University Press.
  • Pericoli, M & M. Sbracia (2003), “A Primer on Financial Contagion”, Journal of Economic Surveys, 17(4), 571-608.
  • Qi, L. & T. Jianzhou (2006), “Unit Roots and Structural Breakpoints in China’s Macroeconomic and Financial Time Series”, Frontiers of Economics in China, 1(4), 537-559.
  • Rajan, R.G. (2006), “Has Financial Development Made The World Riskier?”, European Financial Management,12(4), 499-533.
  • Rose, A. (2006), “A Stable International Monetary System Emerges: Bretton Woods Reversed”, CEPR Discussion Paper, 5854.
  • Schularick, M. & A.M. Taylor (2009), “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008”, NBER Working Paper, 15512.
  • Schumpeter, J.A. (1911), The Theory of Economic Development, Harvard University Press, Cambridge.
  • Svirydzenka, K. (2016), “Introducing A New Broad-Based Index of Financial Development”, IMF Working Paper, Wp/16/5.
  • Thangavelu, S.M. & A. Beng Jiunn (2004), “Financial Development and Economic Growth in Australia: An Empirical Analysis”, Empirical Economics, 29, 247-260.
  • Ursavaş, U. & V. Yılancı (2022), “Convergence Analysis of Ecological Footprint at Different Time Scales: Evidence from Southern Common Market Countries”, Energy & Environment, 34(2), 429-442.
  • Vaillant, M. (2005), “MERCOSUR: Southern Integration Under Construction”, MPRA Paper, 47251.
  • Walden, A.T. (2001), Wavelet Analysis of Discrete Time Series, <https://www.math.uni-bielefeld.de/~rehmann/ECM/cdrom/3ecm/pdfs/pant3/walden.pdf>, 12.01.2023.
  • Yılancı, V. (2017), “Petrol Fiyatları ve Ekonomik Büyüme Arasındaki İlişkinin İncelenmesi: Fourier Yaklaşımı”, Ekonometri ve İstatistik e-Dergisi, (27), 51-67.
There are 64 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Havanur Ergün Tatar 0000-0002-4284-9083

Publication Date October 26, 2023
Submission Date April 10, 2023
Published in Issue Year 2023

Cite

APA Ergün Tatar, H. (2023). Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği. Sosyoekonomi, 31(58), 313-332. https://doi.org/10.17233/sosyoekonomi.2023.04.16
AMA Ergün Tatar H. Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği. Sosyoekonomi. October 2023;31(58):313-332. doi:10.17233/sosyoekonomi.2023.04.16
Chicago Ergün Tatar, Havanur. “Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) Ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği”. Sosyoekonomi 31, no. 58 (October 2023): 313-32. https://doi.org/10.17233/sosyoekonomi.2023.04.16.
EndNote Ergün Tatar H (October 1, 2023) Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği. Sosyoekonomi 31 58 313–332.
IEEE H. Ergün Tatar, “Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği”, Sosyoekonomi, vol. 31, no. 58, pp. 313–332, 2023, doi: 10.17233/sosyoekonomi.2023.04.16.
ISNAD Ergün Tatar, Havanur. “Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) Ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği”. Sosyoekonomi 31/58 (October 2023), 313-332. https://doi.org/10.17233/sosyoekonomi.2023.04.16.
JAMA Ergün Tatar H. Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği. Sosyoekonomi. 2023;31:313–332.
MLA Ergün Tatar, Havanur. “Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) Ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği”. Sosyoekonomi, vol. 31, no. 58, 2023, pp. 313-32, doi:10.17233/sosyoekonomi.2023.04.16.
Vancouver Ergün Tatar H. Finansal Gelişme Şoklarının Dalgacık Dönüşümü (Wavelet) ile Farklı Zaman Ölçeklerinde Analizi: MERCOSUR Ülkeleri Örneği. Sosyoekonomi. 2023;31(58):313-32.