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THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP

Year 2022, , 22 - 42, 25.02.2022
https://doi.org/10.30520/tjsosci.1057368

Abstract

This study was conducted to determine the relationship between economic growth and financial development in Turkey for the period 1998:Q1 to 2021:Q1. For this purpose, following traditional practices, economic growth is monitored using the real gross domestic products’ changes. Financial development(FD) of Turkey’s monitored by using two aspects of financial development that are found equally important. These aspects are ‘financial institutions development’(FID) and ‘financial markets development’(FMD). Within the scope of the study, which is designed as a time series study, unit root and stationarity process tests were performed. Finding the series stationary, vector autoregressive model (VAR) is proposed. After lag length selection with the stable model, impulse response(IR) analyses were performed. After the IR analyses variance decomposition was performed using the Cholesky method. Both the economic development and financial development are considered to be important for Turkey and they have a relationship. The variables used in the study were found to be representative but not enough to conduct political or financial decisions. With the digital transformation, new variables should also be searched to represent the financial development and economic growth.

References

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  • Işık, H. B., & Bilgin, O. (2016). Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757–1765. Retrieved from http://www.itobiad.com/tr/download/article-file/225589
  • Kandır, S., Yılmaz, Ö., & Önal, Y. B. (2007). Finansal Gelişme Ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311–326. Retrieved from https://dergipark.org.tr/en/download/article-file/50391
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FİNANSAL GELİŞMENİN YENİ YÖNLERİNİ ARAYIŞTA TÜRKİYE ÖRNEĞİ: EKONOMIK BÜYÜME İLİŞKİSİ

Year 2022, , 22 - 42, 25.02.2022
https://doi.org/10.30520/tjsosci.1057368

Abstract

Bu çalışma, Türkiye'de ekonomik büyüme ve finansal gelişme arasındaki ilişkiyi 1998:Q1 - 2021:Q1 dönemi için belirlemek amacıyla yapılmıştır. Bu amaçla geleneksel uygulamalar takip edilerek, reel gayri safi yurtiçi hasıla değişimleri kullanılarak ekonomik büyüme izlenmektedir. Türkiye'nin finansal gelişimi (FD), finansal gelişmenin eşit derecede önemli bulunan iki yönü kullanılarak izlenmektedir. Bu yönler, 'finansal kurumların gelişimi' (FID) ve 'finansal piyasaların gelişimi' (FMD). Zaman serisi çalışması olarak tasarlanan çalışma kapsamında birim kök ve durağanlık süreç testleri yapılmıştır. Seriyi durağan bulan vektör otoregresif model (VAR) önerilmiştir. Kararlı model ile gecikme uzunluğu seçiminden sonra etkitepki (IR) analizleri yapılmıştır. IR analizlerinden sonra Cholesky yöntemi kullanılarak varyans ayrıştırması yapılmıştır. Hem ekonomik kalkınma hem de finansal kalkınma Türkiye için önemli kabul edilmekte ve aralarında bir ilişki bulunmaktadır. Çalışmada kullanılan değişkenlerin temsil yeteneği olduğu ancak siyasi veya finansal kararlar almak için yeterli olmadığı görülmüştür. Dijital dönüşümle birlikte finansal gelişme ve ekonomik büyümeyi temsil edecek yeni değişkenler de aranmalıdır.

References

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  • Aimer, N. M. M. (2021). The Direction of Causality between Economic Growth and Financial Development in Upper Middle-Income Countries. Üst Orta Gelirli Ülkelerde Ekonomik Büyüme Ile Finansal Gelişme Arasındaki Nedensellik Yönü., 5(1), 49–68. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=e5h&AN=151244731&lang=tr&site=eds-live
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  • Demir, Y., Öztürk, E., & Albeni, M. (2007). Türkiye’de Finansal Piyasalar ile Ekonomik Büyüme İlişkisi. Karamanoğlu Mehmetbey Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2007(2), 438–455. Retrieved from https://app.trdizin.gov.tr/makale/TnpVek5URXg/turkiye-de-finansal-piyasalar-ile-ekonomik-buyume-iliskisi
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  • Dornbusch, R., & Fischer, S. (1994). Macroeconomics (6th ed.). McGraw-Hill.
  • Drehmann, M., & Tsatsaronis, K. (2014). The credit-to-GDP gap and countercyclical capital buffers: questions and answers. BIS Quarterly Review.
  • Enders, W. (1995). Applied econometric time series (2nd ed.). Wiley.
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  • Eyüboğlu, K., & Akan, K. (2020). Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisi: RALS-EG Eşbütünleşme Testi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974–988. https://doi.org/10.32709/akusosbil.627788
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  • Granger, C. W. J., & Newbold, P. (1974). Spurious Regressions In Econometrics. Journal of Econometrics, 2(6), 111–120.
  • Hill, R. C., E. Griffiths, W., & Lim, G. C. (2018). Principles of Econometrics (5th ed.). Wiley. Retrieved from https://www.wiley.com/en-us/Principles+of+Econometrics%2C+5th+Edition-p-9781119320944
  • Işık, H. B., & Bilgin, O. (2016). Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757–1765. Retrieved from http://www.itobiad.com/tr/download/article-file/225589
  • Kandır, S., Yılmaz, Ö., & Önal, Y. B. (2007). Finansal Gelişme Ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311–326. Retrieved from https://dergipark.org.tr/en/download/article-file/50391
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  • Mankiw, N. G. (2019). Priniciples of Economics (9th ed.). Cengage.
  • Mike, F., & Alper, A. E. (2021). Kırılgan Ekonomilerde Finansal Gelişme Düzeyinin Ekonomik Büyüme Üzerindeki Etkisi. The Effect of Financial Development on Economic Growth in Fragile Economics., 12(1), 49–64. Retrieved from http://10.0.79.185/berj.2021.310
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  • Nyasha, S., & Odhiambo, N. M. (2014). Bank-based financial development and economic growth: A review of international literature. Journal of Financial Economic Policy, 6(2), 112–132. https://doi.org/10.1108/JFEP-07-2013-0031
  • Öztürk, N., Kılıç Darıcı, H., & Kesikoğlu, F. (2011). Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar İçin Bir Panel Nedensellik Analizi. Marmara Üniversitesi İ.İ.B.F. Dergisi, XXX(I), 53–69. Retrieved from https://dergipark.org.tr/tr/download/article-file/3757
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There are 54 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Gizay Daver 0000-0001-5427-0741

Publication Date February 25, 2022
Published in Issue Year 2022

Cite

APA Daver, G. (2022). THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP. The Journal of Social Science, 6(11), 22-42. https://doi.org/10.30520/tjsosci.1057368