Öz
There is a vast literature on the link between financial development and economic growth. Studies are generally focused on the effect of the developments in money and credit on economic growth. However, the financial institutions and the instruments operating in the financial markets are quite diverse. Especially, the stock markets are an essential pillar of the financial markets. The efficient stock markets help to spread the capital to the base as well as allow the investor to diversify the risk. Moreover, the stock markets provide solutions to the financial problems faced by firms in new investment or expansion at low cost. Market size and market capitalization variables are generally used in the measurement of the stock market efficiency. However, in recent years, market liquidity is considered as one of the best proxies of the efficiency of the stock market. In this study, it was investigated whether there is a relationship between stock market liquidity as an indicator of financial development and economic growth. For this purpose, we implement the Granger causality test to the period between 1995: Q1 – 2018: Q1 using BIST-100 index liquidity and growth rate for Turkey. As a result, it was shown that the increase in stock liquidity had a positive impact on economic growth, but economic growth had no significant effect on the liquidity of the stock market.
Anahtar Kelimeler
Financial Development Economic Growth Liquidity Borsa Istanbul
Kaynakça
- Al-Yousif, Y. Khalifa (2002), “Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries”, Review of Financial Economics, Vol. 11, Issue 2 , ss. 131-150.
- Amihud, Yakov (2002), “Illiquidity and stock returns: cross-section and time-series effects”, Journal of Financial Markets, Vol. 5, Issue 1, ss. 31-56.
- Aziz, Jahangir, and Christoph Duenwald (2002), “Growth-Finance Intermediation Nexus in China”, IMF Working Paper No. WP/02/194, International Monetary Fund: Washington D.C.
- Bencivenga, Valeria, Smith, Bruce, and Starr, Ross (1995), “Equity Markets, Transaction Costs, and Capital Accumulation: An Illustration”, The World Bank Economic Review, Vol. 10, Issue 2, ss. 241-265.
- Brunnermeier, Markus, and Pedersen, Lasse (2009), “Market Liquidity and Funding Liquidity”, Review of Financial Studies, Vol.22, Issue 6, ss.2201-2238.
- Furstenberg, George, and Fratianni, Michele (1996), “Indicators of financial development”, North American Journal of Economics and Finance, Vol. 7, Issue 1, ss. 19–29.
- Gertler, Mark, and Andrew Rose (1994), “Finance, Public Policy, and Growth.” ss. 13-48 in Financial Reform: Theory and Experience, edited by Gerard Caprio, Izak Atiyas, and James A. Hanson. Cambridge, MA: Cambridge University Press.
- Goldsmith, Raymond W. (1969), Financial Structure and Economic Development (Study In Comparative Economics),: Yale University Press, New Haven, 561 p.
- Granger, Clive (1969), “Investigating Causal Relations by Econometric Models and CrossSpectral Methods”, Econometrica, Vol. 37, Issue 3, ss. 424-438.
- Greenwood, Jeremy, and Smith Bruce (1997), “Financial markets in development, and the development of financial markets”, Journal of Economic Dynamics and Control, Vol. 21, Issue 1, ss.145-181.
- Holmstrom, Bengt, and Tirole, Jean (1993), “Private and Public Supply of Liquidity”, Journal of Political Economy, 1998, Vol. 106, Issue 1, ss. 1-40.
- Khan, Muhammad Arshad and Qayyum, Abdul (2007), “Trade, Financial and Growth Nexus in Pakistan”, Pakistan Institute of Development Economics Islamabad Pakistan, MPRA, Economic Analysis Working Papers. Paper No. 65236th, Volume 14, pp.25.
- King, Robert, and Levine, Ross (1993), “Finance and Growth: Schumpeter Might be Right The”, Quarterly Journal of Economics, Vol. 108, Issue 3, ss. 717-737.
- Kirkpatrick, Colin, and Green, Christopher (2002), “Finance and Development: An Overview of the Issues”, Journal of International Development, Vol. 14, Issue 2, ss. 207-209.
- Levine, Ross, and Zervos, Sara (1996), “Stock Market Development and Long-Run Growth”, The World Bank Economic Review, Vol. 10, Issue 2, ss. 323-339.
- Levine, Ross, and Zervos, Sara (1998), “Stock Markets, Banks and Economic Growth”, The American Economic Review, Vol. 88, Issue 3, ss. 537–558.
- Obstfeld, Maurice (1994), “Risk-Taking, Global Diversification, and Growth.” American Economic Review, Vol. 84, Issue 5, ss. 1310–1329.
- Patrick, Hugh, T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, Vol. 14, ss.174-189.
- Phillips, Peter, and Perron, Pierre (1988), “Testing for a unit root in time series regression”, Biometrika, Vol. 75, Issue 2, ss. 335-346.
- Robinson, Joan (1952), “The Generalization of the General Theory”, in The Rate of Interest, and Other Essays, London: Macmillan, ss. 67-142.
- Schumpeter, Joseph A. (1911), “The Theory of Economıc Development: An Inquiry Into Profits, Capital, Credit, Interest, and the Business Cycle”, (Translation of: Theorie der wirtschaftlichen Entwicklung. Reprint. Originally published: Cambridge, Mass.: Harvard University, 1934), Routledge, London and New York, 2017, 320 p.
- Thangavelu, Shandre M., and Ang, Beng Jiunn & James, (2004), “Financial Development and Economic Growth in Australia: An Empirical Analysis”, Empirical Economics, Vol. 29, Issue 2, ss. 247-260.
- Tunalı, Halil, ve Onuk, Parla (2017), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği”, İktisat Politikası Araştırmaları Dergisi, Vol. 4, Issue 1, ss. 1-15.
- Yartey, Charles, and Adjasi, Charles (2007), “Stock Market Development in Sub-Saharan Africa: Critical Issues and Challanges”, International Monetary Fund Working Paper WP/07/209.Washington DC. United States of America.
Öz
Finansal gelişme ve ekonomik büyüme arasındaki
ilişkiyi araştıran oldukça geniş bir literatür vardır. Çalışmalar genellikle
yaygın olarak bilinen para ve kredi ile ilgili büyüklüklerde yaşanan
gelişmelerin ekonomik büyüme üzerindeki etkisine odaklanmıştır. Ancak finansal
piyasalarda faaliyet gösteren kurumlar ve işlem gören araçlar oldukça
çeşitlidir. Özellikle borsalar finansal piyasaların önemli bir ayağıdır. Etkin
çalışan borsalar sermayenin tabana yayılmasına hizmet edip, aynı zamanda
tasarruf sahiplerine riski çeşitlendirme imkanı sağlar. Buna ek olarak borsalar,
firmaların yeni yatırım ya da genişleme yolunda karşılaştıkları finansman
sorunlarına düşük maliyetlerle çözüm getirirler. Borsanın etkinliğinin
ölçümünde genellikle piyasa büyüklüğü ve piyasa kapitalizasyonu değişkenleri
kullanılmaktadır. Ancak son yıllarda piyasa likiditesi de en iyi ölçüm
araçlarından biri olarak kabul edilmektedir. Bu çalışmada finansal gelişmenin
bir göstergesi olan borsa likiditesi ile ekonomik büyüme arasında bir
nedensellik ilişkisinin olup olmadığı araştırılmıştır. Bu amaçla çalışmada
Türkiye için 1995:Q1 – 2018:Q1 dönemi için BIST-100 endeksinin likiditesi ve
büyüme oranı değişkenleri kullanılarak Granger nedensellik testi uygulanmıştır.
Yapılan testlerde, borsa likiditesindeki artışın ekonomik büyümeyi pozitif
etkilediği, ancak ekonomik büyümenin borsa likiditesi üzerinde anlamlı bir
etkisinin olmadığı sonucuna ulaşılmıştır.
Anahtar Kelimeler
Kaynakça
- Al-Yousif, Y. Khalifa (2002), “Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries”, Review of Financial Economics, Vol. 11, Issue 2 , ss. 131-150.
- Amihud, Yakov (2002), “Illiquidity and stock returns: cross-section and time-series effects”, Journal of Financial Markets, Vol. 5, Issue 1, ss. 31-56.
- Aziz, Jahangir, and Christoph Duenwald (2002), “Growth-Finance Intermediation Nexus in China”, IMF Working Paper No. WP/02/194, International Monetary Fund: Washington D.C.
- Bencivenga, Valeria, Smith, Bruce, and Starr, Ross (1995), “Equity Markets, Transaction Costs, and Capital Accumulation: An Illustration”, The World Bank Economic Review, Vol. 10, Issue 2, ss. 241-265.
- Brunnermeier, Markus, and Pedersen, Lasse (2009), “Market Liquidity and Funding Liquidity”, Review of Financial Studies, Vol.22, Issue 6, ss.2201-2238.
- Furstenberg, George, and Fratianni, Michele (1996), “Indicators of financial development”, North American Journal of Economics and Finance, Vol. 7, Issue 1, ss. 19–29.
- Gertler, Mark, and Andrew Rose (1994), “Finance, Public Policy, and Growth.” ss. 13-48 in Financial Reform: Theory and Experience, edited by Gerard Caprio, Izak Atiyas, and James A. Hanson. Cambridge, MA: Cambridge University Press.
- Goldsmith, Raymond W. (1969), Financial Structure and Economic Development (Study In Comparative Economics),: Yale University Press, New Haven, 561 p.
- Granger, Clive (1969), “Investigating Causal Relations by Econometric Models and CrossSpectral Methods”, Econometrica, Vol. 37, Issue 3, ss. 424-438.
- Greenwood, Jeremy, and Smith Bruce (1997), “Financial markets in development, and the development of financial markets”, Journal of Economic Dynamics and Control, Vol. 21, Issue 1, ss.145-181.
- Holmstrom, Bengt, and Tirole, Jean (1993), “Private and Public Supply of Liquidity”, Journal of Political Economy, 1998, Vol. 106, Issue 1, ss. 1-40.
- Khan, Muhammad Arshad and Qayyum, Abdul (2007), “Trade, Financial and Growth Nexus in Pakistan”, Pakistan Institute of Development Economics Islamabad Pakistan, MPRA, Economic Analysis Working Papers. Paper No. 65236th, Volume 14, pp.25.
- King, Robert, and Levine, Ross (1993), “Finance and Growth: Schumpeter Might be Right The”, Quarterly Journal of Economics, Vol. 108, Issue 3, ss. 717-737.
- Kirkpatrick, Colin, and Green, Christopher (2002), “Finance and Development: An Overview of the Issues”, Journal of International Development, Vol. 14, Issue 2, ss. 207-209.
- Levine, Ross, and Zervos, Sara (1996), “Stock Market Development and Long-Run Growth”, The World Bank Economic Review, Vol. 10, Issue 2, ss. 323-339.
- Levine, Ross, and Zervos, Sara (1998), “Stock Markets, Banks and Economic Growth”, The American Economic Review, Vol. 88, Issue 3, ss. 537–558.
- Obstfeld, Maurice (1994), “Risk-Taking, Global Diversification, and Growth.” American Economic Review, Vol. 84, Issue 5, ss. 1310–1329.
- Patrick, Hugh, T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, Vol. 14, ss.174-189.
- Phillips, Peter, and Perron, Pierre (1988), “Testing for a unit root in time series regression”, Biometrika, Vol. 75, Issue 2, ss. 335-346.
- Robinson, Joan (1952), “The Generalization of the General Theory”, in The Rate of Interest, and Other Essays, London: Macmillan, ss. 67-142.
- Schumpeter, Joseph A. (1911), “The Theory of Economıc Development: An Inquiry Into Profits, Capital, Credit, Interest, and the Business Cycle”, (Translation of: Theorie der wirtschaftlichen Entwicklung. Reprint. Originally published: Cambridge, Mass.: Harvard University, 1934), Routledge, London and New York, 2017, 320 p.
- Thangavelu, Shandre M., and Ang, Beng Jiunn & James, (2004), “Financial Development and Economic Growth in Australia: An Empirical Analysis”, Empirical Economics, Vol. 29, Issue 2, ss. 247-260.
- Tunalı, Halil, ve Onuk, Parla (2017), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği”, İktisat Politikası Araştırmaları Dergisi, Vol. 4, Issue 1, ss. 1-15.
- Yartey, Charles, and Adjasi, Charles (2007), “Stock Market Development in Sub-Saharan Africa: Critical Issues and Challanges”, International Monetary Fund Working Paper WP/07/209.Washington DC. United States of America.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | Ekonomi |
| Bölüm | Araştırma Makaleleri |
| Yazarlar | |
| Yayımlanma Tarihi | 25 Ekim 2019 |
| Yayımlandığı Sayı | Yıl 2019 Cilt: 16 Sayı: 2 |
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