İKTİSADİ BÜYÜMEDE FİNANSAL GELİŞMENİN ETKİSİ: D-8 ÜLKELERİNDE NEDENSELLİK İLİŞKİSİ

Yıl 2011, Cilt: 25 Sayı: 2, 225 - 235, 08.07.2011

Murat Nişancı İlyas Karabıyık Metin Uçar

Öz

Finansal gelişme ve iktisadi büyüme arasında yakın bir ilişkinin
varlığı bilinmektedir. Bu ilişki bazen talep yönlü, bazen arz yönlü olmak üzere
kendini gösterir. Bu çalışmada D-8 ülkeleri (Bangladeş, Endonezya, İran,
Malezya, Mısır, Nijerya, Pakistan ve Türkiye) verileri kullanılarak iktisadi
büyüme ile finansal gelişme arasındaki nedensellik ilişkisi panel veri seti
kullanılarak irdelenmeye çalışılmıştır. Veri seti 1960-2009 yıllarını
kapsamaktadır. Analiz edilen ülkelerin bir kısmında, İktisadi büyüme ve
finansal gelişme arasında kısa ve uzun dönem nedensellik ilişkisinin varlığı
tespit edilmiştir. Kullanılan finansal değişkenlerden büyüme üzerinde en etkili
olanın özel sektör kredileri olduğu sonucuna ulaşılmıştır.

Anahtar Kelimeler

Finansal Gelişme, İktisadi Büyüme, Nedensellik, D-8 Ülkeleri

Kaynakça

• Abu-Bader, Suleiman and Aamer S. Abu-Qarn, (2008), “Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries”, Review of Development Economics, 12(4), 803–817.
• Al-Awad, Mouawiya and Nasri Harb, (2005), “Financial Development and Economic Growth in the Middle East”, Applied Financial Economics, 15, 1041–1051.
• Antonios, Adamopoulos, (2010), “Financial Development and Economic Growth a Comparative Study between 15 European Union Member– States”, International Research Journal of Finance and Economics, 35, 143-149.
• Atindehou, Roger B., Jean Pierre Gueyie and Edoh Kossi Amenounve, (2005), “Financial Intermediation and Economic Growth: Evidence from Western Africa”, Applied Financial Economics, 15, 777–790.
• Chang, Tsangyao and Steven B. Caudill, (2005), “Financial Development and Economic Growth: The Case of Taiwan”, Applied Economics, 37, 1329-1335.
• Chang, Tsangyao, (2002), “Financial Development and Economic Growth in Mainland China: A Note on Testing Demand-Following or Supply- Leading Hypothesis”, Applied Economics Letters, 9, 869-873.
• Christopoulos, Dimitris K. and Efthymios G. Tsionas, (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, 73, 55– 74.
• Colombage, Sisira R.N. (2009), “Financial Markets and Economic Performances: Empirical Evidence from Five İndustrialized Economies”, Research in International Business and Finance, 23, 339–348.
• Dawson, P.J. (2008), “Financial Development And Economic Growth in Developing Countries”, Progress in Development Studies 8, 4, 325– 31.
• Goaied, Mohamed and Seifallah Sassi, (2010), “Financial Development and Economic Growth in the MENA Region : What about Islamic Banking Development”, http://www.em-strasbourg.eu/ems/ems- workshop-on-islamic-finance-33.html (Erişim: 28.11.2010)
• Iyare, Sunday and Moore, Winston, (2009), “Financial Sector Development and Growth in Small Open Economies”, Applied Economics,, First published on: 14 September 2009.
• Jalil, Abdul, Mete Feridun and Ying Ma, (2010), “Finance-Growth Nexus in China Revisited: New Evidence from Principal Components and ARDL Bounds Tests”, International Review of Economics and Finance, 19, 189–195.
• Kıran, Burcu, Nilgün Çil Yavuz and Burak Güriş, (2009), “Financial Development and Economic Growth: A Panel Data Analysis of Emerging Countries”, International Research Journal of Finance and Economics, 30, 87-94.
• Leitão, Nuno Carlos, (2010), “Financial Development and Economic Growth: A Panel Data Approach”, Theoretical and Applied Economics, Volume XVII, No. 10(551), 15-24.
• Liang, Qi and Jian-Zhou TENG, (2006), “Financial Development And Economic Growth: Evidence from China”, China Economic Review 17, 395–411.
• Masih, Mansur, Ali Al-Elg and Haider Madani, (2009), Causality Between Financial Development and Economic Growth: An Application of Vector Error Correction and Variance Decomposition Methods to Saudi Arabia”, Applied Economics, 41, 1691–1699.
• Patrick, H. T. (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, 14, 174–89.
• Saci, Karima, Gianluigi Giorgioni and Ken Holden, (2009), “Does Financial Development Affect Growth?”, Applied Economics, 41, 1701–1707.
• Shahnoushi, N., A.G. Abadi, M. Daneshvar, E. Shokri and M. Motallebi, (2008), “Causality Between Financial Development and Economic Growth in Iran”, World Applied Sciences Journal, 4 (5), 736-740.
• Soukhakian, Nazanin, (2007), “Financial Development and Economic Growth in Iran: Evidence From Co-Integration and Causality Tests”, International Journal of Economic Perspectives, 2007, 1, 2, 56-63.
• Yang, Yung Y. and Myung Hoon Yi, (2008), “Does Financial Development Cause Economic Growth? Implication for Policy in Korea”, Journal of Policy Modeling, 30, 827–840.