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The Asymmetric Effects of Capital Flows on Economic Growth in Turkey

Yıl 2019, , 1 - 16, 19.03.2019
https://doi.org/10.30784/epfad.525223

Öz

Globalization
is one of the most fundamental phenomena that characterize the twentieth
century. Economically, the liberalization of national economies both in
commercial and especially in financial terms within the framework of the
globalization process, in other words, liberalization of capital flows has been
the most important applications. The liberalization of capital flows and the
opening of national economies to world markets are expected to ensure stable
economic growth and resource distribution efficiency, and increase the
competitiveness of the country's economy. In
this study, the asymmetric effects of capital flows on economic growth are
investigated.
The reason for this is the idea of the existence of
nonlinear relationships between the variables that cannot be determined linear
relationships. In the empirical analysis
conducted using data the period of 1970-2016, the nonlinear autoregressive
distributed lag (NARDL) model was used. According to the findings, capital
flows have asymmetric effects on economic growth.
Accordingly, while capital inflows lead to an increase
in economic growth, capital outflows reduce economic growth. The most important
result of the findings is that the positive effect of capital inflows on growth
is smaller than the negative effect of capital inflows.
In other words, the devastating impact of capital
outflows has been observed to be greater in the Turkish economy.

Kaynakça

  • Altıner, A., Bozkurt, E. ve Toktaş, Y. (2018). Küreselleşme ve ekonomik büyüme: Yükselen piyasa ekonomileri için bir uygulama. Finans, Politik ve Ekonomik Yorumlar Dergisi, 639, 117-162. Erişim Adresi: http://www.ekonomikyorumlar.com.tr
  • Apaydın, Ş. ve Şahin, H. (2017). Türkiye’de kısa vadeli sermaye akımlarının iktisadi dalgalanmalar üzerindeki etkileri: Bir uzun dönem kısıtlı SVAR modeli. Politik Ekonomik Kuram Dergisi, 1(1), 22-72. Erişim Adresi: http://dergipark.gov.tr/pek
  • Arestis, P., & Glickman, M. (2002). Financial crisis in Southeast Asia: Dispelling illusion the Minskyan Way. Cambridge Journal of Economics, 26, 237-260. https://doi.org/10.1093/cje/26.2.237
  • Arrighi, G. (2000). Uzun yirminci yüzyıl: Para, güç ve çağımızın kökenleri (Çev. R. Boztemur). Ankara: İmge Kitabevi.
  • Aslan, N., Terzi, N. ve Siampan, E. (2014). Türkiye’de kısa vadeli sermaye hareketlerinin ekonomik büyüme ve reel döviz kuru ile ilişkisi. Finansal Araştırmalar ve Çalışmalar Dergisi, 5(10), 15-32. doi:10.14784/JFRS.2014104497.
  • Bank for International Settlements. (2009). Capital Flows and Emerging Market Economies (BIS Committee on the Global Financial System Papers, No. 33). Retrieved from https://www.bis.org/publ/cgfs33.pdf
  • Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking and Finance, 28(3), 423–442. doi:10.1016/S0378-4266(02)00408-9.
  • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to firm growth: Does size matter?. Journal of Finance, 60(1), 137–177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
  • Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300. https://doi.org/10.1016/S0304-405X(00)00072-6
  • Blaug, M. (1978). Economic theory in retrospect (3th ed.). Cambridge: Cambridge University Press.
  • Bordo, M. (2008, November). An historical perspective on the crisis of 2007-2008. Paper presented at the Bank of Chile Twelfth Annual Conference on Financial Stability, Monetary Policy and Central Banking. Santiago, Chile. Retrieved from http://michael.bordo.googlepages.com/An_Historical_perspective.pdf
  • Chang, C. P., Berdiev, A. N., & Lee, C. C. (2013). Energy exports, globalization and economic growth: The case of South Caucasus. Economic Modelling, 33, 333-346. https://doi.org/10.1016/j.econmod.2013.04.027
  • Chang, C-P., & Lee, C-C. (2011). The effect of globalization and political party on economic growth: Panel data analysis of former communist countries and European OECD members. Eastern European Economics, 49(6), 5-26. https://doi.org/10.2753/EEE0012-8775490601
  • Çimenoğlu, A., & Yentürk, N. (2002). Effects of international capital inflows on the Turkish economy. Emerging Markets Finance and Trade, 41(1), 90-109. Retrieved from https://www.jstor.org
  • Danışoğlu, A. (1999). Kısa vadeli sermaye hareketlerinin gelişmekte olan ülkeler ve Türkiye üzerindeki etkileri (Yayımlanmamış doktora tezi). İstanbul Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Davidson, P. (1998, November). The case for regulating international capital flows. Paper presented at the Social Market Foundation Seminar on Regulation Capital Movements. London, England. Doğan, B. ve Can, M. (2016). Küreselleşmenin büyümeye etkisi: Güney Kore örnekleminde eşbütünleşme analizi. Çankırı Karatekin Üniversitesi İİBF Dergisi, 6(2), 197-220. Erişim Adresi: http://dergipark.gov.tr/ckuiibfd
  • Dow, S. C. (1986-87). Post Keynesian Monetary Theory for an open economy. Journal of Post Keynesian Economics, 9(2), 237-257. Retrieved from https://www.jstor.org
  • Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38, 1091-1110. https://doi.org/10.1080/00036840500392078
  • Dreher, A., Gaston, N., & Martens, P. (2008). Measuring globalisation – gauging its consequences. New York: Springer.
  • Eichengreen, B., Mussa, M., Dell'Ariccia, G., Detragiache, E., Milesi-Ferretti, G. M., & Tweedie, A. (1999). Liberalizing capital movements: Some analytical issues. IMF Economic Issues, 17. Retrieved from http://www.imf.org/external/pubs/ft/issues/issues17
  • Eren, A. A. (2014). James Steuart: Kapitalist üretim tarzının eleştirel tahliline giriş. Sakarya İktisat Dergisi, 3(4), 138-164. Erişim adresi: http://dergipark.gov.tr/sid
  • Eren, M. V. ve Çütçü, İ. (2018). Küreselleşmenin ekonomik büyümeye etkisi: Türkiye üzerine ekonometrik bir analiz. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 6(1), 47-61. Erişim adresi: http://www.siyasetekonomiyonetim.org
  • Ertürk, K. (2003). Parasal kriz teorisi üzerine notlar. A. H. Köse, F. Şenses, E. Yeldan (Ed.), İktisat Üzerine Yazılar II - İktisadi Kalkınma, Kriz ve İstikrar: Oktar Türel’e Armağan içinde (s. 225-244). İstanbul: İletişim Yayınları.
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  • Gurgul, H., & Lach, L. (2014). Globalization and economic growth: Evidence from two decades of transition in CEE. Economic Modelling, 36, 99-107. https://doi.org/10.1016/j.econmod.2013.09.022
  • Hayaloğlu, P., Kalaycı, C. ve Artan, S. (2015). Küreselleşme farklı gelir grubundaki ülkelerde ekonomik büyümeyi nasıl etkilemektedir?. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 10(1), 119-152. Erişim adresi: https://www.researchgate.net
  • Huang, H., & Lin, S. C. (2009). Non-linear finance–growth nexus. Economics of Transition 17(3), 439-466. https://doi.org/10.1111/j.1468-0351.2009.00360.x
  • İnsel, A. ve Sungur, N. (2003). Sermaye akımlarının temel makroekonomik göstergeler üzerindeki etkileri: Türkiye örneği-1989: III-1999:IV (Türkiye Ekonomi Kurumu, Tartışma Metni 2003/8). Erişim adresi: http://www.tek.org.tr.
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Türkiye’de Sermaye Akımlarının Ekonomik Büyüme Üzerindeki Asimetrik Etkileri

Yıl 2019, , 1 - 16, 19.03.2019
https://doi.org/10.30784/epfad.525223

Öz

Yirminci yüzyılı
karakterize eden en temel olguların başında küreselleşme gelmektedir. İktisadi
açıdan, küreselleşme süreci çerçevesinde ulusal ekonomilerin hem ticari hem de
özellikle finansal anlamda serbestleştirilmesi, yani sermaye akımlarının
liberalizasyonu ortaya çıkan en önemli uygulamalar olmuştur. Sermaye
akımlarının serbestleştirilmesi ve ulusal ekonomilerin dünya piyasalarına
açılmasından beklenen, istikrarlı bir ekonomik büyüme ve kaynak dağılım
etkinliğinin sağlanması, ülke ekonomisinin rekabet gücünün artırılmasıdır. Bu
çalışmada sermaye akımlarının ekonomik büyüme üzerindeki asimetrik etkileri
araştırılmaktadır. Bunun nedeni, doğrusal ilişkiler tespit edilemeyen
değişkenler arasında doğrusal olmayan ilişkilerin var olabilmesi düşüncesidir.
Türkiye’nin 1970-2016 dönemine ilişkin verileri kullanılarak yapılan ampirik
analizde, doğrusal olmayan gecikmesi dağıtılmış otoregresif model
kullanılmıştır. Elde edilen bulgulara göre sermaye akımları, ekonomik büyüme üzerinde
asimetrik etkilere sahiptir. Buna göre, sermaye girişleri ekonomik büyümenin
artmasına neden olurken, sermaye çıkış
ları
ekonomik büyümenin azalmasına neden olmaktadır. Bulguların ortaya koyduğu en
önemli sonuç, sermaye girişlerinin büyüme üzerindeki pozitif etkisinin, sermaye
çıkışlarının negatif etkisinden daha küçük olmasıdır. Bir diğer ifade ile
sermaye çıkışlarının yıkıcı etkisinin, Türkiye ekonomisinde daha büyük olduğu
gözlenmiştir.

Kaynakça

  • Altıner, A., Bozkurt, E. ve Toktaş, Y. (2018). Küreselleşme ve ekonomik büyüme: Yükselen piyasa ekonomileri için bir uygulama. Finans, Politik ve Ekonomik Yorumlar Dergisi, 639, 117-162. Erişim Adresi: http://www.ekonomikyorumlar.com.tr
  • Apaydın, Ş. ve Şahin, H. (2017). Türkiye’de kısa vadeli sermaye akımlarının iktisadi dalgalanmalar üzerindeki etkileri: Bir uzun dönem kısıtlı SVAR modeli. Politik Ekonomik Kuram Dergisi, 1(1), 22-72. Erişim Adresi: http://dergipark.gov.tr/pek
  • Arestis, P., & Glickman, M. (2002). Financial crisis in Southeast Asia: Dispelling illusion the Minskyan Way. Cambridge Journal of Economics, 26, 237-260. https://doi.org/10.1093/cje/26.2.237
  • Arrighi, G. (2000). Uzun yirminci yüzyıl: Para, güç ve çağımızın kökenleri (Çev. R. Boztemur). Ankara: İmge Kitabevi.
  • Aslan, N., Terzi, N. ve Siampan, E. (2014). Türkiye’de kısa vadeli sermaye hareketlerinin ekonomik büyüme ve reel döviz kuru ile ilişkisi. Finansal Araştırmalar ve Çalışmalar Dergisi, 5(10), 15-32. doi:10.14784/JFRS.2014104497.
  • Bank for International Settlements. (2009). Capital Flows and Emerging Market Economies (BIS Committee on the Global Financial System Papers, No. 33). Retrieved from https://www.bis.org/publ/cgfs33.pdf
  • Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking and Finance, 28(3), 423–442. doi:10.1016/S0378-4266(02)00408-9.
  • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to firm growth: Does size matter?. Journal of Finance, 60(1), 137–177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
  • Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300. https://doi.org/10.1016/S0304-405X(00)00072-6
  • Blaug, M. (1978). Economic theory in retrospect (3th ed.). Cambridge: Cambridge University Press.
  • Bordo, M. (2008, November). An historical perspective on the crisis of 2007-2008. Paper presented at the Bank of Chile Twelfth Annual Conference on Financial Stability, Monetary Policy and Central Banking. Santiago, Chile. Retrieved from http://michael.bordo.googlepages.com/An_Historical_perspective.pdf
  • Chang, C. P., Berdiev, A. N., & Lee, C. C. (2013). Energy exports, globalization and economic growth: The case of South Caucasus. Economic Modelling, 33, 333-346. https://doi.org/10.1016/j.econmod.2013.04.027
  • Chang, C-P., & Lee, C-C. (2011). The effect of globalization and political party on economic growth: Panel data analysis of former communist countries and European OECD members. Eastern European Economics, 49(6), 5-26. https://doi.org/10.2753/EEE0012-8775490601
  • Çimenoğlu, A., & Yentürk, N. (2002). Effects of international capital inflows on the Turkish economy. Emerging Markets Finance and Trade, 41(1), 90-109. Retrieved from https://www.jstor.org
  • Danışoğlu, A. (1999). Kısa vadeli sermaye hareketlerinin gelişmekte olan ülkeler ve Türkiye üzerindeki etkileri (Yayımlanmamış doktora tezi). İstanbul Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Davidson, P. (1998, November). The case for regulating international capital flows. Paper presented at the Social Market Foundation Seminar on Regulation Capital Movements. London, England. Doğan, B. ve Can, M. (2016). Küreselleşmenin büyümeye etkisi: Güney Kore örnekleminde eşbütünleşme analizi. Çankırı Karatekin Üniversitesi İİBF Dergisi, 6(2), 197-220. Erişim Adresi: http://dergipark.gov.tr/ckuiibfd
  • Dow, S. C. (1986-87). Post Keynesian Monetary Theory for an open economy. Journal of Post Keynesian Economics, 9(2), 237-257. Retrieved from https://www.jstor.org
  • Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38, 1091-1110. https://doi.org/10.1080/00036840500392078
  • Dreher, A., Gaston, N., & Martens, P. (2008). Measuring globalisation – gauging its consequences. New York: Springer.
  • Eichengreen, B., Mussa, M., Dell'Ariccia, G., Detragiache, E., Milesi-Ferretti, G. M., & Tweedie, A. (1999). Liberalizing capital movements: Some analytical issues. IMF Economic Issues, 17. Retrieved from http://www.imf.org/external/pubs/ft/issues/issues17
  • Eren, A. A. (2014). James Steuart: Kapitalist üretim tarzının eleştirel tahliline giriş. Sakarya İktisat Dergisi, 3(4), 138-164. Erişim adresi: http://dergipark.gov.tr/sid
  • Eren, M. V. ve Çütçü, İ. (2018). Küreselleşmenin ekonomik büyümeye etkisi: Türkiye üzerine ekonometrik bir analiz. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 6(1), 47-61. Erişim adresi: http://www.siyasetekonomiyonetim.org
  • Ertürk, K. (2003). Parasal kriz teorisi üzerine notlar. A. H. Köse, F. Şenses, E. Yeldan (Ed.), İktisat Üzerine Yazılar II - İktisadi Kalkınma, Kriz ve İstikrar: Oktar Türel’e Armağan içinde (s. 225-244). İstanbul: İletişim Yayınları.
  • Granger, C. W. J., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111-120. https://doi.org/10.1016/0304-4076(74)90034-7
  • Gurgul, H., & Lach, L. (2014). Globalization and economic growth: Evidence from two decades of transition in CEE. Economic Modelling, 36, 99-107. https://doi.org/10.1016/j.econmod.2013.09.022
  • Hayaloğlu, P., Kalaycı, C. ve Artan, S. (2015). Küreselleşme farklı gelir grubundaki ülkelerde ekonomik büyümeyi nasıl etkilemektedir?. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 10(1), 119-152. Erişim adresi: https://www.researchgate.net
  • Huang, H., & Lin, S. C. (2009). Non-linear finance–growth nexus. Economics of Transition 17(3), 439-466. https://doi.org/10.1111/j.1468-0351.2009.00360.x
  • İnsel, A. ve Sungur, N. (2003). Sermaye akımlarının temel makroekonomik göstergeler üzerindeki etkileri: Türkiye örneği-1989: III-1999:IV (Türkiye Ekonomi Kurumu, Tartışma Metni 2003/8). Erişim adresi: http://www.tek.org.tr.
  • Kindleberger, C. P. (2007). Cinnet, panik ve çöküş: Mali krizler tarihi (Çev. H. Tunalı). İstanbul: İstanbul Bilgi Üniversitesi Yayınları.
  • King, G. R., & Levine, R. (1993a). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108(3), 717-737. https://doi.org/10.2307/2118406
  • King, G. R., & Levine, R. (1993b). Finance, entrepreneurship and growth. Journal of Monetary Economics, 32(3), 1-30. https://doi.org/10.1016/0304-3932(93)90028-E
  • Kocourek, A., Laboutková, Š., & Bednářová, P. (2013). Economic, social and political globalization and human development. International Journal of Business and Economic Development, 1(2), 10-20. Retrieved from https://www.researchgate.net
  • Kose, M. A., Prasad, E., Rogoff, K., & Wei, S. J. (2010). Financial globalization and economic policies. In D. Rodrik, & M. Rosenzweig (Eds.), Handbook of Development Economics Volume 5 (pp. 4283-4362). The Netherlands: North-Holland.
  • Kregel, J. A. (1998). Yes, ‘It’ did happen again - A Minsky Crisis happened in Asia (The Jerome Levy Economics Institute Working Paper, No. 234). Retrieved from http://www.levyinstitute.org/pubs/wp234.pdf
  • Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth?. Journal of Banking and Finance, 41, 36-44. https://doi.org/10.1016/j.jbankfin.2013.12.020
  • Leitao, N. C. (2013). Cultural globalization and economic growth. The Romanian Economic Journal, 47, 17-28. Retrieved from http://www.rejournal.eu
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726. Retrieved from https://www.jstor.org
  • Levine, R. (2002). International financial liberalization and economic growth. Review of International Economics, 9(4), 688-702. https://doi.org/10.1111/1467-9396.00307
  • Levine, R. (2003). More on finance and growth: More finance, more growth?. Federal Reserve Bank of St. Louis Review, 85, 31–46. Retrieved from https://files.stlouisfed.org/files/htdocs/publications/review/03/07/Levine.pdf
  • Levine, R., Loayze, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9
  • Marx, K. (1867). Kapital, kapitalist üretimin eleştirel bir tahlili, (8. bs., 2007, Cilt 1, Çev. A. Bilgi). Ankara: Sol Yayınları.
  • Marx, K. (1894). Kapital, ekonomi politiğin eleştirisi (5. bs., 2006, Cilt 3, Çev. A. Bilgi). Ankara: Sol Yayınları.
  • Mishkin, F. (1996). Understanding financial crises: A developing country perspective (NBER Working Paper No. 5600). Cambridge, MA: National Bureau of Economic Research.
  • Mishkin, F. (1998). International capital mobility, financial volatility and financial instability (NBER Working Paper No. 6390). Cambridge, MA: National Bureau of Economic Research.
  • Mishkin, F. (1999). Lessons from the Asian Crisis. Journal of International Money and Finance, 18, 709-723. https://doi.org/10.1016/S0261-5606(99)00020-0
  • Mitchell, W. C. (1951). Business cycles. In Readings in Business Cycle Theory (pp. 43-60). Homewood, Illinois: Richard D. Irwin,
  • Narayan, S., & Narayan, P. K. (2004). Determinants of demand of Fiji’s exports: An empirical investigation. The Developing Economics, 17(1), 95-112. https://doi.org/10.1111/j.1746-1049.2004.tb01017.x
  • Organization for Economic Cooperation and Development. (1997). Economic globalisation and the environment. Paris: OECD Publications.
  • Osterloh, S. (2012). Words speak louder than actions: The impact of politics on economic performance. Journal of Comparative Economics, 40(3), 318-336. https://doi.org/10.1016/j.jce.2012.05.004
  • Palley, T. I. (1999). International finance and problems of capital account governance. Paper presented at the 9th Annual Hyman P. Minsky Conference of Financial Structure, Levy Institute Conference Proceedings. Annandale-on-Hudson, New York. Retrieve from http://www.levy.org/pubs/min99.pdf
  • Pesaran, M. H., & Shin, Y. (1999). An autoregressive distributed lag modelling approach to cointegration analysis. In S. Strom (Ed.), Econometrics and Economic Theory in the 20th Century. Paper presented at The Ragnar Frisch Centennial Symposium. Cambridge: Cambridge University Press.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Rajan, R., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5-50. https://doi.org/10.1016/S0304-405X(03)00125-9
  • Rioja, F., & Valev, N. (2004a). Does one size fit all? Are examination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447. https://doi.org/10.1016/j.jdeveco.2003.06.006
  • Rioja, F., & Valev, N. (2004b). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127-140. https://doi.org/10.1093/ei/cbh049
  • Sapkota, J. B. (2010). Globalization`s convergence effect on human quality of life (QOL) in Asia: Evidence from the KOF index of globalization. Asian Regional Integration Review, 2(1), 1-28. Retrieved from https://www.researchgate.net
  • Schularick, M., & Steger, T. M. (2010). Financial integration, investment and economic growth: Evidence from two eras of financial globalization. The Review of Economics and Statistics, 92(4), 756-768. https://doi.org/10.1162/REST_a_00027
  • Schumpeter, J. A. (1954). History of economic analysis. New York: Oxford University Press.
  • Shen, C. H., & Lee, C. C. (2006). Same financial development yet different economic growth - why?. Journal of Money, Credit and Banking, 38(7), 1907-1944. http://dx.doi.org/10.1353/mcb.2006.0095
  • Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2011). Modelling asymmetric cointegration and dynamic multiplier in a nonlinear ARDL framework. Retrieved from http://ssrn.com/abstract=1807745
  • Smith, A. (1776). An inquiry into the nature and causes of wealth of nations. New York: MetaLibri. Retrieved from https://www.ibiblio.org/ml/libri/s/SmithA_WealthNations_p.pdf
  • Suci, S. C., Asmara, A., & Mulatsih, S. (2015). The impact of globalization on economic growth in ASEAN. International Journal of Administrative Science & Organization, 22(2), 79-87. Retrieved from http://journal.ui.ac.id
  • Tornell, A., & Westermann, F. (2002). Boom-bust cycles in middle income countries: Facts and explanation (NBER Working Paper No. 9219). Cambridge, MA: National Bureau of Economic Research.
  • Türedi, S. (2016, October). Küreselleşmenin ekonomik büyüme üzerindeki etkisi: Gelişmekte olan ülkeler için panel veri analizi. International Osmaneli Social Sciences Congress’de sunulan bildiri. Korkuteli, Türkiye. 12-13-14 October. Erişim adresi: https://www.researchgate.net
  • United Nations Conference on Trade and Development. (2000). Trade and development report 2000. New York: United Nations. Retrieved from https://unctad.org/en/Docs/tdr2000_en.pdf
  • Villaverde, J., & Maza, A. (2011). Globalization, growth and convergence. World Economy, 34(6), 952-971. https://dx.doi.org/10.1111/j.1467-9701.2011.01359.x
  • Yeldan, E. (2001). Küreselleşme sürecinde Türkiye ekonomisi. İstanbul: İletişim Yayınları.
  • Ying, Y-H., Chang, K., & Lee, C-H. (2014). The impact of globalization on economic growth. Romanian Journal of Economic Forecasting, 17(2), 25-34. Retrieved from http://www.ipe.ro/rjef
Toplam 68 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Şükrü Apaydın 0000-0003-4640-8135

Yayımlanma Tarihi 19 Mart 2019
Kabul Tarihi 4 Mart 2019
Yayımlandığı Sayı Yıl 2019

Kaynak Göster

APA Apaydın, Ş. (2019). Türkiye’de Sermaye Akımlarının Ekonomik Büyüme Üzerindeki Asimetrik Etkileri. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 4(1), 1-16. https://doi.org/10.30784/epfad.525223