Türkiye’de Finansal Gelişimin Toplam Faktör Verimliliğine Etkisi: ARDL Yaklaşımı

Öz

Finansal sistem, teknolojik yatırımlar ve araştırma geliştirme harcamalarına bağlı oluşan fon ihtiyacını karşılayarak toplam faktör verimliliği artışlarına katkı sunmaktadır. Bu çalışmanın amacı, Türkiye’de 1980-2015 dönemi için finansal gelişmenin toplam faktör verimliliği üzerindeki etkisini ARDL Sınır testi yaklaşımı yardımıyla araştırmaktır. Ampirik bulgulara göre finansal gelişme ve toplam faktör verimliliği arasında eşbütünleşme ilişkisi tespit edilmiştir. Diğer yandan ARDL nedensellik sınaması sonuçları hem kısa dönemde hem de uzun dönemde finansal gelişimden toplam faktör verimliliğine doğru pozitif ve istatistiksel olarak anlamlı bir nedensellik ilişkisinin varlığını ortaya koymuştur. Bu sonucun önemi finansal gelişimin teknolojik yatırımlar ve araştırma geliştirme harcamalarına katkı sunarak toplam faktör verimliliği artışlarını desteklemesidir. Böylece finansal gelişimin toplam faktör verimliliği artışlarına sunacağı katkı sürdürülebilir ekonomik büyümeyi destekleyebilecektir.

Anahtar Kelimeler

• Finansal Gelişme, Toplam Faktör Verimliliği, ARDL Yaklaşımı

The Impact of Financial Development to Total Factor Productivity in Turkey: An ARDL Approach

Öz

The financial system contributes to the increase in total factor productivity by meeting the needs for funds generated as a result of technological investments research and development expenditures. The aim of this study is to analyse the effect of the development of financial system on total factor productivity during the period 1980-2015 in Turkey by employing the ARDL Boundary test approach. It is observed, according to the empirical findings, that there is a cointegration relationship between the financial system development and the total factor productivity. On the other hand, the results show that both in the short and long terms there is a positive and statistically meaningful causality from the development of the financial system to the total factor productivity. The importance of this result implies that the total factor productivity increases are supported by the contributions of the development of the financial system to the technological investments and R&D expenditures As a result, the contribution the development of the financial system provides to the increase of the TFP will be able to support the sustainable economic growth.

Anahtar Kelimeler

• Financial Development, Total Factor Productivity, ARDL Approach

Kaynakça

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