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

Yıl 2017, Cilt: 3 Sayı: 3, 308 - 317, 01.11.2017

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.

Kaynakça

  • Arestis, Philip and Panicos Demetriades (1997), “Financial Development and Economic Growth: Assessing the Evidence”, The Economic Journal, Volume:107, Issue: 442, p. 783-799
  • Bagehot, Walter (1873), Lombard Street: A Description of the Money Market, Hyperıon Press, Inc. Westport, Connecticut, United States of America, https://fraser.stlouisfed.org/files/docs/meltzer/baglom62. pdf, 06.10.2017.
  • Beck, T., R. Levine and N. Loayza (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, Volume: 58, p.261-300.
  • Bencivenga, Valerie R. and Bruce D. Smith (1991), “Financial Intermediation and Endogenous Growth”, The Review of Economic Studies, Volume:58, Issue:2, p.195-209.
  • Benhabib, Jess and Mark M. Spiegel (2000), “The Role of Financial Development in Growth and Investment”, Journal of Economic Growth, Volume:5, p.341-360.
  • Brown, R.L., James Durbin and J.M. Evans (1975), “Techniques for Testing The Constancy of Regression Relations Over Time”, Journal of the Royal Statistical Society, Volume:37, Issue:2, p. 149-192.
  • Calub, Renz Adrian (2011) “Linking Financial Development and Total Factor Productivity of the Philippines”, Munich Personal RePEc Archive ( MPRA), MPRA Paper No. 66042, p.1-21.
  • Çetin, Ali Çetin (2004), “Finansal Gelişme, Teknoloji ve Verimlilik”, Verimlilik Dergisi, Sayı:1, s.9-31. http://dergipark.gov.tr/verimlilik/issue/30738/332180, 06.10.2017.
  • Demirgüç-Kunt, Aslı and Ross Levine (2001), Financial Structures and Economic Growth. A Cross-Country Comparison of Banks, Markets, and Development, MIT Press, Cambridge, MA. London, England.
  • Genç, Murat Can ve Dilek Tandoğan (2016), “Sektörel Enerji Tüketimi ve Verimlilik İlişkisi: Türkiye için Nedensellik Analizi”, ICOMEP 2016, 26-27 Ekim, İstanbul.
  • Greenwood, Jeremy and Boyan Jovanovic (1990), “Financial Development, Growth and the Distribution of Income”, Journal of Political Economy, Volume:98, Issue:5, s.1076- 1107.
  • Han, Jian and Yanzhi Shen (2015), “Financial Development and Total Factor Productivity Growth: Evidence from China”, Emerging Markets Finance and Trade, Volume:51, Issue:1, p.261-274.
  • Jeanneney, Sylviane Guillaumont, Ping Hua and Zhicheng Liang (2006), “Financial Development, Economic Efficiency, and Productivity Growth: Evidence from China, The Developing Economies, Volume:44, Issue:1, p.27–52.
  • King, Robert G. And Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Volume:108, Issue:3, p.717-737.
  • Kumbhakar, Subal C. And George Mavrotas (2005), “Financial Sector Development and Productivity Growth”, UNU-WIDER Research Paper No. 2005/68, December 2005.
  • Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Volume:35, Issue:2, p. 688-726.
  • Narayan, P.K., (2005), “The Saving and Investment Nexus for China: Evidence from Cointegration Tests”, Applied Economics, Volume:37, Issue:17, p.1979-1990.
  • Pesaran, M. H., Shin, Y., ve Smith, R. J. (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of applied econometrics, Volume:16, Issue:3, p.289- 326.
  • Romer, Paul M. (1986), “Increasing Returns and Long-Run Growth”, The Journal of Political Economy, Volume:94, Issue:5, p.1002-1037
  • Rousseau, Paul and Peter L Watchel (1998), “Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries”, Journal of Money, Credit and Banking, Volume:30, Issue:4, p. 657-678.
  • Shaw, Edward S.E (1974), “Financial Deepening in Economic Development”, The Journal of Finance, Volume:29, Issue:4, p.1345-1348.
  • Tadesse, Solomon (2007), “Financial Development and Technology”, William Davidson Institute Working Paper, No:879 June 2007, file:///C:/Users/ADM%C4%B0N/Downloads/SSRN-id681562.pdf, 06.10.2017.
  • TÜİK, (2014) “İstatistik Göstergeler 1923-2013”, Türkiye İstatistik Kurumu Yayınları, Ankara.
  • Xu, Zhenhui and Sudeshna Pal (2011), “Financial Development and Total Factor Productivity: Evidebce from India’s Manufacturing Sector”, Fifth Southeastern International Development Economics Workshop, December 2, https://frbatlanta.org/- /media/documents/news/conferen ce/2011/international-development/Xu.pdf, 06.10.2017.
  • Yao, Yaojun (2011), “Financial Intermediation Development and Total Factor Productivity Growth: Evidence from Chinese Mainland Provincial Panel Data”, Modern Economy, Volume:2, Issue:5, p.868-873

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

Yıl 2017, Cilt: 3 Sayı: 3, 308 - 317, 01.11.2017

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.

Kaynakça

  • Arestis, Philip and Panicos Demetriades (1997), “Financial Development and Economic Growth: Assessing the Evidence”, The Economic Journal, Volume:107, Issue: 442, p. 783-799
  • Bagehot, Walter (1873), Lombard Street: A Description of the Money Market, Hyperıon Press, Inc. Westport, Connecticut, United States of America, https://fraser.stlouisfed.org/files/docs/meltzer/baglom62. pdf, 06.10.2017.
  • Beck, T., R. Levine and N. Loayza (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, Volume: 58, p.261-300.
  • Bencivenga, Valerie R. and Bruce D. Smith (1991), “Financial Intermediation and Endogenous Growth”, The Review of Economic Studies, Volume:58, Issue:2, p.195-209.
  • Benhabib, Jess and Mark M. Spiegel (2000), “The Role of Financial Development in Growth and Investment”, Journal of Economic Growth, Volume:5, p.341-360.
  • Brown, R.L., James Durbin and J.M. Evans (1975), “Techniques for Testing The Constancy of Regression Relations Over Time”, Journal of the Royal Statistical Society, Volume:37, Issue:2, p. 149-192.
  • Calub, Renz Adrian (2011) “Linking Financial Development and Total Factor Productivity of the Philippines”, Munich Personal RePEc Archive ( MPRA), MPRA Paper No. 66042, p.1-21.
  • Çetin, Ali Çetin (2004), “Finansal Gelişme, Teknoloji ve Verimlilik”, Verimlilik Dergisi, Sayı:1, s.9-31. http://dergipark.gov.tr/verimlilik/issue/30738/332180, 06.10.2017.
  • Demirgüç-Kunt, Aslı and Ross Levine (2001), Financial Structures and Economic Growth. A Cross-Country Comparison of Banks, Markets, and Development, MIT Press, Cambridge, MA. London, England.
  • Genç, Murat Can ve Dilek Tandoğan (2016), “Sektörel Enerji Tüketimi ve Verimlilik İlişkisi: Türkiye için Nedensellik Analizi”, ICOMEP 2016, 26-27 Ekim, İstanbul.
  • Greenwood, Jeremy and Boyan Jovanovic (1990), “Financial Development, Growth and the Distribution of Income”, Journal of Political Economy, Volume:98, Issue:5, s.1076- 1107.
  • Han, Jian and Yanzhi Shen (2015), “Financial Development and Total Factor Productivity Growth: Evidence from China”, Emerging Markets Finance and Trade, Volume:51, Issue:1, p.261-274.
  • Jeanneney, Sylviane Guillaumont, Ping Hua and Zhicheng Liang (2006), “Financial Development, Economic Efficiency, and Productivity Growth: Evidence from China, The Developing Economies, Volume:44, Issue:1, p.27–52.
  • King, Robert G. And Ross Levine (1993), “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, Volume:108, Issue:3, p.717-737.
  • Kumbhakar, Subal C. And George Mavrotas (2005), “Financial Sector Development and Productivity Growth”, UNU-WIDER Research Paper No. 2005/68, December 2005.
  • Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, Volume:35, Issue:2, p. 688-726.
  • Narayan, P.K., (2005), “The Saving and Investment Nexus for China: Evidence from Cointegration Tests”, Applied Economics, Volume:37, Issue:17, p.1979-1990.
  • Pesaran, M. H., Shin, Y., ve Smith, R. J. (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of applied econometrics, Volume:16, Issue:3, p.289- 326.
  • Romer, Paul M. (1986), “Increasing Returns and Long-Run Growth”, The Journal of Political Economy, Volume:94, Issue:5, p.1002-1037
  • Rousseau, Paul and Peter L Watchel (1998), “Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries”, Journal of Money, Credit and Banking, Volume:30, Issue:4, p. 657-678.
  • Shaw, Edward S.E (1974), “Financial Deepening in Economic Development”, The Journal of Finance, Volume:29, Issue:4, p.1345-1348.
  • Tadesse, Solomon (2007), “Financial Development and Technology”, William Davidson Institute Working Paper, No:879 June 2007, file:///C:/Users/ADM%C4%B0N/Downloads/SSRN-id681562.pdf, 06.10.2017.
  • TÜİK, (2014) “İstatistik Göstergeler 1923-2013”, Türkiye İstatistik Kurumu Yayınları, Ankara.
  • Xu, Zhenhui and Sudeshna Pal (2011), “Financial Development and Total Factor Productivity: Evidebce from India’s Manufacturing Sector”, Fifth Southeastern International Development Economics Workshop, December 2, https://frbatlanta.org/- /media/documents/news/conferen ce/2011/international-development/Xu.pdf, 06.10.2017.
  • Yao, Yaojun (2011), “Financial Intermediation Development and Total Factor Productivity Growth: Evidence from Chinese Mainland Provincial Panel Data”, Modern Economy, Volume:2, Issue:5, p.868-873
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Dilek Tandoğan Bu kişi benim

Yayımlanma Tarihi 1 Kasım 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 3 Sayı: 3

Kaynak Göster

APA Tandoğan, D. (2017). Türkiye’de Finansal Gelişimin Toplam Faktör Verimliliğine Etkisi: ARDL Yaklaşımı. Maliye Araştırmaları Dergisi, 3(3), 308-317.

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