Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği

Öz

Bu çalışmanın amacı, finansal gelişme ile ekonomik büyüme arasındaki ilişkiyi IMF tarafından geliştirilen üç farklı finansal gelişmişlik endeksi aracılığıyla Türkiye özelinde incelemektir. 1980-2018 yıllarını kapsayan ve yıllık veri seti kullanılan bu çalışmada finansal gelişmişlik düzeyinin kişi başına çıktı düzeyi üzerindeki etkisi geleneksel büyüme unsurlarıyla birlikte tahmin edilmiştir. ARDL eş bütünleşme analizi ile elde edilen sonuçlar finansal gelişmişliğin kişi başına çıktı düzeyi üzerinde etkili olduğunu göstermiştir. Finansal piyasaların gelişmişlik düzeyinin ekonomik performans üzerinde olumlu bir etkiye sahip olduğu fakat finansal kurumlardaki gelişimin etkisinin ise yansız olduğu ortaya konmuştur. Etkilerin boyutu geleneksel göstergeler yanında oldukça düşük tespit edilmiştir. Bu bağlamda Türkiye özelinde finansal piyasalardaki gelişimi destekleyecek politika önerilerinde bulunulmuştur.

Anahtar Kelimeler

• Finansal Gelişmişlik
• Ekonomik Büyüme
• IMF Finansal Gelişmişlik Endeksi
• ARDL Sınır Testi

Relationship between Financial Development and Economic Growth: Case of Turkey

Abstract

Aim of this study is to analyze the relationship between financial development and economic growth in Turkey by means of three financial development indices that are developed by IMF. In this study, which covers the years 1980-2018 and employs annual data set, the effect of financial development level on per capita output is estimated together with conventional growth factors. The results obtained by ARDL co-integration analysis have showed that financial development is effective on per capita output. It has been revealed that the level of development of financial markets has a positive effect on economic performance, but the effect of development in financial institutions is neutral. Size of the effects was detected quite low compared to traditional indicators. In this context, policy suggestions were made to support the development of financial markets in Turkey.

Keywords

• Financial Development
• Economic Growth
• IMF Financial Development Index
• ARDL Bound Test

Kaynakça

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