DYNAMIC INTERACTION BETWEEN THE STRUCTURE OF THE FINANCIAL SYSTEM AND THE REAL ECONOMY

Öz

 In this study, structure of financial systems, optimal financial structures and their relationships with the real economy are examined in 23 emerging markets between 1980-2017, following the “new structuralism” view, in which optimal financial structures differ according to the economic development levels of the countries. Results of panel least squares and dynamic panel Generalized Method of Moments (GMM) estimators give evidence for the view that as economy of a country grows, financial system of that country becomes more market based. This study also documents that a deviation of a country’s actual financial structure from the predicted optimal financial structure has a negative effect on the real economy. The financial structure that best suits an emerging market will differ from that of a developed market. Therefore, financial structure strategies that are tailor-made for individual emerging economies should be followed rather than mimicking the strategies of developed economies in order to achieve higher levels of economic development.

Anahtar Kelimeler

• Financial structure
• optimal financial structure
• real economy
• economic growth

Proje Numarası

YÖP-402-2018-2664

FİNANSAL SİSTEMİN YAPISI İLE REEL EKONOMİ ARASINDAKİ DİNAMİK ETKİLEŞİM

Öz

Bu çalışmada, optimal finansal yapıların ülkelerin ekonomik gelişmişlik düzeylerine göre farklılık gösterdiği “yeni yapısalcılık” görüşünden yola çıkılarak, 23 gelişmekte olan ülkede 1980-2017 yılları arasında finansal sistemlerin yapısı, optimal finansal yapılar ve reel ekonomi ile olan ilişkileri incelenmektedir. Panel en küçük kareler yöntemi ve dinamik panel Genelleştirilmiş Momentler Yöntemi (GMY) tahminleri sonuçları, bir ülkede ekonomi büyüdükçe o ülkedeki finansal sistem yapısının daha piyasa odaklı olduğu görüşünü desteklemektedir. Bu çalışma, ayrıca, bir ülkenin mevcut finansal yapısının tahmin edilen optimal finansal yapıdan sapmasının reel ekonomiyi olumsuz yönde etkilediği sonucuna varmaktadır. Gelişmekte olan bir ülkeye en uygun olan finansal yapı, gelişmiş bir ülkenin finansal yapısından farklı olacaktır. Bu sebeple, ekonomik büyümeyi sağlamak adına, gelişmiş ülkelerin finansal yapı stratejilerini takip etmek yerine, her bir gelişmekte olan ülke için özel olarak hazırlanmış finansal yapı stratejileri izlenmelidir. 

Anahtar Kelimeler

• optimal finansal yapı
• reel ekonomi
• ekonomik büyüme

Destekleyen Kurum

Orta Doğu Teknik Üniversitesi Bilimsel Araştırma Projeleri Koordinasyon Birimi

Proje Numarası

YÖP-402-2018-2664

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