FİNANSAL KOŞULLAR ENDEKSİNİN EKONOMİK BÜYÜMEYE ETKİSİ: BRICS-T ÖRNEĞİ

Öz

Finansal koşullar endeksi, bir dizi finansal serinin temel bileşeni olarak kullanılan referans endekstir. İş döngüsündeki dalgalanmaları göz önünde tutarak geleneksel makroekonomik modellere yol göstermeyi amaçlamaktadır. Bu kapsamda çalışmada, BRICS-T ülkelerinde finansal koşullar endeksini temsilen, gecelik faiz, hisse senedi ve reel efektif döviz kurunun ekonomik büyümeye etkisi 1999:M1-2020:M2 döneminde incelenmiştir. Çalışmada yatay kesit bağımlılığını baz alan panel veri analiz yöntemi kullanılmıştır. Elde edilen uzun dönem analiz sonuçlarına göre, BRICS-T ülkelerinde gecelik faiz ve hisse senedindeki %10’luk artış, ekonomik büyümeyi sırasıyla %0.4 ve %0.1 oranında azaltmaktadır. Başka bir deyişle BRICS-T ülkelerinde finansal koşulların ekonomik büyüme üzerindeki etkisi negatiftir.

Anahtar Kelimeler

• Finansal Koşullar Endeksi
• Ekonomik Büyüme
• BRICS-T Ülkeleri
• Yatay Kesit Bağımlılığı

THE EFFECT OF FINANCIAL CONDITIONS INDEX ON ECONOMIC GROWTH: THE CASE OF BRICS-T

Abstract

The financial conditions index is the reference index used as a key component of a series of financial series. It aims to guide traditional macroeconomic models by taking into account the fluctuations in the business cycle.In this context, the effect of overnight interest, stock and real effective exchange rate on economic growth in the period of 1999:M1-2020:M2, representing the financial conditions index in BRICS-T countries, was examined. In the study was used panel data analysis method which takes into account cross-section dependence. According to the long-term analysis results obtained in BRICS-T countries, an increase of 10% in overnight interest and stocks reduces the economic growth by 0.4% and 0.1%, respectively. In other words, the effect of financial conditions on economic growth in BRICS-T countries is negative.

Keywords

• Financial Conditions Index
• Economic Growth
• BRICS-T Countries
• Cross-Section Dependence
• Panel AMG

Kaynakça

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