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THE RELATIONSHIP BETWEEN FINANCIAL DEEPENING AND GROWTH IN EMERGING MARKETS: A PANEL DATA ANALYSIS

Yıl 2010, Cilt: 6 Sayı: 12, 95 - 119, 01.12.2010

Nurettin Öztürk , Salih Barışık Havva Kılıç Darıcı

Öz

In this study the effects of financial deepening on growth are tested using panel data analysis. For this purpose, the data, which cover the 1992-2007 period from 10 different countries, including Turkey, are used. The results support the hypothesis that financial deepening contributes positively to economic growth through more efficient use of funds. Bank credits/GDP, M3/GDP and the ratio of market capitalization, which are among the measures of financial deepening, affect per capita income positively, supporting the theory. On the other hand, M2/GDP and private sector credit/GDP ratios affect growth negatively, contradicting the theory

Anahtar Kelimeler

Financial Deepening Economic Growth Panel Data Analysis

Kaynakça

  • Ahmed, Syed M. ve M. I Ansari (1998), “Financial Sector Development and Economic Growth: The South-Asian Experience”, Journal of Asian Economics, Vol. 9, No. 3, pp. 503-517.
  • Alper, Emre ve Ziya Öniş (2001), “Finansal Küreselleşme, Demokrasi Açığı ve Yükselen Piyasalarda Yaşanan Sürekli Krizler: Sermaye Hareketlerinin Liberalleşmesi Sonrasında Türkiye Deneyimi”, Doğu Batı Dergisi, Sayı 17, ss. 203–225.
  • Altunç, Ömer Faruk (2008), “Türkiye’de Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedenselliğin Ampirik Bir Analizi”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, Cilt 3, Sayı 2, ss. 113–127.
  • Al-Yousif, Yousif Khalifa (2002), “Financial Development and Economic Growth: Another Look at the Evidence From Developing Countries”, Review of Financial Economics, Vol. 11, No. 2, pp. 131–150.
  • Ang, James B. ve Warvick J. McKibbin (2005), “Financial Liberalization, Financial Sector Development and Growth: Evidence From Malaysia”, Journal of Development Economics, Vol. 84, No. 1, pp. 215–233.
  • Arestis, Philip, Panicos Demetriades ve Kul B. Luintel (2001), “Financial Development and Economic Growth: The Role of Stock Markets”, Journal of Money, Credit, and Banking, Vol. 33, No. 1, pp. 16–41.
  • Aslan, Özgür ve Levent Korap (2006), “Türkiye’de Finansal Gelişme Ekonomik Büyüme İlişkisi”, Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı 17, ss. 1-20.
  • Aslan, Özgür ve İsmail Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, İstanbul Üniversitesi Ekonometri ve İstatistik Dergisi, Sayı 4, ss. 12–28.
  • Atamtürk, Burak (2007), “Gelişmekte Olan Ülkelerde ve Türkiye’de Finansal Serbestleşmenin İç Tasarruflar Üzerine Etkileri”, Marmara Üniversitesi İ.İ.B.F. Dergisi, Cilt 23, Sayı 2, ss. 75–89.
  • Atje, Raymond ve Boyan Jovanovic (1993), “Stock Markets and Development”, European Economic Review, Vol. 37, No. 2, pp. 632–640.
  • Baltagi, Badi H. (2005), A Companion to Econometric Analysis of Panel Data, 3rd Edition, John Wiley & Sons, New York.
  • Başoğlu, Ufuk ve Ali Ceylan (2001), Finans Teori Kurum ve Araçlar, Ezgi Kitapevi Yayınları, Bursa.
  • Beakart, G. ve Harvey, C. R. (2000), “Foreign Speculators and Emerging Equity Markets”, NBER Working Paper, No. 6312.
  • Beck, Thorsten, Aslı Demirgüç-Kunt ve Ross Levine (2004), “Finance, Inequality and Poverty: Cross-Country Evidence”, NBER Working Paper, No.10979, December.
  • BDDK, (2006), Finansal Sektör Değerlendirmesi, Finansal Piyasalar Raporu, BDDK Yayınları, Ankara.
  • Bhattacharya, Prabir C. ve M. N. Sivasubramanian (2003), “Financial Development and Economic Growth in India: 1970–1971 to 1998–1999,” Applied Financial Economics, Vol. 13, No. 12, pp. 905–909.
  • Breitung, Jörg (2000), “The Local Power of Some Unit Roots Tests for Panel Data”, Nonstationary Panels, Panel Cointegration and Dynamic Panels, B.Baltagi (ed.), Amsterdam: Elsevier Science, pp. 161–178.
  • Calderon, Sezar ve Lin Liu (2003), “The Direction Of Causality Between Financial Development and Economic Growth”, Journal Of Development Economics, Vol. 72, No. 1, pp. 321–334.
  • Chang, Tsangyao ve Steven B Caudill (2005), “Financial Development and Economic Growth: The Case of Taiwan”, Applied Economics, Vol. 37, No. 12, pp. 1329– 1335.
  • Christopoulos, Dimitris ve Efthymios G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, Vol. 73, No. 1, pp. 55–74.
  • Darıcı, Havva Kılıç (2009), “Finansal Derinleşme ve Ekonomik Büyüme İlişkisi: Gelişmekte Olan Piyasalar Örneği”, (Yayınlanmamış Yüksek Lisans Tezi), Zonguldak Karaelmas Üniversitesi, SBE, İktisat ABD.
  • Darrat, Ali F. (1999), “Are Financial Deepening and Economic Growth Causally Related? Another Look at The Evidence”, International Economic Journal, Vol. 13, No. 3, pp. 19–35.
  • Demir, Yusuf, Erdoğan Öztürk ve Mesut Albeni (2007), “Türkiye’de Finansal Piyasalar ile Ekonomik Büyüme İlişkisi”, Karamanoğlu Mehmet Bey Üniversitesi İİBF Dergisi, Aralık, ss. 438–455.
  • Denizer, Cevdet, Oya Celasun ve Dong He (1999), “Capital Flows, Macroeconomic Management, And The Financial System: Turkey, 1989-1997”, The World Bank Policy Research Working Paper Series, No 2141.
  • Dritsakis, Nikolaos ve Antonios Adamopoulos (2004), “Financial Development and Economic Growth in Greece: An Empirical Investigation with Granger Causality Analysis”, International Economic Journal, Vol. 18, No. 4, 547–559.
  • Eita, Joel Hinaunye ve André C. Jordan (2007), “A Causality Analysis Between Financial Development and Economic Growth for Botswana”, University of Pretoria Working Paper, No. 22, October.
  • Erim, Neşe ve Armağan Türk (2005), “Finansal Gelişme ve İktisadi Büyüme”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 10, ss. 21–45.
  • Evans, Alun Dwyfor (2002), “Human Capital and Financial Development in Economic Growth: NewEvidence Using the Translog Production Function”, International Journal of Finance and Economics, Vol. 7, No. 2, ss. 123–140.
  • Fink, Gerhard, Peter Haiss ve Sırma Hristoforova (2003), “Bond Markets and Economic Growth”, Research Institute for European Affairs, Working Paper No. 49, April.
  • Fry, Maxwel (1988), Money, Interest and Banking in Economic Development, Baltimore and London: The John Hopkins University Press
  • Fry, Maxwel (1989), “Financial Development: Theories And Recent Experience”, Oxford Review of Economic Policy, Vol. 5, No. 4, pp. 13–28.
  • Galindo, A. Micco, A. ve Ordonez, G. (2002), “Financial Liberalization and Growth: Empirical Evidence”, Paper presented at World Bank Conference on Financial Globalization, World Bank, Washington D.C.
  • Ghali, Khalifa (1999), “Financial Development and Economic Growth: The Tynisian Experience”, Review of Development Economics, Vol. 3, No. 3, pp. 310–322.
  • Ghate, Prabhu B. (1992), “Interaction Between the Formal and Informal Financial Sectors: The Asian Experience”, World Development, Vol. 20, No. 6, pp. 859– 872.
  • Ghirmay, Teame (2004), “Financial Development and Economic Growth in Sub- Saharan African Countries: Evidence from Time Series Analysis”, African Development Review, Vol. 16, pp. 415–432.
  • Goldsmith, Raymond W. (1969), Financial Structure and Development, New Haven and Yale University Pres, London.
  • Goldsmith, Raymond W. (1987), Premodern Financial System, Cambridge University Press.
  • Greenwood, Jeremy ve Boyan Jovanovic (1990), “Financial Development, Growth, And The Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, pp. 1076–1107.
  • Gujarati, Damador (2003), Basic Econometric, Fourth Edition, McGraw Hill, USA.
  • Gujarati, Damador ve Davn Porter (2009), Basic Econometric, Fifth Edition McGraw Hill, USA.
  • Gupta, Kanhaya Lal (1984), Finance and Economic Growth in Developing Countries, Taylor & Francis, New Hampshire, USA.
  • Gürsoy, Cudi T. ve Hassan Al-Aali (2000), “Causal Relationhip Between Financial and Economic Development in Gulf Countries”, Doğuş Üniversitesi Dergisi, Cilt 1, Sayı 1, ss. 124–134.
  • Habibullah, Muzafar S. ve Yoke-Kee Eng (2006), “Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries”, Journal of the Asia Pacific Economy, Vol. 11, No. 4, pp. 377–393.
  • Henry, Peter Blair (2003), “Capital Account Liberalization, the Cost of Capital, and Economic Growth”, The American Economic Review, Vol. 93, No. 2, pp. 91–96.
  • Im, Kyung So, M. Hashem Pesaran ve Yongcheol Shin (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, Vol.115, No.1, 53–74.
  • Japelli, T. ve M. Pagano (1994), “Saving, Growth, and Liquidity Constraints”, The Quarterly Journal of Economics, Vol. 109, No. 1, pp. 93–109.
  • Jung, Woo S. (1986), “Financial Development and Economic Growth: International Evidence”, Economic Development and Cultural Change, Vol. 34, No. 2, pp. 333–341.
  • Kar, Muhsin (2001), “Finansal Kalkınma Ekonomik Büyüme Arasındaki Nedensellik İlişkisi, Türkiye Örneği”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, Cilt 22, ss. 150–165.
  • Kar, Muhsin ve Ağır H. (2005), “Finansal Derinleşme Göstergeleri Üzerine Bir Değerlendirme”, Finans-Politik ve Ekonomik Yorumlar Dergisi, Cilt 42, Sayı 496, ss. 10–24.
  • Kar, Muhsin ve Pentecost, E. (2000), “The Direction of Causality Between Financial Development and Economic Growth in Turkey: Further Evidence”, Loughborough University, Department of Economics, Economic Research Paper, No.00/27, December.
  • Kar, Muhsin ve Seyhan Tuncer (2002), “A Critical Survey Of The Emprical Studies On Financial Liberalization in Turkey”, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, Cilt 5, Sayı 1, ss. 29-45.
  • Khan, Aubhik (2000), “The Finance Growth Nexus”, Federal Reserve Bank Of Philadelphia Business Review, January/February, 3–14.
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GELİŞMEKTE OLAN PİYASALARDA FİNANSAL DERİNLEŞME VE BÜYÜME İLİŞKİSİ: PANEL VERİ ANALİZİ

Yıl 2010, Cilt: 6 Sayı: 12, 95 - 119, 01.12.2010

Nurettin Öztürk , Salih Barışık Havva Kılıç Darıcı

Öz

Bu çalışmada finansal derinleşmenin büyüme üzerindeki etkileri test edilmiştir. Bu amaçla verilerine ulaşılabilen Türkiye’nin de dahil edildiği 10 gelişmekte olan piyasa için 1992–2007 dönemini kapsayan ve panel veri tekniğini kullanan analiz yapılmıştır. Analiz sonuçları, “finansal sistemin gelişmesi ve derinleşmesiyle ekonomide yaratılan fonların daha etkin kullanımı sonucu ekonomik büyümenin artacağı” öngörüsünü desteklemiştir. Finansal derinleşme ölçülerinden banka kredileri/GSYİH, M3/GSYİH ve piyasa kapitalizasyon oranlarının kişi başına geliri pozitif etkilemesi teoriyi desteklemektedir. M2/GSYİH ve özel sektöre verilen krediler/ GSYİH oranının büyümeyi negatif etkilediği sonucu teorik tutarlılıkla çelişmektedir.

Anahtar Kelimeler

Finansal Derinleşme Ekonomik Büyüme Panel Veri Analizi

Kaynakça

  • Ahmed, Syed M. ve M. I Ansari (1998), “Financial Sector Development and Economic Growth: The South-Asian Experience”, Journal of Asian Economics, Vol. 9, No. 3, pp. 503-517.
  • Alper, Emre ve Ziya Öniş (2001), “Finansal Küreselleşme, Demokrasi Açığı ve Yükselen Piyasalarda Yaşanan Sürekli Krizler: Sermaye Hareketlerinin Liberalleşmesi Sonrasında Türkiye Deneyimi”, Doğu Batı Dergisi, Sayı 17, ss. 203–225.
  • Altunç, Ömer Faruk (2008), “Türkiye’de Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedenselliğin Ampirik Bir Analizi”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, Cilt 3, Sayı 2, ss. 113–127.
  • Al-Yousif, Yousif Khalifa (2002), “Financial Development and Economic Growth: Another Look at the Evidence From Developing Countries”, Review of Financial Economics, Vol. 11, No. 2, pp. 131–150.
  • Ang, James B. ve Warvick J. McKibbin (2005), “Financial Liberalization, Financial Sector Development and Growth: Evidence From Malaysia”, Journal of Development Economics, Vol. 84, No. 1, pp. 215–233.
  • Arestis, Philip, Panicos Demetriades ve Kul B. Luintel (2001), “Financial Development and Economic Growth: The Role of Stock Markets”, Journal of Money, Credit, and Banking, Vol. 33, No. 1, pp. 16–41.
  • Aslan, Özgür ve Levent Korap (2006), “Türkiye’de Finansal Gelişme Ekonomik Büyüme İlişkisi”, Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı 17, ss. 1-20.
  • Aslan, Özgür ve İsmail Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, İstanbul Üniversitesi Ekonometri ve İstatistik Dergisi, Sayı 4, ss. 12–28.
  • Atamtürk, Burak (2007), “Gelişmekte Olan Ülkelerde ve Türkiye’de Finansal Serbestleşmenin İç Tasarruflar Üzerine Etkileri”, Marmara Üniversitesi İ.İ.B.F. Dergisi, Cilt 23, Sayı 2, ss. 75–89.
  • Atje, Raymond ve Boyan Jovanovic (1993), “Stock Markets and Development”, European Economic Review, Vol. 37, No. 2, pp. 632–640.
  • Baltagi, Badi H. (2005), A Companion to Econometric Analysis of Panel Data, 3rd Edition, John Wiley & Sons, New York.
  • Başoğlu, Ufuk ve Ali Ceylan (2001), Finans Teori Kurum ve Araçlar, Ezgi Kitapevi Yayınları, Bursa.
  • Beakart, G. ve Harvey, C. R. (2000), “Foreign Speculators and Emerging Equity Markets”, NBER Working Paper, No. 6312.
  • Beck, Thorsten, Aslı Demirgüç-Kunt ve Ross Levine (2004), “Finance, Inequality and Poverty: Cross-Country Evidence”, NBER Working Paper, No.10979, December.
  • BDDK, (2006), Finansal Sektör Değerlendirmesi, Finansal Piyasalar Raporu, BDDK Yayınları, Ankara.
  • Bhattacharya, Prabir C. ve M. N. Sivasubramanian (2003), “Financial Development and Economic Growth in India: 1970–1971 to 1998–1999,” Applied Financial Economics, Vol. 13, No. 12, pp. 905–909.
  • Breitung, Jörg (2000), “The Local Power of Some Unit Roots Tests for Panel Data”, Nonstationary Panels, Panel Cointegration and Dynamic Panels, B.Baltagi (ed.), Amsterdam: Elsevier Science, pp. 161–178.
  • Calderon, Sezar ve Lin Liu (2003), “The Direction Of Causality Between Financial Development and Economic Growth”, Journal Of Development Economics, Vol. 72, No. 1, pp. 321–334.
  • Chang, Tsangyao ve Steven B Caudill (2005), “Financial Development and Economic Growth: The Case of Taiwan”, Applied Economics, Vol. 37, No. 12, pp. 1329– 1335.
  • Christopoulos, Dimitris ve Efthymios G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, Vol. 73, No. 1, pp. 55–74.
  • Darıcı, Havva Kılıç (2009), “Finansal Derinleşme ve Ekonomik Büyüme İlişkisi: Gelişmekte Olan Piyasalar Örneği”, (Yayınlanmamış Yüksek Lisans Tezi), Zonguldak Karaelmas Üniversitesi, SBE, İktisat ABD.
  • Darrat, Ali F. (1999), “Are Financial Deepening and Economic Growth Causally Related? Another Look at The Evidence”, International Economic Journal, Vol. 13, No. 3, pp. 19–35.
  • Demir, Yusuf, Erdoğan Öztürk ve Mesut Albeni (2007), “Türkiye’de Finansal Piyasalar ile Ekonomik Büyüme İlişkisi”, Karamanoğlu Mehmet Bey Üniversitesi İİBF Dergisi, Aralık, ss. 438–455.
  • Denizer, Cevdet, Oya Celasun ve Dong He (1999), “Capital Flows, Macroeconomic Management, And The Financial System: Turkey, 1989-1997”, The World Bank Policy Research Working Paper Series, No 2141.
  • Dritsakis, Nikolaos ve Antonios Adamopoulos (2004), “Financial Development and Economic Growth in Greece: An Empirical Investigation with Granger Causality Analysis”, International Economic Journal, Vol. 18, No. 4, 547–559.
  • Eita, Joel Hinaunye ve André C. Jordan (2007), “A Causality Analysis Between Financial Development and Economic Growth for Botswana”, University of Pretoria Working Paper, No. 22, October.
  • Erim, Neşe ve Armağan Türk (2005), “Finansal Gelişme ve İktisadi Büyüme”, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt 10, ss. 21–45.
  • Evans, Alun Dwyfor (2002), “Human Capital and Financial Development in Economic Growth: NewEvidence Using the Translog Production Function”, International Journal of Finance and Economics, Vol. 7, No. 2, ss. 123–140.
  • Fink, Gerhard, Peter Haiss ve Sırma Hristoforova (2003), “Bond Markets and Economic Growth”, Research Institute for European Affairs, Working Paper No. 49, April.
  • Fry, Maxwel (1988), Money, Interest and Banking in Economic Development, Baltimore and London: The John Hopkins University Press
  • Fry, Maxwel (1989), “Financial Development: Theories And Recent Experience”, Oxford Review of Economic Policy, Vol. 5, No. 4, pp. 13–28.
  • Galindo, A. Micco, A. ve Ordonez, G. (2002), “Financial Liberalization and Growth: Empirical Evidence”, Paper presented at World Bank Conference on Financial Globalization, World Bank, Washington D.C.
  • Ghali, Khalifa (1999), “Financial Development and Economic Growth: The Tynisian Experience”, Review of Development Economics, Vol. 3, No. 3, pp. 310–322.
  • Ghate, Prabhu B. (1992), “Interaction Between the Formal and Informal Financial Sectors: The Asian Experience”, World Development, Vol. 20, No. 6, pp. 859– 872.
  • Ghirmay, Teame (2004), “Financial Development and Economic Growth in Sub- Saharan African Countries: Evidence from Time Series Analysis”, African Development Review, Vol. 16, pp. 415–432.
  • Goldsmith, Raymond W. (1969), Financial Structure and Development, New Haven and Yale University Pres, London.
  • Goldsmith, Raymond W. (1987), Premodern Financial System, Cambridge University Press.
  • Greenwood, Jeremy ve Boyan Jovanovic (1990), “Financial Development, Growth, And The Distribution of Income”, Journal of Political Economy, Vol. 98, No. 5, pp. 1076–1107.
  • Gujarati, Damador (2003), Basic Econometric, Fourth Edition, McGraw Hill, USA.
  • Gujarati, Damador ve Davn Porter (2009), Basic Econometric, Fifth Edition McGraw Hill, USA.
  • Gupta, Kanhaya Lal (1984), Finance and Economic Growth in Developing Countries, Taylor & Francis, New Hampshire, USA.
  • Gürsoy, Cudi T. ve Hassan Al-Aali (2000), “Causal Relationhip Between Financial and Economic Development in Gulf Countries”, Doğuş Üniversitesi Dergisi, Cilt 1, Sayı 1, ss. 124–134.
  • Habibullah, Muzafar S. ve Yoke-Kee Eng (2006), “Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries”, Journal of the Asia Pacific Economy, Vol. 11, No. 4, pp. 377–393.
  • Henry, Peter Blair (2003), “Capital Account Liberalization, the Cost of Capital, and Economic Growth”, The American Economic Review, Vol. 93, No. 2, pp. 91–96.
  • Im, Kyung So, M. Hashem Pesaran ve Yongcheol Shin (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, Vol.115, No.1, 53–74.
  • Japelli, T. ve M. Pagano (1994), “Saving, Growth, and Liquidity Constraints”, The Quarterly Journal of Economics, Vol. 109, No. 1, pp. 93–109.
  • Jung, Woo S. (1986), “Financial Development and Economic Growth: International Evidence”, Economic Development and Cultural Change, Vol. 34, No. 2, pp. 333–341.
  • Kar, Muhsin (2001), “Finansal Kalkınma Ekonomik Büyüme Arasındaki Nedensellik İlişkisi, Türkiye Örneği”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, Cilt 22, ss. 150–165.
  • Kar, Muhsin ve Ağır H. (2005), “Finansal Derinleşme Göstergeleri Üzerine Bir Değerlendirme”, Finans-Politik ve Ekonomik Yorumlar Dergisi, Cilt 42, Sayı 496, ss. 10–24.
  • Kar, Muhsin ve Pentecost, E. (2000), “The Direction of Causality Between Financial Development and Economic Growth in Turkey: Further Evidence”, Loughborough University, Department of Economics, Economic Research Paper, No.00/27, December.
  • Kar, Muhsin ve Seyhan Tuncer (2002), “A Critical Survey Of The Emprical Studies On Financial Liberalization in Turkey”, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, Cilt 5, Sayı 1, ss. 29-45.
  • Khan, Aubhik (2000), “The Finance Growth Nexus”, Federal Reserve Bank Of Philadelphia Business Review, January/February, 3–14.
  • King, Robert G. ve Ross Levine (1993a), “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, Vol. 108, No. 3, pp. 717–737.
  • King, Robert G. and Ross Levine (1993b), “Finance, Entrepreneurship and Growth: Theory and Evidence”, Journal of Monetary Economics, Vol. 32, No. 3, pp. 513– 542.
  • Levin, Andrew, Chien-Fu Lin, James Chu ve Chia Shang (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Proporties”, Journal of Econometrics, Vol. 108, No. 1, pp. 1–24.
  • Levine, Ross ve Robert King (1997), “Financial Development And Economic Growth: Views And Agenda”, Journal Of Economic Literature, Vol. 35, No. 2, pp. 668–
  • Levine, Ross, Norman Loayza ve Thorsten Beck (2002), “Financial Intermediation and Growth: Causality and Causes”, Worldbank Policy Research Paper, No.2059.
  • Levine, Ross ve Sara Zervos (1996), “Stock Markets, Banks, and Economic Growth”, World Bank Policy Research Working Paper, No.1690.
  • Lucas, Robert E (1988), “On The Mechanics Of Economic Growth”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3–42.
  • Luintel, Kul B. ve Mosahid Khan (1999), “A Quantitative Reassessment of the Finance- Growth Nexus: Evidence from a Multivariate VAR”, Journal of Development Economics, Vol. 60, No. 2, pp. 381–405.
  • Lynch, David (1996), “Measuring Financial Sector Development: A Study of Selected Asia Pasific Countries”, Developing Economies, Vol. 33, No. 1, pp. 3–33.
  • Maddala, G.S. ve Shaowen Wu (1999), “A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test”, Oxford Bulletin of Economics and Statistics, Vol. 61, pp. 631–652.
  • Mathieson, Donald J. (1980), “Financial Reform and Stabilization Policy in a Developing Economy”, Journal of Development Economics, Vol. 7, No. 3, pp. 357–395.
  • McKinnon, Ronald (1973), Money and Capital in Economic Development, The Brookings Institution, Washington D.C.
  • McKinnon, Ronald (1991), The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, Johns Hopkins University Press, Baltimore.
  • Miskhin, Frederick S. (2004), The Economics of Money, Banking and Financial Markets, Seventh Edition, Pearson Adison -Wesley.
  • Müslümov, Alövsat ve Güler Aras (2002), “Sermaye Piyasası Gelişmesi ve Ekonomik Büyüme Arasında Nedensellik İlişkisi: OECD Ülkeleri Örneği”, İktisat İşletme Finans Dergisi, Cilt 198, Sayı 17, ss. 90–105.
  • Oskay, Suna (2000), “Finansal Piyasalarda Yeni Yasal Düzenlemeler İhtiyacı ve Türk Finans Sistemi”, Marmara Üniversitesi Sosyal Bilimler Enstitüsü Öneri Dergisi, Cilt 75, No 10, ss. 9–18.
  • Patrick, T. Hugh (1966), “Financial Development and Economic Growth in Underdeveloped Countries”, Economic Development and Cultural Change, Vol. 14, pp. 174–189.
  • Pazarlıoğlu, Vedat M. ve Özlem Kiren Gürler (2007), “Telekomünikasyon Yatırımları ve Ekonomik Büyüme: Panel Veri Yaklaşımı”, Finans Politik ve Ekonomik Yorumlar Dergisi, Cilt 44, Sayı 508, ss. 35-43.
  • Rajan, Raghuram ve Luigi Zingales (1998), “Which Capitalism? Lessons From The East Asian Crisis”, Journal of Applied Corporate Finance, Vol 11, No 3, pp. 1- 18.
  • Rıoja, Felix ve Neven Valev (2004), “Finance and the Sources of Growth at Various Stages of Economic Development”, Economic Inquiry, Vol. 42, No. 1, pp. 127–
  • Robinson, Joan (1952), “The Rate of Interest and Other Essays”, (in) The Generalization of the General Theory, London: Macmillan, pp. 69-142.
  • Rousseau, Peter L. ve Paul Wachtel (2005), “Economic Growth and Financial Depth: Is
  • the Relationship Extinct Already?”, United Nations University, Discussion
  • Paper No. 2005/10, December.
  • Shaw, Edward (1973), Financial Deepening in Economic Development, Oxford University Press, London.
  • Taylor, Lance (1983), “Structuralist Macroeconomics: Applicaple Models for The Third World”, Basic Books, New York.
  • Thangavelu, Shandre M. ve James B. Ang (2004), “Financial Development and Economic Growth in Australia: An Empirical Analysis”, Empirical Economics, Vol. 29, No. 2, pp. 247–260.
  • Ünalmış, Deren (2002), “The Causality Between Financial Development and Economic Growth: The Case of Turkey,” The Central Bank of Republic of Turkey Research Department Working Paper, No. 3, Ankara.
  • Vaona, Andrea ve Roberto Patuelli (2008), “New Emprical Evidence on Local Financial Development and Growth”, Letters in Spatial and Resource Sciences, Vol. 1, No. 1, pp. 147–157.
  • World Bank, World Development Indicators, 2009.
  • Xu, Zhenhui (2000), “Financial Development, Investment, and Growth”, Economic Inquiry, Vol. 38, pp. 331–344.
  • Yeldan, Erinç (2003), “Türkiye Ekonomisi ve IMF Politikaları”, İktisat İşletme Finans Dergisi, Cilt 12, Sayı 22, ss. 32–37.
Toplam 84 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Nurettin Öztürk

Salih Barışık Bu kişi benim

Havva Kılıç Darıcı Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2010
Yayımlandığı Sayı Yıl 2010 Cilt: 6 Sayı: 12

Kaynak Göster

APA Öztürk, N., Barışık, S., & Darıcı, H. K. (2010). GELİŞMEKTE OLAN PİYASALARDA FİNANSAL DERİNLEŞME VE BÜYÜME İLİŞKİSİ: PANEL VERİ ANALİZİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 6(12), 95-119.