Araştırma Makalesi
BibTex RIS Kaynak Göster

Analyzing the Linkage Between Financial Development and Economic Growth in Türkiye: Augmented NARDL Approach

Yıl 2023, Cilt: 8 Sayı: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 53 - 73, 29.10.2023
https://doi.org/10.25204/iktisad.1348318

Öz

This study, which examines the assumption that the relationship between the financial development index, which is a comprehensive indicator of financial development, and economic growth may be asymmetric in Türkiye, covers the period 1980–2020. A non-linear autoregressive distributed lag bounds test (NARDL) was used to determine both the asymmetric relationship and the long- and short-run linkages between the variables. The cointegration relationship between the variables was also tested with the augmented ARDL approach. In the long run, the effect of positive shocks of the financial development index on growth is negative but insignificant, while the effect of negative shocks on growth is positive and significant. The results of the Hatemi-J asymmetric causality test revealed a unidirectional causality relationship from both positive and negative shocks of financial development to positive shocks of economic growth. This finding, contrary to the prevailing view in the literature, may be due to Türkiye's economic and financial structure. Türkiye, whose financial institutions and markets are behind developed countries, needs to build a healthy financial system, reduce income inequality and inflation, increase human capital investments in the financial sector, and ensure efficiency in resource allocation.

Kaynakça

  • Abeka, M. J., Andoh, E., Gatsi, J. G. ve Kawor, S. (2021). Financial development and economic growth nexus in SSA economies: The moderating role of telecommunication development. Cogent Economics & Finance, 9(1), 1862395. https://doi.org/10.1080/23322039.2020.1862395
  • Adu, G., Marbuah, G. ve Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter?. Review of Development Finance, 3(4), 192-203. https://doi.org/10.1016/j.rdf.2013.11.001
  • Ahmed, A. D. (2016). Integration of financial markets, financial development and growth: Is Africa different?. Journal of International Financial Markets, Institutions and Money, 42, 43-59. https://doi.org/10.1016/j.intfin.2016.01.003
  • Alsamara, M., Mrabet, Z., Barkat, K. ve Elafif, M. (2019). The impacts of trade and financial developments on economic growth in Turkey: ARDL approach with structural break. Emerging Markets Finance and Trade, 55(8), 1671-1680. https://doi.org/10.1080/1540496X.2018.1521800
  • Asghar, N. ve Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2), 99-126.
  • Asratie, T. M. (2021). Determinants of financial development in Ethiopia: ARDL approach. Cogent Economics & Finance, 9(1), 1963063. https://doi.org/10.1080/23322039.2021.1963063
  • Bandura, W. N. (2022). Inflation and finance-growth nexus in sub-Saharan Africa. Journal of African Business, 23(2), 422-434. https://doi.org/10.1080/15228916.2020.1838837
  • Batayneh, K., Al Salamat, W. ve Momani, M. Q. (2021). The impact of inflation on the financial sector development: Empirical evidence from Jordan. Cogent Economics & Finance, 9(1), 1970869. https://doi.org/10.1080/23322039.2021.1970869
  • Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780. https://doi.org/10.1080/23322039.2018.1449780
  • Boyd, J. H., Levine, R. ve Smith, B. D. (2001). The impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221-248. https://doi.org/10.1016/S0304-3932(01)00049-6
  • Chen, H., Hongo, D. O., Ssali, M. W., Nyaranga, M. S. ve Nderitu, C. W. (2020). The asymmetric influence of financial development on economic growth in Kenya: Evidence from NARDL. SAGE Open, 10(1), 2158244019894071. https://doi.org/10.1177/2158244019894071
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E. ve Levine, R. (2012). Benchmarking financial systems around the world. World Bank Policy Research Working Paper, (6175).
  • Creane, S., Goyal, R., Mobarak, A. M. ve Sab, R. (2004). Financial sector development in the Middle East and North Africa. International Monetary Fund IMF Working Papers, (No. 04/201). https://www.imf.org/external/pubs/ft/med/2003/eng/creane/
  • De Gregorio, J. ve Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448. https://doi.org/10.1016/0305-750X(94)00132-I
  • Demetriades, P. O. ve Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411. https://doi.org/10.1016/S0304-3878(96)00421-X
  • Demirgüç-Kunt, A. ve Levine, R. (2009). Finance and inequality: Theory and evidence. Annual Review of Financial Economics, 1(1), 287-318. https://doi.org/10.1146/annurev.financial.050808.114334
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of American Statistical Association, 74, 427-431. https://doi.org/10.1080/01621459.1979.10482531
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-1072. https://doi.org/10.2307/1912517
  • Ehigiamusoe, K. U., Lean, H. H. ve Chan, J. H. (2020). Influence of macroeconomic stability on financial development in developing economies: Evidence from West African region. The Singapore Economic Review, 65(04), 837-856. https://doi.org/10.1142/S0217590819500553
  • Ellahi, N., Kiani, A. K., Awais, M., Affandi, H., Saghir, R. ve Qaim, S. (2021). Investigating the institutional determinants of financial development: Empirical evidence from SAARC countries. SAGE Open, 11(2), 21582440211006029. https://doi.org/10.1177/215824402110060
  • Erdem, H. F. ve Yamak, R. (2014). The dynamic relationship between economics and financial instability. International Reviews Business Research Papers, 10(1), 39-48.
  • Eyüboğlu, K. ve Akan, K. (2020). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi: RALS-EG Eşbütünleşme Testi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974-988. https://doi.org/10.32709/akusosbil.627788
  • Favara, G. (2003). An empirical reassessment of the relationship between finance and growth. International Monetary Fund, IMF Working Papers, (No. 2003/123), A001. https://www.elibrary.imf.org/view/journals/001/2003/123/article-A001-en.xml
  • Fergusson, L. (2006). Institutions for financial development: What are they and where do they come from?. Journal of Economic Surveys, 20(1), 27-70. https://doi.org/10.1111/j.0950-0804.2006.00275.x
  • Friedman, M. ve Schwartz, A. J. (1963). A Monetary History of the United States, Princeton University Press, Princeton NJ.
  • Garcia-Herrero, A., Santillan Fraile, J., Gallego Herrero, S., Cuadro-Sáez, L. ve Egea, C. (2002). Latin American financial development in perspective. Banco de Espana, Servicios de Estudio Working Paper, (0216). https://repositorio.bde.es/bitstream/123456789/6751/1/dt0216e.pdf
  • Giri, A. K., Mohapatra, G. ve Debata, B. (2023). Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship?. Journal of Economic and Administrative Sciences, 39(1), 117-133. https://doi.org/10.1108/JEAS-03-2021-0060
  • Granger, C. W. ve Yoon, G. (2002). Hidden cointegration. U of California, Economics Working Paper, (2002-02). http://dx.doi.org/10.2139/ssrn.313831
  • Greenwood, J. ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5, Part 1), 1076–1107. https://doi.org/10.1086/261720
  • Gries, T., Kraft, M. ve Meierrieks, D. (2009). Linkages between financial deepening, trade openness, and economic development: Causality evidence from sub-Saharan Africa. World Development, 37(12), 1849-1860. https://doi.org/10.1016/j.worlddev.2009.05.008
  • Guei, K. M. ve Choga, I. (2022). Assessing the finance led growth hypothesis: Empirical evidence from sub-Saharan Africa. African Journal of Science, Technology, Innovation and Development, 14(1), 114-120. https://doi.org/10.1080/20421338.2020.1815945
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43, 447-456. https://doi.org/10.1007/s00181-011-0484-x
  • Huang, H. C., Fang, W. ve Miller, S. (2014). Does financial development volatility affect industrial growth volatility?. International Review of Economics & Finance, 29(C), 307-320. https://doi.org/10.1016/j.iref.2013.06.006
  • Ibrahim, M. ve Alagidede, P. (2018). Effect of financial development on economic growth in sub-Saharan Africa. Journal of Policy Modeling, 40(6), 1104-1125. https://doi.org/10.1016/j.jpolmod.2018.08.001
  • Ibrahim, M. ve Vo, X. V. (2020). Effect of economic integration on sectorial value added in sub–Saharan Africa: Does financial development matter?. The Journal of International Trade & Economic Development, 29(8), 934-951. https://doi.org/10.1080/09638199.2020.1767682
  • Ikpesu, F. (2021). Banking sector credit, inflation and growth in sub-Saharan African countries. Journal of Transnational Management, 26(3), 164-178. https://doi.org/10.1080/15475778.2021.1947170
  • IMF, (2023). Financial development index database. https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b&ref=mondato-insight Erişim: 04.05.2023.
  • Iwegbu, O., Justine, K. ve Borges Cardoso, L. C. (2022). Regional financial integration, financial development and industrial sector growth in ECOWAS: Does institution matter?. Cogent Economics & Finance, 10(1), 2050495. https://doi.org/10.1080/23322039.2022.2050495
  • King, R. ve Levine, R. (1993). Finance and growth, schumpeter might be right. Quarterly Journal of Economics, 108, 717-738. https://doi.org/10.2307/2118406
  • Klein, M. ve Olivei, G. (2005). Capital account liberalization, financial depth and economic growth. National Bureau of Economic Research Working Paper, http://www.nber.org/papers/w7384
  • Kumar, K. ve Paramanik, R. N. (2020). Nexus between Indian economic growth and financial development: A non-linear ARDL approach. The Journal of Asian Finance, Economics and Business (JAFEB), 7(6), 109-116.
  • Law, S. H., Tan, H. B. ve Azman-Saini, W. N. W. (2014). Financial development and income inequality at different levels of institutional quality. Emerging Markets Finance and Trade, 50(sup1), 21-33. https://doi.org/10.2753/REE1540-496X5001S102
  • Lawal, A. I., Nwanji, T. I., Asaleye, A. ve Ahmed, V. (2016). Economic growth, financial development and trade openness in Nigeria: An application of the ARDL bound testing approach. Cogent Economics & Finance, 4(1), 1258810. https://doi.org/10.1080/23322039.2016.1258810
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688–726. http://www.jstor.org/stable/2729790
  • Levine, R. (2005). Finance and growth: theory and evidence. Handbook of Economic Growth, 1, 865-934. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Levine, R., Loayza, N. ve Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46, 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9
  • Liang Q. ve Teng, J. Z. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17, 395-411. https://doi.org/10.1016/j.chieco.2005.09.003
  • Loayza, N. V. ve Ranciere, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit and Banking, 38(4), 1051-1076.
  • Lynch, D. (1996). Measuring financial sector development: A study of selected Asia‐Pacific countries. The Developing Economies, 34(1), 1-27. https://doi.org/10.1111/j.1746-1049.1996.tb00727.x
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11(6), 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T
  • McKinnon, R. (1973). Money and Capital in Economic Development, Brookings Institution, Washington DC.
  • McNown, R., Sam, C. Y. ve Goh, S. K. (2018). Bootstrapping the autoregressive distributed lag test for cointegration. Applied Economics, 50(13), 1509–1521. https://doi.org/10.1080/00036846.2017.1366643
  • Mishra, S. ve Narayan, P. K. (2015). A nonparametric model of financial system and economic growth. International Review of Economics & Finance, 39, 175-191. https://doi.org/10.1016/j.iref.2015.04.004
  • Mohamed Sghaier, I. (2023). Trade openness, financial development and economic growth in North African countries. International Journal of Finance & Economics, 28(2), 1729-1740. https://doi.org/10.1002/ijfe.2503
  • Mtar, K. ve Belazreg, W. (2023). On the nexus of innovation, trade openness, financial development and economic growth in European countries: New perspective from a GMM panel VAR approach. International Journal of Finance & Economics, 28(1), 766-791. https://doi.org/10.1002/ijfe.2449
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
  • Nzotta, S. M. ve Okereke, E. J. (2009). Financial deepening and economic development of Nigeria: An empirical investigation. African Journal of Accounting, Economics, Finance and Banking Research, 5(5), 52-66.
  • Odhiambo, N. M. (2010). Interest rate reforms, financial deepening and economic growth in Tanzania: A dynamic linkage. Journal of Economic Policy Reform, 13(2), 201-212. https://doi.org/10.1080/17487871003700770
  • Odugbesan, J. A., Sunday, T. A. ve Olowu, G. (2021). Asymmetric effect of financial development and remittance on economic growth in MINT economies: An application of panel NARDL. Future Business Journal, 7(1), 39. https://doi.org/10.1186/s43093-021-00085-6
  • Opoku, E. E. O., Ibrahim, M. ve Sare, Y. A. (2019). The causal relationship between financial development and economic growth in Africa. International Review of Applied Economics, 33(6), 789-812. https://doi.org/10.1080/02692171.2019.1607264
  • Park, D. ve Shin, K. (2017). Economic growth, financial development, and income inequality. Emerging Markets Finance and Trade, 53(12), 2794-2825. https://doi.org/10.1080/1540496X.2017.1333958
  • Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. https://doi.org/10.1086/450153
  • Pesaran, M. H., Shin, Y. ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Phillips, P. C. ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
  • Rahman, A., Khan, M. A. ve Charfeddine, L. (2020). Financial development–economic growth nexus in Pakistan: New evidence from the Markov switching model. Cogent Economics & Finance, 8(1), 1716446. https://doi.org/10.1080/23322039.2020.1716446
  • Robinson, J. (1952). The generalization of the General Theory, the Rate of Interest and Other Essays, Macmillan, London, 67-142.
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Ayala Pena, D., Bi, R., ... ve Yousefi, S. R. (2015). Rethinking financial deepening: Stability and growth in emerging markets. International Monetary Fund, IMF Working Papers, (No. 2015/008). https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
  • Sam, C. Y., McNown, R. ve Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
  • Sharma, R. ve Bardhan, S. (2017). Does regional financial development matter for growth? Evidence from Indian states. International Economic Journal, 31(4), 621-646. https://doi.org/10.1080/10168737.2017.1403460
  • Shaw, E. (1973). Financial deepening in economic development. Oxford University Press, New York.
  • Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications, 281-314. https://doi.org/10.1007/978-1-4899-8008-3_9
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. International Monetary Fund, IMF Working Papers, (No. 2016/005). https://www.elibrary.imf.org/downloadpdf/journals/001/2016/005/article-A001-en.xml
  • Şeker, K. (2023). Bist şirketlerinin toplam piyasa değerlerinin GSYİH üzerinde etkisi: Türkiye için 1999-2022 dönemi NARDL ve nedensellik uygulaması. EKEV Akademi Dergisi, 94, 172-190. https://doi.org/10.17753/sosekev.1225501
  • Takyi, P. O. ve Obeng, C. K. (2013). Determinants of financial development in Ghana. International Journal of Development and Sustainability, 2(4), 2324-2336.
  • Topuz, S. G. (2017). Gelir eşitsizliği ve ekonomik büyüme ilişkisi (Yayımlanmamış Doktora Tezi). Anadolu Üniversitesi Sosyal Bilimler Enstitüsü. Eskişehir.
  • Ustarz, Y. ve Fanta, A. B. (2021). Financial development and economic growth in sub-Saharan Africa: A sectoral perspective. Cogent Economics & Finance, 9(1), 1934976. https://doi.org/10.1080/23322039.2021.1934976
  • Yılmaz, K. (2022, 14-15 Ekim). Türkiye’de finansal gelişme göstergeleri ile büyüme arasındaki asimetrik ilişki (2007Q4-2022Q2). H. Arıdemir, N. Kurnaz, B. Yalım, M. B. Şener (Ed.), VI. Uluslararası Afro - Avrasya Araştırmaları Kongresi içinde (s.35-56). Skopje, North Macedonia. https://afroeurasia.org/userfiles/files/Full_Papers_Afro-Eurasia%20(1).pdf

Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı

Yıl 2023, Cilt: 8 Sayı: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 53 - 73, 29.10.2023
https://doi.org/10.25204/iktisad.1348318

Öz

Finansal gelişmenin kapsamlı bir göstergesi olan finansal gelişme endeksi ile ekonomik büyüme arasındaki ilişkinin asimetrik olabileceği varsayımının Türkiye özelinde incelendiği bu çalışma, 1980-2020 dönemini kapsamaktadır. Değişkenler arasındaki hem asimetrik ilişkiyi hem de uzun ve kısa dönem bağlantıları tespit etmek amacıyla doğrusal olmayan gecikmesi dağıtılmış otoregresif sınır testine (NARDL) başvurulmuştur. Değişkenler arasındaki eşbütünleşme ilişkisi genişletilmiş ARDL yaklaşımıyla da test edilmiştir. Uzun dönemde finansal gelişme endeksinin pozitif şoklarının büyümeye etkisi olumsuz ve anlamsızken negatif şoklarının büyümeye etkisi olumlu ve anlamlı bulunmuştur. Hatemi-J asimetrik nedensellik testi sonuçları ise finansal gelişmenin hem pozitif hem de negatif şoklarından ekonomik büyümenin pozitif şoklarına doğru tek yönlü nedensellik ilişkisi tespit edilmiştir. Literatürde hâkim görüşün tersi yönde elde edilen bu sonucun Türkiye’nin ekonomik ve finansal yapısından kaynaklandığı düşünülmektedir. Finansal kurum ve piyasaları gelişmiş ülkelerin gerisinde yer alan Türkiye’nin sağlıklı bir finansal sistem inşa etmesi, gelir eşitsizliğini ve enflasyonu düşürmesi, finansal sektöre yönelik beşerî sermaye yatırımlarını arttırması ve kaynak tahsisinde etkinliği sağlaması gerekmektedir.

Kaynakça

  • Abeka, M. J., Andoh, E., Gatsi, J. G. ve Kawor, S. (2021). Financial development and economic growth nexus in SSA economies: The moderating role of telecommunication development. Cogent Economics & Finance, 9(1), 1862395. https://doi.org/10.1080/23322039.2020.1862395
  • Adu, G., Marbuah, G. ve Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter?. Review of Development Finance, 3(4), 192-203. https://doi.org/10.1016/j.rdf.2013.11.001
  • Ahmed, A. D. (2016). Integration of financial markets, financial development and growth: Is Africa different?. Journal of International Financial Markets, Institutions and Money, 42, 43-59. https://doi.org/10.1016/j.intfin.2016.01.003
  • Alsamara, M., Mrabet, Z., Barkat, K. ve Elafif, M. (2019). The impacts of trade and financial developments on economic growth in Turkey: ARDL approach with structural break. Emerging Markets Finance and Trade, 55(8), 1671-1680. https://doi.org/10.1080/1540496X.2018.1521800
  • Asghar, N. ve Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2), 99-126.
  • Asratie, T. M. (2021). Determinants of financial development in Ethiopia: ARDL approach. Cogent Economics & Finance, 9(1), 1963063. https://doi.org/10.1080/23322039.2021.1963063
  • Bandura, W. N. (2022). Inflation and finance-growth nexus in sub-Saharan Africa. Journal of African Business, 23(2), 422-434. https://doi.org/10.1080/15228916.2020.1838837
  • Batayneh, K., Al Salamat, W. ve Momani, M. Q. (2021). The impact of inflation on the financial sector development: Empirical evidence from Jordan. Cogent Economics & Finance, 9(1), 1970869. https://doi.org/10.1080/23322039.2021.1970869
  • Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780. https://doi.org/10.1080/23322039.2018.1449780
  • Boyd, J. H., Levine, R. ve Smith, B. D. (2001). The impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221-248. https://doi.org/10.1016/S0304-3932(01)00049-6
  • Chen, H., Hongo, D. O., Ssali, M. W., Nyaranga, M. S. ve Nderitu, C. W. (2020). The asymmetric influence of financial development on economic growth in Kenya: Evidence from NARDL. SAGE Open, 10(1), 2158244019894071. https://doi.org/10.1177/2158244019894071
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E. ve Levine, R. (2012). Benchmarking financial systems around the world. World Bank Policy Research Working Paper, (6175).
  • Creane, S., Goyal, R., Mobarak, A. M. ve Sab, R. (2004). Financial sector development in the Middle East and North Africa. International Monetary Fund IMF Working Papers, (No. 04/201). https://www.imf.org/external/pubs/ft/med/2003/eng/creane/
  • De Gregorio, J. ve Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448. https://doi.org/10.1016/0305-750X(94)00132-I
  • Demetriades, P. O. ve Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411. https://doi.org/10.1016/S0304-3878(96)00421-X
  • Demirgüç-Kunt, A. ve Levine, R. (2009). Finance and inequality: Theory and evidence. Annual Review of Financial Economics, 1(1), 287-318. https://doi.org/10.1146/annurev.financial.050808.114334
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of American Statistical Association, 74, 427-431. https://doi.org/10.1080/01621459.1979.10482531
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-1072. https://doi.org/10.2307/1912517
  • Ehigiamusoe, K. U., Lean, H. H. ve Chan, J. H. (2020). Influence of macroeconomic stability on financial development in developing economies: Evidence from West African region. The Singapore Economic Review, 65(04), 837-856. https://doi.org/10.1142/S0217590819500553
  • Ellahi, N., Kiani, A. K., Awais, M., Affandi, H., Saghir, R. ve Qaim, S. (2021). Investigating the institutional determinants of financial development: Empirical evidence from SAARC countries. SAGE Open, 11(2), 21582440211006029. https://doi.org/10.1177/215824402110060
  • Erdem, H. F. ve Yamak, R. (2014). The dynamic relationship between economics and financial instability. International Reviews Business Research Papers, 10(1), 39-48.
  • Eyüboğlu, K. ve Akan, K. (2020). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi: RALS-EG Eşbütünleşme Testi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974-988. https://doi.org/10.32709/akusosbil.627788
  • Favara, G. (2003). An empirical reassessment of the relationship between finance and growth. International Monetary Fund, IMF Working Papers, (No. 2003/123), A001. https://www.elibrary.imf.org/view/journals/001/2003/123/article-A001-en.xml
  • Fergusson, L. (2006). Institutions for financial development: What are they and where do they come from?. Journal of Economic Surveys, 20(1), 27-70. https://doi.org/10.1111/j.0950-0804.2006.00275.x
  • Friedman, M. ve Schwartz, A. J. (1963). A Monetary History of the United States, Princeton University Press, Princeton NJ.
  • Garcia-Herrero, A., Santillan Fraile, J., Gallego Herrero, S., Cuadro-Sáez, L. ve Egea, C. (2002). Latin American financial development in perspective. Banco de Espana, Servicios de Estudio Working Paper, (0216). https://repositorio.bde.es/bitstream/123456789/6751/1/dt0216e.pdf
  • Giri, A. K., Mohapatra, G. ve Debata, B. (2023). Technological development, financial development, and economic growth in India: Is there a non-linear and asymmetric relationship?. Journal of Economic and Administrative Sciences, 39(1), 117-133. https://doi.org/10.1108/JEAS-03-2021-0060
  • Granger, C. W. ve Yoon, G. (2002). Hidden cointegration. U of California, Economics Working Paper, (2002-02). http://dx.doi.org/10.2139/ssrn.313831
  • Greenwood, J. ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5, Part 1), 1076–1107. https://doi.org/10.1086/261720
  • Gries, T., Kraft, M. ve Meierrieks, D. (2009). Linkages between financial deepening, trade openness, and economic development: Causality evidence from sub-Saharan Africa. World Development, 37(12), 1849-1860. https://doi.org/10.1016/j.worlddev.2009.05.008
  • Guei, K. M. ve Choga, I. (2022). Assessing the finance led growth hypothesis: Empirical evidence from sub-Saharan Africa. African Journal of Science, Technology, Innovation and Development, 14(1), 114-120. https://doi.org/10.1080/20421338.2020.1815945
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43, 447-456. https://doi.org/10.1007/s00181-011-0484-x
  • Huang, H. C., Fang, W. ve Miller, S. (2014). Does financial development volatility affect industrial growth volatility?. International Review of Economics & Finance, 29(C), 307-320. https://doi.org/10.1016/j.iref.2013.06.006
  • Ibrahim, M. ve Alagidede, P. (2018). Effect of financial development on economic growth in sub-Saharan Africa. Journal of Policy Modeling, 40(6), 1104-1125. https://doi.org/10.1016/j.jpolmod.2018.08.001
  • Ibrahim, M. ve Vo, X. V. (2020). Effect of economic integration on sectorial value added in sub–Saharan Africa: Does financial development matter?. The Journal of International Trade & Economic Development, 29(8), 934-951. https://doi.org/10.1080/09638199.2020.1767682
  • Ikpesu, F. (2021). Banking sector credit, inflation and growth in sub-Saharan African countries. Journal of Transnational Management, 26(3), 164-178. https://doi.org/10.1080/15475778.2021.1947170
  • IMF, (2023). Financial development index database. https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b&ref=mondato-insight Erişim: 04.05.2023.
  • Iwegbu, O., Justine, K. ve Borges Cardoso, L. C. (2022). Regional financial integration, financial development and industrial sector growth in ECOWAS: Does institution matter?. Cogent Economics & Finance, 10(1), 2050495. https://doi.org/10.1080/23322039.2022.2050495
  • King, R. ve Levine, R. (1993). Finance and growth, schumpeter might be right. Quarterly Journal of Economics, 108, 717-738. https://doi.org/10.2307/2118406
  • Klein, M. ve Olivei, G. (2005). Capital account liberalization, financial depth and economic growth. National Bureau of Economic Research Working Paper, http://www.nber.org/papers/w7384
  • Kumar, K. ve Paramanik, R. N. (2020). Nexus between Indian economic growth and financial development: A non-linear ARDL approach. The Journal of Asian Finance, Economics and Business (JAFEB), 7(6), 109-116.
  • Law, S. H., Tan, H. B. ve Azman-Saini, W. N. W. (2014). Financial development and income inequality at different levels of institutional quality. Emerging Markets Finance and Trade, 50(sup1), 21-33. https://doi.org/10.2753/REE1540-496X5001S102
  • Lawal, A. I., Nwanji, T. I., Asaleye, A. ve Ahmed, V. (2016). Economic growth, financial development and trade openness in Nigeria: An application of the ARDL bound testing approach. Cogent Economics & Finance, 4(1), 1258810. https://doi.org/10.1080/23322039.2016.1258810
  • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688–726. http://www.jstor.org/stable/2729790
  • Levine, R. (2005). Finance and growth: theory and evidence. Handbook of Economic Growth, 1, 865-934. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Levine, R., Loayza, N. ve Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46, 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9
  • Liang Q. ve Teng, J. Z. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17, 395-411. https://doi.org/10.1016/j.chieco.2005.09.003
  • Loayza, N. V. ve Ranciere, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit and Banking, 38(4), 1051-1076.
  • Lynch, D. (1996). Measuring financial sector development: A study of selected Asia‐Pacific countries. The Developing Economies, 34(1), 1-27. https://doi.org/10.1111/j.1746-1049.1996.tb00727.x
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11(6), 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T
  • McKinnon, R. (1973). Money and Capital in Economic Development, Brookings Institution, Washington DC.
  • McNown, R., Sam, C. Y. ve Goh, S. K. (2018). Bootstrapping the autoregressive distributed lag test for cointegration. Applied Economics, 50(13), 1509–1521. https://doi.org/10.1080/00036846.2017.1366643
  • Mishra, S. ve Narayan, P. K. (2015). A nonparametric model of financial system and economic growth. International Review of Economics & Finance, 39, 175-191. https://doi.org/10.1016/j.iref.2015.04.004
  • Mohamed Sghaier, I. (2023). Trade openness, financial development and economic growth in North African countries. International Journal of Finance & Economics, 28(2), 1729-1740. https://doi.org/10.1002/ijfe.2503
  • Mtar, K. ve Belazreg, W. (2023). On the nexus of innovation, trade openness, financial development and economic growth in European countries: New perspective from a GMM panel VAR approach. International Journal of Finance & Economics, 28(1), 766-791. https://doi.org/10.1002/ijfe.2449
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
  • Nzotta, S. M. ve Okereke, E. J. (2009). Financial deepening and economic development of Nigeria: An empirical investigation. African Journal of Accounting, Economics, Finance and Banking Research, 5(5), 52-66.
  • Odhiambo, N. M. (2010). Interest rate reforms, financial deepening and economic growth in Tanzania: A dynamic linkage. Journal of Economic Policy Reform, 13(2), 201-212. https://doi.org/10.1080/17487871003700770
  • Odugbesan, J. A., Sunday, T. A. ve Olowu, G. (2021). Asymmetric effect of financial development and remittance on economic growth in MINT economies: An application of panel NARDL. Future Business Journal, 7(1), 39. https://doi.org/10.1186/s43093-021-00085-6
  • Opoku, E. E. O., Ibrahim, M. ve Sare, Y. A. (2019). The causal relationship between financial development and economic growth in Africa. International Review of Applied Economics, 33(6), 789-812. https://doi.org/10.1080/02692171.2019.1607264
  • Park, D. ve Shin, K. (2017). Economic growth, financial development, and income inequality. Emerging Markets Finance and Trade, 53(12), 2794-2825. https://doi.org/10.1080/1540496X.2017.1333958
  • Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. https://doi.org/10.1086/450153
  • Pesaran, M. H., Shin, Y. ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Phillips, P. C. ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
  • Rahman, A., Khan, M. A. ve Charfeddine, L. (2020). Financial development–economic growth nexus in Pakistan: New evidence from the Markov switching model. Cogent Economics & Finance, 8(1), 1716446. https://doi.org/10.1080/23322039.2020.1716446
  • Robinson, J. (1952). The generalization of the General Theory, the Rate of Interest and Other Essays, Macmillan, London, 67-142.
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Ayala Pena, D., Bi, R., ... ve Yousefi, S. R. (2015). Rethinking financial deepening: Stability and growth in emerging markets. International Monetary Fund, IMF Working Papers, (No. 2015/008). https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
  • Sam, C. Y., McNown, R. ve Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
  • Sharma, R. ve Bardhan, S. (2017). Does regional financial development matter for growth? Evidence from Indian states. International Economic Journal, 31(4), 621-646. https://doi.org/10.1080/10168737.2017.1403460
  • Shaw, E. (1973). Financial deepening in economic development. Oxford University Press, New York.
  • Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications, 281-314. https://doi.org/10.1007/978-1-4899-8008-3_9
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. International Monetary Fund, IMF Working Papers, (No. 2016/005). https://www.elibrary.imf.org/downloadpdf/journals/001/2016/005/article-A001-en.xml
  • Şeker, K. (2023). Bist şirketlerinin toplam piyasa değerlerinin GSYİH üzerinde etkisi: Türkiye için 1999-2022 dönemi NARDL ve nedensellik uygulaması. EKEV Akademi Dergisi, 94, 172-190. https://doi.org/10.17753/sosekev.1225501
  • Takyi, P. O. ve Obeng, C. K. (2013). Determinants of financial development in Ghana. International Journal of Development and Sustainability, 2(4), 2324-2336.
  • Topuz, S. G. (2017). Gelir eşitsizliği ve ekonomik büyüme ilişkisi (Yayımlanmamış Doktora Tezi). Anadolu Üniversitesi Sosyal Bilimler Enstitüsü. Eskişehir.
  • Ustarz, Y. ve Fanta, A. B. (2021). Financial development and economic growth in sub-Saharan Africa: A sectoral perspective. Cogent Economics & Finance, 9(1), 1934976. https://doi.org/10.1080/23322039.2021.1934976
  • Yılmaz, K. (2022, 14-15 Ekim). Türkiye’de finansal gelişme göstergeleri ile büyüme arasındaki asimetrik ilişki (2007Q4-2022Q2). H. Arıdemir, N. Kurnaz, B. Yalım, M. B. Şener (Ed.), VI. Uluslararası Afro - Avrasya Araştırmaları Kongresi içinde (s.35-56). Skopje, North Macedonia. https://afroeurasia.org/userfiles/files/Full_Papers_Afro-Eurasia%20(1).pdf
Toplam 77 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Uygulamalı Makro Ekonometri, Zaman Serileri Analizi
Bölüm Araştırma Makaleleri
Yazarlar

Funda Durgun 0000-0001-7254-227X

Erken Görünüm Tarihi 25 Ekim 2023
Yayımlanma Tarihi 29 Ekim 2023
Gönderilme Tarihi 22 Ağustos 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 8 Sayı: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı

Kaynak Göster

APA Durgun, F. (2023). Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı), 53-73. https://doi.org/10.25204/iktisad.1348318
AMA Durgun F. Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı. İKTİSAD. Ekim 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):53-73. doi:10.25204/iktisad.1348318
Chicago Durgun, Funda. “Türkiye’de Finansal Gelişme Ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 8, sy. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (Ekim 2023): 53-73. https://doi.org/10.25204/iktisad.1348318.
EndNote Durgun F (01 Ekim 2023) Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8 "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı 53–73.
IEEE F. Durgun, “Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı”, İKTİSAD, c. 8, sy. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, ss. 53–73, 2023, doi: 10.25204/iktisad.1348318.
ISNAD Durgun, Funda. “Türkiye’de Finansal Gelişme Ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8/"Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (Ekim 2023), 53-73. https://doi.org/10.25204/iktisad.1348318.
JAMA Durgun F. Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı. İKTİSAD. 2023;8:53–73.
MLA Durgun, Funda. “Türkiye’de Finansal Gelişme Ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, c. 8, sy. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, 2023, ss. 53-73, doi:10.25204/iktisad.1348318.
Vancouver Durgun F. Türkiye’de Finansal Gelişme ile Ekonomik Büyüme Bağlantısının Analizi: Genişletilmiş NARDL Yaklaşımı. İKTİSAD. 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):53-7.


Creative Commons Lisansı

Bu dergide yayınlanan tüm makaleler Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı ile lisanslanmıştır.