FİNANSAL DERİNLEŞME: TÜRKİYE’NİN FİNANSAL DERİNLİĞİ VE PANEL VERİ ANALİZİ

Abstract

2007 yılında ABD finans sektöründe yaşanan kriz kısa süre içerisinde reel sektöre de yansıyarak küresel piyasalara hızla yayılmış ve bir likidite krizine dönüşmüştür. Krizden sonra, finansal derinleşmenin ekonomik performans üzerindeki rolünün değiştiğine dair farklı yaklaşımlar iktisat yazınına konu olmuştur. Finansal derinleşme teorisinin sınanması ekonometrik model oluşturularak, panel veri analizi yöntemiyle gerçekleştirilmiştir. Modelde, finansal derinleşmenin ekonomik büyüme üzerindeki etkisi Türkiye dâhil, gelişmekte olan ülkeler kategorisinde yer alan on dört ülkenin 1995-2012 dönemine ait yıllık verileri kullanılarak oluşturulmuştur. Genel olarak, tahmin sonucuna göre finansal sistemin derinleşmesi ve gelişmesiyle ekonomide yer alan tasarrufların yatırımlarla buluşması sonucu ekonomik büyümenin artacağı öngörüsü desteklenmektedir. 

Keywords

• Finansal Derinleşme,Finansal Baskı,Finansal Liberalizasyon,Panel Veri

FINANCIAL DEEPENING: TURKEY'S FINANCIAL DEPTH AND PANEL DATA ANALYSIS

Abstract

The crisis experienced by the US financial sector in 2007 by affecting in a short while the real sector spread like wildfire into the global markets and turned into a liquidity crisis. In the wake of the crisis, various approaches arguing that the role of financial deepening on economic performance changed have been cited in the papers on economics. Financial deepening theory shall be checked through and an econometric model shall be constituted for this by using the panel data analysis. Through the model, the impact of financial deepening on economic growth has been measured by the means of annual data covering the period 1995-2002 and fourteen countries in the category of developing countries including Turkey. According to the estimation, in a deepening and developing financial system, the savings are able to meet investments and thus the prediction of a boosted growth is sustained in general.

Keywords

• Financial Deepening,Fiscal Dominance,Financial Liberalization,Panel Data

References

1. Apergis N. Vd."Financial Deepening and Economic Growth Linkages: A Panel Data Analysis,",2007, Review of World Economics, vol. 143, s.179-198.
2. Arestis P., Demetriades P. O. vd."Financial development and economic growth: the role of stock markets", 2001, Journal of Money, Credit and Banking, s.16-41
3. Beck, T., Levine, R., and Loayza, N. "“Finance and the Sources of Growth”, Journal of Financial Economics, 2000, 58, pp. 261-300.
4. Calderón, C. and Liu, L.,“The direction of causality between financial development and economic growth”, 2003. Journal of Development Economics 72, pp. 321-334.
5. Cihak, Martin vd: “Financial Development in 205 Economies, 1960 to 2010” National Bureau of Economic Research, No. 18946, issued in April 2013.
6. Demirgüç, K. Aslı ve Levine, Rose: “Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons”, The World Bank Working Paper, No. 2143, Temmuz 1999, S. 35-37.
7. Freund, Caroline and Frank Warnock., "Current Account Defict in Industrial Countries: The Bigger They Are, The harder They Fall?" NBER Working Papper Series, No:11823, 2005, s.1-39
8. Gorton, Gary and Winton, Andrew: Financial Intermediation, The Wharton School Financial Institutions Center, Working Paper, 2002, s. 4-26.

9. IMF: “Financial Deepening and International Monetary Stability Report”, IMF, Octorber 2011,
10. Kalkınma Bakanlığı: “Onuncu Kalkınma Planı; Türkiye’de Cari İşlemler Açığı”, Özel İhtisas Komisyonu Raporu, 2014, Ankara, YN: KB: 2097, s. 93.
11. Kar, M. ve Pentecost, E.J, "Financial Development and Economic Growth in Turkey: Further Evidence on the Causality Issue”, 2000. Economic Research Paper
12. Kar, Muhsin ve Ağır, Hüseyin Ağır: “Finansal Derinleşme Göstergeleri Üzerine Bir Değerlendirme”, Finans-Politik ve Ekonomik Yorumlar Dergisi, Temmuz 2005, Cilt 42, Sayı 496, ss. 10–24., s .55.
13. King, Robertg ve Levine, Ross: “Finance and Growth: Schumpeter Might be Right” The Quarterly Journal of Economics, 1993, Vol. 108, No. 3, pp. 717-737.
14. Levine, R. ve Zervos, S “Stock Market Development and Long-Run Growth”, 1996, World Bank Economic Review, 10/2, 323-339.
15. Lynch, David: “Measuring Financial Sector Development: A Study Of Selected Asia-Pacific Countries”, The Developing Economies, Mart 1996, XXXIV-1.
16. McKinnon, I. Ronald: Money and Capital in Economic Development, The Brookings Institution, 1973, s. 128-129
17. Mendoza E, Terrones: An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data. NBER, 2008, Working Paper No. 14049. s.2
18. Oktayer, A. Finansal Derinleşmenin Ekonomik Performans Üzerine Etkileri: Teori ve Türkiye Uygulaması, Yıldız Teknik Üniversitesi, Lisansüstü Tez Çalışması, 2007.
19. Palley, Thomas: “Financialisation: What it is and why it matters”. Annandale-on-Hudson, NY: The Levy Economics Institute of Bard College, 2007, Working Paper, No. 525.
20. Patrick, T, H: “Financial Development and Economic Growth in Underdeveloped Countries” Economic Development and Cultural Change, s. 174-189.
21. Rioja, F., Valev, N. "Finance and the Sources of Growth at various stages of Economic Development. 2004, Economic Inquiry 42 (1), 127 – 140."
22. Sahay, Ratna vd.: "Rethinking Financial Deepening: Stability and Growth in Emerging Markets”, IMF Staff Discussion Notes, 2015.
23. Shaw, Edward: Financial Deepening in Economic Development, Oxford University Press, London, 1973, s. 10-11.
24. SPK: 6362 Sayılı Sermaye Piyasası Kanunu Gerekçeleri, (Çevrimiçi) http:// www.spk.gov.tr/ apps/Mevzuat/MevzuatGoster.aspx?nid=12 Erişim Tarihi: 05 Şubat 2016
25. Syed, Shah: "Does financial deepening create financial crises?." Journal of Emerging Trends in Economics and Management Sciences, 2014, s. 115.
26. Tatoğlu Y, Ferda: Panel Veri Ekonometrisi, Beta Yayıncılık, İstanbul, 2013,2 bsk. s. 9.
27. Ünalmış, D.2002 The Causality Between Financial Development and Economic Growth: The Case of Turkey, The Central Bank of the Turkish Republic, Research Department Working Paper, No:3.
28. World Bank, 2013, Sustaining High Growth: The Role of Domestic Savings, Turkey Country Economic Memorandum, Conference Edition, Report No. 66301-TR
29. Yücel, Fatih ve Kalyoncu, Hüseyin: 2010, “Finansal Krizlerin Öncü Göstergeleri ve Ülke Ekonomilerini Etkileme Kanalları: Türkiye Örneği”, Maliye Dergisi, Sayı: 159;