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THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY

Yıl 2014, Cilt 1, Sayı 2, 85 - 115, 02.07.2014

Öz

The aim of this study is to clarify the controversial relationship between financial development and economic growth for Turkey. After surveying the related theoretical and empirical literature, the structure and development of the Turkish financial system and economic growth in process of financial integration is examined. To test the relationship between financial development and economic growth, by using quarterly time series data for Turkey between 1988-2012 period, Vector Auto regression Analysis and Granger causality test are applied. The result of the econometric analysis showed that while there is a short run relationship between financial development and economic growth, there is no long run relationship between these variables. Moreover, according to Granger causality test, the direction of causality runs from economic growth to financial development for Turkey.

Kaynakça

  • Akkay, Reşat Can (2010). “Gelişmekte Olan Piyasalarda Finansal Gelişme Ekonomik Büyüme İlişkisi: Türkiye Örneği”, İstanbul Üniversitesi İktisat Anabilim dalı Doktora tezi, İstanbul.
  • Allen, F. and D. Gale (1999). Comparing Financial Systems, Cambridge, MA: MIT Press.
  • Bagehot, W. (1873). Lombard Street, Homewood, Il: Richard D. Irwin, 1962 Edition.
  • Beck, T. and Ross Levine (2004). “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking and Finance, 28/3, 423-442.
  • Bencivenga et. al. (1995). “Transactions costs, Technological Choice, and Endogenous Growth,” Journal of Economic Theory, 67(1), 153–77.
  • Bencivenga, Valerie R., and Bruce D. Smith (1991). “Financial intermediation and endogenous growth”, The Review of Economic Studies 58.2, 195-209.
  • Bencivenga, Valerie R., and Bruce D. Smith (1993). “Some Consequences of credit rationing in an endogenous growth model”, Journal of Economic Dynamics and Control, 17/1-2, 97-122.
  • Blackburn, Keith, and Victor TY Hung (1998). “A theory of growth, financial development and trade”, Economica 65.257, 107-124.
  • Christopoulos, Dimitris K., and Efthymios G. Tsionas (2004). "Financial development and economic growth: evidence from panel unit root and cointegration tests." Journal of development Economics, 73.1, 55-74.
  • Ümit Cizre-Sakallıoğlu and Erinç Yeldan (2000). “Politics, Society and Financial Liberalization: Turkey in the 1990’s”, Development and Change, C.31.
  • Davidson, Russell, and James G. MacKinnon (1993). “Estimation and inference in econometrics”. OUP Catalogue.
  • Demetriades, Panicos O., and Khaled A. Hussein (1996). “Does financial development cause economic growth? Time-series evidence from 16 countries” Journal of development Economics, 51.2, 387-411.
  • Demetriades, Panicos O., and Kul B. Luintel (2001). “Financial restraints in the South Korean miracle”, Journal of Development Economics, 64.2 459-479.
  • Diamond, Douglas W., and Philip H. Dybvig (1983). “Bank runs, deposit insurance, and liquidity”, The journal of political economy, 401-419 .
  • Murat Doğu (1996). “Gelişen Hisse Senedi Piyasaları ve Türkiye”, Sermaye Piyasası Kurulu, Ankara, No: 27.
  • Eser, Kadir, (1996). “Finansal Liberalizasyon Politikalarının Makroekonomik Performans Üzerindeki Etkileri”, Hazine Dergisi 1, 21-40. Gerschenkron, Alexander (1962). “Economic backwardness in historical perspective”, Economic backwardness in historical perspective.
  • Goldsmith, Raymond William (1969). Financial structure and development, Vol. 1. New Haven: Yale University Press.
  • Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth and the Distribution of Income’’, Journal of Political Economy, Vol. 98, 1076-1107.
  • Greenwood, Jeremy and Bruce D. Smith (1997), "Financial markets in development, and the development of financial markets." Journal of Economic Dynamics and Control, 21.1, 145-1
  • Gujarati, Damodar (2004). Basic Econometrics, McGrawHill Companies.
  • Gurley, John G., and Edward S. Shaw (1955), "Financial aspects of economic development." The American Economic Review 45.4, 515-538.
  • Günçavdi, Öner, and Suat Küçükçiftçi (2002). “Türkiye’de Finansal Liberalleşme Sürecinin Başarımı ve Mali Kesim Üzerine Bir Değerlendirme”, ODTÜ Gelişme Dergisi, Cilt 29(1-2), 87-107.
  • Hendry, David F., and Katarina Juselius (2000). “Explaining Cointegration Analysis: PartII”, Discussion Papers, Departmant of Economics University of Copenhang, No.00-20. John Hicks (1969). A Theory of Economic History, Oxford: Clarendon Press, pp. 143
  • King, Robert G., and Ross Levine (1993). “Finance and growth: Schumpeter might be right”, The quarterly journal of economics, 108.3 717-737.
  • Ross Levine (1997). “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35/2, 690-702.
  • Levine et. al. (2000) “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, Elsevier, 46/1, pp. 31-77.
  • Lucas Jr, Robert E. (1988). "On the mechanics of economic development." Journal of monetary economics 22.1 3-42.
  • Luintel, Kul B., and Mosahid Khan (1999). "A quantitative reassessment of the finance– growth nexus: evidence from a multivariate VAR." Journal of Development Economics 2 381-405.
  • Mankiw, N. Gregory (1986). "The allocation of credit and financial collapse." The Quarterly Journal of Economics, 101.3, 455-470.
  • McKinnon, Ronald I. (1973). Money and capital in economic development. Brookings Institution Press.
  • Minsky, Hyman P. (1975). "Financial resources in a fragile financial environment." Challenge, 18.3, 6-13.
  • Mucuk, Mehmet, and Mustafa Tahir DEMİRSEL (2009). "Türkiye’de Doğrudan Yabancı Yatırımlar ve Ekonomik Performans." Selcuk Universitesi Sosyal Bilimler Enstitusu Dergisi 21 365.
  • Burcu Özcan, and Ayşe Arı (2011). “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örneği, Business and Economics Research Journal, 2/1, pp. 121-142.
  • Marco Pagano (1993). “Financial Markets and Growth: An Overview”, European Economic Review, 37/2, pp. 613-622. Patrick, Hugh T. (1966). "Financial development and economic growth in underdeveloped countries." Economic development and Cultural change 14.2 174-189.
  • Robinson, Joan (1952). The Rate of Interest and Other Essays, Macmillan, London.
  • Rousseau, Peter, and Paul Wachtel (2005). "Economic growth and financial depth: is the relationship extinct already?.", WIDER Discussion Paper, Vol.10.
  • Saint-Paul, Gilles (1992). ”Technological choice, financial markets and economic development”, European Economic Review 36.4, pp. 763-781.
  • Schumpeter, Joseph (1912). The theory of Economic Development, Leipzig: Dunker & Humblot, translated by R Opie. Cambridge, MA: Harvard U. Press.
  • Shaw, Edward S. (1973). Financial deepening in economic development New York: Oxford University Press, Vol.39.
  • Smith, Adam (1776). An inquiry into the Nature and the Causes of the Wealth of Nations, London.
  • Stiglitz, Joseph E. (2000). “Capital market liberalization, economic growth, and instability”, World Development, Vol. 28, 1075-1086.
  • Xu, Zhenhui (2000). "Financial development, investment, and economic growth" Economic Inquiry 38.2, 331-344.
  • Yıldırım, Oğuz (2004). “Türk Bankacılık Sektörünün Temel Sorunları ve Sektörde Yaşanan Mali Riskler”, Dış Ticaret Dergisi, Sayı 30, İnternet Adresi: www.econturk.org/Turkiyeekonomisi/oguzbanka.doc, Erişim Tarihi: (15.12.2006).

THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY

Yıl 2014, Cilt 1, Sayı 2, 85 - 115, 02.07.2014

Öz

ABSTRACT

 

The aim of this study is to clarify the controversial relationship between financial development and economic growth for Turkey. After surveying the related theoretical and empirical literature, the structure and development of the Turkish financial system and economic growth in process of financial integration is examined. To test the relationship between financial development and economic growth, by using quarterly time series data for Turkey between 1988-2012 period, Vector Auto regression Analysis and Granger causality test are applied. The result of the econometric analysis showed that while there is a short run relationship between financial development and economic growth, there is no long run relationship between these variables. Moreover, according to Granger causality test, the direction of causality runs from economic growth to financial development for Turkey.

 

     Key words: Financial Development, Economic Growth, Financial Liberalization, Vector Autoregression analysis, Granger causality test

   JEL: G10, G20, O43

 

ÖZ

 

Bu çalışmanın amacı, finansal gelişme ve ekonomik büyüme arasındaki tartışmalı ilişkiyi Türkiye için açıklığa kavuşturmaktır. İlgili teorik ve uygulamalı literatür incelendikten sonra, Türk finansal sisteminin yapısı ve gelişmesi ile ekonomik büyüme ilişkisi finansal entegrasyon sürecinde incelenmiştir. Finansal gelişme ve ekonomik büyüme arasındaki ilişki, Türkiye için 1988-2012 yılları arasındaki çeyrek dönemlik zaman serisi verileri kullanılarak, VAR analizi ve Granger nedensellik testi ile test edilmiştir. Yapılan ekonometrik analizin sonuçları, finansal gelişme ve ekonomik büyüme arasında kısa dönemli bir ilişki gösterirken, değişkenler arasında uzun dönemli bir ilişki yoktur. Ayrıca, Granger nedensellik testi sonuçlarına göre, nedensellik ilişkisinin yönü Türkiye için ekonomik büyümeden finansal gelişmeye doğrudur.

 

     Anahtar Kelimeler: Finansal Gelişme, Ekonomik Büyüme, Finansal Serbestleşme, Vektör Otoregresyon Analizi, Granger nedensellik testi

   

JEL: G10, G20, O43

Kaynakça

  • Akkay, Reşat Can (2010). “Gelişmekte Olan Piyasalarda Finansal Gelişme Ekonomik Büyüme İlişkisi: Türkiye Örneği”, İstanbul Üniversitesi İktisat Anabilim dalı Doktora tezi, İstanbul.
  • Allen, F. and D. Gale (1999). Comparing Financial Systems, Cambridge, MA: MIT Press.
  • Bagehot, W. (1873). Lombard Street, Homewood, Il: Richard D. Irwin, 1962 Edition.
  • Beck, T. and Ross Levine (2004). “Stock Markets, Banks, and Growth: Panel Evidence”, Journal of Banking and Finance, 28/3, 423-442.
  • Bencivenga et. al. (1995). “Transactions costs, Technological Choice, and Endogenous Growth,” Journal of Economic Theory, 67(1), 153–77.
  • Bencivenga, Valerie R., and Bruce D. Smith (1991). “Financial intermediation and endogenous growth”, The Review of Economic Studies 58.2, 195-209.
  • Bencivenga, Valerie R., and Bruce D. Smith (1993). “Some Consequences of credit rationing in an endogenous growth model”, Journal of Economic Dynamics and Control, 17/1-2, 97-122.
  • Blackburn, Keith, and Victor TY Hung (1998). “A theory of growth, financial development and trade”, Economica 65.257, 107-124.
  • Christopoulos, Dimitris K., and Efthymios G. Tsionas (2004). "Financial development and economic growth: evidence from panel unit root and cointegration tests." Journal of development Economics, 73.1, 55-74.
  • Ümit Cizre-Sakallıoğlu and Erinç Yeldan (2000). “Politics, Society and Financial Liberalization: Turkey in the 1990’s”, Development and Change, C.31.
  • Davidson, Russell, and James G. MacKinnon (1993). “Estimation and inference in econometrics”. OUP Catalogue.
  • Demetriades, Panicos O., and Khaled A. Hussein (1996). “Does financial development cause economic growth? Time-series evidence from 16 countries” Journal of development Economics, 51.2, 387-411.
  • Demetriades, Panicos O., and Kul B. Luintel (2001). “Financial restraints in the South Korean miracle”, Journal of Development Economics, 64.2 459-479.
  • Diamond, Douglas W., and Philip H. Dybvig (1983). “Bank runs, deposit insurance, and liquidity”, The journal of political economy, 401-419 .
  • Murat Doğu (1996). “Gelişen Hisse Senedi Piyasaları ve Türkiye”, Sermaye Piyasası Kurulu, Ankara, No: 27.
  • Eser, Kadir, (1996). “Finansal Liberalizasyon Politikalarının Makroekonomik Performans Üzerindeki Etkileri”, Hazine Dergisi 1, 21-40. Gerschenkron, Alexander (1962). “Economic backwardness in historical perspective”, Economic backwardness in historical perspective.
  • Goldsmith, Raymond William (1969). Financial structure and development, Vol. 1. New Haven: Yale University Press.
  • Greenwood, Jeremy, and Boyan Jovanovic (1990), “Financial Development, Growth and the Distribution of Income’’, Journal of Political Economy, Vol. 98, 1076-1107.
  • Greenwood, Jeremy and Bruce D. Smith (1997), "Financial markets in development, and the development of financial markets." Journal of Economic Dynamics and Control, 21.1, 145-1
  • Gujarati, Damodar (2004). Basic Econometrics, McGrawHill Companies.
  • Gurley, John G., and Edward S. Shaw (1955), "Financial aspects of economic development." The American Economic Review 45.4, 515-538.
  • Günçavdi, Öner, and Suat Küçükçiftçi (2002). “Türkiye’de Finansal Liberalleşme Sürecinin Başarımı ve Mali Kesim Üzerine Bir Değerlendirme”, ODTÜ Gelişme Dergisi, Cilt 29(1-2), 87-107.
  • Hendry, David F., and Katarina Juselius (2000). “Explaining Cointegration Analysis: PartII”, Discussion Papers, Departmant of Economics University of Copenhang, No.00-20. John Hicks (1969). A Theory of Economic History, Oxford: Clarendon Press, pp. 143
  • King, Robert G., and Ross Levine (1993). “Finance and growth: Schumpeter might be right”, The quarterly journal of economics, 108.3 717-737.
  • Ross Levine (1997). “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35/2, 690-702.
  • Levine et. al. (2000) “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, Elsevier, 46/1, pp. 31-77.
  • Lucas Jr, Robert E. (1988). "On the mechanics of economic development." Journal of monetary economics 22.1 3-42.
  • Luintel, Kul B., and Mosahid Khan (1999). "A quantitative reassessment of the finance– growth nexus: evidence from a multivariate VAR." Journal of Development Economics 2 381-405.
  • Mankiw, N. Gregory (1986). "The allocation of credit and financial collapse." The Quarterly Journal of Economics, 101.3, 455-470.
  • McKinnon, Ronald I. (1973). Money and capital in economic development. Brookings Institution Press.
  • Minsky, Hyman P. (1975). "Financial resources in a fragile financial environment." Challenge, 18.3, 6-13.
  • Mucuk, Mehmet, and Mustafa Tahir DEMİRSEL (2009). "Türkiye’de Doğrudan Yabancı Yatırımlar ve Ekonomik Performans." Selcuk Universitesi Sosyal Bilimler Enstitusu Dergisi 21 365.
  • Burcu Özcan, and Ayşe Arı (2011). “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örneği, Business and Economics Research Journal, 2/1, pp. 121-142.
  • Marco Pagano (1993). “Financial Markets and Growth: An Overview”, European Economic Review, 37/2, pp. 613-622. Patrick, Hugh T. (1966). "Financial development and economic growth in underdeveloped countries." Economic development and Cultural change 14.2 174-189.
  • Robinson, Joan (1952). The Rate of Interest and Other Essays, Macmillan, London.
  • Rousseau, Peter, and Paul Wachtel (2005). "Economic growth and financial depth: is the relationship extinct already?.", WIDER Discussion Paper, Vol.10.
  • Saint-Paul, Gilles (1992). ”Technological choice, financial markets and economic development”, European Economic Review 36.4, pp. 763-781.
  • Schumpeter, Joseph (1912). The theory of Economic Development, Leipzig: Dunker & Humblot, translated by R Opie. Cambridge, MA: Harvard U. Press.
  • Shaw, Edward S. (1973). Financial deepening in economic development New York: Oxford University Press, Vol.39.
  • Smith, Adam (1776). An inquiry into the Nature and the Causes of the Wealth of Nations, London.
  • Stiglitz, Joseph E. (2000). “Capital market liberalization, economic growth, and instability”, World Development, Vol. 28, 1075-1086.
  • Xu, Zhenhui (2000). "Financial development, investment, and economic growth" Economic Inquiry 38.2, 331-344.
  • Yıldırım, Oğuz (2004). “Türk Bankacılık Sektörünün Temel Sorunları ve Sektörde Yaşanan Mali Riskler”, Dış Ticaret Dergisi, Sayı 30, İnternet Adresi: www.econturk.org/Turkiyeekonomisi/oguzbanka.doc, Erişim Tarihi: (15.12.2006).

Ayrıntılar

Birincil Dil İngilizce
Konular Sosyal
Bölüm Makaleler
Yazarlar

Betül MUTLUGÜN Bu kişi benim

Yayımlanma Tarihi 2 Temmuz 2014
Başvuru Tarihi 2 Temmuz 2014
Kabul Tarihi
Yayınlandığı Sayı Yıl 2014, Cilt 1, Sayı 2

Kaynak Göster

Bibtex @araştırma makalesi { iuipad15726, journal = {Journal of Economic Policy Researches}, eissn = {2148-3876}, address = {}, publisher = {İstanbul Üniversitesi}, year = {2014}, volume = {1}, number = {2}, pages = {85 - 115}, title = {THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY}, key = {cite}, author = {Mutlugün, Betül} }
APA Mutlugün, B. (2014). THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY . Journal of Economic Policy Researches , 1 (2) , 85-115 . Retrieved from https://dergipark.org.tr/tr/pub/iuipad/issue/1333/15726
MLA Mutlugün, B. "THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY" . Journal of Economic Policy Researches 1 (2014 ): 85-115 <https://dergipark.org.tr/tr/pub/iuipad/issue/1333/15726>
Chicago Mutlugün, B. "THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY". Journal of Economic Policy Researches 1 (2014 ): 85-115
RIS TY - JOUR T1 - THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY AU - BetülMutlugün Y1 - 2014 PY - 2014 N1 - DO - T2 - Journal of Economic Policy Researches JF - Journal JO - JOR SP - 85 EP - 115 VL - 1 IS - 2 SN - -2148-3876 M3 - UR - Y2 - 2022 ER -
EndNote %0 İktisat Politikası Araştırmaları Dergisi THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY %A Betül Mutlugün %T THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY %D 2014 %J Journal of Economic Policy Researches %P -2148-3876 %V 1 %N 2 %R %U
ISNAD Mutlugün, Betül . "THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY". Journal of Economic Policy Researches 1 / 2 (Temmuz 2014): 85-115 .
AMA Mutlugün B. THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY. JEPR. 2014; 1(2): 85-115.
Vancouver Mutlugün B. THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY. Journal of Economic Policy Researches. 2014; 1(2): 85-115.
IEEE B. Mutlugün , "THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH FOR TURKEY", Journal of Economic Policy Researches, c. 1, sayı. 2, ss. 85-115, Tem. 2014