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FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY

Yıl 2011, Cilt: 6 Sayı: 23, 3782 - 3793, 01.06.2011

Öz

Kaynakça

  • Akçoraoğlu, A. (2000), Financial Sector and Economic Growth: An Exogeneity Analysis, Ankara Üniversitesi SBF Dergisi, 55(1), 1-25.
  • Al-awad, M. & Harb, N. (2005), Financial Development and Economic Growth in Middle East, Applied Financial Economics, 15, 1041-51.
  • Arestis, P. & Demetriades, P. O. (1997), Financial Development and Economic Growth: Assessing the Evidence,
  • Economic Journal, 107(442), 783-99. Aziz, J. & Duenwald, C. (2002), Growth-Financial Intermiation Nexus in China, IMF Working Paper, 02/194, Washington.
  • Beck, T., Levine, R. & Loayza, N. (2000), Finance and the Sources of Growth, Journal of Financial Economics, (1-2), 261-300.
  • Darrat, A. F. (1999), Are Financial Deepening and Economic Growth Causally Related? Another
  • Look at the Evidence, International Economic Journal, 13, 19-35. Demetriades, P. & Hussein, K. (1996). Does Financial Development Cause Economic Growth? Time Series
  • Evidence from 16 Countries, Journal of Development Economics, 51, 387-411. Do, Q-T. & Levchenko, A. A. (2007), Comparative advantage, demand for external finance and financial development, Journal of Financial Economics, 86(3), 796-834.
  • Edison, H., Klein,M.W., Ricci,L. & Slok, T. (2004), Capital Account Liberalization and Economic Performance:
  • Survey and Synthesis, IMF Staff Papers, 51(2), 220-256
  • Erol, T. (1992), Short-Term Macroeconomic Adjustment Process in A Developing Economy: the Turkish Case, 80 and 1981-86, METU Studies in Development, 19(1), 51-65.
  • Estrella, A. (2001), Financial Innovation and the Monetary Transmission Mechanism Focus on Austria,
  • Oesterreichische Nationalbank. Fry, M. J. (1997), In Favour of Financial Liberalization, The Economic Journal , 107, 754-770.
  • Galbis, V. (1977), Financial Intermediation And Economic Growth in Less Developed Countries: A Theoritical
  • Approach, Journal of Development Studies, 13(2), 58-72. Gürsoy, C. T. & Müslümov, A.(2000), Stock Markets and Economic Growth: A Causality Test, Doğuş University Journal, 2, 124-132.
  • Hung, F.S. (2003), Inflation, Financial Development and Economic Growth, Journal of International Review of
  • Economics and Finance, 12, 45-67. King, R.G. & Levine, R. (1993), Finance and Growth, Journal of Economics,108, pp: 717-737.
  • King, R.G. & Levine, R. (1993), Finance, entrepreneurship and growth: Theory and evidence, Journal of
  • Monetary Economics, 32(3), 513-542. Levine, R. & Zervos, S. (1996), Stock Market Development and Long-Run Growth, World Bank Economic Review, (2), 323-39.
  • Levine, R. (1997)Financial Development and Economic Growth: Views and Agenda, Journal of Economic Literature, 35(2), 688-726.
  • Levine, R. & Zervos, S. (1998), Stock Markets, Banks, and Economic Growth, American Economic Review, 88(3), 58.
  • Lucas, R., (1988), On The Mechanics Of Economic Development, Journal of Monetary Economics, 22(1), 3-42.
  • McKinnon, R. I. (1973), Money and Capital in Economic Development, Brookings Institution: Washington.
  • Milesi-Ferretti, G.M. & Grilli,V. (1995), Economic Effects and Structural Determinants of Capital Controls, IMF
  • Working Papers 95/31, International Monetary Fund. Mohan, R. (2006), Financial Growth in India: Whither Financial Inclusion?Margin, The Journal of Applied Economic Research, 2, 177-197.
  • Obstfeld, M. (1994), The Logic of Currency Crises, NBER Working Paper 4640.
  • Pagano, M. (1993), Financial Markets and Growth, An Overview, European Economic Review, 37, 613-622.
  • Prasad, E., Rogoff, K., Wei, S-J. & Kose, M. A. (2003), Effects of Financial Globalization on
  • Developing Countries: Some Empirical Evidence, IMF Occasional Paper 220, Washington D.C.: International Monetary Fund. Romer, P. M. (1986), Increasing Returns And Long Run Growth, Journal of Political Economy, 94(5), 1002-1037.
  • Schall, L. D. & Haley, C.W. (1996), Introduction to financial management, Mc Graw-Hill, 6th edition.
  • Schumpeter, J. (1912), The Theory of Economic Development, Harvard University Press, Cambridge.
  • Shaw, E. S. (1973), Financial Deepening in Economic Development, Oxford University Pres: New York.
  • Stock, J.H. & Watson, M.M. (2003), Introduction to Econometrics, AddisonWesley.
  • Tornell, A., Westermann, F. & Martinez, L. (2003), Liberalization, Growth and Finacial Crises:
  • Lessons from Mexico and the Developing World, Brookings Papers on Economic Activity, 2, 1‐113. Wachtel, A. & Rousseau, P.L. (2000), Inflation, Financial Development and Growth, Working Papers 00-10, New
  • York University, Leonard N. Stern School of Business.

FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY

Yıl 2011, Cilt: 6 Sayı: 23, 3782 - 3793, 01.06.2011

Öz

The objective of the paper is to seek how financial growth affects economic growth in Turkey in the flourishing world. The financial market is changed and developed very rapidly in the last decade. Moreover the change of financial market has also been brought some innovations and new policies. So this study examines whether financial development leads to economic growth in Turkey. The main elements of financial liberalization that have been used commonly in the literature are considered for analysis. This is because financial liberalization is the first step to achieve financial development and can contribute to development. In the light of financial development between the period of 1980 and 2010, cointegration and Granger casuality tests are applied to assess the finance-growth linkages. There is a strong relation between finance and growth in the short-run, but it is failed in the long-run casuality. Contrary to the conventional findings in the literature, the results of the analysis support that there is one way link from financial development to economic growth for Turkey and it is necessary to take different policies to improve growth and maintain the steady economic growth. 

Kaynakça

  • Akçoraoğlu, A. (2000), Financial Sector and Economic Growth: An Exogeneity Analysis, Ankara Üniversitesi SBF Dergisi, 55(1), 1-25.
  • Al-awad, M. & Harb, N. (2005), Financial Development and Economic Growth in Middle East, Applied Financial Economics, 15, 1041-51.
  • Arestis, P. & Demetriades, P. O. (1997), Financial Development and Economic Growth: Assessing the Evidence,
  • Economic Journal, 107(442), 783-99. Aziz, J. & Duenwald, C. (2002), Growth-Financial Intermiation Nexus in China, IMF Working Paper, 02/194, Washington.
  • Beck, T., Levine, R. & Loayza, N. (2000), Finance and the Sources of Growth, Journal of Financial Economics, (1-2), 261-300.
  • Darrat, A. F. (1999), Are Financial Deepening and Economic Growth Causally Related? Another
  • Look at the Evidence, International Economic Journal, 13, 19-35. Demetriades, P. & Hussein, K. (1996). Does Financial Development Cause Economic Growth? Time Series
  • Evidence from 16 Countries, Journal of Development Economics, 51, 387-411. Do, Q-T. & Levchenko, A. A. (2007), Comparative advantage, demand for external finance and financial development, Journal of Financial Economics, 86(3), 796-834.
  • Edison, H., Klein,M.W., Ricci,L. & Slok, T. (2004), Capital Account Liberalization and Economic Performance:
  • Survey and Synthesis, IMF Staff Papers, 51(2), 220-256
  • Erol, T. (1992), Short-Term Macroeconomic Adjustment Process in A Developing Economy: the Turkish Case, 80 and 1981-86, METU Studies in Development, 19(1), 51-65.
  • Estrella, A. (2001), Financial Innovation and the Monetary Transmission Mechanism Focus on Austria,
  • Oesterreichische Nationalbank. Fry, M. J. (1997), In Favour of Financial Liberalization, The Economic Journal , 107, 754-770.
  • Galbis, V. (1977), Financial Intermediation And Economic Growth in Less Developed Countries: A Theoritical
  • Approach, Journal of Development Studies, 13(2), 58-72. Gürsoy, C. T. & Müslümov, A.(2000), Stock Markets and Economic Growth: A Causality Test, Doğuş University Journal, 2, 124-132.
  • Hung, F.S. (2003), Inflation, Financial Development and Economic Growth, Journal of International Review of
  • Economics and Finance, 12, 45-67. King, R.G. & Levine, R. (1993), Finance and Growth, Journal of Economics,108, pp: 717-737.
  • King, R.G. & Levine, R. (1993), Finance, entrepreneurship and growth: Theory and evidence, Journal of
  • Monetary Economics, 32(3), 513-542. Levine, R. & Zervos, S. (1996), Stock Market Development and Long-Run Growth, World Bank Economic Review, (2), 323-39.
  • Levine, R. (1997)Financial Development and Economic Growth: Views and Agenda, Journal of Economic Literature, 35(2), 688-726.
  • Levine, R. & Zervos, S. (1998), Stock Markets, Banks, and Economic Growth, American Economic Review, 88(3), 58.
  • Lucas, R., (1988), On The Mechanics Of Economic Development, Journal of Monetary Economics, 22(1), 3-42.
  • McKinnon, R. I. (1973), Money and Capital in Economic Development, Brookings Institution: Washington.
  • Milesi-Ferretti, G.M. & Grilli,V. (1995), Economic Effects and Structural Determinants of Capital Controls, IMF
  • Working Papers 95/31, International Monetary Fund. Mohan, R. (2006), Financial Growth in India: Whither Financial Inclusion?Margin, The Journal of Applied Economic Research, 2, 177-197.
  • Obstfeld, M. (1994), The Logic of Currency Crises, NBER Working Paper 4640.
  • Pagano, M. (1993), Financial Markets and Growth, An Overview, European Economic Review, 37, 613-622.
  • Prasad, E., Rogoff, K., Wei, S-J. & Kose, M. A. (2003), Effects of Financial Globalization on
  • Developing Countries: Some Empirical Evidence, IMF Occasional Paper 220, Washington D.C.: International Monetary Fund. Romer, P. M. (1986), Increasing Returns And Long Run Growth, Journal of Political Economy, 94(5), 1002-1037.
  • Schall, L. D. & Haley, C.W. (1996), Introduction to financial management, Mc Graw-Hill, 6th edition.
  • Schumpeter, J. (1912), The Theory of Economic Development, Harvard University Press, Cambridge.
  • Shaw, E. S. (1973), Financial Deepening in Economic Development, Oxford University Pres: New York.
  • Stock, J.H. & Watson, M.M. (2003), Introduction to Econometrics, AddisonWesley.
  • Tornell, A., Westermann, F. & Martinez, L. (2003), Liberalization, Growth and Finacial Crises:
  • Lessons from Mexico and the Developing World, Brookings Papers on Economic Activity, 2, 1‐113. Wachtel, A. & Rousseau, P.L. (2000), Inflation, Financial Development and Growth, Working Papers 00-10, New
  • York University, Leonard N. Stern School of Business.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Meltem İnce Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2011
Yayımlandığı Sayı Yıl 2011 Cilt: 6 Sayı: 23

Kaynak Göster

APA İnce, M. (2011). FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY. Yaşar Üniversitesi E-Dergisi, 6(23), 3782-3793.
AMA İnce M. FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY. Yaşar Üniversitesi E-Dergisi. Haziran 2011;6(23):3782-3793.
Chicago İnce, Meltem. “FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY”. Yaşar Üniversitesi E-Dergisi 6, sy. 23 (Haziran 2011): 3782-93.
EndNote İnce M (01 Haziran 2011) FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY. Yaşar Üniversitesi E-Dergisi 6 23 3782–3793.
IEEE M. İnce, “FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY”, Yaşar Üniversitesi E-Dergisi, c. 6, sy. 23, ss. 3782–3793, 2011.
ISNAD İnce, Meltem. “FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY”. Yaşar Üniversitesi E-Dergisi 6/23 (Haziran 2011), 3782-3793.
JAMA İnce M. FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY. Yaşar Üniversitesi E-Dergisi. 2011;6:3782–3793.
MLA İnce, Meltem. “FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY”. Yaşar Üniversitesi E-Dergisi, c. 6, sy. 23, 2011, ss. 3782-93.
Vancouver İnce M. FINANCIAL LIBERALIZATION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: AN EMPRICAL ANALYSIS FOR TURKEY. Yaşar Üniversitesi E-Dergisi. 2011;6(23):3782-93.