THE IMPACT OF BANKING SECTOR ON ECONOMIC GROWTH AND SUSTAINABLE ECONOMIC DEVELOPMENT: THE CAUSALITY TESTS ON TURKISH ECONOMY (1981-2009)

Öz

This study aims to reveal the relationships between banking sector and sustainable economic development and economic growth for the case of Turkey economy. The concept of sustainable economic development emphasizes the necessity of considering social and environmental elements altogether besides economic growth. Accordingly, the series of human development index (HDI), sustainable human development index (SHDI) and external debt sustainability were used to measure the sustainable economic development. Causality Test developed by Toda and Yamamoto (2005) was used to determine the relationships between these series. The findings reveal the linear relationships from banking sector to both sustainable economic development and economic growth. These empiric results suggest that banking sector could be used as an effective tool to make progress in economic growth and social and environmental fields

Anahtar Kelimeler

• Banking Sector, Sustainable Development, Causality Analyses

BANKACILIK SEKTÖRÜNÜN EKONOMİK BÜYÜME VE SÜRDÜRÜLEBİLİR EKONOMİK KALKINMA ÜZERİNE ETKİSİ: TÜRKİYE EKONOMİSİ ÜZERİNE NEDENSELLİK TESTLERİ (1981-2009)*

Öz

Bu çalışma, Türkiye ekonomisi özelinde bankacılık sektörü ile sürdürülebilir ekonomik kalkınma ve ekonomik büyüme arasındaki ilişkileri ortaya koymayı amaçlamaktadır. Sürdürülebilir ekonomik kalkınma kavramı ekonomik büyümenin yanı sıra sosyal ve çevresel öğelerin bir arada düşünülmesi gerektiğine vurgu yapmaktadır. Bu doğrultuda sürdürülebilir ekonomik kalkınmayı ölçmek için beşeri gelişme endeksi (HDI), sürdürülebilir beşeri gelişme endeksi (SHDI) ve dış borcun sürdürülebilirliği (DBX) serilerinden yararlanılmıştır. Seriler arasındaki ilişkilerin tespit edilmesinde Toda ve Yamamoto (1995) tarafından geliştirilen nedensellik sınaması kullanılmıştır. Elde edilen bulgular, bankacılık sektöründen hem büyümeye hem de sürdürülebilir ekonomik kalkınmaya doğru nedensellik ilişkilerini ortaya koymuştur. Bu ampirik sonuçlar, ekonomik büyümede ve sosyal ile çevresel alanlarda ilerlemeler kaydedilmesi için bankacılık sektörünün etkin bir araç olarak kullanılabileceğini ortaya koymaktadır.

Anahtar Kelimeler

• Bankacılık Sektörü,Sürdürülebilir Ekonomik Kalkınma,Nedensellik Testi

Kaynakça

1. AGU Cletus C., Chukwu Jude Okechukwu, “Toda and Yamamoto Causality Tests between “Bank-Based” Financial Deepening and Economic Growth in Nigeria”, European Journal of Social Sciences,7(2), 2008, s.175-184.
2. ALAM Shaista ve diğerleri, “Development in Pakistan in Context of Energy Consumption Demand and Environmental Degradation”,Journal of Asian Economics,18(5), 2007, s. 825-837.
3. ANWAR Sofia ve diğerleri, “Relationship between Financial Sector Development and Sustainable Economic Development: Time Series Analysis from Pakistan”, International Journal of Economics and Finance, 3(1), 2011, s. 262- 270.
4. ASLAN Özgür, Küçükaksoy İsmail, “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi,4, 2006, s.12-28.
5. BAŞKAYA Fikret, Kalkınma İktisadının Yükselişi ve Düşüşü, Ankara: İmge Kitabevi, 1997.
6. BECK Thorsten ve diğerleri “Finance and the Sources of Growth”, World Bank Policy Research Working Paper, 2057, 1999, s.1-31.
7. BECK, Thorsten ve diğerleri, “A New Database on the Structure and Development of the Financial Sector”, The World Bank Economic Review, 14(3), 2000, s.597-605.
8. BECK Thorsten, Levine Ross, “Stock Market, Banks and Growth: Panel Evidence”, Journal of Banking and Finance, 28(3), 2004, s.423-442.

9. BERBER Metin, İktisadi Büyüme ve Kalkınma, 3. Baskı, Trabzon: Derya Kitabevi, 2006.
10. CAPORALE Guglielmo Maria ve diğerleri, “Financial Development and Economic Growth: Evidence from Ten New EU Members” Discussion Paper of DIW Berlin, 940, 2009, s.1-39.
11. COLLADOS C., Duane T. P., “Natural Capital and Quality of Life: a Model for Evaluating the Sustainability of Alternative Regional Development Path”, Ecological Economics, 30, 1999, s.441-460.
12. DALY, Herman E., Farley Yoshisa, Ecological Economics Principles and Application, 2. Baskı, Washington: Island Press., 2010.
13. DEMETRIADES Panicos, Law S., “Finance, Institutions and Economic Development”, International Journal of Finance and Economics, 11, 2006, s. 245- 260.
14. DEMİRHAN Erdal ve diğerleri, “The Direction of Causality between Financial Development and Economic Growth: Evidence from Turkey”, International Journalof Management, 28(1), 2011, s.1-19.
15. HANLEY N. ve diğerleri, “Measuring Sustainability: a Time Series of AlternativeIndicators for Scotland”, Ecological Economics, 28, 1999, s.55-73.
16. HARRIS Jonathan M., “Basic Principles of Sustainable Development”,GlobalDevelopment and Environment Enstitute Working Paper, 04, 2000, s.1-25.
17. HONDROYIANNIS George ve diğerleri, “Financial Markets and Economic Growth in Greece, 1986-1999”, Journal of International Financial Markets, 15(2), 2005, s.173-188.
18. http://hdr. undp. org/en/data/build(19.05.2012).
19. http://opim.wharton.upenn.edu/gc/philadelphia/abstract/Guo.pdf
20. http://ussif.org/resources/research/documents/USSIFTrends2012ES.pdf (27.11.2012).
21. http://www.eurosif.org/research/eurosif-sri-study/sri-study-2012
22. (05.08.2012). IRADIAN Garbis, “Armenia: the Road to Sustained Rapid Growth, Cross-Country Evidence”, IMF Working Paper, 03(103), 2003, s.1-21.
23. JEUCKEN Marcel, Sustainable Finance and Banking, London: Earthscan Publications Ltd., 2001.
24. KAYA Emine Öner, “Sürdürülebilir Kalkınma Sürecinde Bankaların Rolü ve Türkiye’de Sürdürülebilir Bankacılık Uygulamaları”, İşletme Araştırmaları Dergisi, 2(3), 2010, s. 75-94.
25. KING Robert G., Levine Ross “Finance and Growth: Schumpeter Might Be Right”, Quarterly Journal of Economics, 108(3), 1993, s.717-737.
26. KUNT Aslı Demirgüç, diğerleri, “The Evolving Importance of Banks and Securities Markets”, Policy Research Working Paper, 5805, 2011, s.1-31. r Working PaperSeries,10766, 2004, s.1-116.
27. LEVINE Ross, Zervos Sara, “Stock Markets, Banks and Economic Growth”, The American Economic Review, 88(3), 1998, s.537–558.
28. NEWEY WK., West, K.D., “A Simple Positive-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix”, Econometrice, 55, 1987, s.703– 708.
29. NOURRY Myriam, “Measuring Sustainable Development: Some Empirical Evidence for France from Eight Alternative Indicators”,Ecological Economics, 67(3), 2008, s. 441-456.
30. ÖZCAN Burcu, Ari Ayşe, “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İliş- kinin Ampirik Bir Analizi: Türkiye Örneği”, Business and Economics Research Journal, 2(1), 2011, s.121-142.
31. PATRICK Hugh T., “Financial Development and Economic Growth in Under DevelopedCountries”, Economic Development and Cultural Change, 14(2), 1966, s.174-189.
32. RABIUL Md., “Banks, Stock Markets and Economic Growth: Evidence From Selected Developing Countries”, Decision, 37(3), 2010, s.1-29.
33. SATHIENDRAKUMA, R., “Sustainable Development: Passing Fad or Potential Reality?”, International Journal of Social Economics, 23(4), 1996, s.151-163.
34. THOMPSON P., “Bank Lending and the Environment: Policies and Opportunities”, International Journal of Bank Marketing, 16(6), 1998, s. 243-252.
35. TODA Hiro Y., Yamamoto Taku, “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 1995, s. 225-250.
36. TSURU Kotaro, “Finance and Growth: Some Theoretical Considerationsand a Reviewof the Empirical Literature”, OECD Economics Department Working Papers, 228, (2000), s.1-54. Öğr. Gör. Dr. Dilek TAN
37. IRADIAN Garbis, “Armenia: the Road to Sustained Rapid Growth, Cross-Country Evidence”, IMF Working Paper, 03(103), 2003, s.1-21.
38. JEUCKEN Marcel, Sustainable Finance and Banking, London: Earthscan Publications Ltd., 2001.
39. KAYA Emine Öner, “Sürdürülebilir Kalkınma Sürecinde Bankaların Rolü ve Türkiye’de Sürdürülebilir Bankacılık Uygulamaları”, İşletme Araştırmaları Dergisi, 2(3), 2010, s. 75-94.
40. KING Robert G., Levine Ross “Finance and Growth: Schumpeter Might Be Right”, Quarterly Journal of Economics, 108(3), 1993, s.717-737.
41. KUNT Aslı Demirgüç, diğerleri, “The Evolving Importance of Banks and Securities Markets”, Policy Research Working Paper, 5805, 2011, s.1-31.
42. LEVINE Ross, “Finance and Growth: Theory and Evidence”, Nber Working PaperSeries,10766, 2004, s.1-116.
43. LEVINE Ross, Zervos Sara, “Stock Markets, Banks and Economic Growth”, The American Economic Review, 88(3), 1998, s.537–558.
44. NEWEY WK., West, K.D., “A Simple Positive-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix”, Econometrice, 55, 1987, s.703– 708.
45. NOURRY Myriam, “Measuring Sustainable Development: Some Empirical Evidence for France from Eight Alternative Indicators”,Ecological Economics, 67(3), 2008, s. 441-456.
46. ÖZCAN Burcu, Ari Ayşe, “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İliş- kinin Ampirik Bir Analizi: Türkiye Örneği”, Business and Economics Research Journal, 2(1), 2011, s.121-142.
47. PATRICK Hugh T., “Financial Development and Economic Growth in Under DevelopedCountries”, Economic Development and Cultural Change, 14(2), 1966, s.174-189.
48. RABIUL Md., “Banks, Stock Markets and Economic Growth: Evidence From Selected Developing Countries”, Decision, 37(3), 2010, s.1-29.
49. SATHIENDRAKUMA, R., “Sustainable Development: Passing Fad or Potential Reality?”, International Journal of Social Economics, 23(4), 1996, s.151-163.
50. THOMPSON P., “Bank Lending and the Environment: Policies and Opportunities”, International Journal of Bank Marketing, 16(6), 1998, s. 243-252.
51. TODA Hiro Y., Yamamoto Taku, “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 1995, s. 225-250.
52. TSURU Kotaro, “Finance and Growth: Some Theoretical Considerationsand a Reviewof the Empirical Literature”, OECD Economics Department Working Papers, 228, (2000), s.1-
53. ÜNALMIŞ, Deren, “The Causality between Financial Development and EconomicGrowth: The Case Of Turkey”, Research Department Working Paper the Central Bank of the Republic Turkey, 3, 200 s.1-11.
54. WCED, Our Common Future, New York: Oxford University Press., 1987. WEBB Jan P. Ve diğerleri, “The Effect of Banking and Insurance on the Growth of Capital and Output”, 2002 http://rmictr.gsu.edu/Papers/WP02-1.pdf (23.03.2011)