An Application for Classification of Developing Countries in Terms of Financial Deepening

Öz

Financial deepening shows to extend to which the funds saved in the financial system are transferred real sector and as the level of financial deepening increases countries can develop more economically and financially. The level of financial deepening differs in terms of developed and developing countries. Factors to be taken into consideration in each country can be changed according to the financial, social and institutional structures of the countries in the increase of the level of financial deepening. The aim of the study is to determine which developing countries are different from each other in terms of financial deepening and which have similar characteristics. In order to achieve this aim, a cluster analysis was carried out on 17 emerging countries with financial deepening data covering the period from 1997 to 2014. As a result of the analysis, the countries were divided into four groups in terms of financial deepening and the countries with similar financial deepening were in the same cluster and the non-similar countries were in different clusters.

Anahtar Kelimeler

• Financial Deepening,Principal Component Analysis,Cluster Analysis

Gelişmekte Olan Ülkelerin Finansal Derinleşme Açısından Sınıflandırılmasına İlişkin Bir Uygulama

Öz

Finansal derinleşme finansal sistemde biriktirilen fonların reel sektöre ne ölçüde aktarıldığını göstermekte ve finansal derinleşme düzeyi arttıkça ülkeler finansal ve ekonomik açıdan daha fazla gelişebilmektedir. Finansal derinleşme düzeyi gelişmiş ve gelişmekte olan ülkeler açısından farklılık göstermekte ve finansal derinleşme düzeyinin yükseltilmesinde her bir ülkede dikkate alınacak faktörler de ülkelerin finansal, ekonomik, politik, sosyal ve kurumsal yapılarına göre değişebilmektedir. Çalışmanın amacı gelişmekte olan hangi ülkelerin finansal derinleşme açısından farklı, hangilerinin benzer özellikler gösterdiğini belirlemektir. Bu amacı gerçekleştirmek için çalışmada gelişmekte olan 17 ülkenin 1997 – 2014 dönemini kapsayan finansal derinleşme verileriyle kümeleme analizi yapılmıştır. Analiz sonucunda ülkeler finansal derinleşme açısından dört farklı sınıfa ayrılmış ve finansal derinleşme açısından benzer olan ülkeler aynı kümede, benzer olmayan ülkeler farklı kümelerde yer almışlardır.

Anahtar Kelimeler

• Finansal Derinleşme,Temel Bileşenler Analizi,Kümeleme Analizi

Kaynakça

1. KaynaklarAbu-Bader, Suleiman; Abu-Qarn, Aamer S. (2008), “Financial Development and Economic Growth: The Egyp-tian Experience”, Journal of Policy Modeling, Vol. 30, No. 5: 887-898.
2. Adnan, Noureen; Shahzad, Syed Jawad Hussain (2014), “The European Financial System in Limelight”, http://mpra.ub.uni-muenchen.de/60152/, (Erişim: 15.01.2016).
3. Adu, George; Marbuah, George; Mensah, Justice Tei (2013), “Financial Development and Economic Growth in Ghana: Does The Measure of Financial Development Matter?”, Review of Development Finance, Vol. 3, No. 4 :192-203.
4. Ağır, Hüseyin (2010), Türkiye’de Finansal Liberalizasyon ve Finansal Derinleşme İlişkisinin Ekonometrik Anali-zi, Ankara: BDDK Kitapları, https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/Kitaplar/8639agir_.pdf, (Erişim:20.01.2015).
5. Ak, Mehmet Zeki; Altıntaş, Nurullah; Şimşek, Ahmet Salih (2016), “Türkiye’de Finansal Gelişme Ve Ekonomik Büyüme İlişkisinin Nedensellik Analizi”, Doğuş Üniversitesi Dergisi, C. 17, S. 2: 151-160.
6. Ali, Rafaget (2014), “The Role of Bank Based Finance in Economic Growth of Pakistan”, Middle –East Journal of Scientific Research, Vol. 22, No. 1: 82-90.
7. Ang, James B.; McKibbin, Warwick J. (2007), “Financial Liberalization Financial Development and Growth: Evidence From Malaysia”, Journal of Developments Economics, Vol. 84, No. 1: 215-233.
8. Akinboade, Oludele Akinloye; Kinfack, Emilie Chanceline (2013), “Interest Rate Reform Financial Deepening and Economic Growth in Cameroon: An Ampirical İnvestigation”, Applied Economics, Vol. 45, No. 25: 3574-3586.

9. Demirgüç – Kunt, Aslı; Levine, Ross (1996), “Stock Market Development and Financial İntermediaries: Styli-zed Facts”,The World Bank Economic Review, Vol. 10, No. 2: 291-321.
10. Demirgüç – Kunt, Aslı; Maksimoviç, Vojislav (1996), “Stock Market Development Financing Choices of Firms”, The World Bank Economic Review, Vol. 10, No. 2: 341-369.
11. Dunteman, George H. (1989), Principal Components Analysis. Quantitative Applications in The Social Scien-ces. USA: Sage Publications.
12. Erdem, Havvanur Feyza; Yamak, Rahmi (2014), “The Dynamic Relationship Between Economics and Financial Instability”, International Reviews Business Research Papers, Vol. 10, No. 1: 39-48.
13. Erim, Neşe; Türk, Armağan (2005), “Finansal Gelişme ve İktisadi Büyüme”, Kocaeli Üniversitesi Sosyal Bilimler Enstitü- sü Dergisi, C. 10, S. 2: 21-45.
14. Everitt, Brian S.; Dunn, Graham (2001). Applied Multivariate Data Analysis, Second Edition, United Kingdom: John Wiley&Sons Ltd.
15. Graff Michael; Karmann, Alexander (2006), “What Determines Finance-Growth Nexus? Empirical Evidence For Threshold Models” Journal of Economics, Vol. 87, No. 2: 127-157.
16. Gries, Thomas; Kraft, Manfred; Meierrieks, Daniel (2009), “Linkages Between Financial Deepening Trade Openness, and Economic Development: Causality Evidence From Subsaharan Africa”, World Deve-lopment, Vol. 37, No. 12: 1849-1860.
17. Hair, Joseph F.; Black, William. C.; Babin, Barry J.; Anderson, Rolph E. (2010), “Multivariate Data Analysis A Global Perspective”, Seventh Edition, New Jersey: Pearson.
18. Hamori, Shigeyuki; &Hashiguchi, Yoshihiro (2012), “The Effect of Financial Deepening on Inequality: Some International Evidence”, Journal of Asian Economics, 23(2012): 353-359.
19. Hasan, Iftekhar; Wachtel, Paul; Zhou, Mingming (2009), “Institutional Development, Financial Deepening and Economic Growth: Evidence From Chine”, Journal of Banking & Finance, Vol. 33, No. 1: 157-170.
20. Herrero, Alicia García; Santillán, Javier; Gallego, Sonsoles; Cuadro, Lucía; Egea, Carlos (2002), Latin American Finan- cial Development in Perspective, Banco de España, https://pdfs.semanticscholar.org/f2f6/ab6bd4f50ee2a40dcc6c3651cd1a66cb0890.pdf?_ga=2.118704777 1067079168.1531139286-1631802215.1531139286, (Erişim: 20.01.2015).
21. Hsu, Sara; Li, Jianjun (2012), “Ideal Financial Development and Financial Overaccumulation”, https://mpra.ub.unimuenchen.de/38035/1/MPRA_paper_38035.pdf, (Erişim: 17.03.2016).
22. Huang, Wei (2006), “Emerging Markets Financial Openness and Financial Development”, https://ideas.repec.org/p/bri/uobdis/06-588.html, (Erişim: 10.05.2015).
23. Hussain, Farah; Chakraborty, Deb Kumar (2012), “Causality Between Financial Development and Economic Growth: Evidence From an Indian State”, The Romanian Economic Journal, Vol. XV, No. 45: 27-48.
24. International Money Fund (IMF), International Financial Statistics, http://data.imf.org/ (Erişim: 05.04.2016).
25. Jalil, Abdul; Feridun, Mete; Ma, Ying (2010), “Finance – Growth Nexus in China Revisited: New Evidence From Principal Components and ARDL Bounds Tests”, International Review of Economics and Finan-ce, Vol. 19, No. 2: 189-195.
26. Jolliffe, I. T. (2002), Principal Component Analysis, Second Edition, USA: Springer.
27. Jung, Woo. S. (1986), “Financial Development and Economic Growth: International Evidence”, Economic Development and Cultural Change, Vol. 34, No. 2: 333-346.
28. Kar, Muhsin; Nazlıoğlu, Şaban; Ağır, Hüseyin (2014), “Trade Openness, Financial Development and Economic Growth in Turkey: Linear and Nonlinear Causality Analysis”, BDDK Bankacılık ve Finansal Piyasalar, C. 8, S. 1: 63-86.
29. Khan, Mohsin. S.; Senhadji, Abdelhak. S.; Smith, Bruce. D. (2001), “Inflation and Financial Depth”,https://www.imf.org/external/pubs/ft/wp/2001/wp0144.pdf, (Erişim: 26.01.2015).
30. Kitenge, Erick (2013), “Reexamining The Relationship Between Financial Development and Economic Growth: The Case of South Africa”, http://opensiuc.lib.siu.edu/gs_rp/333, (Erişim: 30.01.2016).
31. Landau, Sabine; Everitt, Brian S. (2004), A Handbook of Statistical Analyses Using SPSS. USA: Chap-man&Hall/CRC.
32. Lehman, Ann; O’Rourke, Norm; Hatcher, Larry; Stepanski, Edward J. (2005). JMP for Basic Univariate and Multivariate Statistics: A Step By Step Guide, USA: SAS Press.
33. Levine, Ross (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Econo-mic Literature, Vol. XXXV, June: 688 – 726.
34. Liang, Qi; Teng, Jian-Zhou (2006), “Financial Development and Economic Growth: Evidence From China”, China Economic Review, Vol. 17, No. 4: 395-411.
35. Luintel, Kul B.; Khan, Mosahid (1999), “A Quantitative Reassessment of The Finance Growth Nexus: Evidence From a Multivariate VAR”, Journal of Development Economics, Vol. 60, No. 2: 381-405.
36. Lynch, David (1996), “Measuring Financial Sector Development: A Study of Selected Asia Pacific Countries”, The Developing Economics, Vol. XXXIV-I, March: 3-32.
37. Mhadbi, Khalil (2014), “New Proxy of Financial Development and Economic Growth in Medium-Income Countries: A Bootstrap Panel Granger Causality Analysis”, American Journal of Applied Mathematics and Statistics, Vol. 2, No. 4: 185-192.
38. Mahajan, Nayia; Verma, Satish (2014), “Financial Development and Economic Growth: A Case of Indian Eco-nomy”, International Journal of Economics, Finance and Mangement, Vol. 3, No. 1: 15-21.
39. Malhotra, Naresh K. (2010), Marketing Research: An Applied Orientation, Six Edition, New Jersey: Pearson.
40. Nakip, Mahir (2003), Pazarlama Araştırmaları, Teknikler ve (SPSS Destekli) Uygulamalar, Birinci Baskı, Ankara: Seçkin Yayıncılık.
41. Nzotta, Samuel Mbadike; Okereke, Emeka J. (2009), “Financial Deepening and Economic Development Of Nigeria: An Empirical İnvestigation”, African Journal of Accounting, Economics Finance and Banking Research, Vol. 5, No. 5: 52-66.
42. Oskay, Suna (2000), “Finansal Piyasalarda Yeni Yasal Düzenlemeler İhtiyacı ve Türk Finans Sistemi”, Marmara Üniversitesi Sosyal Bilimler Enstitüsü Öneri Dergisi, C. 75, S. 10: 9-18.
43. Öztürk, Nurettin; Barışık, Salih; Darıcı, Havva Kılıç (2010), “Gelişmekte Olan Piyasalarda Finansal Derinleşme ve Büyüme İlişkisi: Panel Veri Analizi”, ZKÜ Sosyal Bilimler Dergisi, C. 6, S. 12: 95-119.
44. Pituch, Keenan A.; Stevens, James P. (2015), Applied Multivariate Statistics For The Social Sciences, Analyses With SAS IBM’s SPSS, Six Edition, Newyork, London: Routledge.
45. Sahay, Ratna;,Cihak, Martin; N’Diaye, Papa; Barajas, Adolfo; Bi, Ran; Ayala, Diana; Gao, Yuan; Kyobe, Annette; Nguyen, Lam; Saborowski, Christian; Svirydzenka, Katsiaryna; Yousefi, Seyed Reza (2015), Rethin-king Financial Deepening: Stability and Growth in Emerging Markets, https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf, (Erişim: 25.01.2016).
46. Sanguansat, Parinya (2012), Principle Component Analysis – Multidisciplinary Applications. Croatia: InTech.
47. Singh, Kultar (2007), Quantitative Social Research Methods, New Delhi: Sage Publications.
48. Uçar, Nezihe (2014), Kümeleme Analizi. Ş. Kalaycı (Ed.). SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri: 350-376. Ankara: Asil Yayın Dağıtım.
49. Varlık, Nimet (2016). “Türkiye’de Finansal Gelişme İle Finansal Kırılganlık İlişkisi, 1990-2014 Dönemi”, Ekonomik Yaklaşım, C. 27, S. 98: 141-176.
50. World Bank (WD), World Development Indicator, http://databank.worldbank.org/data/indicator/NY.GDP.MKTP.KD.ZG/1ff4a498/Popular-Indicators, (Erişim: 28.04.2016).
51. Zerbo, Eléazar (2015), “What Determines The Long-Run Growth in Sub-Saharan Africa? Exploring The Role of Energy, Trade Openness and Financia Ldevelopment in Six Countries”, https://hal.archives-ouvertes.fr/hal- 01238524, (Erişim: 15.01.2016).