BibTex RIS Kaynak Göster

Cari Açık Ekonomi Üzerindeki Finansal Baskıyı Artırıyor mu?

Yıl 2013, Sayı: 90, 5 - 18, 01.09.2013

Öz

Bu çalışmada, cari işlemler açığı ile ekonomi üzerinde oluşan finansal baskı arasındaki ilişki, Türkiye için 1998:M01-2013:M02 dönemi verileri kullanılarak, Carrion-i-Silvestre vd. 2009 yapısal kırılmalı birim kök testi ve Toda-Yamamoto 1995 nedensellik analizi yöntemiyle incelenmiştir. Analiz sonucunda yükselen cari işlemler açığının, ekonomi üzerindeki finansal baskıyı artırdığı tespit edilmiştir

Kaynakça

  • Ashcroft, Vincent ve Cavanough, David (2008), “Survey of Recent Developments”, Bulletin of Indonesian Economic Studies, 44(3): 335-363.
  • Avcı, Muhammet Ali ve Altay, Nasuh Oğuzhan (2013), “Finansal Krizlerin Sinyal Yaklaşımı ile Öngörülmesi: Türkiye, Arjantin, Tayland ve İngiltere İçin Bir Analiz”, Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14, 47-58.
  • Bhattacharya, Basabi ve Mukharjee, Jaydeep (2002), “Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance: A Case Study for India”, http://www.igidr.ac.in/money/mfc_5/ basabi.pdf, [14.07.2013].
  • Borio, Claudio ve Disyatat, Piti (2010), “Global Imbalances and the Financial Crisis: Reassessing the Role of International Finance”, Asian Economic Policy Review, 5, 198–216.
  • Bunda, Irina ve Ca’ Zorzi, Michele (2010), “Signals from Housing and Lending Booms”, Emerging Markets Review 11, 1–20.
  • Carrion-i-Silvestre, Josep LLuis, Kim, Dukpa ve Perron, Pierre (2009), “GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses”, Econometric Theory, 25, 1754-1792.
  • Çelik, Arzum Erken ve Karatepe, Yalçın (2007), “Evaluating and Forecasting Banking Crises Through Neural Network Models: An Application for Turkish Banking Sector”, Expert Systems with Applications, 33, 809-815.
  • Çil Yavuz, Nilgün (2006), “Türkiye’de Turizm Gelirlerinin Ekonomik Büyümeye Etkisinin Testi: Yapısal Kırılma ve Nedensellik Analizi”, Doğuş Üniversitesi Dergisi, 7 (2), 162-171.
  • Dornbusch, Rudiger ve Fischer, Stanley (1990), Macroeconomics, McGraw-Hill, International Editions.
  • Edison, Hali J. (2000), “Do Indicators of Financial Crises Work? An Evaluation of an Early Warning System”, International Journal of Finance & Economics, 8 (1), 11-53.
  • Eichengreen, Barry J. (1994), International Monetary Arrangements for the 21st Century, Washington: Brooking Institution.
  • Fioramanti, Marco (2008), “Predicting Sovereign Debt Crises Using Artificial Neural Networks: A Comparative Approach”, Journal of Financial Stability, 4, 149-164.
  • Frankel, Jeffrey A. ve Rose, Andrev K. (1996), “Currency Crashes in Emerging Markets: An Emprical Treatment”, Journal of International Economics, 41, 351-366.
  • Freund, Caroline (2000), “Current Account Adjustment in Industrialized Countries”, Board of Governers of the FED International Finance, Discussion Papers, No. 692.
  • Glick, Reuven ve Moreno, Ramon (1999), “Money and Credit, Competitiveness and Currency Crises in Asia and Latin America”, Pacific Basin Working Paper Series No. 99-01, Federal Reserve Bank of San Francisco.
  • Kaminsky, Graciela ve Reinhard, Carmen M. (1999), “The Twin Crises: The Causes of Banking and Balance of Payments Problems”, American Economic Review, 3(49), 473-500.
  • Karakayalı, Hüseyin ve Sayın, Ferhan (2010), “Öncü Göstergeler Yaklaşımıyla Türkiye’de 2008 Krizinin Değerlendirilmesi”, Finans Politik & Ekonomik Yorumlar, 47(546), 33-55.
  • Kibritçioğlu, Aykut (2004), “An Analysis of Early Warning Signals of Currency Crises in Turkey, 1986-2004”, http://kibritcioglu.socionet.ru/files/OENB- Kibritcioglu-20041108.pdf, [29.07.2013].
  • Lee, Junsoo ve Strazicich, Mark C. (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Licchetta, Mirko (2011), “Common Determinants of Currency Crises: The Role of External Balance Sheet Variables”, International Journal of Finance and Economics, 16: 237–255.
  • Lumsdaine, Robin L. ve Papell, David H. (1997), “Multiple Trend Breaks and The Unit Root Hypothesis”, The Review of Economics and Statistics, 79, 212-218.
  • Mankiw, N. Gregory (1989), “Real Business Cycles: A New Keynesian Perspective”, The Journal of Economic Perspectives, 3(3), 79-80.
  • Milesi-Ferrett, Gian Maria ve Razin, Assaf (1998), “Current Account Reversals and Currency Crises: Empirical Regularities”, NBER Working Paper, No. 6620.
  • Montoro, Carlos ve Rojas-Suarez, Liliana (2012), “Credit in Times of Stress: Lessons from Latin America”, BIS Quarterly Review, September, 51-60.
  • Ng, Serena ve Perron, Pierre (2001), “Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power”, Econometrica, 69, 1519-1554.
  • Özatay, Fatih (2013a), “TEPAV Finansal Baskı Endeksi”, Radikal Gazetesi, 23.04.2013, http://www.radikal.com.tr/yazarlar/fatih_ozatay/tepav_finansal_baski_ endeksi-1130695, [29.07.2013].
  • Özatay, Fatih (2013b), “TEPAV Finansal Baskı Endeksi (2)”, Radikal Gazetesi, 30.04.2013, http://www.radikal.com.tr/yazarlar/fatih_ozatay/tepav_finansal _baski_endeksi_2-1131585, [29.07.2013].
  • Öztürkler, Harun ve Türkmen, Göksel (2013), “Türkiye için Finansal Baskı Endeksi Oluşturulması”, TEPAV Raporu, Ankara.
  • Perron, Pierre (1989), The Great Crash, The Oil Price Shock and The Unit Root Hypothesis, Econometrica, 57 (2), 1361-1401.
  • Perron, Pierre (1997), “Further Evidence on Breaking Trend Functions in Macroeconomic Veriables”, Journal of Econometrics, 80, 355-385.
  • Perron, Pierre ve Rodriguez G.H. (2003), “GLS Detrending, Efficient Unit Root Tests and Structural Change”, Journal of Econometrics, 115, 1-27.
  • Sevim, Cüneyt (2012), Öncü Göstergeler Yaklaşımına Göre Finansal Krizler ve Türkiye Örneği, BDDK Kitapları, No: 11, ISBN 978-975-9004-16-3.
  • Subbarao, Duvvuri (2012), “Financial Stability Report, Reserve Bank of India”, No. 6, http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FFSR261212_FL.pdf [06.08.2013].
  • Toda, Hiro Y. ve Yamamoto, Taku (1995), “Statistical Inference in Vector Autoregressions with Possibly Integrated Process”, Journal of Econometrics, 66, 225-250.
  • Trachanas, Emmanouil ve Katrakilidis Constantinos (2013), “The Dynamic Linkages of Fiscal and Current Account Deficits: New Evidence from Five Highly Indebted European Countries Accounting for Regime Shifts and Asymmetries”, Economic Modelling, 31, 502-510.
  • Uygur, Ercan (2001), “Krizden Krize Türkiye: 2000 Kasım ve 2001 Şubat Krizleri”, Türkiye Ekonomi Kurumu Tartışma Metni, No. 1, ISBN 975-95354-6-7.
  • Yılancı, Veli ve Özcan, Burcu (2010), “Yapısal Kırılmalar Altında Türkiye için Savunma Harcamaları ile GSMH Arasındaki İlişkinin Analizi”, C.Ü. İktisadi ve İdari Bilimler Dergisi, 11(1), 21-33.
  • Zivot, Eric ve Andrews, Donald W. K. (1992), “Further Evidence on the Great Crash, the Oil-Price Shock and the Unit-Root Hypothesis”, Journal of Business Economic Statistics, 10(3), 251-270

IS CURRENT ACCOUNT DEFICIT INCREASING THE FINANCIAL PRESSURE ON THE ECONOMY?

Yıl 2013, Sayı: 90, 5 - 18, 01.09.2013

Öz

In this study; the relationship between current account deficit and financial pressure was examined for Turkey by using 1998:M01-2013:M02 periods’ data via Carrion-i-Silvestre et al. 2009 structural breaks unit root test and Toda-Yamamoto 1995 causality test. As a result of the analysis it has been determined that the rising current account deficit is increasing the financial pressure on the economy

Kaynakça

  • Ashcroft, Vincent ve Cavanough, David (2008), “Survey of Recent Developments”, Bulletin of Indonesian Economic Studies, 44(3): 335-363.
  • Avcı, Muhammet Ali ve Altay, Nasuh Oğuzhan (2013), “Finansal Krizlerin Sinyal Yaklaşımı ile Öngörülmesi: Türkiye, Arjantin, Tayland ve İngiltere İçin Bir Analiz”, Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14, 47-58.
  • Bhattacharya, Basabi ve Mukharjee, Jaydeep (2002), “Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance: A Case Study for India”, http://www.igidr.ac.in/money/mfc_5/ basabi.pdf, [14.07.2013].
  • Borio, Claudio ve Disyatat, Piti (2010), “Global Imbalances and the Financial Crisis: Reassessing the Role of International Finance”, Asian Economic Policy Review, 5, 198–216.
  • Bunda, Irina ve Ca’ Zorzi, Michele (2010), “Signals from Housing and Lending Booms”, Emerging Markets Review 11, 1–20.
  • Carrion-i-Silvestre, Josep LLuis, Kim, Dukpa ve Perron, Pierre (2009), “GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses”, Econometric Theory, 25, 1754-1792.
  • Çelik, Arzum Erken ve Karatepe, Yalçın (2007), “Evaluating and Forecasting Banking Crises Through Neural Network Models: An Application for Turkish Banking Sector”, Expert Systems with Applications, 33, 809-815.
  • Çil Yavuz, Nilgün (2006), “Türkiye’de Turizm Gelirlerinin Ekonomik Büyümeye Etkisinin Testi: Yapısal Kırılma ve Nedensellik Analizi”, Doğuş Üniversitesi Dergisi, 7 (2), 162-171.
  • Dornbusch, Rudiger ve Fischer, Stanley (1990), Macroeconomics, McGraw-Hill, International Editions.
  • Edison, Hali J. (2000), “Do Indicators of Financial Crises Work? An Evaluation of an Early Warning System”, International Journal of Finance & Economics, 8 (1), 11-53.
  • Eichengreen, Barry J. (1994), International Monetary Arrangements for the 21st Century, Washington: Brooking Institution.
  • Fioramanti, Marco (2008), “Predicting Sovereign Debt Crises Using Artificial Neural Networks: A Comparative Approach”, Journal of Financial Stability, 4, 149-164.
  • Frankel, Jeffrey A. ve Rose, Andrev K. (1996), “Currency Crashes in Emerging Markets: An Emprical Treatment”, Journal of International Economics, 41, 351-366.
  • Freund, Caroline (2000), “Current Account Adjustment in Industrialized Countries”, Board of Governers of the FED International Finance, Discussion Papers, No. 692.
  • Glick, Reuven ve Moreno, Ramon (1999), “Money and Credit, Competitiveness and Currency Crises in Asia and Latin America”, Pacific Basin Working Paper Series No. 99-01, Federal Reserve Bank of San Francisco.
  • Kaminsky, Graciela ve Reinhard, Carmen M. (1999), “The Twin Crises: The Causes of Banking and Balance of Payments Problems”, American Economic Review, 3(49), 473-500.
  • Karakayalı, Hüseyin ve Sayın, Ferhan (2010), “Öncü Göstergeler Yaklaşımıyla Türkiye’de 2008 Krizinin Değerlendirilmesi”, Finans Politik & Ekonomik Yorumlar, 47(546), 33-55.
  • Kibritçioğlu, Aykut (2004), “An Analysis of Early Warning Signals of Currency Crises in Turkey, 1986-2004”, http://kibritcioglu.socionet.ru/files/OENB- Kibritcioglu-20041108.pdf, [29.07.2013].
  • Lee, Junsoo ve Strazicich, Mark C. (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Licchetta, Mirko (2011), “Common Determinants of Currency Crises: The Role of External Balance Sheet Variables”, International Journal of Finance and Economics, 16: 237–255.
  • Lumsdaine, Robin L. ve Papell, David H. (1997), “Multiple Trend Breaks and The Unit Root Hypothesis”, The Review of Economics and Statistics, 79, 212-218.
  • Mankiw, N. Gregory (1989), “Real Business Cycles: A New Keynesian Perspective”, The Journal of Economic Perspectives, 3(3), 79-80.
  • Milesi-Ferrett, Gian Maria ve Razin, Assaf (1998), “Current Account Reversals and Currency Crises: Empirical Regularities”, NBER Working Paper, No. 6620.
  • Montoro, Carlos ve Rojas-Suarez, Liliana (2012), “Credit in Times of Stress: Lessons from Latin America”, BIS Quarterly Review, September, 51-60.
  • Ng, Serena ve Perron, Pierre (2001), “Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power”, Econometrica, 69, 1519-1554.
  • Özatay, Fatih (2013a), “TEPAV Finansal Baskı Endeksi”, Radikal Gazetesi, 23.04.2013, http://www.radikal.com.tr/yazarlar/fatih_ozatay/tepav_finansal_baski_ endeksi-1130695, [29.07.2013].
  • Özatay, Fatih (2013b), “TEPAV Finansal Baskı Endeksi (2)”, Radikal Gazetesi, 30.04.2013, http://www.radikal.com.tr/yazarlar/fatih_ozatay/tepav_finansal _baski_endeksi_2-1131585, [29.07.2013].
  • Öztürkler, Harun ve Türkmen, Göksel (2013), “Türkiye için Finansal Baskı Endeksi Oluşturulması”, TEPAV Raporu, Ankara.
  • Perron, Pierre (1989), The Great Crash, The Oil Price Shock and The Unit Root Hypothesis, Econometrica, 57 (2), 1361-1401.
  • Perron, Pierre (1997), “Further Evidence on Breaking Trend Functions in Macroeconomic Veriables”, Journal of Econometrics, 80, 355-385.
  • Perron, Pierre ve Rodriguez G.H. (2003), “GLS Detrending, Efficient Unit Root Tests and Structural Change”, Journal of Econometrics, 115, 1-27.
  • Sevim, Cüneyt (2012), Öncü Göstergeler Yaklaşımına Göre Finansal Krizler ve Türkiye Örneği, BDDK Kitapları, No: 11, ISBN 978-975-9004-16-3.
  • Subbarao, Duvvuri (2012), “Financial Stability Report, Reserve Bank of India”, No. 6, http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FFSR261212_FL.pdf [06.08.2013].
  • Toda, Hiro Y. ve Yamamoto, Taku (1995), “Statistical Inference in Vector Autoregressions with Possibly Integrated Process”, Journal of Econometrics, 66, 225-250.
  • Trachanas, Emmanouil ve Katrakilidis Constantinos (2013), “The Dynamic Linkages of Fiscal and Current Account Deficits: New Evidence from Five Highly Indebted European Countries Accounting for Regime Shifts and Asymmetries”, Economic Modelling, 31, 502-510.
  • Uygur, Ercan (2001), “Krizden Krize Türkiye: 2000 Kasım ve 2001 Şubat Krizleri”, Türkiye Ekonomi Kurumu Tartışma Metni, No. 1, ISBN 975-95354-6-7.
  • Yılancı, Veli ve Özcan, Burcu (2010), “Yapısal Kırılmalar Altında Türkiye için Savunma Harcamaları ile GSMH Arasındaki İlişkinin Analizi”, C.Ü. İktisadi ve İdari Bilimler Dergisi, 11(1), 21-33.
  • Zivot, Eric ve Andrews, Donald W. K. (1992), “Further Evidence on the Great Crash, the Oil-Price Shock and the Unit-Root Hypothesis”, Journal of Business Economic Statistics, 10(3), 251-270
Toplam 38 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

İsmet Göçer Bu kişi benim

Yayımlanma Tarihi 1 Eylül 2013
Yayımlandığı Sayı Yıl 2013 Sayı: 90

Kaynak Göster

APA Göçer, İ. (2013). Cari Açık Ekonomi Üzerindeki Finansal Baskıyı Artırıyor mu?. Sayıştay Dergisi(90), 5-18.