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Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi

Yıl 2019, , 87 - 106, 31.10.2019

Filiz Erataş-sönmez , Yağmur Sağlam

https://doi.org/10.17233/sosyoekonomi.2019.04.05
Cited By: 9

Öz

Bu çalışmanın amacı, gelişmekte olan ülkeler için finansal gelişim ve ekonomik büyüme arasındaki ilişkinin incelenmesidir. Bu bağlamda finansal gelişimi temsil eden finansal gelişmişlik indeksi ile ekonomik büyüme değişkenleri kullanılarak ekonometrik bir model oluşturulmuştur. Finansal sistemin karmaşık yapısı dikkate alınarak, ampirik model kapsamında, dinamik durağan olmayan panel veri analizinden yararlanılmıştır. Analize konu olan ülke grubu için uzun dönemde, finansal gelişmişlikten ekonomik büyümeye doğru tek yönlü bir nedensellik ilişkisinin olduğu sonucuna ulaşılmıştır. Elde edilen bulgular, finansal gelişimin ekonomik büyümeyi olumlu etkilediğini savunan arz çekişli yaklaşımı desteklemektedir.

Anahtar Kelimeler

Finansal Gelişme Finansal Gelişmişlik İndeksi Ekonomik Büyüme Panel Veri Analizi Panel Nedensellik Analizi

Kaynakça

  • Acaravcı, A. & İ. Öztürk & S.K. Acaravcı (2007), “Financial Development and Economic Growth: Literature Survey and Empirical Evidence from Sub-Saharan African Countries”, South African Journal of Economic and Management Sciences, 12(1), 11-27.
  • Ağayev, S. (2012), “Geçiş Ekonomilerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi”, Marmara Üniversitesi İİBF Dergisi, 32(1), 155-164.
  • Akıncı G.Y. & M. Akıncı & Ö. Yılmaz (2014), “Financial Development Economic Growth Nexus: A Panel Data Analysis upon OECD Countries”, Hitotsubashi Journal of Economics, 55(1), 33-50.
  • Al Yousif, Y.K. (2002), “Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries”, Review of Financial Economics, 11, 131-150.
  • Apergis N. & L. Flippidis & C. Economidou (2007), “Financial Deepening and Economic Growth Linkages: A Panel Data Analysis”, Review of World Economics, 143(1), 179-198.
  • Arıç, K.H. (2014), “The Effects of Financial Development on Economic Growth in the European Union: A Panel Data Analysis”, International Journal of Economic Practices and Theories, 4(4), 466-471.
  • Aslan, Ö. & İ. Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi, 4, 12-28.
  • Atje, R. & B. Jovanovic (1993), “Stock Markets and Development”, European Economic Review, 37, 632-640.
  • Bangake, C. & J.C. Eggoh (2011), “Further Evidence on Finance-Growth Casuality: A Panel Data Analysis”, Economic Systems, 35(2), 176-188.
  • Banco Bilbao Vizcaya Argentaria - BBVA (2012), Annual Report, <https://www.bbvaresearch.com/KETD/fbin/mult/120215_BBVAEAGLES_Annual_Rep ort_tcm348-288784.pdf>, 09.03.2019.
  • Beck, T. (2012), Finance and Growth - Lessons from the Literature and the Recent Crisis, <http://www.lse.ac.uk/researchAndExpertise/units/growthCommission/documents/pdf/co ntributions/lseGC_beck_Finance.pdf>, 1-6, 15.08.2019.
  • Bencivenga, V.R. & B.D. Smith (1991), “Financial Intermediation and Endogenous Growth”, The Review of Economic Studies, 58(2), 195-209.
  • Bozoklu, Ş. & V. Yılancı (2013), “Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz”, Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Christopoulos, D.K. & E.G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Test”, Journal of Development Economics, 73(1), 55-74.
  • Choi, I. (1993), Improving Empirical Size of the KPSS Test of Stationary, <http://hompi.sogang.ac.kr/inchoi/workingpaper/in_choi-jetem-revision_2.pdf>, 05.03.2019.
  • Cooray, A. (1993), “Do Stock Markets Lead to Economic Growth?”, Journal of Policy Modeling, 32(4), 448-460.
  • Demetriades, O.P. & H.A. Khaled (1996), “Does Financial Development Cause Economic Growth? Time Series Evidence from 16 Countries”, Journal of Development Economics, 51(2), 387-411.
  • Deidda, L. & B. Fattouh (2008), “Banks, Financial Markets and Growth”, Journal of Financial Intermediation, 17(1), 6-36.
  • Dumetriscu, E.I. & C. Hurlin (2012), “Testing for Granger Non-Causality in Heterogeneous Panels”, Economic Modelling, 29(4), 1450-1460.
  • Durusu-Çiftçi, D. (2015), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Bir Genişletilmiş Solow Büyüme Modeli Denemesi ve Ampirik Uygulama”, Yayınlanmamış Doktora Tezi, Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü.
  • Erataş, F. & A. Akçay (2012), Cari Açık ve Büyüme İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi, <http://teacongress.org/papers2012/AKCAY-ERATAS.pdf>, 14.02.2019.
  • Erataş-Sönmez, F. & Y. Sağlam (2017), “Financial Development and Economic Growth: A Comparative Analysis between Euro Area and Emerging-Developing Europe”, Balıkesir University Journal of Social Sciences Institute, 20(38), 179-201.
  • Erataş-Sönmez, F. & Y. Sağlam (2018), “Finansal Gelişme ve Ticari Açıklık ile Ekonomik Büyüme Arasındaki İlişki: Avrupa Dönüşüm Ekonomileri Örneği”, Anadolu Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 18(4), 59-72.
  • Goldsmith, R.W. (1969), Financial Structure and Development, London: Yale University Press.
  • Göçer, İ. (2013), “Ar-Ge Harcamalarının Yüksek Teknolojili Ürün İhracatı, Dış Ticaret Dengesi ve Ekonomik Büyüme Üzerindeki Etkileri”, Maliye Dergisi, 165, 215-240.
  • Greenwood, J. & B. Jovanovic (1990), “Financial Development, Growth and the Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Habibullah, M. & Y. Eng (2006), “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries”, Journal of the Asia Pacific Economy, 11(4), 377-393.
  • Hadri, K. & E. Kurozumi (2012), “A Simple Panel Stationarity Test in the Presence of Serial Correlation and a Common Factor”, Economics Letter, 115(1), 31-34.
  • Hassan M.K. & B. Sanchez & J.S. Yu (2011), “Financial Development and Economic Growth: New Evidence from Panel Data”, The Quarterly Review of Economics and Finance, 51(1), 88104.
  • Hayaloğlu, P. (2015), “Kırılgan Beşli Ülkelerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Dinamik Panel Veri Analizi”, Ekonomik ve Sosyal Araştırmalar Dergisi, 11(11) 13111344.
  • Hurlin, C. & E. Dumitrescu (2012), “Testing for Granger Non-Causality in Heterogeneous Panels”, Economic Modelling, 29(4), 1450-1460.
  • International Monetary Fund - IMF (2012), Enhancing Financial Sector Surveillance in Low-Income Countries - Financial Deepening and Macro-Stability, Board Paper.
  • Joliffe, I.T. (2002), Principal Component Analysis (İkinci Baskı), New York: Springer-Verlag.
  • Letiao, N.C. (2010), “Financial Development and Economic Growth: A Panel Data Approach”, Theoretical and Applied Economics, 17(2010)-10(551), 15-24.
  • Levine, R. (1991), “Stock Markets, Growth and the Tax Policy”, Journal of Finance, 46(4), 1445- 1465.
  • Lucas, R.E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, 22, 3-42.
  • Mankiw, G. & D. Romer & D.N. Weil (1992), “A Contribution to the Empirics of Economic Growth”, Quarterly Journal of Economics, 2, 407-437.
  • McKinnon, R.I. (1973), Money and Capital in Economic Development, Washington, DC: The Brookings Institution.
  • Menyah, K. & Ş. Nazlıoğlu & W.R. Yemane (2014), “Financial Development, Trade Openness and Economic Growth in African Countries: New Insight from a Panel Causality Approach”, Economic Modelling, 37, 386-394.
  • Mercan, M. & İ. Göçer (2013), “The Effect of Financial Development on Economic Growth in BRICT Countries: Panel Data Analysis”, Journal of Economics and Social Sciences, 3(1), 199-216.
  • Mhadhbi, K. (2014), “Financial Development and Economic Growth: A Dynamic Panel Data Analysis”, International Journal of Econometrics and Financial Management, 2(2), 4858.
  • Müslümov, A. & G. Aras (2002), “Sermaye Piyasası Gelişmesi ve Ekonomik Büyüme Arasında Nedensellik İlişkileri: OECD Ülkeleri Örneği”, İktisat İşletme ve Finans, 17(198), 90100.
  • Öztürk, N. & H. Kılıç-Darıcı & F. Kesikoğlu (2011), “Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar için bir Panel Nedensellik Analizi”, Marmara Üniversitesi İ.İ.B.F. Dergisi, 15(1), 53-69.
  • Pagano, M. (1993), “Financial Markets and Growth: An Overview”, European Economic Review, 37, 613-622.
  • Pradhan, R.P. & D. Prateek & S. Bele (2013), “Finance, Development and Economic Growth in BRICS: A Panel Data analysis”, Journal of Quantitative Economic, 11(6), 308-322.
  • Pesaran, H.M. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, Working Paper 0435, University of Cambridge.
  • Pesaran, H.M. (2007), “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence”, Journal of Applied Economics, 22, 265-312.
  • Pesaran, H.M. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142, 50-93.
  • Rachdi, H. & H.B. Mbarek (2011), “The Causality between Financial Development and Economic Growth: Panel Data Cointegration and GMM System Approaches”, International Journal of Economics and Finance, 3(1), 143-151.
  • Robinson, J. (1954), The Rate of Interest and Other Essays, London: Macmillan.
  • Romer, P.M. (1986), “Increasing Returns and Long-run Growth”, Journal of Political Economy, 94(5), 1002-1037.
  • Romer, P.M. (1990), “Endogenous Technological Change”, The Journal of Political Economy, 98(5), 71-102.
  • Sağlam, Y. & F. Erataş-Sönmez (2017), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişki: Avrupa Geçiş Ekonomileri Örneği”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 12(1), 121-140.
  • Sağlam, Y. & H.A. Egeli (2013), “İmalat Sanayinin Gelişimi ve Dışa Açıklık Üzerine Bir Uygulama: 1996-2011 Türkiye Örneği”, Finans, Politik ve Ekonomik Yorumlar Dergisi, 50(583), 2742.
  • Sağlam, Y. & H.A. Egeli & P. Egeli (2017), “Gelişmiş ve Gelişmekte Olan Ülkelerde Ar&Ge Harcamaları ve Ekonomik Büyüme Arasındaki İlişki: Panel Veri Analizi”, Sosyoekonomi, 25(31), 149-165.
  • Saint-Paul, G. (1992), “Technological Choice, Financial Markets and Economic Development”, European Economic Review, 36(4), 763-781.
  • Schumpeter, J.A. (1911), Theorie der Wirtschatlichen Entwicklung, Leipzig: Duncker&Humblot.
  • Schumpeter, J.A. (1934), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Iınterest, and the Business Cycle, Çev. R. Opie, Cambridge: Harvard University Press.
  • Shaw, S.E. (1973), Financial Deepening in Economic Development, Oxford University Press.
  • Sul, D. & P.C.B. Phillips & C.Y. Choi (2005), “Prewhitening bias in HAC Estimation”, Oxford Bulletin of Economics and Statistics, 67(4), 517-546.
  • Svirydzenka, K. (2016), “Introducing a New Broad-based Index of Financial Development”, IMF Working Paper, 1-43.
  • Şahin, D. (2017), “Farklı Gelir Gruplarındaki Ülkelerde Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Analizi”, International Journal of Economics and Management, 4(4), 61-74.
  • Toda, H.Y. & T. Yamamoto (1995), “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 225-250.
  • Westerlund, J. (2008), “Panel Cointegration Tests of the Fisher Effect”, Journal of Applied Econometrics, 23(2), 193-233.
  • Wu, J.L. & H. Hou & S.Y. Cheng (2010), “The Dynamic Impacts of Financial Institutions on Economic Growth: Evidence from the European Union”, Journal of Macroeconomic, 32(3), 879-891.

The Relationship between Financial Development and Economic Growth for Developing Countries: Panel Causality Analysis

Yıl 2019, , 87 - 106, 31.10.2019

Filiz Erataş-sönmez , Yağmur Sağlam

https://doi.org/10.17233/sosyoekonomi.2019.04.05
Cited By: 9

Öz

The study aims to examine the relationship between financial development and economic growth in developing countries. In this context, an econometric model has been formed using the financial development index and economic growth variables. Due to the complex nature of the financial system, non-stationary panel data analysis is employed in the empirical model. In the long run, a one-way causality relationship from financial development to economic growth is observed. The findings are in line with the supply-driven approach, which argues for that financial development positively affects economic growth.

Anahtar Kelimeler

Financial Development Financial Development Index Economic Growth Panel Data Analysis Panel Causality Analysis

Kaynakça

  • Acaravcı, A. & İ. Öztürk & S.K. Acaravcı (2007), “Financial Development and Economic Growth: Literature Survey and Empirical Evidence from Sub-Saharan African Countries”, South African Journal of Economic and Management Sciences, 12(1), 11-27.
  • Ağayev, S. (2012), “Geçiş Ekonomilerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi”, Marmara Üniversitesi İİBF Dergisi, 32(1), 155-164.
  • Akıncı G.Y. & M. Akıncı & Ö. Yılmaz (2014), “Financial Development Economic Growth Nexus: A Panel Data Analysis upon OECD Countries”, Hitotsubashi Journal of Economics, 55(1), 33-50.
  • Al Yousif, Y.K. (2002), “Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries”, Review of Financial Economics, 11, 131-150.
  • Apergis N. & L. Flippidis & C. Economidou (2007), “Financial Deepening and Economic Growth Linkages: A Panel Data Analysis”, Review of World Economics, 143(1), 179-198.
  • Arıç, K.H. (2014), “The Effects of Financial Development on Economic Growth in the European Union: A Panel Data Analysis”, International Journal of Economic Practices and Theories, 4(4), 466-471.
  • Aslan, Ö. & İ. Küçükaksoy (2006), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi, 4, 12-28.
  • Atje, R. & B. Jovanovic (1993), “Stock Markets and Development”, European Economic Review, 37, 632-640.
  • Bangake, C. & J.C. Eggoh (2011), “Further Evidence on Finance-Growth Casuality: A Panel Data Analysis”, Economic Systems, 35(2), 176-188.
  • Banco Bilbao Vizcaya Argentaria - BBVA (2012), Annual Report, <https://www.bbvaresearch.com/KETD/fbin/mult/120215_BBVAEAGLES_Annual_Rep ort_tcm348-288784.pdf>, 09.03.2019.
  • Beck, T. (2012), Finance and Growth - Lessons from the Literature and the Recent Crisis, <http://www.lse.ac.uk/researchAndExpertise/units/growthCommission/documents/pdf/co ntributions/lseGC_beck_Finance.pdf>, 1-6, 15.08.2019.
  • Bencivenga, V.R. & B.D. Smith (1991), “Financial Intermediation and Endogenous Growth”, The Review of Economic Studies, 58(2), 195-209.
  • Bozoklu, Ş. & V. Yılancı (2013), “Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz”, Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Christopoulos, D.K. & E.G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Test”, Journal of Development Economics, 73(1), 55-74.
  • Choi, I. (1993), Improving Empirical Size of the KPSS Test of Stationary, <http://hompi.sogang.ac.kr/inchoi/workingpaper/in_choi-jetem-revision_2.pdf>, 05.03.2019.
  • Cooray, A. (1993), “Do Stock Markets Lead to Economic Growth?”, Journal of Policy Modeling, 32(4), 448-460.
  • Demetriades, O.P. & H.A. Khaled (1996), “Does Financial Development Cause Economic Growth? Time Series Evidence from 16 Countries”, Journal of Development Economics, 51(2), 387-411.
  • Deidda, L. & B. Fattouh (2008), “Banks, Financial Markets and Growth”, Journal of Financial Intermediation, 17(1), 6-36.
  • Dumetriscu, E.I. & C. Hurlin (2012), “Testing for Granger Non-Causality in Heterogeneous Panels”, Economic Modelling, 29(4), 1450-1460.
  • Durusu-Çiftçi, D. (2015), “Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Bir Genişletilmiş Solow Büyüme Modeli Denemesi ve Ampirik Uygulama”, Yayınlanmamış Doktora Tezi, Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü.
  • Erataş, F. & A. Akçay (2012), Cari Açık ve Büyüme İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi, <http://teacongress.org/papers2012/AKCAY-ERATAS.pdf>, 14.02.2019.
  • Erataş-Sönmez, F. & Y. Sağlam (2017), “Financial Development and Economic Growth: A Comparative Analysis between Euro Area and Emerging-Developing Europe”, Balıkesir University Journal of Social Sciences Institute, 20(38), 179-201.
  • Erataş-Sönmez, F. & Y. Sağlam (2018), “Finansal Gelişme ve Ticari Açıklık ile Ekonomik Büyüme Arasındaki İlişki: Avrupa Dönüşüm Ekonomileri Örneği”, Anadolu Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 18(4), 59-72.
  • Goldsmith, R.W. (1969), Financial Structure and Development, London: Yale University Press.
  • Göçer, İ. (2013), “Ar-Ge Harcamalarının Yüksek Teknolojili Ürün İhracatı, Dış Ticaret Dengesi ve Ekonomik Büyüme Üzerindeki Etkileri”, Maliye Dergisi, 165, 215-240.
  • Greenwood, J. & B. Jovanovic (1990), “Financial Development, Growth and the Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Habibullah, M. & Y. Eng (2006), “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries”, Journal of the Asia Pacific Economy, 11(4), 377-393.
  • Hadri, K. & E. Kurozumi (2012), “A Simple Panel Stationarity Test in the Presence of Serial Correlation and a Common Factor”, Economics Letter, 115(1), 31-34.
  • Hassan M.K. & B. Sanchez & J.S. Yu (2011), “Financial Development and Economic Growth: New Evidence from Panel Data”, The Quarterly Review of Economics and Finance, 51(1), 88104.
  • Hayaloğlu, P. (2015), “Kırılgan Beşli Ülkelerinde Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Dinamik Panel Veri Analizi”, Ekonomik ve Sosyal Araştırmalar Dergisi, 11(11) 13111344.
  • Hurlin, C. & E. Dumitrescu (2012), “Testing for Granger Non-Causality in Heterogeneous Panels”, Economic Modelling, 29(4), 1450-1460.
  • International Monetary Fund - IMF (2012), Enhancing Financial Sector Surveillance in Low-Income Countries - Financial Deepening and Macro-Stability, Board Paper.
  • Joliffe, I.T. (2002), Principal Component Analysis (İkinci Baskı), New York: Springer-Verlag.
  • Letiao, N.C. (2010), “Financial Development and Economic Growth: A Panel Data Approach”, Theoretical and Applied Economics, 17(2010)-10(551), 15-24.
  • Levine, R. (1991), “Stock Markets, Growth and the Tax Policy”, Journal of Finance, 46(4), 1445- 1465.
  • Lucas, R.E. (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, 22, 3-42.
  • Mankiw, G. & D. Romer & D.N. Weil (1992), “A Contribution to the Empirics of Economic Growth”, Quarterly Journal of Economics, 2, 407-437.
  • McKinnon, R.I. (1973), Money and Capital in Economic Development, Washington, DC: The Brookings Institution.
  • Menyah, K. & Ş. Nazlıoğlu & W.R. Yemane (2014), “Financial Development, Trade Openness and Economic Growth in African Countries: New Insight from a Panel Causality Approach”, Economic Modelling, 37, 386-394.
  • Mercan, M. & İ. Göçer (2013), “The Effect of Financial Development on Economic Growth in BRICT Countries: Panel Data Analysis”, Journal of Economics and Social Sciences, 3(1), 199-216.
  • Mhadhbi, K. (2014), “Financial Development and Economic Growth: A Dynamic Panel Data Analysis”, International Journal of Econometrics and Financial Management, 2(2), 4858.
  • Müslümov, A. & G. Aras (2002), “Sermaye Piyasası Gelişmesi ve Ekonomik Büyüme Arasında Nedensellik İlişkileri: OECD Ülkeleri Örneği”, İktisat İşletme ve Finans, 17(198), 90100.
  • Öztürk, N. & H. Kılıç-Darıcı & F. Kesikoğlu (2011), “Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar için bir Panel Nedensellik Analizi”, Marmara Üniversitesi İ.İ.B.F. Dergisi, 15(1), 53-69.
  • Pagano, M. (1993), “Financial Markets and Growth: An Overview”, European Economic Review, 37, 613-622.
  • Pradhan, R.P. & D. Prateek & S. Bele (2013), “Finance, Development and Economic Growth in BRICS: A Panel Data analysis”, Journal of Quantitative Economic, 11(6), 308-322.
  • Pesaran, H.M. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, Working Paper 0435, University of Cambridge.
  • Pesaran, H.M. (2007), “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence”, Journal of Applied Economics, 22, 265-312.
  • Pesaran, H.M. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142, 50-93.
  • Rachdi, H. & H.B. Mbarek (2011), “The Causality between Financial Development and Economic Growth: Panel Data Cointegration and GMM System Approaches”, International Journal of Economics and Finance, 3(1), 143-151.
  • Robinson, J. (1954), The Rate of Interest and Other Essays, London: Macmillan.
  • Romer, P.M. (1986), “Increasing Returns and Long-run Growth”, Journal of Political Economy, 94(5), 1002-1037.
  • Romer, P.M. (1990), “Endogenous Technological Change”, The Journal of Political Economy, 98(5), 71-102.
  • Sağlam, Y. & F. Erataş-Sönmez (2017), “Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişki: Avrupa Geçiş Ekonomileri Örneği”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 12(1), 121-140.
  • Sağlam, Y. & H.A. Egeli (2013), “İmalat Sanayinin Gelişimi ve Dışa Açıklık Üzerine Bir Uygulama: 1996-2011 Türkiye Örneği”, Finans, Politik ve Ekonomik Yorumlar Dergisi, 50(583), 2742.
  • Sağlam, Y. & H.A. Egeli & P. Egeli (2017), “Gelişmiş ve Gelişmekte Olan Ülkelerde Ar&Ge Harcamaları ve Ekonomik Büyüme Arasındaki İlişki: Panel Veri Analizi”, Sosyoekonomi, 25(31), 149-165.
  • Saint-Paul, G. (1992), “Technological Choice, Financial Markets and Economic Development”, European Economic Review, 36(4), 763-781.
  • Schumpeter, J.A. (1911), Theorie der Wirtschatlichen Entwicklung, Leipzig: Duncker&Humblot.
  • Schumpeter, J.A. (1934), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Iınterest, and the Business Cycle, Çev. R. Opie, Cambridge: Harvard University Press.
  • Shaw, S.E. (1973), Financial Deepening in Economic Development, Oxford University Press.
  • Sul, D. & P.C.B. Phillips & C.Y. Choi (2005), “Prewhitening bias in HAC Estimation”, Oxford Bulletin of Economics and Statistics, 67(4), 517-546.
  • Svirydzenka, K. (2016), “Introducing a New Broad-based Index of Financial Development”, IMF Working Paper, 1-43.
  • Şahin, D. (2017), “Farklı Gelir Gruplarındaki Ülkelerde Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Analizi”, International Journal of Economics and Management, 4(4), 61-74.
  • Toda, H.Y. & T. Yamamoto (1995), “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes”, Journal of Econometrics, 66(1-2), 225-250.
  • Westerlund, J. (2008), “Panel Cointegration Tests of the Fisher Effect”, Journal of Applied Econometrics, 23(2), 193-233.
  • Wu, J.L. & H. Hou & S.Y. Cheng (2010), “The Dynamic Impacts of Financial Institutions on Economic Growth: Evidence from the European Union”, Journal of Macroeconomic, 32(3), 879-891.
Toplam 66 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Filiz Erataş-sönmez 0000-0003-2052-340X

Yağmur Sağlam 0000-0002-8641-7346

Yayımlanma Tarihi 31 Ekim 2019
Gönderilme Tarihi 14 Mart 2019
Yayımlandığı Sayı Yıl 2019

Kaynak Göster

APA Erataş-sönmez, F., & Sağlam, Y. (2019). Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi. Sosyoekonomi, 27(42), 87-106. https://doi.org/10.17233/sosyoekonomi.2019.04.05
AMA Erataş-sönmez F, Sağlam Y. Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi. Sosyoekonomi. Ekim 2019;27(42):87-106. doi:10.17233/sosyoekonomi.2019.04.05
Chicago Erataş-sönmez, Filiz, ve Yağmur Sağlam. “Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi”. Sosyoekonomi 27, sy. 42 (Ekim 2019): 87-106. https://doi.org/10.17233/sosyoekonomi.2019.04.05.
EndNote Erataş-sönmez F, Sağlam Y (01 Ekim 2019) Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi. Sosyoekonomi 27 42 87–106.
IEEE F. Erataş-sönmez ve Y. Sağlam, “Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi”, Sosyoekonomi, c. 27, sy. 42, ss. 87–106, 2019, doi: 10.17233/sosyoekonomi.2019.04.05.
ISNAD Erataş-sönmez, Filiz - Sağlam, Yağmur. “Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi”. Sosyoekonomi 27/42 (Ekim 2019), 87-106. https://doi.org/10.17233/sosyoekonomi.2019.04.05.
JAMA Erataş-sönmez F, Sağlam Y. Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi. Sosyoekonomi. 2019;27:87–106.
MLA Erataş-sönmez, Filiz ve Yağmur Sağlam. “Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi”. Sosyoekonomi, c. 27, sy. 42, 2019, ss. 87-106, doi:10.17233/sosyoekonomi.2019.04.05.
Vancouver Erataş-sönmez F, Sağlam Y. Gelişmekte Olan Ülkeler İçin Finansal Gelişim İle Ekonomik Büyüme Arasındaki İlişki: Panel Nedensellik Analizi. Sosyoekonomi. 2019;27(42):87-106.

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