Türkiye’de Finans-Büyüme Bağıntısının Yeniden Değerlendirilmesi: 1970-2016 Dönemi için Bayer-Hanck Bileşik Eşbütünleşme Yaklaşımı

Yıl 2020, Cilt: 28 Sayı: 44, 41 - 68, 19.04.2020

Onur Özdemir

https://doi.org/10.17233/sosyoekonomi.2020.02.03

Öz

Bu çalışma, Türkiye’deki finans-büyüme bağıntısını tekrar ele almaktadır. Örneklem 1970 ve 2016 arası dönemi kapsamaktadır. Ekonometrik analiz, değişkenler arasında eşbütünleşmenin var olup olmadığını incelemek için Bayer-Hanck bütünleşik eşbütünleşme testine dayanmaktadır. Bayer-Hanck bileşik eşbütünleşme testi sonuçları, ekonomik küreselleşme ve teknolojik ilerleme gibi kontrol değişkenlerinin varlığında dahi finansal gelişme ve ekonomik büyüme arasında eşbütünleşme olmadığını göstermektedir. Tahmin sonuçları ayrıca değişkenler arasında uzun vadeli bir ilişkinin olmadığını ortaya çıkarmaktadır. Diğer bir deyişle, finansal gelişmenin, uzun vadede, yüksek ekonomik küreselleşme ve teknolojik ilerleme yoluyla ekonomik büyüme sürecine katkıda bulunmadığı ileri sürülebilir.

Anahtar Kelimeler

Finansal Gelişme, Ekonomik Büyüme, Ekonomik Küreselleşme, Teknolojik İlerleme, Bayer-Hanck Bileşik Eşbütünleşme Testi

Revisiting the Finance-Growth Nexus in Turkey: Bayer-Hanck Combined Cointegration Approach over the 1970-2016 Period

Öz

This study revisits the finance-growth nexus in Turkey. The sample covers the period between 1970 and 2016. The econometric analysis is based on the Bayer-Hanck combined cointegration test to examine whether the cointegration exists or not between the variables. The results of the Bayer-Hanck combined cointegration test show that there is no cointegration between financial development and economic growth even in the control of other variables such as economic globalization and technological progress. The estimation results also reveal that the long-run linkage is not prevailing between the variables. In other words, it can be argued that financial development does not contribute to the economic growth process by way of higher levels of economic globalization and technological progress in the long-run.

Anahtar Kelimeler

Financial Development, Economic Growth, Economic Globalization, Technological Progress, Bayer-Hanck Combined Cointegration Test

Kaynakça

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