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FİNANSAL GELİŞMİŞLİĞİ ETKİLEYEN MAKROEKONOMİK FAKTÖRLERİN GELİŞMİŞ VE GELİŞMEKTE OLAN ÜLKELER ÖRNEKLEMİNDE ANALİZİ: 2000-2012

Year 2016, Volume: 3 Issue: 4, 299 - 319, 31.12.2016
https://doi.org/10.17261/Pressacademia.2016.345

Abstract

Ülkelerin kalkınmasına etki eden önemli kalemlerden birisi de gelişmiş ve verimli olarak işleyen finansal sistemlerdir. Finansal gelişmişlik göstergeleri doğrudan yapılan yatırımları etkileyen temel değişken olarak alındığından her ülkenin etkinlik sağlamak istediği önemli göstergelerdir. Bu çalışmada, Kanada, Fransa, Almanya, Japonya, İngiltere ve Amerika’dan oluşan gelişmiş ülkeler ile Brezilya, Çin, Hindistan, Malezya, Rusya Federasyonu ve Türkiye’nin oluşturduğu gelişmekte olan ülkelerin, finansal gelişmişlik göstergelerini etkileyen makro faktörlerinin karşılaştırmalı olarak Panel Veri Analizi değerlendirilmesi yapılmıştır. Yapılan analize göre, makro ekonomik değişkenlerden faiz oranları ve ekonomik büyümenin her iki ülke grubu içinde finansal gelişmişliği en fazla etkileyen değişkenler olduğu, makro ekonomik değişkenler bakımından iki ülke grubu arasında belirgin farklılıkların olmadığı görülmüştür. Granger Nedensellik testleri ise, panel regresyon sonuçlarını desteklediği tespit edilmiştir. 

References

  • Acaravci, S. K., Ozturk, İ. ve Acaravci, A. (2009). 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.
  • Acaravci, A., Ozturk, İ. ve Acaravci, S. K. (2007). Finance-Growth Nexus: Evidence From Turkey. International Research Journal of Finance and Economics. 11, 30-40.
  • Acemoglu, D., Johnson, S., ve Robinson, J. A. (2001). The Colonial Origins Of Comparative Development: An Empirical İnvestigation. American Economic Review, 91, 1369-1401.
  • Acemoglu, D., Johnson, S., ve Robinson, J. A. (2002). Reversal Of Fortune: Geography And İnstitutions in The Making Of The Modern World İncome Distribution. Quarterly Journal of Economics, 117, 1231-1294.
  • Achy, L. (2004). Financial Liberalization, Saving, Investment and Growth in MENA Countries. Middle East Economics, 6, 67-94.
  • Aggarwal, R., Demirguc-Kunt, A. ve Peria, M. S. M. (2006). Do Workers Remittances Promote Financial Development? Policy Research Working Paper 3957. World Bank, Development Research Group.
  • Ağır, H. (2010). Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi. Ankara: BDDK Kitapları No: 8.
  • Ağır, H., Peker, O. ve Kar, M. (2009). Finansal Gelişmenin Belirleyicileri Üzerine Bir Değerlendirme: Literatür Taraması. BDDK Bankacılık ve Finansal Piyasalar. 3 (2), 31-63.
  • Akçoraoğlu, A. (2000). Financial Sector and Economic Growth: En Exogeneity Analysis. Ankara Üniversitesi SBF Dergisi. 55, 1-25.
  • Akıncı, G. Y., Akıncı, M. ve Yılmaz, Ö. (2014). Finansal Gelişmişliğin Makroekonomik Belirleyicileri: Türkiye İçin Bir VAR Modeli. Uluslararası Alanya İşletme Fakültesi Dergisi. 6(1), 1-15.
  • Allen, F. ve Gale, D. (2000) Bubbles and Crises, Economic Journal. 110, 236-255.
  • Allen, F. ve Gale, D. (1999) Bubbles, Crises, and Policy, Oxford Review of Economic Policy 15(3). 9-18.
  • Alptekin, V. (2012). Benoit Hipotezi: Seçilmiş OECD Ülkeleri Ölçeğinde Panel Veriler Yardımıyla Analizi. Celal Bayar Üniversitesi S.B.D. 10(2), 204-2015.
  • Ang, J. B. (2007). Are Financial Sector Policies Effective in Deepening the Malaysian Financial System? Monash University, Discussion Paper, http://www.buseco.monash.edu.au/eco/research/papers/2007/0207financeang.pdf ErişimTarihi 10.03.2016
  • Ang, J. B. ve McKibbin, W. J. (2005). Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia. Brookıngs Dıscussıon Papers In Internatıonal Economıcs. No. 168
  • Arestıs, P. ve Demetrıades, P. (1997). Financial Development and Economic Growth: Assessing the Evidence, Economic Journal, 107 (442), 783-799.
  • Ayaydın, H.; Hayaloğlu, P. ve Baltacı, N. (2013). Hisse Senedi Piyasasının Gelişmesinin Makroekonomik ve Kurumsal Belirleyicileri Üzerine Bir Araştırma: Panel Veri Analizi. The Journal of Academic Social Science Studies. 6 (4), 125-142.
  • Bagehot, W. (1873). Lombard Street: A Description of the Money Market. London: Henry S. King.
  • Baltagi, B. H.; Demetriades, P. ve Law, S. H. (2007). Financial Development, Openness and Institutions: Evidence From Panel Data, Center for Policy Research Working Papers No.7. http://www.worldeconomyandfinance.org/working_papers_publications/working_paper_PDFs/WEF0022.pdf Erişim Tarihi: 17.03.2016.
  • Beck, T. ve Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking & Finance, 28, 423-442.
  • Beck, T.; Demirguc-Kunt, A., ve Levine, R. (2004). Finance, Inequality And Poverty: Cross-Country Evidence. NBER Working Paper 10979.
  • Boyd, J. H.; Levine, R. ve Smith, B. D. (2001). The Impact Of Inflation On Financial Sector Performance. Journal of Monetary Economics, 47, 221-248.
  • Calderon, C. ve Liu, L. (2002). The Direction of Causality Between Financial Development and Economic Growth. Central Bank of Chile, Working Papers No 184.
  • Ceylan, S. ve Durkaya, M. (2010). Türkiye’de Kredi Kullanımı - Ekonomik Büyüme İlişkisi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24 (2), 21-35.
  • Chang, T. (2002). Financial Development and Economic Growth in Mainland China: A Note on Testing Demand- Following or Supply-Leading Hypothesis. Applied Economics Letters, 9, 869-873.
  • Cherif, M. ve Kaouther, G. (2008). Macroeconomıc And Instıtutıonal Determinants Of Stock Market Development In Mena Region, The International Journal of Finance. 20 (4), 4987-5007.
  • Çakır Zeytinoğlu, F. (2007). İşletmelerin Dönen Varlıklarının Satışlar Üzerindeki Etkileri: En İyi Regresyon Yönteminin Seçimi ve Sektörel Karşılaştırma. Marmara Üniversitesi İ.İ.B.F. Dergisi. 23 (2), 331-349.
  • Doğan, H. (2008).Türkiye’de Finans ve Reel Ekonomi ilişkisi: Schumpeter Haklı mıydı? İktisat İşletme ve Finans. 23(272), 49-79.
  • Easterly, W., ve Levine, R. (1997). Africa's Growth Tragedy: Politics and Ethnic Divisions. Quarterly Journal of Economics, 112, 1203-1250.
  • Eschenbach, F. (2004), Finance and Growth: A Survey of the Theoretical and Empirical Literature Tinbergen Institute Discussion Paper, TI 2004039/2. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=530123 Erişim Tarihi: 17.03.2016.
  • Girma, S. ve Shortland, A. (2004). The Political Economy of Finansal Development. University of Liecester. Working Paper. No:04/21, July, 1-35.
  • Goldsmith, R. W. 1969. Financial Structure and Development, New Haven, CT: Yale University Press. Hellman, T., Murdock, K., ve Stiglitz, J. (2000). Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough? American Economic Review 90(1), 147-165.
  • Hicks, J. R, 1969. Automatists, Hawtreyans, and Keynesians. Journal of Money, Credit and Banking, 1(3), 307–317.
  • Huang, Y. (2010). Determinants of Financial Development. Palgrave Macmillan, ISBN: 978–0–230–27367–2
  • Jalilian, H. ve Kirkpatrick, C. (2002). Financial Development and Poverty Reduction in Developing Countries. International Journal of Finance and Economics, 7, 97-108.
  • Kaminsky, G. L. ve Schmukler, S. L. (2007). Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles. IMF Working Paper. 07/34, 1-52.
  • Kar, M. (2001). Finansal Kalkınma ve Ekonomik Büyüme Arasındaki Nedensellik ilişkisi: Türkiye Örneği. Dokuz Eylül Üniversitesi, işletme Fakültesi Dergisi, 2 (2): 150-169.
  • Kaya, U. (2014). Menkul Kıymet Piyasaları Ekonomik Büyümenin Bir Dinamiği Midir? Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Panel Veri Analizi. Atatürk Üniversitesi İ.İ.B.F. Dergisi, 28 (4), 285-306.

ANALYSIS OF DEVELOPED AND DEVELOPING COUNTRIES GROUPS THE MACRO-ECONOMIC FACTORS WHICH ARE AFFECTED BY FINACIAL INDICATORS: 2000-2012

Year 2016, Volume: 3 Issue: 4, 299 - 319, 31.12.2016
https://doi.org/10.17261/Pressacademia.2016.345

Abstract

One of
the major factors affecting the development of the countries is their financial
system being advanced and working efficiently. Because
financial development indicator affect investments directly, it is a key
variable that countries need to strong. In this paper macro-economics factors
affecting financial development indicators have been analyzed for two groups of
countries, which are the developed countries of Canada, France, Germany, Japan,
Britain and the USA and the developing countries of Brazil, China, India,
Malaysia, Russia Federation and Turkey by the comparative Panel Data Analysis.
According to the analysis, interest rate and eceonomic growth, which are the
macro-economics variables, are the factors that most affect the financial
development for both country groups. In addition there is no significant
difference in term of other macro-economic variable for both country groups.
The Granger Causality tests have been found to support the panel regression
results. 

References

  • Acaravci, S. K., Ozturk, İ. ve Acaravci, A. (2009). 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.
  • Acaravci, A., Ozturk, İ. ve Acaravci, S. K. (2007). Finance-Growth Nexus: Evidence From Turkey. International Research Journal of Finance and Economics. 11, 30-40.
  • Acemoglu, D., Johnson, S., ve Robinson, J. A. (2001). The Colonial Origins Of Comparative Development: An Empirical İnvestigation. American Economic Review, 91, 1369-1401.
  • Acemoglu, D., Johnson, S., ve Robinson, J. A. (2002). Reversal Of Fortune: Geography And İnstitutions in The Making Of The Modern World İncome Distribution. Quarterly Journal of Economics, 117, 1231-1294.
  • Achy, L. (2004). Financial Liberalization, Saving, Investment and Growth in MENA Countries. Middle East Economics, 6, 67-94.
  • Aggarwal, R., Demirguc-Kunt, A. ve Peria, M. S. M. (2006). Do Workers Remittances Promote Financial Development? Policy Research Working Paper 3957. World Bank, Development Research Group.
  • Ağır, H. (2010). Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi. Ankara: BDDK Kitapları No: 8.
  • Ağır, H., Peker, O. ve Kar, M. (2009). Finansal Gelişmenin Belirleyicileri Üzerine Bir Değerlendirme: Literatür Taraması. BDDK Bankacılık ve Finansal Piyasalar. 3 (2), 31-63.
  • Akçoraoğlu, A. (2000). Financial Sector and Economic Growth: En Exogeneity Analysis. Ankara Üniversitesi SBF Dergisi. 55, 1-25.
  • Akıncı, G. Y., Akıncı, M. ve Yılmaz, Ö. (2014). Finansal Gelişmişliğin Makroekonomik Belirleyicileri: Türkiye İçin Bir VAR Modeli. Uluslararası Alanya İşletme Fakültesi Dergisi. 6(1), 1-15.
  • Allen, F. ve Gale, D. (2000) Bubbles and Crises, Economic Journal. 110, 236-255.
  • Allen, F. ve Gale, D. (1999) Bubbles, Crises, and Policy, Oxford Review of Economic Policy 15(3). 9-18.
  • Alptekin, V. (2012). Benoit Hipotezi: Seçilmiş OECD Ülkeleri Ölçeğinde Panel Veriler Yardımıyla Analizi. Celal Bayar Üniversitesi S.B.D. 10(2), 204-2015.
  • Ang, J. B. (2007). Are Financial Sector Policies Effective in Deepening the Malaysian Financial System? Monash University, Discussion Paper, http://www.buseco.monash.edu.au/eco/research/papers/2007/0207financeang.pdf ErişimTarihi 10.03.2016
  • Ang, J. B. ve McKibbin, W. J. (2005). Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia. Brookıngs Dıscussıon Papers In Internatıonal Economıcs. No. 168
  • Arestıs, P. ve Demetrıades, P. (1997). Financial Development and Economic Growth: Assessing the Evidence, Economic Journal, 107 (442), 783-799.
  • Ayaydın, H.; Hayaloğlu, P. ve Baltacı, N. (2013). Hisse Senedi Piyasasının Gelişmesinin Makroekonomik ve Kurumsal Belirleyicileri Üzerine Bir Araştırma: Panel Veri Analizi. The Journal of Academic Social Science Studies. 6 (4), 125-142.
  • Bagehot, W. (1873). Lombard Street: A Description of the Money Market. London: Henry S. King.
  • Baltagi, B. H.; Demetriades, P. ve Law, S. H. (2007). Financial Development, Openness and Institutions: Evidence From Panel Data, Center for Policy Research Working Papers No.7. http://www.worldeconomyandfinance.org/working_papers_publications/working_paper_PDFs/WEF0022.pdf Erişim Tarihi: 17.03.2016.
  • Beck, T. ve Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking & Finance, 28, 423-442.
  • Beck, T.; Demirguc-Kunt, A., ve Levine, R. (2004). Finance, Inequality And Poverty: Cross-Country Evidence. NBER Working Paper 10979.
  • Boyd, J. H.; Levine, R. ve Smith, B. D. (2001). The Impact Of Inflation On Financial Sector Performance. Journal of Monetary Economics, 47, 221-248.
  • Calderon, C. ve Liu, L. (2002). The Direction of Causality Between Financial Development and Economic Growth. Central Bank of Chile, Working Papers No 184.
  • Ceylan, S. ve Durkaya, M. (2010). Türkiye’de Kredi Kullanımı - Ekonomik Büyüme İlişkisi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24 (2), 21-35.
  • Chang, T. (2002). Financial Development and Economic Growth in Mainland China: A Note on Testing Demand- Following or Supply-Leading Hypothesis. Applied Economics Letters, 9, 869-873.
  • Cherif, M. ve Kaouther, G. (2008). Macroeconomıc And Instıtutıonal Determinants Of Stock Market Development In Mena Region, The International Journal of Finance. 20 (4), 4987-5007.
  • Çakır Zeytinoğlu, F. (2007). İşletmelerin Dönen Varlıklarının Satışlar Üzerindeki Etkileri: En İyi Regresyon Yönteminin Seçimi ve Sektörel Karşılaştırma. Marmara Üniversitesi İ.İ.B.F. Dergisi. 23 (2), 331-349.
  • Doğan, H. (2008).Türkiye’de Finans ve Reel Ekonomi ilişkisi: Schumpeter Haklı mıydı? İktisat İşletme ve Finans. 23(272), 49-79.
  • Easterly, W., ve Levine, R. (1997). Africa's Growth Tragedy: Politics and Ethnic Divisions. Quarterly Journal of Economics, 112, 1203-1250.
  • Eschenbach, F. (2004), Finance and Growth: A Survey of the Theoretical and Empirical Literature Tinbergen Institute Discussion Paper, TI 2004039/2. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=530123 Erişim Tarihi: 17.03.2016.
  • Girma, S. ve Shortland, A. (2004). The Political Economy of Finansal Development. University of Liecester. Working Paper. No:04/21, July, 1-35.
  • Goldsmith, R. W. 1969. Financial Structure and Development, New Haven, CT: Yale University Press. Hellman, T., Murdock, K., ve Stiglitz, J. (2000). Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough? American Economic Review 90(1), 147-165.
  • Hicks, J. R, 1969. Automatists, Hawtreyans, and Keynesians. Journal of Money, Credit and Banking, 1(3), 307–317.
  • Huang, Y. (2010). Determinants of Financial Development. Palgrave Macmillan, ISBN: 978–0–230–27367–2
  • Jalilian, H. ve Kirkpatrick, C. (2002). Financial Development and Poverty Reduction in Developing Countries. International Journal of Finance and Economics, 7, 97-108.
  • Kaminsky, G. L. ve Schmukler, S. L. (2007). Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles. IMF Working Paper. 07/34, 1-52.
  • Kar, M. (2001). Finansal Kalkınma ve Ekonomik Büyüme Arasındaki Nedensellik ilişkisi: Türkiye Örneği. Dokuz Eylül Üniversitesi, işletme Fakültesi Dergisi, 2 (2): 150-169.
  • Kaya, U. (2014). Menkul Kıymet Piyasaları Ekonomik Büyümenin Bir Dinamiği Midir? Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Panel Veri Analizi. Atatürk Üniversitesi İ.İ.B.F. Dergisi, 28 (4), 285-306.
There are 38 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Selahattin Koc

Zekai Senol

Suleyman Serdar Karaca

Publication Date December 31, 2016
Published in Issue Year 2016 Volume: 3 Issue: 4

Cite

APA Koc, S., Senol, Z., & Karaca, S. S. (2016). FİNANSAL GELİŞMİŞLİĞİ ETKİLEYEN MAKROEKONOMİK FAKTÖRLERİN GELİŞMİŞ VE GELİŞMEKTE OLAN ÜLKELER ÖRNEKLEMİNDE ANALİZİ: 2000-2012. Journal of Economics Finance and Accounting, 3(4), 299-319. https://doi.org/10.17261/Pressacademia.2016.345

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