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2. FİNANSAL GELİŞME GÖSTERGELERİ İLE EKONOMİK BÜYÜME İLİŞKİSİ: TÜRKİYE ÖRNEĞİ.
- Author
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TAŞSEVEN, Özlem and YILMAZ, Naci
- Subjects
- *
GRANGER causality test , *MONEY supply , *ECONOMIC indicators , *ECONOMIC expansion , *ANALYSIS of variance - Abstract
The purpose of this paper is to explain the relationship between economic growth and financial development indicators such as credit volume, money supply, BİST 100 index, exports and imports in Turkey. In this study Johansen cointgeration, vector error correction model estimation, granger causality test, impulse-response and variance decomposition analysis are undertaken. According to Johansen cointegration analysis, it is found that there is a long-run relationship between the economic growth, BİST 100 index, inflation, export, import, credit volume and monetary aggregate M2. According to Granger causality tests there is one-way causality relation from economic growth to BİST 100 stock market index which is an indicator of capital markets and monetary aggregate M2. In this case bank credit volume is not found to be the reason for the economic growth. Impulse-response analysisshow that the response of economic growth one period later to one standard deviation shock in BİST 100 stock market index. The findings obtained during the period of study show that economic growth in the Turkish economy leads to an increase in demand in financial services and thus the demand-push hypothesis which states that it causes financial expansion is confirmed. [ABSTRACT FROM AUTHOR]
- Published
- 2022
3. FİNANSAL GELİŞME VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİNİN ARAŞTIRILMASI: TÜRKİYE VE G7 ÜLKELERİ ÜZERİNE BİR DEĞERLENDİRME.
- Author
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TEKİN, Dilay, ŞİMŞEK, İshak, and DIŞKAYA, Sude
- Abstract
Copyright of Bulletin of Accounting & Finance Reviews / Muhasebe ve Finans İncelemeleri Dergisi is the property of Muhasebe & Finans Incelemeleri Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2024
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4. TÜRKİYE'DE FİNANSAL GELİŞME VE EKONOMİK BÜYÜME İLİŞKİSİNİN SINIR TESTİ YAKLAŞIMIYLA ANALİZİ: 1987-2007.
- Author
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ALTINTAŞ, Halil and AYRIÇAY, Yücel
- Subjects
- *
ECONOMIC development , *COINTEGRATION , *INTEREST rates ,ECONOMIC conditions in Turkey, 1960- - Abstract
This paper has empirically examined the relationship between financial development and economic growth in Turkey by using quarterly observation over the period 1987-2007. The model is estimated with the bound testing approach to cointegration with the autoregressive distributed lag (ARDL) framework advanced by Pesaran et al (2001). The results suggest that there is a long-run relationship between real growth, financial development, trade openness and real interest rate. The coefficient of financial development indicates that a 1 percent increase in financial depth increases economic growth by 0.67 percent. While the coefficient of real deposit rate also suggests that a 1 percent rise in real interest rate will increases real output by 0.12 percent in the long run. Although, the coefficient of trade openness is statistically remained insignificant. Since the effects of financial development policy are higher than that of real interest rate which supports the argument that in a developing country like Turkey the availability of funds rather the cost of funds is more important to raise real income. Moreover, this result supports the Mckinnon and Shaw hypothesis that an increase in real interest rate facilitates financial savings and real income. [ABSTRACT FROM AUTHOR]
- Published
- 2010
5. Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 1987-2007
- Author
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Altıntaş, Halil and Ayrıçay, Yücel
- Subjects
Türkiye ,Turkey ,Bound Testing ,Sınır Testi ,Economic Growth ,Finansal Gelişme ,Financial Development ,Ekonomik Büyüme - Abstract
Bu çalışma, Türkiye’de 1987-2007 dönemi üç aylık verileri kullanarak finansal gelişme ve ekonomikbüyüme arasındaki ampirik ilişkiyi analiz etmeyi amaçlamaktadır. Model, Pesaran vd. (2001)tarafından geliştirilen ARDL (autoregressive distributed lag) eşbütünleşme yöntemi olarak bilinen sınırtesti yaklaşımıyla tahmin edilmektedir. Model tahmini sonucunda reel büyüme, finansal gelişme, dışaaçıklık ve reel faiz oranı arasında uzun dönem eşbütünleşme ilişkisinin varlığına rastlanmıştır. Uzundönemde finansal gelişmişlik katsayısındaki yüzde 1’lik bir artışın ekonomik büyümeyi yüzde 0.67, reelfaiz oranındaki yüzde 1 artışın ise reel büyümeyi yüzde 0.12 artırdığı görülmüştür. Buna karşılık dışıaçıklık göstergesinin katsayısı istatistiksel olarak anlamlı bulunmamıştır. Böylece finansal gelişmişlikpolitikalarının etkisinin reel faiz oranından daha büyük olması, Türkiye gibi gelişmekte olan ülkelerdefonların maliyetinden ziyade, bulunabilirliğinin reel gelirin artmasında daha fazla katkıdabulunabileceği görüşünü desteklemektedir. Ayrıca bu sonuç, reel faiz oranındaki artışın finansaltasarruflar ve reel geliri destekleyeceği şeklindeki Mckinnon- Shaw hipotezine uygundur, This paper has empirically examined the relationship between financial development and economicgrowth in Turkey by using quarterly observation over the period 1987–2007. The model is estimatedwith the bound testing approach to cointegration with the autoregressive distributed lag (ARDL)framework advanced by Pesaran et al (2001). The results suggest that there is a long-run relationshipbetween real growth, financial development, trade openness and real interest rate. The coefficient offinancial development indicates that a 1 percent increase in financial depth increases economic growthby 0.67 percent. While the coefficient of real deposit rate also suggests that a 1 percent rise in realinterest rate will increases real output by 0.12 percent in the long run. Although, the coefficient of tradeopenness is statistically remained insignificant. Since the effects of financial development policy arehigher than that of real interest rate which supports the argument that in a developing country likeTurkey the availability of funds rather the cost of funds is more important to raise real income.Moreover, this result supports the Mckinnon and Shaw hypothesis that an increase in real interest ratefacilitates financial savings and real income.
- Published
- 2009
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