You are here

Türkiye'de Finansal Gelişme ile Ticari Serbestleşmenin Büyümeye Etkisi

The Impact of Financial Development and Trade Liberalization on Economic Growth in Turkey

Journal Name:

Publication Year:

Abstract (2. Language): 
Neoliberal approaches, which emphasizes that outward looking economies has a faster growth than inward looking economies by reducing the obstacles of trade and finance, gains intense interest of both policymaker and researchers. Based on this interest, this study presents findings that support neoliberal approaches.In this study, trade liberalization in Turkish economy and the relation between financial growth and expansion parameters in the period 1980-2010 are examined.For this aim, Johansen cointegration test with DOLS and FMOLS methodologies are applied. According to results of Johansen test there is a cointegration relation between the parameters.In other words, financial growth and trade liberalization are subsitantial factors thatdetermine the growth performance of the country.On the other hand, DOLS and FMOLS tests shows that trade liberalization has more powerful effect than financial liberalization on growth.
Abstract (Original Language): 
Ticaretin ve finansın önündeki engelleri azaltıp dışa açılan ekonomilerin içe dönük ekonomilere göre daha hızlı büyüme kaydettiğine vurgu yapan neoliberal yaklaşımlar, gerek politika yapıcıların gerekse araştırmacıların yoğun ilgisini çekmektedir. Söz konusu ilgi temelinde gerçekleştirilen bu çalışma, neoliberal yaklaşımı destekle-yen bulgular ortaya koymaktadır. Çalışmada 1980-2010 döneminde Türkiye ekonomisinde ticari serbestleşme, finansal gelişme ve büyüme değişkenleri arasındaki ilişki sorgulanmıştır. Bu amaca dönük olarak Johansen eş-bütünleşme testleri ile Dinamik En Küçük Kareler Yöntemi (DOLS) ve Düzeltilmiş En Küçük Kareler Yöntemi (FMOLS) uygulanmıştır. Johansen testi sonuçlarına göre değişkenler arasında bir eşbütünleşme ilişkisi bulun-maktadır. Bir başka ifade ile finansal gelişme ve ticari serbestleşme, ülkenin büyüme performansını belirleyen güçlü birer faktördür. Diğer taraftan DOLS ve FMOLS testleri, ticari serbestleşmenin büyüme üzerindeki etkisi-nin finansal serbestleşmenin büyüme üzerindeki etkisinden daha güçlü olduğu göstermektedir.
29
45

REFERENCES

References: 

Atif, R. M., A. Jadoon, K. Zaman,
A
. Ismail, R. Seemab (2010), "Trade Liberalization, Finan-cial Development and Economic Growth: Evidence from Pakistan: 1980¬2009", Journal of International Academic Research, 10 (2), 30-37.
Awojobi, O. (2013), "Does Trade Openness and Financial Liberalization Foster Growth: An Empirical Study of Greek Economy", International Journal of Social Economics, 40 (6), 537-555.
Barro, R. J. ve X. Sala-i Martin, (1995). Economic Growth, New York: McGraw-Hill
Bencivenga, V. R. ve B. D. Smith (1991), "Financial Intermediation and Endogenous Growth", Review of Economic Studies, 58(2), 195-209.
Bojanic, A. N. (2012), "The Impact of Financial Development and Trade on The Economic Growth of Bolivia", Journal of Applied Economics, 15 (1), 51-70.
Chimobi, O. P. (2010), "The Causal Relationship among Financial Development, Trade Open-ness and Economic Growth in Nigeria", International Journal of Economics and Finance, 2 (2), 137-147.
Dickey, D. A. ve W.A. Fuller (1981), "Distribution of the Estimators for Autoregressive Time Series with a Unit Root", Econometrica, 49 (4), 1057-1072.
Dollar, D. (1992), "Outward-oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs: 1976-1985", Economic Development and
Cultural Change, 40 (3), 523-544.
Edwards, S. (1998), "Openness, Productivity and Growth: What Do We Really Know", Eco-nomic Journal, 108 (447), 383-398.
Elliott, G. R., T. J. Rothenberg and J. H. Stock (1996), "Efficient Tests for an
Autoregressive Unit Root", Econometrica, 64 (4), 813-836.
Greenaway, D., W. Morgan, P. Wright (2002), "Trade Liberalization and Growth in Develop-ing Countries", Journal of Development Economics, 67 (1), 229-44.
Greenwood, J. ve B. D. Smith. (1997), "Financial Markets in Development, and The Develop-ment of Financial Markets." Journal of Economic Dynamics and Control,
21(1), 145-181.
Greenwood, J. ve B. Jovanovic (1990), "Financial Development, Growth and The Distribution of Income", Journal of Political Economy, 98(5), 1076-1107.
Grossman, G. M., ve E. Helpman (1991), Innovation and Growth in The Global Economy, Cambridge: MIT Press.
ARALIK 2015
43
Harrison, A. (1996), "Openness and Growth: A time-series, Cross-country Analysis for Devel-oping Countries", Journal of Development Economics, 48 (2), 419-447.
İsmihan, M. ve
F
. G. Özkan (2012), "Public Debt and Financial Development: A Theoretical Exploration", Economics Letters, 115 (3), 348-351.
İsmihan,
M.
, B. Özkösem, S. M. Cilasun (2013), "Finance, Instability, Debt and Growth: The Turkish Case, 1980-2010", EY International Congress on Economics I, Gazi University, An-kara, Turkey, October 24-25.
Johansen, S. (1988), "Statistical Analysis of Co-integrating Vectors," Journal of Economic Dy-namics and Control, 12 (2-3), 231-254.
Kar, M., S. Nazlioglu, H. Agir (2011), "Financial Development and Trade Openness: Linear and Nonlinear Causality Analysis". 12th International Symposium on Econometrics Opera-tions Research and Statistics, May 26-29, 2011, Denizli, Turkey.
Katircioglu, S. T., N. Kahyalar, H. Benar (2007), "Financial Development, Trade and Growth Triangle: The Case of India", International Journal of Social Economics, 34
(9), 586-598
Kennedy, P. (2003), A Guide to Econometrics, Cambridge, MA: MIT Press.
King, R. G., ve R. Levine (1993) "Finance, Entrepreneurship and Growth", Journal of Mone-tary Economics, 32(3), 513-542.
Levine, R. (2005), "Finance and Growth: Theory and Evidence", in (eds.) Philippe Aghion and Steven N. Durlauf (2005), Handbook of Economic Growth, North Holland: Elsevier Science, 865-934.
Levine, R., ve D. Renelt (1992), "A Sensitivity Analysis of Cross-country Growth Regres-sions", American Economic Review, 82, 942-963.
Leamer, E. E. (1988), "Measures of Openness", (ed.) Robert E. Baldwin (1988), Trade Policy Issues and Empirical Analysis, University of Chicago Press,145-204.
Lucas, R. (1988), "On the Mechanics of Economic Development", Journal of Monetary Eco-nomics, 22(1), 3-42.
Nazlioglu, Ş.,
K
. Menyah, Y. Wolde-Rufael (2014), "Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach", Economic Modelling, 37, 386-394.
Pagano, M. (1993), "Financial Markets and Growth: An Overview", European Economic Re-view, 37(2-3), 613-622.
44
ESKİŞEHİR OSMANGAZİ ÜNİVERSİTESİ İİBF DERGİSİ
Phillips,
P
. C. ve B. E. Hansen (1990), "Statistical Inference in Instrumental Variables Regres-sion with I (1) Processes", The Review of Economic Studies, 57
(1), 99-125.
Rebelo, S. (1991), "Long-Run Policy Analysis and Long-Run Growth", The Journal of Political Economy, 99 (3), 500-521.
Rodriguez, F. and D. Rodrik (2001), "Trade Policy and Economic Growth: a Skeptic's Guide to the Cross national Evidence", NBER Macroeconomics Annual 2000, Volume 15. MIT Press, 261-338.
Romer, P. (1986), "Increasing Returns and Long Run Growth", Journal of Political Economy, 94 (5), 1002-1037.
Roubini, N. ve X. Sala-i Martin (1992), "Financial Repression and Economic Growth.", Jour-nal of Development Economics, 39(1), 5-30.
Saint-Paul, G. (1992), "Technological Choice, Financial Markets and Economic Development", European Economic Review, 36(4), 763-781.
Sachs, J. D., A. Warner, A. Âslund, S. Fischer, (1995), "Economic Reform and The Process of Global Integration", Brookings Papers on Economic Activity, 1-118
Stock, J. H. ve M. W. Watson (1993), "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems", Econometrica: Journal of the Econometric Society: 783-820.
Solow, R. M. (1994), "Perspectives on Growth Theory", The Journal of Economic Perspecti-ves, 45-54.
Yücel,
F
. (2009), "Causal Relationships between Financial Development, Trade Openness and Economic Growth: The Case of Turkey", Journal of Social Sciences,
5 (1), 33-42.
Wacziarg, R. ve K. H. Welch (2008), "Trade Liberalization and Growth: New Evidence", The World Bank Economic Review, 22 (2), 187-231.

Thank you for copying data from http://www.arastirmax.com