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Finansal Açıklık, Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Eşbütünleşme ve Nedensellik Analizi

Year 2021, Volume: 6 Issue: 3, 627 - 645, 30.12.2021
https://doi.org/10.30784/epfad.823635

Abstract

Finansal açıklık ve finansal gelişmenin ülkeler için önemli büyüme ve istikrar faydaları yaratıp yaratmadığı araştırmalarda temel bir soru olmuştur. Teorik olarak finansal açıklığın, finansal gelişmeyi finansal gelişmenin de ekonomik büyümeyi teşvik edeceği görüşüne karşılık finansal gelişmenin ekonomik büyüme üzerinde olumsuz etkilerinin olabileceği görüşü de kabul görmektedir. Bu kapsamda çalışmada, Türkiye’de finansal açıklık, finansal gelişme ve ekonomik büyüme arasındaki uzun dönemli eşbütünleşme ilişkisi 1997-2019 döneminde Engle ve Granger (1987) ve Phillips ve Ouliaris (1990) testleri ile değişkenler arasındaki uzun dönemli ilişkinin nedenselliği ise Granger nedensellik testi ile araştırılmıştır. Finansal açıklık değişkeni net uluslararası yatırım pozisyonu (yüzdesel değişim), finansal gelişme değişkeni işlem gören hisse senetlerinin toplam değeri (GSYİH’nin yüzdesi), ekonomik büyüme değişkeni GSYİH (yıllık %) olarak analize dahil edilmiştir. Yapılan analizler sonucunda finansal gelişme-ekonomik büyüme, finansal açıklık-ekonomik büyüme ve finansal gelişme-finansal açıklık değişkenleri arasında uzun dönemli bir eşbütünleşme ilişkisi ve finansal açıklıktan ekonomik büyümeye doğru tek yönlü Granger nedensellik ilişkisi tespit edilmiştir.

References

  • Agénor, P., Gambacorta, L., Kharroubi, E. and Silva, L. (2018). The effects of prudential regulation, financial development, and financial openness on economic growth (BIS Working Papers). Retrieved from https://www.bis.org/publ/work752.htm
  • Arestis, P., Demetriades, P. O. and Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit, and Banking, 33, 16–41. doi:10.2307/2673870
  • Asghar, N. and Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2). 99-126. Retrieved from https://www.jstor.org/
  • Ashraf, B. N. (2018). Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies. Research in International Business and Finance, 44, 434-458. doi:10.1016/j.ribaf.2017.07.115
  • Atgür, M. (2019). Finansal gelişme, ticari açıklık ve ekonomik büyüme ilişkisi: Türkiye örneği. İktisadi ve İdari Bilimler Dergisi, 33(2), 553-572. Erişim adresi: https://dergipark.org.tr/tr/pub/atauniiibd
  • Baltagi, B. H., Demetriades, P. O. and Law, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89, 285-296. https://doi.org/10.1016/j.jdeveco.2008.06.006
  • Dritsakis, N. and Adamopoulos, A. (2004). Financial development and economic growth in Greece: An empirical investigation with Granger causality analysis. International Economic Journal, 18(4), 547-559. https://doi.org/10.1080/1016873042000299981
  • Engle, R. F. and Granger, C. W. C. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251-276. https://doi.org/10.2307/1913236
  • Ersungur, M. ve Demirci, Y. (2020). Türkiye’de finansal ve ticari dışa açıklık ve ekonomik büyüme. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 34(2), 577-601. doi:10.16951/atauniiibd.671272
  • Estrada, G., Park, D. and Ramayandi, A. (2015). Financial development, financial openness, and economic growth (ADB Economics Working Paper Series). Retrieved from https://www.adb.org/publications/financial-development-financial-openness-and-economic-growth
  • Garita, G. (2010). How does financial openness affect economic growth and its components? (MPRA Paper, No.20099). Retrieved from https://mpra.ub.uni-muenchen.de/20099/
  • Huang, W. (2006). Emerging markets financial openness and financial development (Bristol Economics Discussion Papers, No. 06/588). Retrieved from http://www.bristol.ac.uk/efm/media/ workingpapers/working_papers/pdffiles/dp06588.pdf
  • International Monetary Fund. (2011). Macroprudential policy: An organizing framework. Retrieved from https://www.imf.org/external/np/pp/eng/2011/031411.pdf
  • Islam, F., Shazbaz, M. and Rahman, M. M. (2013). Trade openness, financial development energy use and economic growth in Australia: Evidence on long run relation with structural breaks (MPRA Paper No. 52546). Retrieved from https://core.ac.uk/reader/213953650
  • Jenkıns, H. P. and Katırcıoglu, S. T. (2010). The bounds test approach for cointegration and causality between financial development, international trade and economic growth: The case of Cyprus. Applied Economics, 42(13), 1699-1707. https://doi.org/10.1080/00036840701721661
  • Kar, M., Nazlıoğlu, Ş. and Ağır, H. (2014). Trade openness, financial development and economic growth in Turkey: Linear and nonlinear causality analysis. BDDK Bankacılık ve Finansal Piyasalar, 8(1), 63-86. Retrieved from http://www.bddk.org.tr/kurumhakkinda/detay/26
  • Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5. https://doi.org/10.1080/23322039.2017.1332820
  • Kim, D. H., Lin, S. C. and Suen, Y. B. (2012). Dynamic effects of financial openness on economic growth and macroeconomic uncertainty. Emerging Markets Finance and Trade, 48(1). 25-54. doi:10.2753/REE1540-496X480102
  • Korkmaz, Ö. (2018). Enerji tüketimi ile finansal açıklık, ticari açıklık ve finansal gelişme arasındaki ilişkinin karşılaştırmalı analizi: Türkiye ve İtalya örneği [Özel sayı]. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 83-100. https://doi.org/10.18092/ulikidince.441281
  • Korkmaz, T., Çevik, E. İ. ve Birkan, E. (2010). Finansal dışa açıklığın ekonomik büyüme ve finansal krizler üzerı̇ndekı̇ etkisi̇: Türkiye örneğı̇. Journal of Yasar University, 17(5), 2821‐2831. Erişim adresi: https://dergipark.org.tr/tr/pub/jyasar
  • Luo, Y., Tanna, S. and De Vita, G. (2016). Financial openness, risk and bank efficiency: Cross-country evidence. Journal of Financial Stability, 24, 132-148. https://doi.org/10.1016/j.jfs.2016.05.003
  • Oyovwi, O. D. and Eshenake, S. J. (2013). Financial openness and economic growth in Nigeria: A vector error correction approach. African Research Review, 7(4), 79-92. doi:10.4314/afrrev.v7i4.6
  • Özel, H. A. (2012). Küreselleşme sürecinde ticari ve finansal açıklığın ekonomik büyüme üzerine etkisi: Türkiye örneği. Yönetim Bilimleri Dergisi, 10(19), 1-30. Erişim adresi: https://dergipark.org.tr/tr/pub/comuybd
  • Phillips, P. C. B. and Ouliaris, S. (1990). Asymptotic properties of residual based tests for cointegration. Econometrica, 58(1), 165-193. https://doi.org/10.2307/2938339
  • Raghutla, C. (2020). The effect of trade openness on economic growth: Evidence from emerging market economies. Journal of Public Affairs, 20(3), 1-8. doi:10.1002/pa.2081
  • Soukhakian, B. (2007). Financial development, trade openness and economic growth in Japan: Evidence from Granger causality tests. International Journal of Economic Perspectives, 1(3), 117-126. Retrieved from https://www.proquest.com/
  • Szkorupová, Z. (2014). A causal relationship between foreign direct investment, economic growth and export for Slovakia. Procedia Economics and Finance, 15, 123-128. https://doi.org/10.1016/S2212-5671(14)00458-4
  • Topaloğlu, E. E. ve Ege, İ. (2020). Kredi temerrüt swapları (CDS) ile Borsa İstanbul 100 Endeksi arasındaki ilişki: Kısa ve uzun dönemli zaman serisi analizleri. İşletme Araştırmaları Dergisi, 12(2), 1373-1393. https://doi.org/10.20491/isarder.2020.918
  • Ümit, Ö. A. (2016). Türkiye’de ticari̇ açıklık, finansal açıklık ve ekonomik büyüme arasındaki̇ ilişkiler: Sınır testi̇ yaklaşımı. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(1), 255-272. Erişim adresi: https://dergipark.org.tr/tr/pub/ohuiibf
  • Yapraklı, S. (2007). Ticari ve finansal dışa açıklık ile ekonomik büyüme arasındaki ilişki: Türkiye üzerine bir uygulama. Ekonometri ve İstatistik, 5, 67-89. Erişim adresi: https://dergipark.org.tr/tr/pub/ekoist
  • Yılmaz Ö., Güngör B. ve Kaya V. (1997). Hisse senedi fiyatları ve makroekonomik değişkenler arasındaki eşbütünleşme ve nedensellik. İMKB Dergisi, 9(34), 1-17. Erişim adresi: https://www.borsaistanbul.com/
  • Zhang, C., Zhu, Y. and Lu. Z. (2015). Trade openness, financial openness, and financial development in China. Journal of International Money and Finance, 59, 287-309. doi:10.1016/j.jimonfin.2015.07.010

Relationship between Financial Openness, Financial Development and Economic Growth: Cointegration and Causality Analysis on Turkey

Year 2021, Volume: 6 Issue: 3, 627 - 645, 30.12.2021
https://doi.org/10.30784/epfad.823635

Abstract

Whether financial openness and financial development provide major benefits of growth and stability for countries or not has been a fundamental question for research. In response to the idea that financial openness would theoretically promote financial development and that financial development would promote economic growth, the idea that financial development can adversely affect economic growth is also acknowledged. To this end, the study delves into the long-term co-integration relation among financial openness, financial development and economic growth in Turkey based on Engle and Granger (1987) and Philips and Ouliaris (1990) tests for the term between 1997 and 2019, and into the causality of the long-term relation among the variables based on Granger causality test. The variable of financial openness was included in the analysis as net international investment position (%), along with the variable of financial development as total value of traded securities (GDP's percentage), and the variable of economic growth as GDP (annual %). The analyses revealed that there is a long-term co-integration relation among financial development and economic growth, financial openness and economic growth, and financial development and financial openness, and that there is a unilateral Granger causality from financial openness to economic growth.

References

  • Agénor, P., Gambacorta, L., Kharroubi, E. and Silva, L. (2018). The effects of prudential regulation, financial development, and financial openness on economic growth (BIS Working Papers). Retrieved from https://www.bis.org/publ/work752.htm
  • Arestis, P., Demetriades, P. O. and Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit, and Banking, 33, 16–41. doi:10.2307/2673870
  • Asghar, N. and Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2). 99-126. Retrieved from https://www.jstor.org/
  • Ashraf, B. N. (2018). Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies. Research in International Business and Finance, 44, 434-458. doi:10.1016/j.ribaf.2017.07.115
  • Atgür, M. (2019). Finansal gelişme, ticari açıklık ve ekonomik büyüme ilişkisi: Türkiye örneği. İktisadi ve İdari Bilimler Dergisi, 33(2), 553-572. Erişim adresi: https://dergipark.org.tr/tr/pub/atauniiibd
  • Baltagi, B. H., Demetriades, P. O. and Law, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89, 285-296. https://doi.org/10.1016/j.jdeveco.2008.06.006
  • Dritsakis, N. and Adamopoulos, A. (2004). Financial development and economic growth in Greece: An empirical investigation with Granger causality analysis. International Economic Journal, 18(4), 547-559. https://doi.org/10.1080/1016873042000299981
  • Engle, R. F. and Granger, C. W. C. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251-276. https://doi.org/10.2307/1913236
  • Ersungur, M. ve Demirci, Y. (2020). Türkiye’de finansal ve ticari dışa açıklık ve ekonomik büyüme. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 34(2), 577-601. doi:10.16951/atauniiibd.671272
  • Estrada, G., Park, D. and Ramayandi, A. (2015). Financial development, financial openness, and economic growth (ADB Economics Working Paper Series). Retrieved from https://www.adb.org/publications/financial-development-financial-openness-and-economic-growth
  • Garita, G. (2010). How does financial openness affect economic growth and its components? (MPRA Paper, No.20099). Retrieved from https://mpra.ub.uni-muenchen.de/20099/
  • Huang, W. (2006). Emerging markets financial openness and financial development (Bristol Economics Discussion Papers, No. 06/588). Retrieved from http://www.bristol.ac.uk/efm/media/ workingpapers/working_papers/pdffiles/dp06588.pdf
  • International Monetary Fund. (2011). Macroprudential policy: An organizing framework. Retrieved from https://www.imf.org/external/np/pp/eng/2011/031411.pdf
  • Islam, F., Shazbaz, M. and Rahman, M. M. (2013). Trade openness, financial development energy use and economic growth in Australia: Evidence on long run relation with structural breaks (MPRA Paper No. 52546). Retrieved from https://core.ac.uk/reader/213953650
  • Jenkıns, H. P. and Katırcıoglu, S. T. (2010). The bounds test approach for cointegration and causality between financial development, international trade and economic growth: The case of Cyprus. Applied Economics, 42(13), 1699-1707. https://doi.org/10.1080/00036840701721661
  • Kar, M., Nazlıoğlu, Ş. and Ağır, H. (2014). Trade openness, financial development and economic growth in Turkey: Linear and nonlinear causality analysis. BDDK Bankacılık ve Finansal Piyasalar, 8(1), 63-86. Retrieved from http://www.bddk.org.tr/kurumhakkinda/detay/26
  • Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5. https://doi.org/10.1080/23322039.2017.1332820
  • Kim, D. H., Lin, S. C. and Suen, Y. B. (2012). Dynamic effects of financial openness on economic growth and macroeconomic uncertainty. Emerging Markets Finance and Trade, 48(1). 25-54. doi:10.2753/REE1540-496X480102
  • Korkmaz, Ö. (2018). Enerji tüketimi ile finansal açıklık, ticari açıklık ve finansal gelişme arasındaki ilişkinin karşılaştırmalı analizi: Türkiye ve İtalya örneği [Özel sayı]. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 83-100. https://doi.org/10.18092/ulikidince.441281
  • Korkmaz, T., Çevik, E. İ. ve Birkan, E. (2010). Finansal dışa açıklığın ekonomik büyüme ve finansal krizler üzerı̇ndekı̇ etkisi̇: Türkiye örneğı̇. Journal of Yasar University, 17(5), 2821‐2831. Erişim adresi: https://dergipark.org.tr/tr/pub/jyasar
  • Luo, Y., Tanna, S. and De Vita, G. (2016). Financial openness, risk and bank efficiency: Cross-country evidence. Journal of Financial Stability, 24, 132-148. https://doi.org/10.1016/j.jfs.2016.05.003
  • Oyovwi, O. D. and Eshenake, S. J. (2013). Financial openness and economic growth in Nigeria: A vector error correction approach. African Research Review, 7(4), 79-92. doi:10.4314/afrrev.v7i4.6
  • Özel, H. A. (2012). Küreselleşme sürecinde ticari ve finansal açıklığın ekonomik büyüme üzerine etkisi: Türkiye örneği. Yönetim Bilimleri Dergisi, 10(19), 1-30. Erişim adresi: https://dergipark.org.tr/tr/pub/comuybd
  • Phillips, P. C. B. and Ouliaris, S. (1990). Asymptotic properties of residual based tests for cointegration. Econometrica, 58(1), 165-193. https://doi.org/10.2307/2938339
  • Raghutla, C. (2020). The effect of trade openness on economic growth: Evidence from emerging market economies. Journal of Public Affairs, 20(3), 1-8. doi:10.1002/pa.2081
  • Soukhakian, B. (2007). Financial development, trade openness and economic growth in Japan: Evidence from Granger causality tests. International Journal of Economic Perspectives, 1(3), 117-126. Retrieved from https://www.proquest.com/
  • Szkorupová, Z. (2014). A causal relationship between foreign direct investment, economic growth and export for Slovakia. Procedia Economics and Finance, 15, 123-128. https://doi.org/10.1016/S2212-5671(14)00458-4
  • Topaloğlu, E. E. ve Ege, İ. (2020). Kredi temerrüt swapları (CDS) ile Borsa İstanbul 100 Endeksi arasındaki ilişki: Kısa ve uzun dönemli zaman serisi analizleri. İşletme Araştırmaları Dergisi, 12(2), 1373-1393. https://doi.org/10.20491/isarder.2020.918
  • Ümit, Ö. A. (2016). Türkiye’de ticari̇ açıklık, finansal açıklık ve ekonomik büyüme arasındaki̇ ilişkiler: Sınır testi̇ yaklaşımı. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(1), 255-272. Erişim adresi: https://dergipark.org.tr/tr/pub/ohuiibf
  • Yapraklı, S. (2007). Ticari ve finansal dışa açıklık ile ekonomik büyüme arasındaki ilişki: Türkiye üzerine bir uygulama. Ekonometri ve İstatistik, 5, 67-89. Erişim adresi: https://dergipark.org.tr/tr/pub/ekoist
  • Yılmaz Ö., Güngör B. ve Kaya V. (1997). Hisse senedi fiyatları ve makroekonomik değişkenler arasındaki eşbütünleşme ve nedensellik. İMKB Dergisi, 9(34), 1-17. Erişim adresi: https://www.borsaistanbul.com/
  • Zhang, C., Zhu, Y. and Lu. Z. (2015). Trade openness, financial openness, and financial development in China. Journal of International Money and Finance, 59, 287-309. doi:10.1016/j.jimonfin.2015.07.010
There are 32 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Tuğba Nur 0000-0002-0974-4896

Publication Date December 30, 2021
Acceptance Date October 14, 2021
Published in Issue Year 2021 Volume: 6 Issue: 3

Cite

APA Nur, T. (2021). Finansal Açıklık, Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Eşbütünleşme ve Nedensellik Analizi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 6(3), 627-645. https://doi.org/10.30784/epfad.823635