SavedAdd your journal

Journals / Sinop Üniversitesi Sosyal Bilimler Dergisi / 2026 / Cilt: 10 Sayı: 1

Does Trade Openness Have an Impact on Financial Development? An Ap-plication for Türkiye

Ticari Açıklık Finansal Gelişme Üzerinde Bir Etkiye Sahip midir, Türkiye İçin Bir Uygulama

Cumhur Şahin(Bilecik Şeyh Edebali Üniversitesi)0000-0002-8790-5851
Pages
389–416
Publication Date
2026-05-31
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

This study examines the impact of trade openness on financial development, taking the example of Turkey between 1990 and 2021.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Trade openness holds a significant place in the economy and particularly in finance, which is a sub-discipline of economics.
📊
Key Findings & Data:Trade openness can be defined as the removal or minimiza-tion of barriers to the movement of goods and services at the international level.
💡
Conclusion & Impact:This study examines the impact of trade openness on financial development, taking the example of Turkey between 1990 and 2021.
🔬Design:Araştırma Makalesi
📍Scope:2021 Verileri
⚙️Variables:Türkiye · Ticari Açıklık · Finansal Gelişme

Abstract

Trade openness holds a significant place in the economy and particularly in finance, which is a sub-discipline of economics. Trade openness can be defined as the removal or minimiza-tion of barriers to the movement of goods and services at the international level. Although there are different approaches to measuring trade openness, the most commonly used crite-rion is generally assessed as the share of trade volume in gross domestic product (GDP) [(Exports + Imports)/GDP]. This study examines the impact of trade openness on financial development, taking the example of Turkey between 1990 and 2021.

Özet

Ticari açıklık ekonomide ve özellikle de ekonominin bir alt disiplini olan finansta oldukça önemli bir yere sahiptir. Ticari açıklık, uluslararası seviyede mal ve hizmet hareketlerinin önündeki engellerin kaldırılması ya da minimum düzeye indirilmesi şeklinde tanımlanabilir. Ticari açıklığın ölçüşmesinde farklı yaklaşımlar olsa da en yaygın olarak kullanılan ölçüt, genel olarak, gayri safi yurt içi hasıla (GSYİH) içinde ticaret hacminin payı [(İhracat+İthalat)/GSYİH] olarak değerlendirilmektedir. Bu çalışmada ticari açıklığın fi-nansal gelişme üzerindeki etkisi 1990-2021 yılları itibariyle Türkiye örneği ele alınarak incelenmektedir.

🔖

Cite This Article

Şahin, C. (2026). Does Trade Openness Have an Impact on Financial Development? An Ap-plication for Türkiye. Sinop Üniversitesi Sosyal Bilimler Dergisi, Cilt: 10 Sayı: 1, 389–416. https://doi.org/10.30561/sinopusd.1835187

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (55)

  1. Açıkgöz, Ş., Balcılar, M. ve Saraçoğlu, B. (2009). Openness and Financial Development: Time Series Evidence from Turkey, Anadolu International Conference in Econom-ics June 17-19, 2009, Eskisehir, Turkey.
  2. Ağır, H. (2010). Türkiye’de Finansal Liberalizasyon ve Finansal Gelişme İlişkisinin Ekonometrik Analizi, Ankara: Bankacılık Düzenleme ve Denetleme Kurumu, 2010.
  3. Arora, V. ve Vamvakidis, A., (2004). How much do trading partners matter for economic growth? IMF Working Paper No. 04/26.
  4. Asghar, N. ve Hussain, Z. (2014). Financial Development, Trade Openness and Economic Growth in Developing Countries: Recent Evidence from Panel Data. Pakistan Eco-nomic and Social Review, 52(2), 99-126.
  5. Baltagi, B.H., Demetriades, P.O. ve Law, S.H., (2009). Financial development and open-ness: evidence from panel data. J. Dev. Econ, 89 (2), 285–296.
  6. Bandura, W.N. (2022). Financial openness, trade openness and financial development: Evidence from sub-Saharan Africa. Development Southern Africa, 39(6), 947-959.
  7. Bao, Q. ve Yang, J. (2007). Does Financial Development Promote International Trade? Frontiers of Economics in China, 2(4), 532-557.
  8. Barutçu, E, ve Arslan, Ü. (2016). Dışa Açıklık ile Finansal Gelişme Arasındaki İlişki: G 20 Ülkeleri Örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi 5(3): 403 – 427.
  9. Beck, T. (2002). Financial development and international trade: is there a link? Journal of International Economics, 57, 107–33.
  10. Braun, M. ve Raddatz, C., (2005). Trade liberalization and the politics of financial devel-opment. World Bank Working Paper 3517.
  11. Das, R.U. ve Rishi, M. (2010). Are Trade Opennes and Financial Development Comple-mentary? RIS Discussion Papers, 165.
  12. Do, Q.-T. ve Levchenko, A. A., (2004). Trade and financial development. World Bank working paper series 3347, April.
  13. Do, Q.-T. ve Levchenko, A.A., (2007). Comparative advantage, demand for external fi-nance, and financial development. Journal of Financial Economics, 86, 796–834.
  14. Feeney, J. ve Hillman, A. (2004). Trade liberalization through asset markets. Journal of International Economics, 64, pp. 151–67.
  15. Ginebri, S., Petrioli, G. ve Sabani, L. (2001). Financial Deepening, Trade Openness and Growth: A Multivariate Cointegrated Analysis of the Complementary Effects, CI-DEI Working Paper No. 62, Rome.
  16. Gries, T., Kraft, M., ve Meierrieks, D. (2009). Linkages between financial deepening, trade openness, and economic development: Causality evidence from Sub-Saharan Afri-ca. World Development, 37(12), 1849–1860.
  17. Gries, T., Kraft, M., ve Meierrieks, D. (2011). Financial deepening, trade openness and eco-nomic growth in Latin America and the Caribbean. Applied Economics, 43, 4729–4739.
  18. Herwartz, H.ve Walle, Y. M. (2014). Determinants of the link between financial and eco-nomic development: Evidence from a functional coefficient model. Economic Modelling, 37,417–427.
  19. Ho, S. ve Iyke, B.N. (2021). Short and long- term impact of trade openness on financial development in Sub-Saharan Africa. The Journal of Developing Areas, 55(1), 107-122.
  20. Huang, Y. ve Temple, J., (2005). Does external trade promote financial development? CEPR Discussion Papers. Hur, J., Raj, M. ve Riyanto, Y.E. (2006). Finance and Trade: A Cross-Country Empirical Analysis on the Impact of Financial Development and Asset Tangibility on Interna-tional Trade. World Development, 34(10), 1728– 1741.
  21. Jamel, L. ve Maktouf, S. (2017). The nexus between economic growth, financial develop-ment, trade openness and CO2 emissions in European countries. Cogent Economics & Finance, 5(1).
  22. Kar, M., Peker, O., ve Kaplan, M. (2008). Trade Liberalization and Financial Development and Economic Growth in the Long Run: The Case of Turkey. South East European Journal of Economics and Business, 3(2), 25-38.
  23. Kar, M., Nazlıoğlu, Ş. ve Ağır, H. (2014). Trade Openness, Financial Development and Economic Growth in Turkey: Linear and Nonlinear Causality Analysis. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 8(1),63-86.
  24. Karaağaç, U. (2020). Dışa Açıklık ile Finansal Gelişme Arasındaki İlişki: Türkiye Örneği. Yüksek Lisans Tezi. Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü İktisat An-abilim Dalı İktisadi Gelişm eve Uluslararası İktisat Bilim Dalı.
  25. Kaushal, L.A ve Pathak, N. (2015). The Causal Relationship among Economic Growth, Financial Development and Trade Openess in Indian Economy. International Journal of Economic Perspectives, 9(2): 5-22.
  26. Kim, D-H., Lin, S-C. ve Suen, Y-B. (2010). Dynamic effects of trade openness on financial development. Economic Modelling, 27, 254–261.
  27. Kim, D-H., Lin, S-C. ve Suen, Y-B. (2011). Interactions Between Financial Development and Trade Openness. Scottish Journal of Political Economy, 58(4), 567-588.
  28. Kim, D-H., Lin, S-C. ve Suen, Y-B. (2012). The simultaneous evolution of economic growth, financial development and trade openness. The Journal of International Trade & Economic Development, 21(4), 513-537.
  29. King, R.G. ve Levine, R., (1993a). Finance and growth: Schumpeter might be right. Quater-ly Journal of Economics, 108, 717–738.
  30. King, R.G. ve Levine, R., (1993b). Finance, entrepreneurships, and growth: theory and evidence. Journal of Monetary Economics, 32, 513–542.
  31. Kletzer, K. ve Bardhan, P. K. (1987). Credit markets and patterns of international trade. Journal of Development Economics, 27, pp. 57–70.
  32. Law, S. H. (2008). Does a Country’s Openness to Trade and Capital Flows Lead to Finan-cial Development? Evidence from Malaysia. Asian Economic Journal, 22(2), 161 – 177.
  33. Law, S.H. (2009). Trade openness, capital flows and financial development in developing economies. Int. Econ. J, 23 (3), 409–426.
  34. Loayza, N.V. ve Raddatz, C., (2007). The structural determinants of external vulnerability. World Bank Economic Review, 21 (3), 359–387.
  35. Mishkin, F.S. (2009). Globalization and financial development. Journal of Development Economics, 89, 164–169.
  36. Murthy, D.S., Patra, S.K. ve Samantaraya, A. (2014). Trade Openness, Financial Develop-ment Index and Economic Growth: Evidence from India (1971-2012). Journal of Financial Economic Policy, 6(4):362-375.
  37. Newbery, D. ve Stiglitz, J., (1984). Pareto inferior trade. Review of Economic Studies, 51, 1–12.
  38. Niroomand, F., Hajilee, M., ve Al Nasser, O. (2014). Financial market development and trade openness: Evidence from emerging economies. Applied Economics, 46(13):1490-1498.
  39. Omoke, P.C. ve Opuala-Charles, S. (2021). Trade openness and economic growth nexus: Exploring the role of institutional quality in Nigeria. Cogent Economics & Finance, 9(1)
  40. Pesaran, M. H. ve Shin, Y. (1999). “An Autoregressive Distributed Lag Modeling Approach to Cointegration Analysis” in S. Strom (ed.), Econometrics and Economic Theory in the 20th Century, The Ragnar Frisch Centennial Symposium, Cambridge University Press, Cambridge, pp. 371-413.
  41. Pesaran, H., Shin, Y. ve Smith, R.J. (2001). Bound Testing Approaches to the Analysis of Long Run Relationships. Journal of Applied Econometrics, 16(3), pp. 289-326.
  42. Qamruzzaman, MD., ve Jianguo, W. (2020). The asymmetric relationship between finan-cial development, trade openness, foreign capital flows, and renewable energy con-sumption: Fresh evidence from panel NARDL investigation. Renewable Energy, 159, 827-842.
  43. Rafindadi, A.A. ve Öztürk, İ. (2017). Dynamic Effects of Financial Development, Trade Openness and Economic Growth on Energy Consumption: Evidence from South Africa. International Journal of Energy Economics and Policy, 7(3), 74-85.
  44. Rajan, R.G. ve Zingales, L., (2003). The great reversals: the politics of financial develop-ment in the twentieth century. Journal of Financial Economics, 69, 5–50.
  45. Saçık, S. Y. (2009). Büyümenin bir kaynağı olarak ticari dışa açıklık. Sosyal Ekonomik Araştırmalar Dergisi, 9(17), 525- 548.
  46. Sghaier, I.M. (2023). Trade openness, financial development and economicgrowth in North African countries. International Journal of Finance & Economics, 28(2):1729-1740.
  47. Svaleryd, H. ve Vlachos, J., (2002). Markets for risk and openness to trade: how are they related? Journal of International Economics, 57, 369–395.
  48. Utkulu, U. ve Kahyaoğlu, H. (2005). To What Direction Did Trade and Financial Open-nesses Affect Growth in Turkey? Turkish Economic Association Discussion Papers 2005/13
  49. Yanikkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57–89.
  50. Yılmazer, M. (2010). “Doğrudan Yabancı Yatırımlar, Dış Ticaret ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir Deneme”, Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, sayı: 1(8), s.241-160.
  51. Yilmazkuday, H. (2011). Thresholds in the finance-growth nexus: Across-country analysis. World Bank Economic Review, 25(2), 278–295.
  52. Yucel, F. (2009). Causal Relationships Between Financial Development, Trade Openness and Economic Growth: The Case of Turkey. Journal of Social Sciences, 5(1), 33-42.
  53. Zhang, C., Zhu, Y. ve Lu, Z. (2015). Trade openness, financial openness, and financial development in China. Journal of International Money and Finance, 59, 287–309.
  54. https://data.imf.org/en/Data-Explorer (13.09.2025)
  55. https://data.worldbank.org/indicator/NE.TRD.GNFS.ZS?locations=TR (13.09.2025)