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Journals / Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi / 2011 / Cilt: 12 - Sayı: 2

The relationship between financial liberalization and economic growth in Turkey

Türkiye'de finansal liberalizasyon ve ekonomik büyüme arasındaki ilişki

Ayberk Nuri BERKMAN
Pages
259–282
Publication Date
2022-10-11
DOI
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AI Summary & Key Takeaways

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

Furthermore, direction of the interaction between financial liberalization and economic growth is detected to be from financial liberalization toward economic growth in Turkey.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The aim of this study is to investigate the relationship between financial liberalization and economic growth for 25-years period between 1987- 2011 in Turkey with respect to McKinnon and Shaw‟s hypothesis.
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Key Findings & Data:These variables are, the ratio of M2Y to GDP, the trade openness ratio, ratio of domestic credit volume to national income, the ratio of Istanbul Stock Exchange trading volume to national income.
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Conclusion & Impact:Furthermore, direction of the interaction between financial liberalization and economic growth is detected to be from financial liberalization toward economic growth in Turkey.
🔬Design:Research Article
📍Scope:2011 Verileri
⚙️Variables:Domain Parameters

Abstract

The aim of this study is to investigate the relationship between financial liberalization and economic growth for 25-years period between 1987- 2011 in Turkey with respect to McKinnon and Shaw‟s hypothesis. In the analysis, quarterly values of real gross domestic product are utilized as a proxy for economic growth. On the other hand, four variables are used as proxies for financial liberalization. These variables are, the ratio of M2Y to GDP, the trade openness ratio, ratio of domestic credit volume to national income, the ratio of Istanbul Stock Exchange trading volume to national income. Johansen cointegration, error correction and causality methods are applied. Furthermore, direction of the interaction between financial liberalization and economic growth is detected to be from financial liberalization toward economic growth in Turkey.

Özet

Bu çalışmada, McKinnon-Shaw‟ın finansal liberalizasyonun ekonomik büyüme ve gelişmeyi sağlayacağı savının uygulandığı 1987 - 2011 arasındaki 25 yıllık süreç içerisinde Türkiye açısından geçerliliğinin sınanmasının yanı sıra aralarındaki nedenselliğin araştırılması amaçlanmıştır. Üç aylık verilerin kullanıldığı analizlerde, reel gayrisafi yurtiçi hâsıla, ekonomik büyümeyi temsil etmek üzere kullanılmıştır. Diğer yandan, finansal liberalizasyonu temsil etmek üzere dört değişkenden yararlanılmıştır. Bu değişkenler, geniş tabanlı para arzının (M2Y) gayrisafi yurtiçi hâsılaya oranı, ticari açıklık oranı, yurtiçi kredi hacminin milli gelire oranı, özel sektöre verilen banka kredilerinin milli gelire oranı, Ġstanbul Menkul Kıymetler Borsası işlem hacminin milli gelire oranıdır. Çalışmada, Johansen eşbütünleşme testleri, hata düzeltme modeli ve nedensellik analizlerinden faydalanılmıştır. Buna göre, Türkiye‟de finansal liberalizasyondan ekonomik büyümeye doğru bir nedenselliğin varlığı belirlenmiştir.

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Cite This Article

BERKMAN, A. N. (2022). The relationship between financial liberalization and economic growth in Turkey. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 12 - Sayı: 2, 259–282. https://ajindex.com/articles/480856

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