Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis
Yıl: 2018 Cilt: 5 Sayı: 2 Sayfa Aralığı: 1 - 17 Metin Dili: İngilizce DOI: 10.17336/igusbd.454878 İndeks Tarihi: 26-02-2020
Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis
Öz: In the last few decades, although there have been many studies examined therelationship between financial development and economic growth, it seems that noconsensus has been reached due to the diversity of variables and the methods used inthe analyses. This article examines the relationship between financial development andeconomic growth (GDP) by using panel data analysis for BRICS Countries and Turkey.The analysis covers 21 years between 1996-2016. Variables used for financialdevelopment are Morgan Stanley Capital International Index (MSCI), Credits (CREDIT),money supply (BMONEY), foreign trade (TRADE).According to the result of the analysis; MSCI is the only variable that statisticallysignificant and so affects GDP positively both in the long-term and the short-term.BMONEY and TRADE variables are statistically significant in the short-term, but not inthe long-term. While TRADE affects GDP positively, BMONEY affects growth negativelyin the short-term. CREDIT is not statistically significant neither in the short-term nor inthe long-term. There is unidirectional causality from MSCI to GDP, from GDP toMBROAD, from MSCI to TRADE and from MBROAD to TRADE. There is not a causalitybetween MBROAD and MSCI, while there is a bidirectional causality between TRADE andGDP. Therefore, it is not certain if financial growth is the determinant of economicgrowth for selected variables and the countries in the period of 1996-2016.
Anahtar Kelime: BRICS Ülkeleri ve Türkiye’de Finansal Gelişme ve İktisadi Büyüme: Bir Panel Veri Analizi
Öz: Son birkaç on yılda, finansal gelişme ile ekonomik büyüme arasındaki ilişkiyi inceleyen çok sayıda çalışma olmasına rağmen, kullanılan değişkenler ve yöntemlerdeki çeşitlilik nedeniyle tam bir fikir birliğine ulaşılamamıştır. Bu çalışmada, BRICS Ülkeleri ve Türkiye için finansal gelişme ve ekonomik büyüme (GDP) arasındaki ilişki incelenmiştir. Analiz, 1996-2016 yılları arasındaki 21 yıllık dönemi kapsamaktadır. Finansal gelişme için kullanılan değişkenler, Morgan Stanley Capital International Index (MSCI), krediler (CREDIT), para arzı (BMONEY), dış ticaret (TRADE)’tir. Analiz sonucuna göre; MSCI istatistiksel olarak anlamalı olup hem uzun hem de kısa dönemde GDP’yi olumlu yönde etkileyen tek değişkendir. BMONEY ve TRADE değişkenleri uzun vadede istatistiksel olarak anlamlı değil iken, kısa dönemde anlamlı olduğu görülmüştür. TRADE, kısa dönemde GDP’ yi pozitif yönde etkilerken, BMONEY negatif yönde etkilemektedir. CREDIT hem kısa vadede ve uzun vadede istatistiksel olarak anlamlı değildir. Nedenselliğin yönüne bakıldığında; MSCI'den GDP'ye, GDP’'den MBROAD'a, MSCI'dan TRADE'e ve MBROAD'dan TRADE'e doğru tek yönlü ilişki bulgulanmıştır. MBROAD ve MSCI arasında herhangi bir nedensellik yokken, TRADE ve GDP arasında iki yönlü bir nedensellik olduğu bulgulanmıştır. Buna göre seçilmiş değişkenler ve ülkeler için 1996-2016 periyodunda; finansal gelişmenin, iktisadi büyümenin belirleyicisi olduğunu kesin olarak söyleyemeyiz.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | ERKİŞİ K (2018). Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. , 1 - 17. 10.17336/igusbd.454878 |
| Chicago | ERKİŞİ KEMAL Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. (2018): 1 - 17. 10.17336/igusbd.454878 |
| MLA | ERKİŞİ KEMAL Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. , 2018, ss.1 - 17. 10.17336/igusbd.454878 |
| AMA | ERKİŞİ K Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. . 2018; 1 - 17. 10.17336/igusbd.454878 |
| Vancouver | ERKİŞİ K Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. . 2018; 1 - 17. 10.17336/igusbd.454878 |
| IEEE | ERKİŞİ K "Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis." , ss.1 - 17, 2018. 10.17336/igusbd.454878 |
| ISNAD | ERKİŞİ, KEMAL. "Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis". (2018), 1-17. https://doi.org/10.17336/igusbd.454878 |
| APA | ERKİŞİ K (2018). Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 5(2), 1 - 17. 10.17336/igusbd.454878 |
| Chicago | ERKİŞİ KEMAL Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi 5, no.2 (2018): 1 - 17. 10.17336/igusbd.454878 |
| MLA | ERKİŞİ KEMAL Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, vol.5, no.2, 2018, ss.1 - 17. 10.17336/igusbd.454878 |
| AMA | ERKİŞİ K Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi. 2018; 5(2): 1 - 17. 10.17336/igusbd.454878 |
| Vancouver | ERKİŞİ K Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi. 2018; 5(2): 1 - 17. 10.17336/igusbd.454878 |
| IEEE | ERKİŞİ K "Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis." İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 5, ss.1 - 17, 2018. 10.17336/igusbd.454878 |
| ISNAD | ERKİŞİ, KEMAL. "Financial Development and Economic Growth in BRICS Countries and Turkey: A Panel Data Analysis". İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi 5/2 (2018), 1-17. https://doi.org/10.17336/igusbd.454878 |
