Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri
Yıl: 2016 Cilt: 11 Sayı: 21 Sayfa Aralığı: 70 - 87 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022
Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri
Öz: Finansal gelişmenin sürdürülebilir ekonomik büyümenin önemli belirleyicilerinden biri olduğu uzun zamandan beri vurgulanmaktadır. Ancak, finansal gelişmenin belirleyicilerinin neler olduğu konusunda henüz bir uzlaşma sağlanamamıştır. Bu çalışma, ülkelerarası finansal gelişmişlik farklılıklarını açıklamada kurumsal faktörlerin rolünü tartışmaktadır. Bu amaçla çalışmada, finansal gelişmenin ekonomik ve kurumsal belirleyicileri geçiş ekonomileri için araştırılmıştır. 1995-2012 dönemini kapsayan çalışmada statik panel veri analiz tekniği kullanılmıştır. Kurumsal yapının göstergesi olarak 10 farklı değişkenin kullanıldığı çalışmadan elde edilen sonuçlara göre; geçiş ekonomilerinde, ekonomik göstergelerin yanı sıra sosyoekonomik durum, dinsel gerilimler, kanun ve düzen, etnik gerilimler, yatırım profili, yolsuzluk ve demokratik sorumluluk gibi kurumsal yapıyı temsil eden göstergeler de finansal gelişmenin önemli birer belirleyicisi konumundadır.
Anahtar Kelime: Institutional Determinants of Financial Development: The Case of Transition Economies
Öz: It has long been emphasized that financial development is one of the major determinants of sustainable economic growth. However, a consensus on the determinants of financial development hasn't been reached yet. This study discusses the role of institutional factors in explaining the cross-country differences in financial development. For this purpose, the economic and institutional determinants of financial development for transition economies are investigated. In the study, covering the 1995-2012 period, static panel data analysis is used. According to the results obtained from the study in which ten different variables are used as an indicator of the institutional structure; indicators that represent the institutional structure such as socioeconomic conditions, religious tensions, law and order, ethnic tensions, investment profile, corruption, and democratic accountability are also important determinants of financial development in transition economies as well as economic indicators.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Acemoğlu, D.; Johnson, S. ve Robinson, J. (2004). Institutions as the Fundamental Cause of Long-Run Growth, NBER Working Paper 10481.
- Ang, J.B. (2008). What are the Mechanisms Linking Financial Development and Economic Growth in Malaysia?, Economic Modelling, 25(1): 38-53.
- Arestis, P.; Demetriades, P. ve Luintel, K. B. (2001). Financial Development and Economic Growth: The Role of Stock Markets. Journal of Money, Credit and Banking, 33(1): 16-41.
- Ayadi, R.; Arbak, E.; Naceur, S. B. ve De Groen, W. P. (2013). Determinants of Financial Development Across the Mediterranean, MEDPRO Technical Report No. 29.
- Ayaydın, H.; Hayaloğlu, P. ve Baltacı, N. (2013). Hisse Senedi Piyasasının Gelişmesinin Makroekonomik ve Kurumsal Belirleyicileri Üzerine Bir Araştırma: Panel Veri Analizi, The Journal of Academic Social Science Studies, 6(4): 125-142.
- Baltagi, B. H.; Demetriades, P. ve Law, S.H. (2007). Financial Development, Openness and Institutions: Evidence from Panel Data, Center for Policy Research Working Papers No.7.
- Beck, T.; Demirgüç-Kunt, A. ve Levine, R. (2003). Law, Endowments, and Finance, Journal of Financial Economic, 70(2): 137- 181.
- Ben Naceur, S.; Ghazouani, S., ve Omrani, M. (2007). The Determinants of Stock Market Development in the MENA Region, Managerial Finance, 33(7): 477-489.
- Boyd, J.H.; Levine, R., ve Smith, B.D. (2001). The Impact of Inflation on Financial Sector Performance, Journal of Monetary Economics, 47(2): 221-248.
- Calderon, C.; Chong, A. ve Galindo, A. (2001). Structure and Development of Financial Institutions and Links with Trust: Cross-Country Evidence, Inter-American Development Bank Working Paper 444.
- Caporale, G. M.; Howells, P. ve Soliman, A. M. (2005). Endogenous Growth Models and Stock Market Development: Evidence from Four Countries, Review of Development Economics, 9(2): 166-176.
- Cherif, Mondher ve Dreger, Christian (2014). Institutional Determinants of Financial Development in MENA Countries, DIW Berlin Discussion Paper No. 1422.
- Cherif, Mondher ve Gazdar, Kaouthar (2010). Macroeconomic and Institutional Determinants of Stock Market Development in MENA Region: New Results from a Panel Data Analysis, The International Journal of Banking and Finance, 7(1): 139-159.
- Chinn, M. D. ve Ito, H. (2005). What Matters for Financial Development? Capital Controls, Institutions, and Interaction, NBER Working Paper, No.11370: 1-43.
- Demirgüç-Kunt, A. ve Maksimovic, V. (1998). Law, Finance and Firm Growth, Journal of Finance, 53(6): 2107-2137.
- Djankov, S.; McLiesh, C. ve Shleifer, A. (2007). Private Credit in 129 Countries, Journal of Financial Economics, 84(2): 299- 329.
- Do, Q. T. ve A. A. Levchenko (2004). Trade and Financial Development, World Bank Working Paper Series No. 3347.
- El-Wassal, A. K. (2005). Understanding the Growth in Emerging Stock Markets, Journal of Emerging Market Finance, 4: 227-61.
- Garcia, V.F. ve Liu, L. (1999). Macroeconomic Determinants of Stock Market Development, Journal of Applied Economics, II(1): 29-59.
- Gimet, C. ve Segot, T.L. (2012). Financial Sector Development and Access to Finance. Does Size Say it All?, Emerging Markets Review, 13: 316-337.
- Girma, S. ve Shortland, A. (2004). The Political Economy of Financial Development, University of Leicester, Papers in Economics 04/21.
- Gurley, J.G. ve Shaw, E.S. (1960). Money in a Theory of Finance, Washington, DC: Brookings Institution.
- Haslag, J. H. ve Koo, J. (1999). Financial Repression, Financial Development and Economic Growth, Federal Reserve Bank of Dallas, Working Paper No. 9902.
- Huybens, E. ve Smith, B. D. (1999). Inflation, Financial Markets and Long-run Real Activity, Journal of Monetary Economics, 43: 283-315.
- Jaffee, D. ve M. Levonian (2001). Structure of Banking Systems in Developed and Transition Economies, European Financial Management, 7(2): 161-81.
- Kiendrebeogo, Youssouf (2012). Understanding the Causal Links between Financial Development and International Trade, Etudes et Documents No. 34.
- King, R.G. ve R. Levine (1993). Finance and Growth: Schumpeter Might Be Right, Economic Journal, 107: 771-782.
- La Porta, R.; Lopez-de-Silanes, F.; Shleifer, A. ve Vishny, R. W. (1997). Legal Determinants of External Finance, Journal of Finance, 52(3): 1131-1150.
- La Porta, R.; Lopez-de-Silanes, F.; Shleifer, A. ve Vishny, R. W. (1998). Law and Finance, Journal of Political Economy, 106: 1113- 1155.
- Law, S.H. ve Habibullah, M.S. (2009). The Determinants of Financial Development: Institutions, Openness and Financial Liberalization, South African Journal of Economics, 77(1): 45-58.
- Levine R. ve Zervos S. (1998). Stock Market, Banks and Economic Growth, American Economic Review, 88: 537-558.
- McCaig, B. ve T. Stengos (2005). Financial Intermediation and Growth: Some Robustness Results, Economics Letters, 88(3): 306- 312.
- McKinnon, R. I. (1973). Money and Capital in Economic Development, Washington, DC: The Brookings Institution
- Schumpeter, Joseph Alois (1911). The Theory of Economic Development, Massachusetts: Cambridge.
- Shaw, E. S. (1973). Financial Deepening in Economic Development, New York: Oxford University Press. World Bank (2015). WDI.
- Yartey, C. A. (2010). The Institutional and Macroeconomic Determinants of Stock Market Development in Emerging Economies, Applied Financial Economics, 20: 1615-1625.
| APA | Hayaloğlu P, Artan S (2016). Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. , 70 - 87. |
| Chicago | Hayaloğlu Pınar,Artan Seyfettin Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. (2016): 70 - 87. |
| MLA | Hayaloğlu Pınar,Artan Seyfettin Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. , 2016, ss.70 - 87. |
| AMA | Hayaloğlu P,Artan S Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. . 2016; 70 - 87. |
| Vancouver | Hayaloğlu P,Artan S Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. . 2016; 70 - 87. |
| IEEE | Hayaloğlu P,Artan S "Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri." , ss.70 - 87, 2016. |
| ISNAD | Hayaloğlu, Pınar - Artan, Seyfettin. "Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri". (2016), 70-87. |
| APA | Hayaloğlu P, Artan S (2016). Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. TİSK Akademi, 11(21), 70 - 87. |
| Chicago | Hayaloğlu Pınar,Artan Seyfettin Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. TİSK Akademi 11, no.21 (2016): 70 - 87. |
| MLA | Hayaloğlu Pınar,Artan Seyfettin Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. TİSK Akademi, vol.11, no.21, 2016, ss.70 - 87. |
| AMA | Hayaloğlu P,Artan S Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. TİSK Akademi. 2016; 11(21): 70 - 87. |
| Vancouver | Hayaloğlu P,Artan S Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri. TİSK Akademi. 2016; 11(21): 70 - 87. |
| IEEE | Hayaloğlu P,Artan S "Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri." TİSK Akademi, 11, ss.70 - 87, 2016. |
| ISNAD | Hayaloğlu, Pınar - Artan, Seyfettin. "Geçiş Ekonomilerinde Finansal Gelişmenin Kurumsal Belirleyicileri". TİSK Akademi 11/21 (2016), 70-87. |
