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THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP

Yıl 2022, Cilt: 6 Sayı: 11, 22 - 42, 25.02.2022
https://doi.org/10.30520/tjsosci.1057368

Öz

This study was conducted to determine the relationship between economic growth and financial development in Turkey for the period 1998:Q1 to 2021:Q1. For this purpose, following traditional practices, economic growth is monitored using the real gross domestic products’ changes. Financial development(FD) of Turkey’s monitored by using two aspects of financial development that are found equally important. These aspects are ‘financial institutions development’(FID) and ‘financial markets development’(FMD). Within the scope of the study, which is designed as a time series study, unit root and stationarity process tests were performed. Finding the series stationary, vector autoregressive model (VAR) is proposed. After lag length selection with the stable model, impulse response(IR) analyses were performed. After the IR analyses variance decomposition was performed using the Cholesky method. Both the economic development and financial development are considered to be important for Turkey and they have a relationship. The variables used in the study were found to be representative but not enough to conduct political or financial decisions. With the digital transformation, new variables should also be searched to represent the financial development and economic growth.

Kaynakça

  • Ağazade, S., & Karakaya, A. (2019). Finansal Gelişme Ve Ekonomik Büyüme: OECD Ülkeleri Örneğinde Panel Nedensellik Analizi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 471–484. https://doi.org/10.30798/makuiibf.526723
  • Aimer, N. M. M. (2021). The Direction of Causality between Economic Growth and Financial Development in Upper Middle-Income Countries. Üst Orta Gelirli Ülkelerde Ekonomik Büyüme Ile Finansal Gelişme Arasındaki Nedensellik Yönü., 5(1), 49–68. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=e5h&AN=151244731&lang=tr&site=eds-live
  • Akyol, H. (2019). Reel Aktivite Ve Hisse Senedi Getirileri Arasındaki İlişkinin Teorik Ve Ampirik Olarak İncelenmesi. The Journal of International Social Research, 12(67), 814–821. https://doi.org/10.17719/jisr.2019.3768
  • Apergis, N., Filippidis, I., & Economidou, C. (2007). Financial deepening and economic growth linkages: A panel data analysis. Review of World Economics, 143(1), 179–198. https://doi.org/10.1007/s10290-007-0102-3
  • Aslan, Ö., & Levent Korap, H. (2006). Türkiye’de Finansal Gelişme Ekonomik Büyüme İlişkisi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi (İLKE), 17(Güz), 1–20. Retrieved from https://dergipark.org.tr/tr/download/article-file/217322
  • BIS. (2021a). Credit to the non-financial sector. Retrieved August 4, 2021, from https://www.bis.org/statistics/totcredit.htm?m=6%7C380%7C669
  • BIS. (2021b, June 7). Credit-to-GDP gaps. Retrieved August 4, 2021, from https://www.bis.org/statistics/c_gaps.htm?m=6%7C380%7C670
  • Borsa İstanbul A.Ş. (2021). Borsa İstanbul Pay Piyasası Verileri. Retrieved August 4, 2021, from https://borsaistanbul.com/tr/sayfa/303/pay-piyasasi-verileri-piyasa-verileri
  • Brooks, C. (2008). Introductory Econometrics for Finance (Second Edi). Cambridge University Press.
  • Brooks, C. (2014). Introductory Econometrics for Finance. (C. Brooks, Ed.) (3rd ed.). Cambridge University Press, New York: Cambridge University Press. Retrieved from https://www.cambridge.org/bs/academic/textbooks/introductory-econometrics
  • Çeştepe, H., & Yıldırım, E. (2016). Türkiye’de Finansal Gelişme Ve Ekonomik Büyüme İlişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(ICAFR 16 Özel Sayısı), 12–26. Retrieved from https://dergipark.org.tr/tr/download/article-file/1125548
  • Daver, G. (2021). Relation of Bank Credits and Manufacturing Industry Capacity Usage Ratio : Economic Activity Interaction. In GELISIM–UWE: 5th International Conference On Economics And Finance. Retrieved from https://panel.gelisim.edu.tr/assets/2021/dokumanlar/guicefm/Gizay Daver_1a2db5a3d172425c935547e1a7bd64cf.pdf
  • Demez, S., Kizilkaya, O., & Dag, M. (2019). Finansal Gelişme ve Büyüme İlişkisi: Türkiye için Bootstrap Nedensellik Analizi. Relationship Between Financial Development and Growth: Bootstrap Causality Analysis for Turkey., 10(3), 617–628. Retrieved from http://10.0.79.185/berj.2019.189
  • Demir, Y., Öztürk, E., & Albeni, M. (2007). Türkiye’de Finansal Piyasalar ile Ekonomik Büyüme İlişkisi. Karamanoğlu Mehmetbey Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2007(2), 438–455. Retrieved from https://app.trdizin.gov.tr/makale/TnpVek5URXg/turkiye-de-finansal-piyasalar-ile-ekonomik-buyume-iliskisi
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057. https://doi.org/10.2307/1912517
  • Dornbusch, R., & Fischer, S. (1994). Macroeconomics (6th ed.). McGraw-Hill.
  • Drehmann, M., & Tsatsaronis, K. (2014). The credit-to-GDP gap and countercyclical capital buffers: questions and answers. BIS Quarterly Review.
  • Enders, W. (1995). Applied econometric time series (2nd ed.). Wiley.
  • Enders, W. (2010). Applied econometric time series (3rd ed.). Wiley.
  • Enders, W. (2014). Applied Econometric Time Series (4th ed.). Wiley. Retrieved from https://www.wiley.com/en-us/Applied+Econometric+Time+Series%2C+4th+Edition-p-9781118808566
  • Enders, W., & Granger, C. W. J. (1998). Unit-Root Tests and Asymmetric Adjustment With an Example Using the Term Structure of Interest Rates. Journal of Business & Economic Statistics, 16(3), 304–311. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/07350015.1998.10524769
  • Eyüboğlu, K., & Akan, K. (2020). Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisi: RALS-EG Eşbütünleşme Testi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974–988. https://doi.org/10.32709/akusosbil.627788
  • Goodwin, R. M., & Robinson, J. (1952). The Rate of Interest and Other Essays. The Economic Journal, 62(248), 930. https://doi.org/10.2307/2226559
  • Granger, C. W. J., & Newbold, P. (1974). Spurious Regressions In Econometrics. Journal of Econometrics, 2(6), 111–120.
  • Hill, R. C., E. Griffiths, W., & Lim, G. C. (2018). Principles of Econometrics (5th ed.). Wiley. Retrieved from https://www.wiley.com/en-us/Principles+of+Econometrics%2C+5th+Edition-p-9781119320944
  • Işık, H. B., & Bilgin, O. (2016). Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757–1765. Retrieved from http://www.itobiad.com/tr/download/article-file/225589
  • Kandır, S., Yılmaz, Ö., & Önal, Y. B. (2007). Finansal Gelişme Ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311–326. Retrieved from https://dergipark.org.tr/en/download/article-file/50391
  • Kar, M., & Pentecost, E. J. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue. Loughborough UniversityLoughboroughLeics., LE11 3TU UK. Retrieved from https://www.researchgate.net/publication/228581900_Financial_development_and_economic_growth_in_Turkey_further_evidence_on_the_causality_issue
  • King, R. G., & Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406
  • Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35(2), 688–726. Retrieved from http://www.jstor.org/stable/2729790
  • Levine, R. (2005). Finance and Growth: Theory and Evidence. In P. Aghion & S. N. Durlauf (Eds.), Handbook of Economic Growth (pp. 865–934). Elsevier B.V. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Lucas, R. E. (1988). On The Mechanics Of Economic Development. Journal of Monetary Economics, 22, 3–42.
  • Mankiw, N. G. (1989). Real Business Cycles: A New Keynesian Perspective. The Journal of Economic Perspectives, 3(3), 79–90. Retrieved from https://www.jstor.org/stable/1942761
  • Mankiw, N. G. (2019). Priniciples of Economics (9th ed.). Cengage.
  • Mike, F., & Alper, A. E. (2021). Kırılgan Ekonomilerde Finansal Gelişme Düzeyinin Ekonomik Büyüme Üzerindeki Etkisi. The Effect of Financial Development on Economic Growth in Fragile Economics., 12(1), 49–64. Retrieved from http://10.0.79.185/berj.2021.310
  • Mishkin, F. S., & Eakins, S. G. (2012). Financial Markets & Institutions (7th ed., Vol. 28). Prentice Hall.
  • Nyasha, S., & Odhiambo, N. M. (2014). Bank-based financial development and economic growth: A review of international literature. Journal of Financial Economic Policy, 6(2), 112–132. https://doi.org/10.1108/JFEP-07-2013-0031
  • Öztürk, N., Kılıç Darıcı, H., & Kesikoğlu, F. (2011). Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar İçin Bir Panel Nedensellik Analizi. Marmara Üniversitesi İ.İ.B.F. Dergisi, XXX(I), 53–69. Retrieved from https://dergipark.org.tr/tr/download/article-file/3757
  • Patrick, H. T. (1966). Financial Development and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, 14(2), 174–189. https://doi.org/10.1086/450153
  • Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335–346. https://doi.org/10.1093/biomet/75.2.335
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FİNANSAL GELİŞMENİN YENİ YÖNLERİNİ ARAYIŞTA TÜRKİYE ÖRNEĞİ: EKONOMIK BÜYÜME İLİŞKİSİ

Yıl 2022, Cilt: 6 Sayı: 11, 22 - 42, 25.02.2022
https://doi.org/10.30520/tjsosci.1057368

Öz

Bu çalışma, Türkiye'de ekonomik büyüme ve finansal gelişme arasındaki ilişkiyi 1998:Q1 - 2021:Q1 dönemi için belirlemek amacıyla yapılmıştır. Bu amaçla geleneksel uygulamalar takip edilerek, reel gayri safi yurtiçi hasıla değişimleri kullanılarak ekonomik büyüme izlenmektedir. Türkiye'nin finansal gelişimi (FD), finansal gelişmenin eşit derecede önemli bulunan iki yönü kullanılarak izlenmektedir. Bu yönler, 'finansal kurumların gelişimi' (FID) ve 'finansal piyasaların gelişimi' (FMD). Zaman serisi çalışması olarak tasarlanan çalışma kapsamında birim kök ve durağanlık süreç testleri yapılmıştır. Seriyi durağan bulan vektör otoregresif model (VAR) önerilmiştir. Kararlı model ile gecikme uzunluğu seçiminden sonra etkitepki (IR) analizleri yapılmıştır. IR analizlerinden sonra Cholesky yöntemi kullanılarak varyans ayrıştırması yapılmıştır. Hem ekonomik kalkınma hem de finansal kalkınma Türkiye için önemli kabul edilmekte ve aralarında bir ilişki bulunmaktadır. Çalışmada kullanılan değişkenlerin temsil yeteneği olduğu ancak siyasi veya finansal kararlar almak için yeterli olmadığı görülmüştür. Dijital dönüşümle birlikte finansal gelişme ve ekonomik büyümeyi temsil edecek yeni değişkenler de aranmalıdır.

Kaynakça

  • Ağazade, S., & Karakaya, A. (2019). Finansal Gelişme Ve Ekonomik Büyüme: OECD Ülkeleri Örneğinde Panel Nedensellik Analizi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 471–484. https://doi.org/10.30798/makuiibf.526723
  • Aimer, N. M. M. (2021). The Direction of Causality between Economic Growth and Financial Development in Upper Middle-Income Countries. Üst Orta Gelirli Ülkelerde Ekonomik Büyüme Ile Finansal Gelişme Arasındaki Nedensellik Yönü., 5(1), 49–68. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=e5h&AN=151244731&lang=tr&site=eds-live
  • Akyol, H. (2019). Reel Aktivite Ve Hisse Senedi Getirileri Arasındaki İlişkinin Teorik Ve Ampirik Olarak İncelenmesi. The Journal of International Social Research, 12(67), 814–821. https://doi.org/10.17719/jisr.2019.3768
  • Apergis, N., Filippidis, I., & Economidou, C. (2007). Financial deepening and economic growth linkages: A panel data analysis. Review of World Economics, 143(1), 179–198. https://doi.org/10.1007/s10290-007-0102-3
  • Aslan, Ö., & Levent Korap, H. (2006). Türkiye’de Finansal Gelişme Ekonomik Büyüme İlişkisi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi (İLKE), 17(Güz), 1–20. Retrieved from https://dergipark.org.tr/tr/download/article-file/217322
  • BIS. (2021a). Credit to the non-financial sector. Retrieved August 4, 2021, from https://www.bis.org/statistics/totcredit.htm?m=6%7C380%7C669
  • BIS. (2021b, June 7). Credit-to-GDP gaps. Retrieved August 4, 2021, from https://www.bis.org/statistics/c_gaps.htm?m=6%7C380%7C670
  • Borsa İstanbul A.Ş. (2021). Borsa İstanbul Pay Piyasası Verileri. Retrieved August 4, 2021, from https://borsaistanbul.com/tr/sayfa/303/pay-piyasasi-verileri-piyasa-verileri
  • Brooks, C. (2008). Introductory Econometrics for Finance (Second Edi). Cambridge University Press.
  • Brooks, C. (2014). Introductory Econometrics for Finance. (C. Brooks, Ed.) (3rd ed.). Cambridge University Press, New York: Cambridge University Press. Retrieved from https://www.cambridge.org/bs/academic/textbooks/introductory-econometrics
  • Çeştepe, H., & Yıldırım, E. (2016). Türkiye’de Finansal Gelişme Ve Ekonomik Büyüme İlişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(ICAFR 16 Özel Sayısı), 12–26. Retrieved from https://dergipark.org.tr/tr/download/article-file/1125548
  • Daver, G. (2021). Relation of Bank Credits and Manufacturing Industry Capacity Usage Ratio : Economic Activity Interaction. In GELISIM–UWE: 5th International Conference On Economics And Finance. Retrieved from https://panel.gelisim.edu.tr/assets/2021/dokumanlar/guicefm/Gizay Daver_1a2db5a3d172425c935547e1a7bd64cf.pdf
  • Demez, S., Kizilkaya, O., & Dag, M. (2019). Finansal Gelişme ve Büyüme İlişkisi: Türkiye için Bootstrap Nedensellik Analizi. Relationship Between Financial Development and Growth: Bootstrap Causality Analysis for Turkey., 10(3), 617–628. Retrieved from http://10.0.79.185/berj.2019.189
  • Demir, Y., Öztürk, E., & Albeni, M. (2007). Türkiye’de Finansal Piyasalar ile Ekonomik Büyüme İlişkisi. Karamanoğlu Mehmetbey Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2007(2), 438–455. Retrieved from https://app.trdizin.gov.tr/makale/TnpVek5URXg/turkiye-de-finansal-piyasalar-ile-ekonomik-buyume-iliskisi
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057. https://doi.org/10.2307/1912517
  • Dornbusch, R., & Fischer, S. (1994). Macroeconomics (6th ed.). McGraw-Hill.
  • Drehmann, M., & Tsatsaronis, K. (2014). The credit-to-GDP gap and countercyclical capital buffers: questions and answers. BIS Quarterly Review.
  • Enders, W. (1995). Applied econometric time series (2nd ed.). Wiley.
  • Enders, W. (2010). Applied econometric time series (3rd ed.). Wiley.
  • Enders, W. (2014). Applied Econometric Time Series (4th ed.). Wiley. Retrieved from https://www.wiley.com/en-us/Applied+Econometric+Time+Series%2C+4th+Edition-p-9781118808566
  • Enders, W., & Granger, C. W. J. (1998). Unit-Root Tests and Asymmetric Adjustment With an Example Using the Term Structure of Interest Rates. Journal of Business & Economic Statistics, 16(3), 304–311. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/07350015.1998.10524769
  • Eyüboğlu, K., & Akan, K. (2020). Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisi: RALS-EG Eşbütünleşme Testi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974–988. https://doi.org/10.32709/akusosbil.627788
  • Goodwin, R. M., & Robinson, J. (1952). The Rate of Interest and Other Essays. The Economic Journal, 62(248), 930. https://doi.org/10.2307/2226559
  • Granger, C. W. J., & Newbold, P. (1974). Spurious Regressions In Econometrics. Journal of Econometrics, 2(6), 111–120.
  • Hill, R. C., E. Griffiths, W., & Lim, G. C. (2018). Principles of Econometrics (5th ed.). Wiley. Retrieved from https://www.wiley.com/en-us/Principles+of+Econometrics%2C+5th+Edition-p-9781119320944
  • Işık, H. B., & Bilgin, O. (2016). Finansal Gelişme ve Ekonomik Büyüme İlişkisi Türkiye Örneği. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757–1765. Retrieved from http://www.itobiad.com/tr/download/article-file/225589
  • Kandır, S., Yılmaz, Ö., & Önal, Y. B. (2007). Finansal Gelişme Ve Ekonomik Büyüme Arasındaki İlişkinin Araştırılması. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311–326. Retrieved from https://dergipark.org.tr/en/download/article-file/50391
  • Kar, M., & Pentecost, E. J. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue. Loughborough UniversityLoughboroughLeics., LE11 3TU UK. Retrieved from https://www.researchgate.net/publication/228581900_Financial_development_and_economic_growth_in_Turkey_further_evidence_on_the_causality_issue
  • King, R. G., & Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406
  • Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35(2), 688–726. Retrieved from http://www.jstor.org/stable/2729790
  • Levine, R. (2005). Finance and Growth: Theory and Evidence. In P. Aghion & S. N. Durlauf (Eds.), Handbook of Economic Growth (pp. 865–934). Elsevier B.V. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Lucas, R. E. (1988). On The Mechanics Of Economic Development. Journal of Monetary Economics, 22, 3–42.
  • Mankiw, N. G. (1989). Real Business Cycles: A New Keynesian Perspective. The Journal of Economic Perspectives, 3(3), 79–90. Retrieved from https://www.jstor.org/stable/1942761
  • Mankiw, N. G. (2019). Priniciples of Economics (9th ed.). Cengage.
  • Mike, F., & Alper, A. E. (2021). Kırılgan Ekonomilerde Finansal Gelişme Düzeyinin Ekonomik Büyüme Üzerindeki Etkisi. The Effect of Financial Development on Economic Growth in Fragile Economics., 12(1), 49–64. Retrieved from http://10.0.79.185/berj.2021.310
  • Mishkin, F. S., & Eakins, S. G. (2012). Financial Markets & Institutions (7th ed., Vol. 28). Prentice Hall.
  • Nyasha, S., & Odhiambo, N. M. (2014). Bank-based financial development and economic growth: A review of international literature. Journal of Financial Economic Policy, 6(2), 112–132. https://doi.org/10.1108/JFEP-07-2013-0031
  • Öztürk, N., Kılıç Darıcı, H., & Kesikoğlu, F. (2011). Ekonomik Büyüme ve Finansal Gelişme İlişkisi: Gelişmekte Olan Piyasalar İçin Bir Panel Nedensellik Analizi. Marmara Üniversitesi İ.İ.B.F. Dergisi, XXX(I), 53–69. Retrieved from https://dergipark.org.tr/tr/download/article-file/3757
  • Patrick, H. T. (1966). Financial Development and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, 14(2), 174–189. https://doi.org/10.1086/450153
  • Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335–346. https://doi.org/10.1093/biomet/75.2.335
  • Sahay, R., Čihák, M., Barajas, A., Bi, R., Ayala, D., Gao, Y., … Reza Yousefi, S. (2015). Rethinking Financial Deepening: Stability and Growth in Emerging Markets (SDN/15/08).
  • Schumpeter, J. A. (1934). The theory of economic development. Harvard economic studies, vol. XLVI. Harvard Economic Studies (Vol. 34). Harvard Economic Studies 46.
  • Sims, C. A. (1980). Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered. The American Economic Review, 70(2), 250–257. Retrieved from https://www.jstor.org/stable/1815476
  • Sims, C. A. (1986). Are Forecasting Models Usable for Policy Analysis? Quarterly Review, 10(1), 2–17. https://doi.org/10.21034/qr.1011
  • Sims, C. A. (1992). Interpreting the macroeconomic time series facts: The effects of monetary policy. European Economic Review, 36(5), 975–1000. https://doi.org/10.1016/0014-2921(92)90041-T
  • Svirydzenka, K. (2016). Introducing a New Broad-based Index of Financial Development Introducing a New Broad-based Index of Financial Development 1 Prepared by Katsiaryna Svirydzenka (No. WP/16/5). Retrieved from https://www.imf.org/external/pubs/ft/wp/2016/wp1605.pdf
  • Tarı, R. (2010). Ekonometri (6th ed.). 2010: UmutTepe. Retrieved from https://www.dr.com.tr/Kitap/Ekonometri/Ders-Sinav-Kitaplari/Universite-Ders-Kitaplari/Iktisatekonomi/urunno=0000000332501
  • TCMB. (2021a). EVDS | Kredi/GSYİH oranları - Finans dışı özel sektörün toplam kredi kullanımı (BIS)(Üç Aylık). Retrieved August 4, 2021, from https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket
  • TCMB. (2021b). EVDS | Toplam Kredi - Finansal Kesim Dışındaki Firmalar. Retrieved August 4, 2021, from https://evds2.tcmb.gov.tr/index.php?/evds/dashboard/4772
  • TCMB. (2021c). EVDS | Tüm Seriler. Retrieved August 4, 2021, from https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket
  • The World Bank. (2021). Market capitalization of listed domestic companies (current US$) - Turkey | Data. Retrieved August 4, 2021, from https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?locations=TR
  • Ünalmiş, D. (2002). The Causality Between Financial Development And Economic Growth: The Case Of Turkey (No. 3). Ankara.
  • Vurur, N. S. (2020). Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Örneği. Uşak Üniversitesi Sosyal Bilimler Dergisi, 13(2), 130–140. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=asn&AN=148349916&lang=tr&site=eds-live
  • Yayla, N., Felek, Ş., & Çağlar, A. (2018). Türkiye’de AB Doğrudan Yatırımları, Finansal Gelişme Ve Ekonomik Büyüme İlişkisine ARDL Yaklaşımı. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 11(20), 63–82. https://doi.org/10.18092/ulikidince.330994
Toplam 54 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Gizay Daver 0000-0001-5427-0741

Erken Görünüm Tarihi 23 Şubat 2022
Yayımlanma Tarihi 25 Şubat 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 6 Sayı: 11

Kaynak Göster

APA Daver, G. (2022). THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP. The Journal of Social Science, 6(11), 22-42. https://doi.org/10.30520/tjsosci.1057368