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The Effect of the Financial Development on Income Level of Transition Economies

Yıl 2013, Cilt: 13 Sayı: 1, 125 - 136, 01.02.2013

Seymur Ağazade

Öz

Using panel data methods and annual data for the period 19952010, this study attempts to examine the effects of various financial development indicators on the income level in 19 transition economies and two subgroups with differing levels of socioeconomic development. These countries have relatively weak financial system compared with developed market economies. Subgroups are formed for 11 Central and Eastern Europe (CEE) transition economies and 8 former Soviet Union (CIS) members. Panel data estimations show that developments in the financial system contribute to the income level for all country groups. Increase in banking lending, realization of banking reforms, liberalization of interest rates, and increase in domestic savings influence the income level in the CEE lower than in the CIS. Securities markets and non-bank financial institutions reforms support the income level increases in the CEE countries, but in CIS countries where the level of this variable is rather low; such an effect is not observed

Anahtar Kelimeler

Financial development income level transition economies panel data

Kaynakça

  • Akimov, A., Wijeweera, A. ve Dollery, B. (2009) “Financial Development and Economic Growth: Evidence from Transition Economies” Applied Financial Economics, 19(12):999-1008.
  • Beck, T., Levine, R. ve Loayza, N. (2000) “Finance and the Sources of Growth” Journal of Financial Economics, 58(1-2): 261-300.
  • Becsi, Z. ve Wang, P. (1997) “Financial Development and Growth” Federal Reserve Bank of Atlanta Economic Review, 4:46-62.
  • Bencivenga, V.R. ve Smith, B.D. (1991) “Financial Intermediation and Endogenous Growth” The Review of Economic Studies, 58(2):195-209.
  • Capasso, S. (2003) “Financial Markets, Development and Economic Growth: Tales of Informational Asymmetries” University of Naples Parthenope Working Paper Series, No: 2.
  • Caporale, G.M., Rault, C., Sova, R. ve Sova, A. (2009) “Financial Development and Economic Growth: Evidence from Ten New EU Members” Discussion Papers of DIW Berlin, No:940.
  • Caporale, G.M. ve Spagnolo, N. (2011) “Stock Market and Economic Growth: Evidence from Three CEECs” Brunel University London Department of Economics and Finance Working Paper Series, No:11-16.
  • Cojocaru, L., Hoffman, S.D. ve Miller, J.B. (2012) “Financial Development and Economic Growth in Transition Economies: Empirical Evidence from the CEE and CIS Countries” University of Delaware, Department of Economics Working Paper Series, No:11-22.
  • Dawson, P.J. (2003) “Financial Development and Growth in Economies in Transition” Applied Economics Letters, 10(13):833-836.
  • Fink, G. ve Haiss, P. (1999) “Central European Financial Markets from an EU Perspective: Theoretical Aspects and Statistical Analyses” IEF Working Paper Series, No:34.
  • Fink, G., Haiss, P. ve Vukšić, G. (2004) “Changing Importance of Financial Sectors for Growth from Entrepreneurship and Growth: Theory and Evidence” Transition to Cohesion and European Integration” IEF Working Paper Series, No:58.
  • Fink, G., Haiss, P. ve Mantler, H.C. (2005) “The Finance-Growth Nexus Market Economies vs. Transition Countries” EI Working Papers / Europainstitut, No:64.
  • Gärtner, M. (2003) Macro Economics, United Kingdom, Pearson Education.
  • Greene, W.H. (2000) Econometric Analysis, Fourth Edition, New Jersey, Upper Saddle River Prentice Hall.
  • Greenwood, J. ve Jovanovic, B. (1990) “Financial Development, Growth, and the Distribution of Income” The Journal of Political Economy, 98(5):1076-1107.
  • Gylfason, T. (1999) Principles of Economic Growth, New York, Oxford University Press Inc.
  • Hassan, M.K., Sanchez, B. ve Yu, J. (2011) “Financial Development and Economic Growth: New Evidence from Panel Data” The Quarterly Review of Economics and Finance, 51(1):88-104.
  • Jaffee, D. ve Levonian, M. (2001) “The Structure of Banking Systems in Developed and Transition Economies” European Financial Management, 7(2):161-81.
  • Jbili, A., Enders, K. ve Volker, T. (1997) “Financial Sector Reforms in Algeria, Morocco, and Tunisia: A Preliminary Assessment” IMF Working Paper Series, No:97/81.
  • King, R.G. ve Levine, R. (1992) “Financial Indicators and Growth in a Cross Section of Countries” World Bank Working Paper Series, No:819.
  • King, R.G. ve Levine, R. (1993a) “Finance and Growth: Schumpeter Might be Right” Quarterly Journal of Economics, 108(3):717-738.
  • King, R.G. ve Levine, R. (1993b) “Finance,
  • Koivu, T. (2002) “Do Efficient Banking Sectors Accelerate Economic Growth in Transition Countries?” BOFIT Discussion Paper, No:14.
  • Levine, R. (1997) “Financial Development and Economic Growth: Views and Agenda” Journal of Economic Literature, 35(2):688-726.
  • Levine, R. (1999) “Law, Finance, and Economic Growth” Journal of Financial Intermediation, 8(1-2):8-35.
  • Levine, R., Loayza, N. ve Beck, T. (2000) “Financial Intermediation and Growth: Causality and Causes” Journal of Monetary Economics, 46(1):31-77.
  • Levin, A., Lin, C. ve Chu, C.(2002) “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties” Journal of Econometrics, 108(1):1-24.
  • Maddala, G.S. (2001) Introduction to Econometrics, Third Edition, England, John Wiley & Sons Ltd.
  • Mehl, A. ve Winkler, A. (2003) “The Finance- Growth Nexus and Financial Sector Environment: New Evidence from Southeast Europe” The Ninth Dubrovnik Economic Conference, June 26-28, Dubrovnik.
  • Ono, S. (2012) “Financial Development and Economic Growth: Evidence from Russia” Europe-Asia Studies, 64(2):247-256.
  • Osinski, D. (2000) “The Relationship between Financial Development and Economic Growth in Transition Economies” http://www.kse.org.ua/uploads/ file/library/2000/Asinski.pdf, (15.01.2012).
  • Patrick, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries” Economic Development and Cultural Change, 14(2):174- 89.

Geçiş Ekonomileri Örneğinde Finansal Gelişmenin Gelir Düzeyine Etkisi

Yıl 2013, Cilt: 13 Sayı: 1, 125 - 136, 01.02.2013

Seymur Ağazade

Öz

Bu çalışmada, gelişmiş piyasa ekonomileri ile karşılaştırıldığında oldukça zayıf finansal sisteme sahip 19 geçiş ekonomisinde ve sosyoekonomik gelişmişlik düzeyleri farklı iki alt grubunda finansal gelişmişlik düzeyinin gelir düzeyine etkisi, 1995-2010 yıllarına ait yıllık veri ve panel veri yöntemleri kullanılarak incelenmiştir. Alt ülke grupları 11 Merkezi ve Doğu Avrupa (CEE) ülkesi ile 8 eski Sovyetler Birliği üyesi (CIS) ülkeler için oluşturulmuştur. Çalışma sonuçları tüm ülke gruplarında finansal gelişmenin gelir düzeyini artırdığını gösterir. Finansal gelişmişlik düzeyi göstergelerinden banka kredilerinde artışın, bankacılık reformları ile faiz oranlarının serbestleştirilmesinin ve yurtiçi tasarruf artışının gelir düzeyi üzerindeki etkisi CEE ülkelerinde CIS ülkelerine oranla daha zayıftır. Menkul kıymet piyasaları ile banka dışı mali kurum reformları ise CEE ülkelerinde gelir artışını desteklerken, bu değişken düzeyinin çok düşük olduğu CIS ülkelerinde böyle bir etki gözlemlenmemiştir

Anahtar Kelimeler

Finansal gelişme gelir düzeyi geçiş ekonomileri panel veri

Kaynakça

  • Akimov, A., Wijeweera, A. ve Dollery, B. (2009) “Financial Development and Economic Growth: Evidence from Transition Economies” Applied Financial Economics, 19(12):999-1008.
  • Beck, T., Levine, R. ve Loayza, N. (2000) “Finance and the Sources of Growth” Journal of Financial Economics, 58(1-2): 261-300.
  • Becsi, Z. ve Wang, P. (1997) “Financial Development and Growth” Federal Reserve Bank of Atlanta Economic Review, 4:46-62.
  • Bencivenga, V.R. ve Smith, B.D. (1991) “Financial Intermediation and Endogenous Growth” The Review of Economic Studies, 58(2):195-209.
  • Capasso, S. (2003) “Financial Markets, Development and Economic Growth: Tales of Informational Asymmetries” University of Naples Parthenope Working Paper Series, No: 2.
  • Caporale, G.M., Rault, C., Sova, R. ve Sova, A. (2009) “Financial Development and Economic Growth: Evidence from Ten New EU Members” Discussion Papers of DIW Berlin, No:940.
  • Caporale, G.M. ve Spagnolo, N. (2011) “Stock Market and Economic Growth: Evidence from Three CEECs” Brunel University London Department of Economics and Finance Working Paper Series, No:11-16.
  • Cojocaru, L., Hoffman, S.D. ve Miller, J.B. (2012) “Financial Development and Economic Growth in Transition Economies: Empirical Evidence from the CEE and CIS Countries” University of Delaware, Department of Economics Working Paper Series, No:11-22.
  • Dawson, P.J. (2003) “Financial Development and Growth in Economies in Transition” Applied Economics Letters, 10(13):833-836.
  • Fink, G. ve Haiss, P. (1999) “Central European Financial Markets from an EU Perspective: Theoretical Aspects and Statistical Analyses” IEF Working Paper Series, No:34.
  • Fink, G., Haiss, P. ve Vukšić, G. (2004) “Changing Importance of Financial Sectors for Growth from Entrepreneurship and Growth: Theory and Evidence” Transition to Cohesion and European Integration” IEF Working Paper Series, No:58.
  • Fink, G., Haiss, P. ve Mantler, H.C. (2005) “The Finance-Growth Nexus Market Economies vs. Transition Countries” EI Working Papers / Europainstitut, No:64.
  • Gärtner, M. (2003) Macro Economics, United Kingdom, Pearson Education.
  • Greene, W.H. (2000) Econometric Analysis, Fourth Edition, New Jersey, Upper Saddle River Prentice Hall.
  • Greenwood, J. ve Jovanovic, B. (1990) “Financial Development, Growth, and the Distribution of Income” The Journal of Political Economy, 98(5):1076-1107.
  • Gylfason, T. (1999) Principles of Economic Growth, New York, Oxford University Press Inc.
  • Hassan, M.K., Sanchez, B. ve Yu, J. (2011) “Financial Development and Economic Growth: New Evidence from Panel Data” The Quarterly Review of Economics and Finance, 51(1):88-104.
  • Jaffee, D. ve Levonian, M. (2001) “The Structure of Banking Systems in Developed and Transition Economies” European Financial Management, 7(2):161-81.
  • Jbili, A., Enders, K. ve Volker, T. (1997) “Financial Sector Reforms in Algeria, Morocco, and Tunisia: A Preliminary Assessment” IMF Working Paper Series, No:97/81.
  • King, R.G. ve Levine, R. (1992) “Financial Indicators and Growth in a Cross Section of Countries” World Bank Working Paper Series, No:819.
  • King, R.G. ve Levine, R. (1993a) “Finance and Growth: Schumpeter Might be Right” Quarterly Journal of Economics, 108(3):717-738.
  • King, R.G. ve Levine, R. (1993b) “Finance,
  • Koivu, T. (2002) “Do Efficient Banking Sectors Accelerate Economic Growth in Transition Countries?” BOFIT Discussion Paper, No:14.
  • Levine, R. (1997) “Financial Development and Economic Growth: Views and Agenda” Journal of Economic Literature, 35(2):688-726.
  • Levine, R. (1999) “Law, Finance, and Economic Growth” Journal of Financial Intermediation, 8(1-2):8-35.
  • Levine, R., Loayza, N. ve Beck, T. (2000) “Financial Intermediation and Growth: Causality and Causes” Journal of Monetary Economics, 46(1):31-77.
  • Levin, A., Lin, C. ve Chu, C.(2002) “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties” Journal of Econometrics, 108(1):1-24.
  • Maddala, G.S. (2001) Introduction to Econometrics, Third Edition, England, John Wiley & Sons Ltd.
  • Mehl, A. ve Winkler, A. (2003) “The Finance- Growth Nexus and Financial Sector Environment: New Evidence from Southeast Europe” The Ninth Dubrovnik Economic Conference, June 26-28, Dubrovnik.
  • Ono, S. (2012) “Financial Development and Economic Growth: Evidence from Russia” Europe-Asia Studies, 64(2):247-256.
  • Osinski, D. (2000) “The Relationship between Financial Development and Economic Growth in Transition Economies” http://www.kse.org.ua/uploads/ file/library/2000/Asinski.pdf, (15.01.2012).
  • Patrick, H.T. (1966) “Financial Development and Economic Growth in Underdeveloped Countries” Economic Development and Cultural Change, 14(2):174- 89.
Toplam 32 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA92GT54VG
Bölüm Araştırma Makalesi
Yazarlar

Seymur Ağazade

Yayımlanma Tarihi 1 Şubat 2013
Yayımlandığı Sayı Yıl 2013 Cilt: 13 Sayı: 1

Kaynak Göster

APA Ağazade, S. (2013). The Effect of the Financial Development on Income Level of Transition Economies. Ege Academic Review, 13(1), 125-136.
AMA Ağazade S. The Effect of the Financial Development on Income Level of Transition Economies. eab. Şubat 2013;13(1):125-136.
Chicago Ağazade, Seymur. “The Effect of the Financial Development on Income Level of Transition Economies”. Ege Academic Review 13, sy. 1 (Şubat 2013): 125-36.
EndNote Ağazade S (01 Şubat 2013) The Effect of the Financial Development on Income Level of Transition Economies. Ege Academic Review 13 1 125–136.
IEEE S. Ağazade, “The Effect of the Financial Development on Income Level of Transition Economies”, eab, c. 13, sy. 1, ss. 125–136, 2013.
ISNAD Ağazade, Seymur. “The Effect of the Financial Development on Income Level of Transition Economies”. Ege Academic Review 13/1 (Şubat 2013), 125-136.
JAMA Ağazade S. The Effect of the Financial Development on Income Level of Transition Economies. eab. 2013;13:125–136.
MLA Ağazade, Seymur. “The Effect of the Financial Development on Income Level of Transition Economies”. Ege Academic Review, c. 13, sy. 1, 2013, ss. 125-36.
Vancouver Ağazade S. The Effect of the Financial Development on Income Level of Transition Economies. eab. 2013;13(1):125-36.