Finansal Gelişme ve Ekonomik Büyüme: Euro Bölgesi ve Gelişmekte Olan Avrupa Ülkeleri Arasında Karşılaştırmalı Bir Analiz

Bu çalışma finansal gelişme ve ekonomik büyüme arasındaki nedensellik ilişkisini Euro Bölgesi ve gelişmekte olan Avrupa ülkeleri kapsamında analiz etmektedir. Her iki ülke grubu için söz konusu ilişki liteatürde var olan arz itişli ve talep çekişli hipotezler bağlamında hangisinin geçerli olduğunun belirlenmesi için karşılaştırmalı bir analiz yapıl*PhD, Research Assistant, Manisa Celal Bayar University/ Faculty of Economics and Administrative Sciences/Department of Economics, filiz.eratas@cbu.edu.tr, ORCID ID: orcid.org/0000-0003-2052-340X.**PhD, Research Assistant, Sinop University/Boyabat Faculty of Economics and Administrative Sciences/Department of Economics, yagmur.saglam@sinop.edu.tr, ORCID ID: orcid.org/0000-0002-8641-7346.mıştır. Panel veri analizinin kullanıldığı amprik modelde, öncelikle değişkenlerin homojenliği Delta testi yardımıyla araştırılmış, sonrasında değişkenlerin yatay kesit bağımlılığı CDlm testi aracılığı ile incelenmiştir. Ayrıca serilerin durağanlığı ikinci nesil birim kök testti olarak adlandıralan heterojenliği ve yatay kesit bağımlılığını dikkate alan CADF testi ile sınanmıştır. Seriler arası eşbütünleşik ilişkinin varlığı ispatlandıktan sonra, uzun dönem regresyon katsayıları tahminlenmiştir. Panel nedensellik testin elde edilen sonuçlara göre, söz konusu iki farklı Avrupa grubu ülkesi için finansal gelişme ve ekonomik büyüme arasında çift yönlü feedback bir nedensellik ilişkisi vardır

FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: A COMPARATIVE ANALYSIS BETWEEN EURO AREA AND EMERGING -DEVELOPING EUROPE

This paper examines the casuality between financial development and economic growth in Euro Area and Emerging-developing European countries. In this study, there is a comparative analysis to clarify the direction of the relationship and to understand which hypothesis are already accepted in the literature such as demand-following and supply-leading available for both group of countries. Panel data analysis has been used to test the empirical model; firstly the homogeneity of the variables is investigated by Delta test and then the cross section dependence is examined with the CDlm test. Also, the stationary of the series is tested with CADF which is called second-generation unit root test and consider heterogeneity and cross section dependece. After proving the existence of the cointegration relationship between the series, the long term regression parameters are estimated. According to the empirical results obtained from panel causality test, there is a feedback relationship between economic growth and financial development for both groups of the EU countries

Keywords:

Financial Development, Economic Growth Panel Data Analysis, Panel Causality,

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