Mali Özgürlük ve Parasal Özgürlük Arasındaki İlişki: E7 Ülkeleri İçin Bir Analiz

Ülkelerin ekonomik özgürlüklerinin ölçülmesi noktasında pek çok kriter bulunmaktadır. Mali özgürlük ve parasal özgürlük de bu kriterler arasındadır. Bu çalışmada mali özgürlük ve parasal özgürlük arasındaki ilişki araştırılmaktadır. Bu kapsamda 1995-2019 dönemini kapsayan ve Heritage Vakfından temin edilen mali özgürlük ve parasal özgürlük endeks değerleri ile E7 ülkeleri (Brezilya, Çin, Endonezya, Hindistan, Meksika, Rusya, Türkiye) için bir panel veri analizi gerçekleştirilmiştir. Çalışmanın ekonometrik analizi Kónya (2006) tarafından geliştirilen bootstrap panel Granger nedensellik testi ile yapılmıştır. Çalışmadan elde edilen bulgulara göre Endonezya’da ve Türkiye’de mali özgürlük parasal özgürlüğün nedeni iken, Rusya’da mali özgürlük ve parasal özgürlük birbirinin nedenidir.

The Relationship Between Fiscal Freedom and Monetary Freedom: An Analysis for E7 Countries

There are many criteria for measuring the economic freedom of countries. Fiscal freedom and monetary freedom are also among these criteria. In this study, the relationship between fiscal freedom and monetary freedom is investigated. In this context, a panel data analysis was carried out for E7 countries (Brazil, China, India, Indonesia, Mexico, Russia, Turkey) with the fiscal freedom and monetary freedom index data provided by the Heritage Foundation, covering the period 1995-2019. The econometric analysis of the study was performed with the bootstrap panel Granger causality test developed by Kónya (2006). According to the findings obtained from the study fiscal freedom is the cause of monetary freedom in Indonesia and Turkey. On the other hand fiscal freedom and monetary freedom are the cause of the each other in Russia.

PDF

___

Akyazı, H. (2009) Türkiye Cumhuriyet Merkez Bankası‘nın (TCMB) Önemsenmeyen Bağımsızlığı, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 81-99.
Breusch, T. S., ve Pagan, A. R. (1980) The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics, The Review of Economic Studies, 47(1), 239-253.
Cebula, R. J ve Mixon, F. G. (2012) The Impact of Fiscal and Other Economic Freedoms on Economic Growth: An Empirical Analysis, International Advances in Economic Research, 18(2):139–149.
Çetenak, Ö. Ö. ve Işık, M. (2016) Ekonomik Özgürlükler ile Ekonomik Büyüme Arasındaki Nedensellik Ilişkisi: OECD Ülkeleri Üzerine Bir Uygulama, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 6(1), 1-16.
Çoban, M. N. (2020) Ekonomik Özgürlüklerin İnsani Gelişmişlik Üzerine Etkisi: Visegrad Dörtlüsü Kapsamında Panel Veri Analizi, Tesam Akademi Dergisi - Turkish Journal of TESAM Academy, 7(1), 143-162.
Dronca, A. T. (2016) The Influence of Fiscal Freedom, Government Effectiveness and Human Development Index on Tax Evasion in the European Union, Theoretical and Applied Economics, XXIII, 4(609), Winter, 5-18.
Ebeling, R. M. (2012) Sound Money, Monetary Freedom, and the Government, https://financialservices.house.gov/uploadedfiles/hhrg-112-ba19-wstate-rebeling-20120802.pdf
Gastil, R. D. (1985), Freedom in the World: Political Rights and Civil Liberties, 1983—1984. London: Greenwood Press.
Gastil, R. D. ve Wright, L. M. (1988) The State of the World: Political and Economic Freedom, in M. A. Walker (ed,) Freedom, Democracy and Economic Welfare Proceedings of an International Symposium, Canada: The Fraser Institute.
Gedik, A. M. (2019) Fiscal Freedom: An Assessment for The European Region, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 28(1), 70-91.
Hanke, S. S ve Walters S. J .K. (1997) Economic Freedom, Prosperity, and Equality:A Survey (1997), Cato Journal, 17(2), 117-146.
Heritage Vakfı (2021a) https://www.heritage.org/index/explore
Heritage Vakfı (2021b) https://www.heritage.org/index/about
Heritage Vakfı (2021c) https://www.heritage.org/index/fiscal-freedom
Heritage Vakfı (2021d) https://www.heritage.org/index/monetary-freedom
Ivanović, V. ve Stanišić, N. (2017) Monetary Freedom and Economic Growth in New European Union Member States, Economic Research-Ekonomska Istraživanja, 30(1), 453-463.
Kar, M., Nazlıoğlu, Ş, ve Ağır, H. (2011) Financial Development and Economic Growth Nexus in the MENA Countries: Bootstrap Panel Granger Causality Analysis, Economic Modelling, Elsevier, 28(1-2), 685-693.
Kharroubi, E. ve Zampolli, F. (2016) Monetary Independence in a Financially İntegrated World: What Do Measures of İnterest Rate Co-Movement Tell Us?, in: Bank for International Settlements (ed.), Expanding The Boundaries of Monetary Policy in Asia and The Pacific, 88,193-205, Bank for International Settlements.
Kónya, L. (2006) Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach, Economic Modelling, 23(6), 978-992.
Matonis, J. W. (1995) Digital Cash & Monetary Freedom, http://oz.stern.nyu.edu/fall99/readings/digicash
McGee, R. W. (2008) Fiscal Freedom in Transition Economies and the OECD: A Comparative Study, Andreas School of Business Working Paper Series, Barry University, Miami Shores.
Ockey, J. R. (2011) Economic Freedom and Fiscal Performance: A Regression Analysis of Indices of Economic Freedom on Per Capita GDP, Undergraduate Economic Review, 8(1), 1-23.
Paul, R. (2013) Why Monetary Freedom Matters, Cato Journal, 32(2), Spring/Summer 2012.
Pesaran, M. H. (2004) General Diagnostic Tests for Cross Section Dependence in Panels, University of Cambridge Working Papers in Economics No. 0435.
Pesaran, M. H., Ullah, A., ve Yamagata, T. (2008) A Bias-Adjusted LM Test of Error Cross-Section Independence, The Econometrics Journal, 11(1), 105-127.
Pesaran, M. H., ve Yamagata, T. (2008) Testing Slope Homogeneity in Large Panels, Journal of Econometrics, 142(1), 50-93.
Scully, G. W. (1992) Constitutional Environments and Economic Growth.Princeton, NJ Princeton University Press.
Selgin, G. (2020) Envisioning Monetary Freedom, Cato Journal, 40(2), 509-524.
Swamy, P. A. (1970) Efficient Inference in a Random Coefficient Regression Model, Econometrica, 38(2), 311-323.
Tsionas, E. G. (2014) Complete Fiscal Freedom in the Transition Period? in book The Euro and International Financial Stability. Edition 127, 45-49, Springer
Xue, S. ve Willett, T. D. (2018) Monetary Policy in Hong Kong: How Much Scope Is There for Independence?, Western Economic Association International 2018 Conference At: Vancouver, British Columbia, Canada.
Zellner, A. (1962) An Efficient Method of Estimating Seemingly Unrelated Regressions and Tests for Aggregation Bias, Journal of The American Statistical Association, 57(298), 348-368.