Finansal gelişmenin belirleyicileri üzerine bir değerlendirme: Literatür taraması

Finansal sektörün ekonomik gelişme sürecinde önemli bir rol oynadığı, literatürde uzun süredir vurgulanmaktadır. Özellikle içsel büyüme teorisinin ortaya çıkışıyla birlikte, bu ilişki yeniden cazip hale gelmiş ve finansal gelişmenin ekonomik büyümenin belirleyicilerinden biri olduğu belirtilmeye başlanmıştır. Ancak bütün bu literatür, finansal gelişmenin nasıl oluştuğunu yeterince açık bir şekilde açıklamamaktadır. Finansal liberalizasyon hipotezi, finansal gelişmenin nasıl ortaya çıkacağına ilişkin önemli bir başlangıç oluşturmaktadır. Ayrıca son yıllarda finansal gelişmeyi belirleyen faktörlerin ortaya konmasına ilişkin çalışmaların hızla arttığı görülmekte ve bu bağlamda, yasal orijinin, dış ticaretin ve sermaye hesabının liberalizasyonun, kurumsal yapının, mevduat sigortasının varlığının, etkin bir gözetim ve denetim mekanizmasının oluşturulmasının ve makroekonomik politika çerçevesinin finansal gelişme üzerinde etkili olduğu dile getirilmektedir.

An evaluation on the determinants of financial development: Literature survey

In the economic development process, important role of financial sector has long been emphasized in the literature. Especially with the emergence of endogenous growth theory,this relationship has again become very attractive and it is stated that financial developmentis one of the determinants of economic growth. However this whole literature did not sufficiently explain how the financial development occurs. Financial liberalization hypothesis has been a starting point to explain the financial development. In addition, recently, it is seen that studies which examine the process of financial development has increasingly increased and, within this vein, it is emphasized that legal origin, liberalizations of foreign trade and capital account, institutional structure, deposit insurance, efficient supervision and regulation and policy framework for macro economy influence financial development.

___

  • 1. Acaravcı, A., Öztürk, İ. ve Acaravcı, S. K.. (2007). Finance Growth Nexus: Evidence from Turkey. International Research Journal of Finance and Economics, 11: 3040.
  • 2. Acemoglu, D., Johnson, S. ve Robinson, J. A.. (2001). The Colonial Orijins of Comparative Development: An Empirical Investigation. American Economic Review, 91: 13691401.
  • 3. Acemoglu, D., Johnson, S. ve Robinson, J. A.. (2004). Institutions as the Fundemental Cause of Long Run Growth. NBER Working Paper, No: 10481.
  • 4. Andrianova, S., Demetriades, P. ve Shortland, A.. (2008). Government Ownership of Banks, Institutions and Financial Development, Journal of Development Economics, 85: 218252.
  • 5. Ang, J. B.. (2007). Are Financial Sector Policies Effective in Deepening the Malaysian Financial System?. Monash University, Discussion Paper, 02/07.
  • 6. Arestis, P. ve Demetriades, P.. (1997). Financial Development and Economic Growth: Assessing the Evidence. Economic Journal, 107 (442):783799.
  • 7. Arestis, P. ve Demetriades, P.. (1999). Finance and Growth: Institutional Considerations, Financial Policies and Causality. Zagreb International Review of Economics and Business, 2:3762.
  • 8. Arestis, P., Demetriades, P., Fattouh, B. ve Mouratidis, K.. (2002). The Impact of Financial Liberalization Policies on Financial Development: Evidence From Developing Economies. International Journal of Finance and Economics, 7(2): 109121.
  • 9. Arrow, K. (1962), “The Economic Implications of Learning by Doing”, Review of Economic Studies, 29, 155173.
  • 10. Barro, R. J.. (1990). “Government Spending in a Simple Model of Endogenous Growth”, Journal of Political Economy, 98, s103s125.
  • 11. Baltagi, B., Demetriades, P. ve Law, S. H.. (2007). Financial Development, Openness and Institutions. Discussion Paper in Economics, 2007/05, University of Leicester.
  • 12. Barro, R.J.. (1993). Macroeconomics, 4th Edition, New York: Wiley.
  • 13. Barth, J., Caprio, G. ve Levine, R.. (2001). “Banking System Around the Globe: Do Regulation and Ownership Affect Performance And Stability?” içinde F. Mishkin (editör). Prudential Regulation and Supervision: Why it is Important and What are the Issues, National Bureau of Economic Research.
  • 14. Beaugrand, P., Boileau, L. ve Montfort, M.. (2002). The Choice Between External and Domestic Debt in Financing Budget Deficits: The Case of Central and West African Countries. IMF Working Paper. WP/02/79.
  • 15. Beck, T. ve Levine, R.. (2004). Stock Markets, Banks and Economic Growth: Panel Evidence. Journal of Banking and Finance, 28: 423442.
  • 16. Beck, T., DemirgüçKunt, A. ve Levine, R.. (2001a). Law, Politics and Finance.World Bank Working Paper, No. 2585.
  • 17. Beck, T., DemirgüçKunt, A. ve Levine, R.. (2001b). Legal Theories of Financial Development. Oxford Review of Economic Policy, 17(4): 483501.
  • 18. Bekaert, G. ve Harvey, C.. (2000). Foreign Speculators and Emerging Equity Markets. The Journal of Finance, 55:565613.
  • 19. Bencivenga, V. ve Smith, B.. (1991). Financial Intermediation and Endogenous Growth. Review of Economic Studies, 58: 195209.
  • 20. Bental, B. ve Eden, B.. (2002). Reserve Requirements and Output Şuctuations. Journal of Monetary Economics, 49 : 1597–1620
  • 21. Ben Naceur, S., Boubakri, N. ve Ghazouani, S.. (2008). Privatization and Financial Market Development: A Comparison Between MENA Countries and Other Regions. Economic Research Forum, Working Paper No. 390.
  • 22. Bittencourt, M.. (2008). Inşation and Financial Development: Evidence from Brazil. United Nations University, Research Paper No: 2008/14.
  • 23. Borio, C.. (1997). Monetary Policy Operating Procedures in Industrial Countries. Working Paper No. 40, BIS, Basel.
  • 24. Bortolotti, B., de Jong, F., Nicodano, G. ve Schindele, I.. (2007). Privatization and Stock Market Liquidity. Journal of Banking and Finance, 31:297316.
  • 25. Boubakri, N. ve Hamza, O.. (2007). The Dynamics of Privatization, the Legal Environment and Stock Market Development. International Review of Financial Analysis, 16: 304331.
  • 26. Boyd, J., Levine, R. ve Smith, B.. (2001). The Impact of Inşation on Financial Sector Performance. Journal of Monetary Economics, 47: 221248.
  • 27. Braun, M. ve Raddatz, C.. (2005). Trade Liberalization and the Politics of Financial Development. World Bank Working Paper, No: 3517.
  • 28. Brownbridge, M., Kirkpatrick, C. H. ve Maimbo, S. M.. (2005). “Financial Regulation in Developing Countries: Policy and Recent Experience”, içinde C. Green, C. Kirkpatrick and V. Murinde (editörler), Finance and Development Surveys of Theory, Evidence and Policy, Cheltenham, UK: Edward Elgar, ss. 154180.
  • 29. Chernykh, L. ve Rebel, C.. (2009). Does Deposit Insurance Improve Financial Intermediation? Evidence from the Russian Experiment. Munich Personal RePEc Archive, MPRA Paper No. 12987, (http://mpra.ub.unimuenchen.de/12987/, 31.08.2009).
  • 30. Chinn, M. D. ve Ito, H.. (2002). Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence. NBER Working Paper Series,No: 8967.
  • 31. Chinn, M. ve Ito, H.. (2006).What Matters for Financial Development? Capital Controls, Institutions and Interactions. Journal of Development Economics, 81: 163192.
  • 32. Collier, P. ve Mayer, C.. (1989). The Assessment: Financial Liberalization, Financial Systems, and Economic Growth. Oxford Review of Economic Policy, 5(4):112.
  • 33. Cuadro, L., Gallego, S. ve Herrero, A. G.. (2003). Why Do Countries Develop More Financially than Others? The Role of the Central Bank and Banking Supervision.http://www.cass.city.ac.uk/conferences/emg_finance/Papers/Cuadro_ Gallego_GarciaHerrero.pdf (12/12/2008).
  • 34. Cull, R., Senbet, L. W. ve Sorge, M.. (2005). Deposit Insurance and Financial Development.Journal of Money, Credit, and Banking, 37(1): 4382.
  • 35. Dehasa, M., Druck, P. ve Plekhanov, A.. (2007). Relative Price Stability, Creditor Rights and Financial Deepening. IMF Working Paper No: 07/139.
  • 36. Deidda, L. G.. (2006). Interaction Between Economic and Financial Development. Journal of Monetary Economics, 53: 233248.
  • 37. Demetriades, P. O.. (2008). New Perspectives on Finance and Growth. University of Liecester, Working Paper No: 08/14.
  • 38. Demetriades, P. O. ve Law, S. H.. (2006). Finance Institutions and Economic Development.International Journal of Finance and Economics, 11: 245260.
  • 39. Demetriades, P., Du, J., Girma, S. ve Xu, C.. (2007). Does the Chinese Banking System Promete the Growth of Firms?. World Economy and Finance Working Paper, WEF0036.
  • 40. DemirgucKunt, A. ve Detragiache, E.. (2002). Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation. Journal of Monetary Economics,49: 13731406.
  • 41. DemirgüçKunt, A. ve Sobaci, T.. (2001). A New Development Database. Deposit Insurance Around the World. World Bank Economic Review, 15: 481490.
  • 42. De Haas, R.. (2004). Law, Finance, and Growth During Transition: A Survey. De Economist, 152(3): 375402.
  • 43. Di Giorgio, D.. (1999). Financial Development and Reserve Requirements. Journal of Banking and Finance, 23: 10311041.
  • 44. Diamond, D. W. ve Dybvig, P. H.. (1983). Bank Runs, Deposit Insurance and Liquidity.Journal of Political Economy, 51(3): 401419.
  • 45. Do, Q. T. ve Levchenko, A. A.. (2006). Comparative Advantage, Demand for External Finance and Financial Development. World Bank Policy Research Working Paper 3889, WPS 3889.
  • 46. Doğan, H.. (2008). Türkiye’de Finans ve Reel Ekonomi İlişkisi: Schumpeter Haklımıydı?. İktisat İşletme ve Finans, 23(272): 4979.
  • 47. Eschenbach, F.. (2004). Finance and Growth: A Survey of the Theoretical and Empirical Literature. Tinbergen Institute Discussion Paper, TI 2004039/2.
  • 48. Fischer, B.. (1993). Success and Pitfalls with Financial Reforms in Developing Countries.Savings and Development, 17(2):111135.
  • 49. Frankel, J. ve Rose, A.. (1998). Currency Crashes in Emerging Markets: an Empirical Treatment. Journal of International Economics, 41:351366.
  • 50. Friedman, M.. (1960). A Program for Monetary Stability. New York City: Fordham University Press.
  • 51. Fry, M. J.. (1988). Money, Interest and Banking in Economic Development. The John Hopkins University Pres.
  • 52. Fukuyama, F.. (1995). Trust. New York: Free Press
  • 53. Galbis, V.. (1979). “Money, Investment and Growth in Latin America, 19611973”, Economic Development and Cultural Change, 27, pp.423442.
  • 54. Garcia, G.. (2000). Deposit Insurance and Crisis Management. IMF Working Paper,No. 0057.
  • 55. Garretsen, H., Lensink, R. ve Sterken, E.. (2004). Growth, Financial Development, Societal Norms and Legal Institutions. Journal of International Financial Markets, Institutions and Money, 14: 165183.
  • 56. Gerschenkron, A.. (1962). Economic Backwardness in Historical Perspective. Cambridge: Harvard University Pres.
  • 57. Girgin, B., Acar, İ. ve Seyfi, Ç.. (2008). Mevduat Sigortacılığı ve Banka Kaynaklarının Korunmasındaki Rolü. TMSF Çatı, 2(18): 1115.
  • 58. Girma, S. ve Shortland, A.. (2004). The Political Economy of Financial Development.University of Liecester, Working Paper No: 04/21.
  • 59. Goldsmith, R.W.. (1969). Financial Structure and Economic Development. New Haven: Yale University Pres.
  • 60. Gorton, G.. (1988). Banking Panics and Business Cycles. Oxford Economic Papers,40:751781.
  • 61. Greenwood, J. ve Jovanovic, B.. (1990). Financial Development, Growth and the Distribution of Income. Journal of Political Economy, 98(5): 10761107.
  • 62. Guiso, L., Sapienza, P. ve Zingales, L.. (2001). The Role of Societal Capital in Financial Development. Center for Research in Security Prices, CRSP Working Papers 511, Graduate School of Business, University of Chicago, (http://faculty.chicagobooth.edu/finance/papers/trust.pdf, 31.07.2009).
  • 63. Gurley, J. G. ve Shaw, E. S.. (1955). Financial Aspects of Economic Development.American Economic Review, 45(4): 515538.
  • 64. Gurley, J. G. ve Shaw, E. S.. (1967). Financial Structure and Economic Development.Economic Development and Cultural Change, 15(3):257268.
  • 65. Halıcıoğlu, F.. (2007). Financial Development and Economic Growth Nexus For Turkey. MPRA Paper No. 3566, (http://mpra.ub.unimuenchen.de/3566/, 10.06.2009).
  • 66. Haslag, J. H. ve Koo, J.. (1999). Financial Repression, Financial Development and Economic Growth. Federal Reserve Bank of Dallas, Working Paper No:9902.
  • 67. Hauner, D.. (2006). Fiscal Policiy and Financial Development. IMF Working Paper,WP/06/26, Washington, D. C.: IMF
  • 68. Henry, P. B.. (2000). Stock Market Liberalization, Economic Reform and Emerging Market Equity Prices. Journal of Finance, 55(2):529564.
  • 69. Hermes, N.. (1994). Financial Development and Economic Growth: A Survey of the Literature. Internationl Journal of Development Banking, 12(1):322.
  • 70. Hermes, N. ve Lensink R. (Eds.). (1996). Financial Development and Economic Growth: Theory and Experiences from Developing Countries. London: Routledge.
  • 71. Huang, W.. (2006). Emerging Markets Financial Openness and Financial Development.University of Bristol, Discussion Paper No. 06/588.
  • 72. Huybens, E. ve Smith, B. D.. (1999). Inşation, Financial Markets and LongRun Real Activity. Journal of Monetary Economics, 43: 283315.
  • 73. Ito, H.. (2006). Financial Development and Financial Liberalization in Asia: Thresholds, Institutions and the Sequence of Liberalization. North American Journal of Economics and Finance, 17: 303327.
  • 74. Kar, M.. (2001). Finansal Kalkınma ve Eknonomik Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği. Dokuz Eylül Üniversitesi, İşletme Fakültesi Dergisi,2(2): 150169.
  • 75. Kar, M. ve Ağır, H.. (2006). Menkul Kıymet Piyasaları, Finansal Kalkınma ve Ekononmik Büyüme: Türkiye Örneği, İstanbul Üniversitesi, İktisat Fakültesi Mecmuası 56: 131
  • 76. Kar, M. ve Pentecost, E.. (2000). The Direction of Causality Between Financial Development and Economic Growth in Turkey: Further Evidence. Economic Research Paper, Department of Economics, Loughborough University, No. 00/27. Loughborough.
  • 77. King, R. G. ve Levine, R.. (1993a). Finance and Growth: Schumpeter Might Be Right. Quarterly Journal of Economics, 108(3):717737.
  • 78. King, R. G. ve Levine, R.. (1993b). Finance, Entrepreneurship, and Growth: Theory and Evidence. Journal of Monetary Economics, 32(3):513542.
  • 79. Klein, M. W. ve Olivei, G. P.. (2008). Capital Account Liberalization, Financial Depth and Economic Growth. Journal of International Money and Finance, 27:861875.
  • 80. Knack, S., ve Keefer, P.. (1997). Does societal capital have an economic payoff?:a crosscountry investigation. Quarterly Journal of Economics, 112(4): 12511288.
  • 81. La Porta, R., LopezdeSilanes, F. ve Shleifer, A.. (2002). Government Ownership of Banks. Journal of Finance, 57(1): 265301.
  • 82. La Porta, R., LopezdeSilanes, F., Shleifer, A. ve Vishny, R. W.. (1997). Legal Determinants of External Finance. Journal of Finance, 52: 11311150.
  • 83. Law, S. H. ve Demetriades, P.. (2006). Opennes, Institutions and Financial Development.Wold Economy&Finance Research Programme Working Paper Series, Economic&Social Research Council, WEF 0012.
  • 84. Lawrence, P.. (2006). Finance and Development: Why Should Causation Matter?. Journal of International Development, 18: 9971016.
  • 85. Lele, P. ve Siems, M.. (2007). Shareholder Protection: A Leximetric Approach.Journal of Corporate Law Studies, 7: 1750.
  • 86. Levine, R.. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35:688726.
  • 87. Lewis, A. W.. (1954). Economic Development with Unlimited Supplies of Labour.Manchester School Of Economics And Social Studies, 22: 139191.
  • 88. Licht, A. N., Goldschmidt, C. ve Schwartz, S. H.. (2005). Culture, Law, and Corporate Governance. International Review of Law and Economics, 25(2): 229–255.
  • 89. Llewellyn, D. T.. (2005). “Banking Regulation After Recent Financial Crises: Lessons for Developing and Developed Countries”, içinde C. Green, C. Kirkpatrick and V. Murinde (derleyenler), Finance and Development Surveys of Theory, Evidence and Policy, Cheltenham, UK: Edward Elgar, ss. 185240.
  • 90. Lucas, R.. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22(1): 342.
  • 91. Mayer, C. ve Sussman, O.. (2001). The Assessment: Finance, Law, and Growth. Oxford Review of Economic Policy, 17(4): 457466.
  • 92. McKinnon, R.I.. (1973). Money and Capital in Economic Development. Washington,D.C.: The Brooking Institution.
  • 93. McKinnon, R. I. ve Mathieson, D. J.. (1981). How to manage a Repressed Economy,Princeton Essays in international Finance, 145.
  • 94. Mıhçı, S.. (1999). Finansal Gelişme ve Ekonomik Büyüme: Endojen Büyüme Modelleri.İktisat İşletme ve Finans, 14(159).
  • 95. Mıhçı, H.. (2005). “Kurumsal Yapı ve Kalkınma”, içinde M. Kar ve S. Taban (editörler), İktisadi Kalkınmada Sosyal, Kültürel ve Siyasal Faktörlerin Rolü, Bursa:Ekin Kitabevi,: 5387.
  • 96. Montiel, P. J.. (2003). Development of Financial Markets and Macroeconomic Policy. Journal of African Economies, 12(2): ii12ii52.
  • 97. Moore, B. J.. (1986). Inşation and Financial Deepening. Journal of Development Economics, 20: 125133.
  • 98. Ncube, M. ve Senbet, L. W.. (1997). Perspectives on Financial Regulation and Liberalisation in Africa Under Asimetric Information and Incentive Problems. Journal of African Economies, 6(1): 2988.
  • 99. Newbery, D. ve Stiglitz, J.. (1984). Pareto Inferior Trade. Review of Economic Studies, 51: 112.
  • 100.North, D.. (1990). Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Pres.
  • 101.Nurkse, R.. (1953). Problems Of Capital Formation in Underdeveloped Countries, Oxford: Basil Blackwell.
  • 102.Olson, M.. (1982). The Rise and Decline of Nations: Economic Growth, Stagşation and Social Rigidities, New Haven: Yale University Press.
  • 103.Olson, M.. (1993). Dictatorship, Democracy and Development. American Political Science Review, 87: 567576.
  • 104.Öztürk, İ.. (2008). Financial Development and Economic Growth: Evidence from Turkey. Applied Econometrics and International Development, 8(1): 8598
  • 105.Pagano, M.. (1993). Financial Markets and Growth, An Overview. European Economic Review, 37: 613622.
  • 106.Patrick, H. T.. (1966). Financial Development and Economic Growth in Underdeveloped Countries. Economic Development and Cultural Change, 14: 174189.
  • 107.Perotti, E. C.. (1995). Credible Privatization. American Economic Review, 84:215234.
  • 108.Perotti, E. C. ve Van Oijen, P.. (2001). Privatization, Political Risk and Stock Market Development in Emerging Economics. Journal of International Money and Finance, 20: 4369.
  • 109.Prebish, R.. (1950). The Economic Development of Latin America and Its Principal Problems, New York: UND.
  • 110.Quintyn, M. ve Taylor, M. W.. (2002). Regulatory and Supervisory Independence and Financial Stability. IMF, Working Paper No. 46.
  • 111.Rajan, R. G. ve Zingales, L.. (2003). The Great Reversals: The Politics of Financial Development in the Twentieth Centurt. Journal of Financial Economics, 69:550.
  • 112.Renelt, D. (1991). Economic Growth: A Review of the theoretical and Empirical Literature. Working Papers WPS 678, Washington, D.C.: World Bank.
  • 113.Rioja, F. ve Valev, N.. (2004). Does One Size Fit All?: A Reexamination of the Finance and Growth Relationship. Journal of Development Economics, 74: 429447.
  • 114.Robinson, J.. (1952). “The Generalization of the General Theory”, içinde The Rate of Interest and Other Essays, 67142, London: Macmillan.
  • 115.Romer, P. M.. (1986). Increasing Returns And Long Run Growth. Journal Of Political Economy, 94(5): 10021037.
  • 116.Roubini, N. ve Salai Martin, X.. (1992). Financial Repression and Economic Growth. Journal of Development Economics, 39(1): 530.
  • 117.Schumpeter, J. A.. (1912). The Theory of Economic Development, Cambridge: Harvard University Pres.
  • 118.Shan, J. ve Jianhong, Q.. (2006). Does Financial Development 2lead2 Economic Growth? The Case of China. Annalys of Economics and Finance, 1: 231250.
  • 119.Shan, J.Z., A.G. Morris ve Sun, F.. (2001). Financial Development and Economic Growth: An EggandChicken Problem. Review of International Economics, 9(3):443454.
  • 120.Shaw, E. S.. (1973). Financial Deepening in Economic Development, New York: Oxford University Pres.
  • 121.Singh, A.. (1997). Financial Liberalization, Stockmarkets and Economic Development.Economic Journal, 107(442): 771782.
  • 122.Singh, A ve Weisse, B.A.. (1998). Emerging Stock Markets, Portfolio Capital Şows and Longterm Economic Growth: Micro and Macroeconomic Perspectives. World Development, 26: 607622.
  • 123.Stiglitz, J.. (1994). “The Role of The State in Financial Markets”, içinde M. Bruno ve B. Pleskoviç (editörler), Proceedings of The World Bank Conference on Development Economics, Washington D C.:World Bank.
  • 124.Stultz, R.M., ve Williamson, R.. (2001). Culture, Openness and Finance, NBER Working Paper, 8222, Cambridge Mass.
  • 125.Taş, S. ve Kar, M.. (2002). A Critical Survey of the Emprical Studies on Financial Liberalization in Turkey. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 5(1):3963.
  • 126.Thiel, M.. (2001). Finance and Growth: A Review of Theory and the Available Evidence. Directorate General for Economic And Financial Affairs, Economic Paper No. 158. (http://ec.europa.eu/economy_finance/publications/publication884_ en.pdf, 29.05.2009).
  • 127.Türk, İ.. (1998). Maliye Politikası, Ankara: Turhan Kitabevi.
  • 128.Ünalmış, D.. (2002). The Causality Between Financial Development and Economic Growth: The Case of Turkey. CBRT Research Department, Working Paper No: 3, Ankara. (http://www.tcmb.gov.tr/research/work/wp6.pdf, 25.01.2009).
  • 129.Zoli, E.. (2007). Financial Development in Emerging Europa: The Unfinished Agenda. IMF Working Paper No 07245, Washington D.C.: IMF.