Finansal liberalizasyon politikalrının geçerliliğinin McKinnon tamamlayıcılık hipotezi çerçevesinde sınanması: Türkiye örneği

Bu çalışmanın amacı McKinnon (1973) ve Shaw (1973) tarafından ortaya konulan McKinnon tamamlayıcılık hipotezinin Türkiye ekonomisi için geçerliliğini araştırmaktır. Bu amaç doğrultusunda örnek dönemi olarak ele alınan 1980–2007 dönemi için yapılan analizde Stock ve Watson (1993) tarafından geliştirilen Dinamik En Küçük Kareler (DOLS) yöntemi ve Shin (1994) tarafından geliştirilen eşbütünleşim testi kullanılmıştır. Elde edilen bulgulardan hareketle finansal liberalizasyon politikaları çerçevesinde faiz oranlarının arttırılmasının tasarruşar ve ödünç alınabilir fonların miktarı üzerinde pozitif bir etki yarattığı ancak yatırımlar üzerinde pozitif bir etki yaratmadığı sonucuna ulaşılmıştır. Buna göre McKinnon tamamlayıcılık hipotezinin Türkiye ekonomisi için geçerli bir hipotez olmadığı anlaşılmaktadır.

Anahtar Kelimeler:

Türkiye

Testing the validity of financial liberalization policies under the framework of Mckinnon's complementarity Hypothesis: The case of Turkey

The aim of this study is to investigate the validity of McKinnon’s complementarity hypothesis that puts forward by McKinnon (1993) and Shaw (1973) for Turkish economy. In the analysis the method of Dynamic Ordinary Least Squares (DOLS) that developed by Stock and Watson (1993) and the cointegration test that developed by Shin (1994) are used for the sample period that covers 1980–2007. In respect of the empirical findings, within the framework of the financial liberalization policies, raising the interest rates have positive effect on savings and loanable funds however have no positive effect on investments. Accordingly, it is understood that the McKinnon’s complementarity hypothesis is not a valid hypothesis for Turkish economy.

Keywords:

Turkey,

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