DURMUŞ ÇAĞRI YILDIRIM, EMRAH İSMAİL ÇEVİK

Finansal Dışa Açıklık ile Ekonomik Büyüme İlişkisi: Asimetrik Nedensellik Testi Sonuçları

Bu çalışmada finansal serbestleşme süreci ile birlikte ortaya çıkan finansal dışa açılmanın Türkiye ekonomisi üzerindeki etkisi 1993-2016 yılları için ampirik olarak araştırılmıştır. Çalışmada ekonomik büyüme değişkeni reel GSYH serisinden elde edilmiştir. Finansal dışa açıklık değişkeni ise Aizenman (2004) tarafından yapılan tanıma göre oluşturulmuştur. Çalışmada, değişkenler arasındaki dinamik ilişki geleneksel Granger nedensellik testi ve Hatemi-J (2012) tarafından geliştirilen asimetrik nedensellik testi ile araştırılmıştır. Simetrik nedensellik testi sonucu GSYH'den finansal dışa açıklık oranına yönelik nedensellik ilişkisini göstermektedir. Asimetrik nedensellik testi sonuçları ise, ekonomik daralmanın finansal açıklık oranını pozitif yönde, ekonomik genişlemenin ise finansal açıklık oranını negatif yönde etkilediğini göstermektedir

The Relation Between Financial Openness and Economic Growth: Asymmetric Causality Test

The aim of the study is to examine the effects of financial openness on Turkish economy for the period of 1993-2016. We consider the real GDP for economic growth variable and financial openness variable is calculated regarding to definition by Aizenman (2004). We employ both Granger causality test and asymmetric causality test proposed by Hatemi-J (2012) to determine dynamic relation between economic growth and financial openness. We find a causal link running from economic growth to financial openness according to symmetric causality test results. On the other hand, asymmetric causality test results suggest that financial openness is positively affected by economic contraction while financial openness is negatively affected by economic growth.

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