Sosyal Güven, Kurumlar ve Finansal Gelişme

Finans sisteminin ekonomik büyüme üzerindeki kritik önemi göz önünde bulundurulduğunda, ülkeler arasındaki finansal gelişmişlik seviyesi farklılıklarının belirleyicilerinin son yıllarda sıkça araştırıldığı görülmektedir. Yapılan çalışmalar, ülkelerin kurumsal kalitesinin ve insanların sosyal güven seviyelerinin finansal gelişmişlik üzerinde önemli etkilerinin olduğunu göstermektedir. Ancak, şu ana kadar yapılan çalışmalar, sosyal güven ile kurumlar arasındaki etkileşimi göz ardı etmiştir. Bu çalışma, sosyal güven ve kurumsal kalitenin finansal gelişmişliğe etkilerini eş anlı inceleyerek literatürdeki bu boşluğun doldurulmasına katkı sağlamaktadır. Kurumsal kalite ile ilgili göstergeler regresyon denklemine dahil edilmediğinde, sosyal güvenin bankacılık sektörünün gelişimine pozitif ve istatistiki olarak anlamlı etkisinin bulunduğu görülmektedir. Ancak, kurumsal kalite göstergeleri denkleme dahil edildiğinde sosyal güvenin etkisi anlamlılığını yitirmektedir. Bu durum, sosyal güvenin bankacılık sektörünün gelişimine kurumsal kalite kanalıyla etki edebileceğine işaret etmektedir. Üç aşamalı en küçük kareler yöntemi kullanılarak bulunan sonuçlar, sosyal güvenin bankacılık sektörünün gelişmesine olan bu dolaylı etkisini göstermektedir. Öte yandan elde edilen sonuçlar, sosyal güvenin sermaye piyasalarının gelişmesine etkisinin kurumsal kaliteden bağımsız olarak gerçekleştiğini göstermektedir

Social Trust, Institutions and Financial Development

Considering the critical importance of financial system for economic growth, the determinants of financial development level differences between countries have been frequently analyzed in recent years. Previous papers show that social trust and institutional quality have strong effects on financial development. But, previous papers ignores the interaction between social trust and institutions. This paper fills this gap by examining the effects of social trust and institutional quality on financial development simultaneously. Before adding proxies of institutional quality, social trust has positive and statistically significant effect on banking sector development. But, once we control proxies of institutional quality, the significance of social trust effect disappears. This indicates that social trust might affect banking sector development through institutional quality channel. Three stages least squares method results show this indirect effect of social trust on banking sector development. On the other hand, our results show that social trust affects capital market development independently from institutional quality

___

ACEMOĞLU, Daron and Simon JOHNSON; (2005), "Unbun- dling Institutions", Journal of Political Economy, 113(5), pp. 995.
AGHION, Philippe, Peter HOWITT and David MAYER-FOUL- KES; (2005), "The Effect of Financial Development on Conver- gence: Theory and Evidence", Quarterly Journal of Economics, (1), pp. 173-222.
BALTAGI, Badi H., Panicos O. DEMETRIADES and Siong Hook LAW; (2009), "Financial Development and Openness: Evidence from Panel Data", Journal of Development Econom- ics, 89(2), pp. 285-296.
BECK, Thorsten, Aslı DEMİRGÜÇ-KUNT, Luc LAEVEN and Vojislav MaksImovIc; (2006), "The Determinants of Financing Obstacles", Journal of International Money and Finance, 25(6), pp. 932-952.
BECK, Thorsten, Aslı DEMİRGÜÇ-KUNT and Ross LEVINE; (2003), "Law and Finance: Why Does Legal Origin Matter?", Journal of Comparative Economics, 31(4), pp. 653-675.
BERGH, Andreas and Christian BJORNSKOV; (2011), "Histori- cal Trust Levels Predict the Current Size of the Welfare State", Kyklos, 64(1), pp. 1-19.
BITTENCOURT, Manoel; (2011), "Inflation and Financial De- velopment: Evidence from Brazil", Economic Modelling, 28(1), pp. 91-99.
BJORNSKOV, Christian; (2007), "Determinants of Generalized Trust: A Cross-Country Comparison", Public Choice, 130(1-2), pp. 1-21. BJORNSKOV, Christian and Pierre-Guillaume MEON; (2013), "Is Trust the Missing Root of Institutions, Education, and Devel- opment?", Public Choice, 157(3-4), pp. 641-669.
BOYD, John H., Ross LEVINE and Bruce D. SMITH; (2001),
"The Impact of Inflation on Financial Sector Performance", Journal of Monetary Economics, 47(2), pp. 221-248.
CHINN, Menzie D. and Hiro ITO; (2008), "A New Measure of Financial Openness", Journal of Comparative Policy Analysis, (3), pp. 309-322.
DEHLEY, Jan and Kenneth NEWTON; (2003), "Who Trusts? The Origins of Social Trust in Seven Societies", European So- cieties, 5(2), pp. 93-137.
DO, Quy-Toan and Andrei A. LEVCHENKO; (2007), "Compara- tive Advantage, Demand for External Finance, and Financial Development", Journal of Financial Economics, 86(3), pp. 796- 834
DUTTA, Nabambita and Deepraj MUKHERJEE; (2012), "Is Culture a Determinant of Financial Development?", Applied Economics Letters, 19(6), pp. 585-590.
FERNANDEZ, Andres and Cesar E. TAMAYO; (2015), "From Institutions to Financial Development and Growth: What Are the Links?", Journal of Economic Surveys, 31(1), pp. 17-57.
FUKUYAMA, Francis; (1996), Trust: The Social Virtues and the Creation of Prosperity, Simon & Schuster, New York.
FUKUYAMA, Francis; (2014), Political Order and Political De- cay: From the Industrial Revolution to the Globalization of De- mocracy, Profile Books, Londra.
GUISO, Luigi, Paolo SAPIENZA and Luigi ZİNGALES; (2004), "The Role of Social Capital in Financial Development", Ameri- can Economic Review, 94(3), pp. 526-56.
GUISO, Luigi, Paolo SAPIENZA and Luigi ZİNGALES; (2008), "Trusting the Stock Market", Journal of Finance, 63(6), pp. 2600.
GÜR, Nurullah; (2014), "Yeni Ekonomi İçin Anahtar: AR-GE ve İnovasyon Finansmanı", SETA Analiz, 112.
GÜR, Nurullah; (2015), "Trust and the Wealth of Nations", Progress in Development Studies, 15(2), pp. 107-124.
HALİS, Muhsin ve Abdulkadir ŞENKAL; (2009), Türk İşletme Kültüründe Ortaklık ve Güven, İstanbul Ticaret Odası Yayınları, İstanbul.
KING, Robert G. and Ross LEVINE; (1993), "Finance, Entre- preneurship and Growth", Journal of Monetary Economics, (3), pp. 513-542.
KLEIN, Micheal W. and Giovanni P. OLIVEI; (2008), "Capi- tal Account Liberalization, Financial Depth, and Economic Growth", Journal of International Money and Finance, 27(6), pp. 861-875.
KÖSE, M. Ayhan, Edward PRASAD, Kenneth ROGOFF and Shang-Jin WEI; (2009), "Financial Globalization: A Reapprais- al", IMF Staff Papers, 56(1), pp. 8-62.
LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES, Andrei SHLEIFER ve Robert VISHNY; (1997a), "Trust in Large Orga- nizations", American Economic Review Papers and Proceed- ings, 87(2), pp. 333-338.
LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES, Andrei SHLEIFER and Robert VISHNY; (1997b), "Legal Determinants of External Finance", Journal of Finance, 52(3), pp. 1131-1150.
LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES, Andrei SHLEIFER and Robert VISHNY; (1998), "Law and Finance", Journal of Political Economy, 106(6), pp. 1113-1155.
LA PORTA, Rafael, Florencio LOPEZ-DE-SILANES and Andrei SHLEIFER; (2008), "The Economic Consequences of Legal Origins", Journal of Economic Literature, 46(2), pp. 285-332.
LAW, Siong Hook and W.N.W. AZMAN-SAINI; (2012), "Institu- tional Quality, Governance, and Financial Development", Eco- nomics of Governance, 13(3), pp. 217-236.
LEVINE, Ross and Sara ZERVOS, (1998), "Stock Markets, Banks, and Economic Growth", American Economic Review, (3), pp. 537-558.
LEVINE, Ross; (2005). "Finance and Growth: Theory and Evi- dence", Philippe AGHION and Steven DURLAUF (Ed.), Hand- book of Economic Growth, Elsevier, pp. 865-934.
JAPPELLI, Tullio, Marco PAGANO and Magda BIANCO; (2005), "Courts and Banks: Effects of Judicial Enforcement on Credit Markets", Journal of Money, Credit & Banking, 37(2), pp. 245.
MANOVA, Kalina; (2013), "Credit Constraints, Heterogeneous Firms, and International Trade", The Review of Economic Stud- ies, 80(2), pp. 711-744.
MISHKIN, Frederic S.; (2009), "Globalization and Financial Development", Journal of Development Economics, 89(2), pp. 169.
ÖZTÜRK, Nurettin ve Kadir KARAGÖZ; (2012), "Relationship between Inflation and Financial Development: Evidence from Turkey", Uluslararası Alanya İşletme Fakültesi Dergisi, 4(2), ss. 81-87.
PUTNAM, Robert; (1993), Making Democracy Works: Civic Traditions in Modern Italy, Princeton University Press, Princ- eton.
RAJAN, Raghuam G. and Luigi ZINGALES; (1998), "Financial Dependence and Growth", American Economic Review, 88(3), pp. 559-586.
RAJAN, Raghuam G. ve Luigi ZINGALES; (2003), "The Great Reversals: The Politics of Financial Development in the Twen- tieth Century", Journal of Financial Economics, 69(1), pp. 5-50.
ROUSSEAU, Peter ve Paul WACHTEL; (2001), "Inflation, Fi- nancial Development and Growth", Takashi NEGISHI, Rama V.
RAMACHANDRAN and Kazuo MINO (Ed.), Economic Theory, Dynamics and Markets: Essays in Honor of Ryuzo Sato. Klu- wer Academic Publishers, Boston, pp. 309-324.
SABEL, Charles F; (1993), "Studied Trust: Building New Forms of Cooperation in a Volatile Economy", Human Relations, (9), pp. 1133-1170.
TABELLINI, Guidio; (2008), "Presidential Address Institutions and Culture", Journal of the European Economic Association, (2-3), pp. 255-294.