Gülay ÇİZGİCİ AKYÜZ, Seval AKBULUT BEKAR

FİNANSAL İNOVASYON İLE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: TÜRKİYE ÖRNEĞİ

Bu çalışmanın amacı, Türkiye ekonomisinde 1970-2019 dönemi finansal inovasyon ile ekonomik büyüme ilişkisi araştırmaktır. Çalışmada, ekonomik büyüme göstergesi olarak kişi başına düşen GSYİH, finansal inovasyon göstergesi olarak Özel Sektöre verilen yurtiçi kredilerin GSYİH oranı ve Geniş/Dar Para arzının oranı, finansal büyüme göstergesi olarak Brüt Sabit Sermaye Oluşumunun GSYIH oranı kullanılmıştır. Finansal inovasyon ile ekonomik büyüme arasındaki ilişki Dolado-Lüthkepol ve ARDL yöntemleri yardımıyla incelenmiştir. Analizden elde edilen bulgularda, 1970-2019 dönemi Türkiye ekonomisinde finansal inovasyon ve gelişmenin büyüme üzerinde etkili olduğu görülmektedir. Finansal inovasyon göstergesi olarak çalışmada kullanılan Özel sektör kredilerinin GSYH oranı ve finansal gelişme göstergesi olarak kullanılan Brüt Sabit Sermaye Oluşumunun GSYIH oranı değişkenlerinin büyüme üzerinde olumlu etkisi olduğu tespit edilmiştir. Diğer taraftan ise, finansal inovasyon göstergesi olarak kullanılan Geniş Para Arzı/Dar Para arzı değişkeninin büyüme üzerinde etkinin olumsuz olduğu sonucuna ulaşılmıştır. Dolayısıyla Türkiye ekonomisinde finansal inovasyonun olumlu ve olumsuz etkilerinin olduğu tespit edilmiştir.

Anahtar Kelimeler:

Finansal İnovasyon, Ekonomik Büyüme, ARDL, Finansal Büyüme.

THE RELATIONSHIP OF FINANCIAL INNOVATION AND ECONOMIC GROWTH: TURKEY CASE

ABSTRACT The aim of this study is to research the relationship between financial innovation and economic growth during the 1970–2019 period in Turkey’s economy. Here, GDP per capita is used as an indicator of economic growth, GDP ratio of domestic credits to private sector and the ratio of broad/narrow money supply as indicators of financial innovation, and GDP ratio of gross fixed capital formation as an indicator of financial growth. The relationship between financial innovation and economic growth is analyzed by means of Dolado-Lüthkepol and ARDL methods. Findings reveal that financial innovation and development had an impact on growth in Turkey’s economy during the 1970–2019 period. It has been established that the GDP ratio of private sector loans, used as an indicator of financial innovation, and GDP ratio of gross fixed capital formation, used as an indicator of financial development, have a positive effect on growth. On the other hand, it has been determined that the effect of the variable broad money supply/narrow money supply, which is used as an indicator of financial innovation, on growth is negative. Accordingly, it has been determined that financial innovation has positive and negative effects on Turkey’s economy

Keywords:

Financial Innovation, Economic Growth, ARDL, Financial Development.,

PDF

___

Ajide, F. M. (2016). Financial Innovation And Sustainable Development In Selected Countries In West Africa. Journal of Entrepreneurship, Management and Innovation (JEMI), 12(3), 85-111.
Arnaboldi, F. and Rossignoli, B., (2015). Financial Innovation in Banking, Bank Risk, Governance and Regulation, Palgrave Macmilan, 127 – 162.
Bara, A. and Mudzingiri, C. (2016). Financial Innovation And Economic Growth: Evidence From Zimbabwe. Investment Management and Financial Innovations, 13(2), 65-75.
Bara, A., Mugano, G. and Roux, P.L. (2016). Financial Innovation And Economic Growth In The SADC. African Journal of Science, Technology, Innovation and Development, 8(5-6), 483-495.
Beck, T., Chen, T. Lin, C. and Song, F.M. (2016). Financial Innovation: The Bright And The Dark Sides. Journal of Banking and Finance. 72 (2016) 28–51.
Bernier, M. and Plouffe, M. (2019). Financial Innovation, Economic Growth, And The Consequences Of Macroprudential Policies. Research In Economics, 73(2), 162-173.
BIS, (1986). Recent Innovations In International Banking. Basel: Bank For International Settlements.
Chukwunulu, J. I., (2019). Effect of Financial Innovation on the Nigerian Economy. World Journal of Innovative Research (WJIR), 6(5), 15-21.
Chin, M.S. and Chou, Y.K., (2001). Financial Innovations And Endogenous Growth. Department of Economics - Working Papers Series, 804, The University of Melbourne.
Chou, Yuan K. (2007). Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy. The Journal of Economic Education, 38(1), 78-90.
Cookey, S. C. M., Ebıware, A. E., Gbarato, L. M. and Kalu, L. A., (2020). Financial Innovation And Economic Growth Nexus In Nigeria: Evidence From Autoregressive Distributed Lag (ARDL) Bound Test And Granger Causality Approach. International Journal of Innovative Research and Advanced Studies (IJIRAS), 7( 7), 70-79.
Dickey D. and Fuller W. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica. 49(4):1057-1072. doi:10.2307/1912517.
Dolado, J. J. and Lütkepohl, H. (1996). Making Wald Test Work for Cointegrated VAR Systems. Econometric Theory, 15(4), 369-386.
Hasan, Iftekhar, H., Tania, D.R. and Heiko, S.H. (2013)Retail Payments and the Real Economy (August 2013). ECB Working Paper No. 1572, https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1572.pdf?0568b27871896eb01f54b0c4c40a8f63.
Idun, Anthony Adu-Asare and Aboagye, Anthony Q., (2013). Bank Competition, Financial Innovations and Economic Growth in Ghana (January 10, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2199130
Karaçoban, A., Saltık, Ö. and Değirmen, S. (2019). The Effects of Financial Innovation on Economic Growth in The Banking Sector: Case of Regions and Provinces. 11. ISC2019, 897 913.
Kemal, A., Qayyum, A. and Hanif, M. (2007), Financial development and economic growth: evidence from a heterogeneous panel of high income countries. The Lahore Journal of Economics, 12(1), 1-34.
Koğar, Ç. (1995). Financial Innovations and Monetary Control, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, Discussion Papers 9515, 351-384.
Lerner, Josh and Tufano, Peter, (2011). The Consequences Of Fınancıal Innovatıon: A Counterfactual Research Agenda. National Bureau Of Economıc Research, Working Paper 16780. http://www.nber.org/papers/w16780.
Levine, R., (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literature, 35(2), 688- 726. Llewellyn, D. T., (2008). Financial Innovation And A New Economics Of Banking: Lessons From The Financial Crisis. Challenges for Monetary Policy-makers in Emerging Markets, South African Reserve Bank Conference Series, 1-38.
Mishra, P. K. (2008). Financial Innovation and Economic Growth, A Theoretical Approach. SSRN Electronic Journal. doi:10.2139/ssrn.1262658.
Mishra, P. K., (2008). Financial Innovation and Economic Growth, A Theoretical Approach SSRN: https://ssrn.com/abstract=1262658.
Motsatsi, J. M. (2016). Financial Sector Innovation And Economic Growth In The Context Of Botswana. International Journal of Economics and Finance, 8( 6), 291-301.
Narayan, P.K. (2005) The saving and investment nexus for China: evidence from cointegration tests, Applied Economics, 37:17, 1979-1990, DOI: 10.1080/00036840500278103.
Nazir, I.M., Tan, Y. ve Nazir, M.R. Financial Innovation and Economic Growth: Empirical Evidence from China, India and Pakistan. Int. J. Financ. Econ.,1–24.
Pesaran, M.H., Shın, Y. and Smıth, R.J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16, 289- 326.
Phillips P. C. B. and Perron P. (1988). Testing for a unit root in time series regression. Biometrika. 75(2):335-346. doi: 10.2307/2336182.
Qamruzzaman Md. and Jianguo W. (2017). Financial innovation and economic growth in Bangladesh. Financial innovation. Springer, Heidelberg.3(19):1-24. ISSN 2199-4730. http://dx.doi.org/10.1186/s40854-017-0070-0.
Qamruzzaman, M. Ve Jianguo, W. (2018). Nexus Between Financial Innovation And Economic Growth In South Asia: Evidence From ARDL And Nonlinear ARDL Approaches. Financial Innovation, 4(20), 1-19.
Satia,P. and Okle, R.A.N. (2020). Financial Innovation and Economic Growth in Cameron. International Journal of Business and Finance Management Research, 1-9.
Stelios Michalopoulos, S., Laeven, L.and Levine, R. (2009). Financial Innovation And Endogenous Growth, NBER Working Paper Series,1-37, http://Www.Nber.Org/Papers/W15356.
Sood V. and Ranjan P (2015) Financial Innovation in India: An Empirical Study. J Econ Bus Rev 10: 1–20.
Tyavambiza T. and Nyangara D. (2015). Financial and monetary reforms and the finance-growth relationship in Zimbabwe. Int. J. Econ. Financ. Issue. 5(2):590-602.
Xu, Y. and Tian, X., (2014). Financial development and innovation: Cross-country evidence Citation Journal of Financial Economics, 112, 116–135.
Valverde, S. C., Del Paso, R. L. and Fernandez, F. R. (2014). Banks, financial innovations, and regional growth. Department of Economics, University of Granada, Spain, 1-29.