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Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019

Yıl 2021, Cilt: 16 Sayı: 63, 1164 - 1184, 31.07.2021
https://doi.org/10.19168/jyasar.912290

Öz

Öz:70’li yıllardan itibaren dünyada yaygınlaşan finansal liberalizasyon süreci bir taraftan ekonomilerin finansal gelişmişlik düzeyine olumlu katkılar sağlarken diğer taraftan da finansal kırılganlık düzeylerinin artmasına zemin hazırlamıştır. Türkiye de 1980 sonrasında finansal liberalleşme akımına ayak uydurmaya başlamış ve 1989’da tam liberalizasyona geçiş yapmıştır. 1990 sonrasında ardarda yaşanan krizler ise liberalizasyon sürecinin Türk finans sistemine yönelik dersleri niteliğinde olmuştur. 2001 krizinden sonra bu dersleri iyi değerlendiren Türkiye 2008 küresel krizinden en az hasarla çıkan ekonomiler arasında olmayı başarmıştır. 2007-2019 dönemi için finansal gelişme endeksi ve finansal kırılganlık endeksinin Temel Bileşenler Analizi yöntemi kullanılarak hesaplandığı çalışmada bu iki endeks arasındaki ilişkiler ARDL (sınır testi) yaklaşımı ile incelenmiştir. Elde edilen bulgular Türkiye’de finansal gelişmişlik artarken finansal kırılganlığın giderek azaldığını göstermektedir. Bu durum, finansal kesimde gerçekleştirilen yasal ve kurumsal düzenlemelerin önemine vurgu yapacak niteliktedir.

Kaynakça

  • Ahumada, Antonio, C., and Carlos, Budnevich, L.(2002). Some Measure of Financial Fragility in The Chilean Banking System: An Early Warning Indicators Application. in Banking Financial Integration and International Crises. edited by Leonardo Hernandez and Klaus Schimdt-Hebbel, Santiago, Chile.
  • Akalın, Uğur S. (2006), Üç Dönem Üç Ekonomi, İstanbul, Önsöz Basım Yayıncılık.
  • Andersen, T. B., and F. Tarp. 2003. “Financial Liberalization, Financial Development and Economic Growth in LDCs.” Journal of International Development 15 (2): 189–209.
  • Balino, Tomas, and V. Sundararajan, (1991), Banking Crises: Cases and Issues, Washington: International Monetary Fund.
  • Barışık, S. ve Demirel, B. (2014). Finansal Kırılganlık ve Türk Bankacılık Sektörü için 2002-2011 Dönemi Finansal Kırılganlık Endeksi, TİSK Akademi, ss.118-136.
  • Boot, A. 2000. “Relationship Banking: What Do We Know?”Journal of Financial Intermediation 9 (1): 7–25.
  • Chinn, M. D., and H. Ito. 2006. “What Matters for Financial Development? Capital Controls, Institutions, and Interactions.” Journal of Development Economics 81 (1):163–192.
  • Claessens, S., A. Demirgüç-Kunt, and H. Huizinga. 2001.“How Does Foreign Entry Affect Domestic Banking Markets?” Journal of Banking & Finance 25 (5): 891–911.
  • Demirguc-Kunt, A and E Detragiache (1997). The Determinants of Banking Crises–Evidence from Developing and Developed Countries. IMF Working Papers.
  • Demirguc-Kunt, Asli, and Enrica Degatriache, 1998, “The Determinants of Banking Crises in Developing and Developed Countries,” International Monetary Fund Staff Papers, Vol. 45 (1) pp. 81–109.
  • Demirgüç-Kunt, A., and E. Detragiache. 1998. Financial Liberalization and Financial Fragility. Washington, DC: International Monetary Fund.
  • Denizer, C. A., M. Dinc, and M. Tarimcilar. 2007. “Financial Liberalization and Banking Efficiency: Evidence from Turkey.” Journal of Productivity Analysis 27 (3): 177–195.
  • Diamond, D. W., and P. H. Dybvig. 1983. “Bank Runs, Deposit Insurance, and Liquidity.” Journal of Political Economy 91 (3): 401–419.
  • Dunteman G.H. (1989). Principal Components Analysis, Quantitative Applications in the Social Sciences, Sage Publications, USA.
  • Ertuğrul, A.; Yeldan, E. (2003). On the Structural Weaknesses of the post-1999 Turkish Disinflation Program. Turkish Studies, 4(2).
  • Gavin ve Hausmann, 1995). Gavin, Michael, and Ricardo Hausmann, 1998, “The Roots of Banking Crises: The Macroeconomic Context,” in Banking Crises in Latin America, Ricardo Hausmann and Liliana Rojas-Suarez, editors, Washington: Interamerican Development Bank.
  • Gore, C. 2000. “The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries.” World Development 28 (5): 789–804.
  • Hawkins, J.; Klau, M. (2000). Measuring Potential Vulnerabilities in Emerging Market Economies. BIS Working Papers, 91.
  • Hellmann, T. F., K. C. Murdock, and J. E. Stiglitz. 2000. “Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?” American Economic Review 90 (1): 147–165.
  • Hermes, N., and A. Meesters. 2015. “Financial Liberalization, Financial Regulation and Bank Efficiency: A Multi-Country Analysis.” Applied Economics 47 (21): 2154–2172
  • Jung, W. S. (1986). Financial Development and Economic Growth: International Evidence. Economic Development and Cultural Change, 34:2, ss. 333-346.
  • Kaminsky, G. L., and S. L. Schmukler. 2008. “Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles.” Review of Finance 12 (2): 253–292.
  • Khan, M. A. ; Qayyum, A. ; Shikh, S. A. (2005). Financial Development and Economic Growth: The Case of Pakistan [with Comments], The Pakistan Development Review, ss. 819-837.
  • Klein, M. W., and G. P. Olivei. 2008. “Capital Account Liberalization, Financial Depth, and Economic Growth.” Journal of International Money and Finance 27 (6): 861–875.
  • Lynch, D. (1996). Measuring Financial Sector Development: A Study of Selected Asia‐Pacific Countries. The Developing Economies, 34(1), ss. 1-27.
  • McKinnon, R. I. 1973. Money and Capital in Economic Development. Washington, DC: Brookings Institution.
  • OECD (2005). Handbook on Constructing Composite Indicators: Methodology and User Guide, OECD Statistic Working Papers, OECD Publishing, 2-108. http://dx.doi.org/10.1787/533411815016.
  • Robinson, J. 1952. The Generalization of the General Theory and Other Essays, London: MacMillan.
  • Rodrik, D. 1998. “Who Needs Capital-Account Convertibility?” In Should the IMF Pursue Capital-Account Convertibility? Essays in International Finance, No. 207, International Finance Section, edited by S.Fischer, R. N. Cooper, R. Dornbusch, P. M. Garber, C.Massad, J. J.
  • Polak, D. Rodrik, and S. S. Tarapore, 55–65. Princeton: Princeton University.
  • Rossi, M. (1999). Financial Fragility and Economic Performance in Developing Economies-Do Capital Controls, Prudential Regulation and Supervision Matter?. International Monetary Fund Working Paper, WP/99/66.
  • Roubini, Nouriel, and Xavier Sala-i-Martin, 1992, “Financial Repression and Economic Growth,” Journal of Development Economics, Vol. 39 (1), pp. 5–30.
  • Sahay, M. R., M. Cihak, M. P. N’Diaye, M. A. Barajas, M. D.A. Pena, R. Bi, Y. Gao, et al. 2015. “Rethinking Financial Deepening: Stability and Growth in Emerging Markets.” IMF Staff Discussion Note No. 15-18. Washington, DC: International Monetary Fund.
  • Schumpeter, J. 1911. The Theory of Economic Development: An Inquiry Into Profits, Capital, Credit, Interest and The Business Cycle. 1934 translation. Cambridge, Mass: Harvard University Press.
  • Shaw, E. S. 1973. Financial Deepening in Economic Development. New York: Oxford University Press.
  • Stiglitz, J. E. 2000. “Capital Market Liberalization, Economic Growth, and Instability.” World Development 28 (6): 1075–1086.
  • Varlık, N. (2016), Türkiye’de Finansal Gelişme ile Finansal Kırılganlık İlişkisi, 1990-2014 Dönemi, Ekonomik Yaklaşım Derneği (EYD), 27(98), ss:141-176.
  • Von Furstenberg, George M.; Fratianni, Michele (1996). Indicators of Financial Development. The North American Journal of Economics and Finance, 7(1), ss. 19-29.
  • Yıkmaz R.F. (2011). Sürdürülebilir Kalkınmanın Ölçülmesi ve Türkiye İçin Yöntem Geliştirilmesi, Uzmanlık Tezi, DPT Sosyal Sektörler ve Koordinasyonlar Genel Müdürlüğü, Yayın No:2820, Ankara.

An Analysis on the Relationship Between Financial Development and Financial Fragility in Turkey: 2007-2019

Yıl 2021, Cilt: 16 Sayı: 63, 1164 - 1184, 31.07.2021
https://doi.org/10.19168/jyasar.912290

Öz

The process of financial liberalization, which has become widespread in the world since the 70s, has provided a positive contribution to the level of financial development of economies, as well as a basis for increasing the level of financial fragility. Turkey also joined the financial liberalization movement after 1980 and switched to full liberalization in 1989. Successive crises after 1990 were the lessons of the liberalization process for the Turkish financial system. Having evaluated these lessons well after the 2001 crisis, Turkey has been one of the economies that emerged from the 2008 global crisis with the least damage. In this study, in which the financial development Index and the financial fragility index were calculated for the period 2007-2019 using the Principal Component Analysis technique, the relations between these two indices were examined using the ARDL (boundary test) approach. The findings show that while the level of financial development is increasing in Turkey, financial fragility is gradually decreasing. This situation emphasizes the importance of legal and institutional regulations appeared in the financial sector.

Kaynakça

  • Ahumada, Antonio, C., and Carlos, Budnevich, L.(2002). Some Measure of Financial Fragility in The Chilean Banking System: An Early Warning Indicators Application. in Banking Financial Integration and International Crises. edited by Leonardo Hernandez and Klaus Schimdt-Hebbel, Santiago, Chile.
  • Akalın, Uğur S. (2006), Üç Dönem Üç Ekonomi, İstanbul, Önsöz Basım Yayıncılık.
  • Andersen, T. B., and F. Tarp. 2003. “Financial Liberalization, Financial Development and Economic Growth in LDCs.” Journal of International Development 15 (2): 189–209.
  • Balino, Tomas, and V. Sundararajan, (1991), Banking Crises: Cases and Issues, Washington: International Monetary Fund.
  • Barışık, S. ve Demirel, B. (2014). Finansal Kırılganlık ve Türk Bankacılık Sektörü için 2002-2011 Dönemi Finansal Kırılganlık Endeksi, TİSK Akademi, ss.118-136.
  • Boot, A. 2000. “Relationship Banking: What Do We Know?”Journal of Financial Intermediation 9 (1): 7–25.
  • Chinn, M. D., and H. Ito. 2006. “What Matters for Financial Development? Capital Controls, Institutions, and Interactions.” Journal of Development Economics 81 (1):163–192.
  • Claessens, S., A. Demirgüç-Kunt, and H. Huizinga. 2001.“How Does Foreign Entry Affect Domestic Banking Markets?” Journal of Banking & Finance 25 (5): 891–911.
  • Demirguc-Kunt, A and E Detragiache (1997). The Determinants of Banking Crises–Evidence from Developing and Developed Countries. IMF Working Papers.
  • Demirguc-Kunt, Asli, and Enrica Degatriache, 1998, “The Determinants of Banking Crises in Developing and Developed Countries,” International Monetary Fund Staff Papers, Vol. 45 (1) pp. 81–109.
  • Demirgüç-Kunt, A., and E. Detragiache. 1998. Financial Liberalization and Financial Fragility. Washington, DC: International Monetary Fund.
  • Denizer, C. A., M. Dinc, and M. Tarimcilar. 2007. “Financial Liberalization and Banking Efficiency: Evidence from Turkey.” Journal of Productivity Analysis 27 (3): 177–195.
  • Diamond, D. W., and P. H. Dybvig. 1983. “Bank Runs, Deposit Insurance, and Liquidity.” Journal of Political Economy 91 (3): 401–419.
  • Dunteman G.H. (1989). Principal Components Analysis, Quantitative Applications in the Social Sciences, Sage Publications, USA.
  • Ertuğrul, A.; Yeldan, E. (2003). On the Structural Weaknesses of the post-1999 Turkish Disinflation Program. Turkish Studies, 4(2).
  • Gavin ve Hausmann, 1995). Gavin, Michael, and Ricardo Hausmann, 1998, “The Roots of Banking Crises: The Macroeconomic Context,” in Banking Crises in Latin America, Ricardo Hausmann and Liliana Rojas-Suarez, editors, Washington: Interamerican Development Bank.
  • Gore, C. 2000. “The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries.” World Development 28 (5): 789–804.
  • Hawkins, J.; Klau, M. (2000). Measuring Potential Vulnerabilities in Emerging Market Economies. BIS Working Papers, 91.
  • Hellmann, T. F., K. C. Murdock, and J. E. Stiglitz. 2000. “Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?” American Economic Review 90 (1): 147–165.
  • Hermes, N., and A. Meesters. 2015. “Financial Liberalization, Financial Regulation and Bank Efficiency: A Multi-Country Analysis.” Applied Economics 47 (21): 2154–2172
  • Jung, W. S. (1986). Financial Development and Economic Growth: International Evidence. Economic Development and Cultural Change, 34:2, ss. 333-346.
  • Kaminsky, G. L., and S. L. Schmukler. 2008. “Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles.” Review of Finance 12 (2): 253–292.
  • Khan, M. A. ; Qayyum, A. ; Shikh, S. A. (2005). Financial Development and Economic Growth: The Case of Pakistan [with Comments], The Pakistan Development Review, ss. 819-837.
  • Klein, M. W., and G. P. Olivei. 2008. “Capital Account Liberalization, Financial Depth, and Economic Growth.” Journal of International Money and Finance 27 (6): 861–875.
  • Lynch, D. (1996). Measuring Financial Sector Development: A Study of Selected Asia‐Pacific Countries. The Developing Economies, 34(1), ss. 1-27.
  • McKinnon, R. I. 1973. Money and Capital in Economic Development. Washington, DC: Brookings Institution.
  • OECD (2005). Handbook on Constructing Composite Indicators: Methodology and User Guide, OECD Statistic Working Papers, OECD Publishing, 2-108. http://dx.doi.org/10.1787/533411815016.
  • Robinson, J. 1952. The Generalization of the General Theory and Other Essays, London: MacMillan.
  • Rodrik, D. 1998. “Who Needs Capital-Account Convertibility?” In Should the IMF Pursue Capital-Account Convertibility? Essays in International Finance, No. 207, International Finance Section, edited by S.Fischer, R. N. Cooper, R. Dornbusch, P. M. Garber, C.Massad, J. J.
  • Polak, D. Rodrik, and S. S. Tarapore, 55–65. Princeton: Princeton University.
  • Rossi, M. (1999). Financial Fragility and Economic Performance in Developing Economies-Do Capital Controls, Prudential Regulation and Supervision Matter?. International Monetary Fund Working Paper, WP/99/66.
  • Roubini, Nouriel, and Xavier Sala-i-Martin, 1992, “Financial Repression and Economic Growth,” Journal of Development Economics, Vol. 39 (1), pp. 5–30.
  • Sahay, M. R., M. Cihak, M. P. N’Diaye, M. A. Barajas, M. D.A. Pena, R. Bi, Y. Gao, et al. 2015. “Rethinking Financial Deepening: Stability and Growth in Emerging Markets.” IMF Staff Discussion Note No. 15-18. Washington, DC: International Monetary Fund.
  • Schumpeter, J. 1911. The Theory of Economic Development: An Inquiry Into Profits, Capital, Credit, Interest and The Business Cycle. 1934 translation. Cambridge, Mass: Harvard University Press.
  • Shaw, E. S. 1973. Financial Deepening in Economic Development. New York: Oxford University Press.
  • Stiglitz, J. E. 2000. “Capital Market Liberalization, Economic Growth, and Instability.” World Development 28 (6): 1075–1086.
  • Varlık, N. (2016), Türkiye’de Finansal Gelişme ile Finansal Kırılganlık İlişkisi, 1990-2014 Dönemi, Ekonomik Yaklaşım Derneği (EYD), 27(98), ss:141-176.
  • Von Furstenberg, George M.; Fratianni, Michele (1996). Indicators of Financial Development. The North American Journal of Economics and Finance, 7(1), ss. 19-29.
  • Yıkmaz R.F. (2011). Sürdürülebilir Kalkınmanın Ölçülmesi ve Türkiye İçin Yöntem Geliştirilmesi, Uzmanlık Tezi, DPT Sosyal Sektörler ve Koordinasyonlar Genel Müdürlüğü, Yayın No:2820, Ankara.
Toplam 39 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Şencan Felek 0000-0002-4672-6259

Nihal Yayla 0000-0002-0647-5088

İsmail Çeviş 0000-0001-6246-8707

Yayımlanma Tarihi 31 Temmuz 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 16 Sayı: 63

Kaynak Göster

APA Felek, Ş., Yayla, N., & Çeviş, İ. (2021). Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019. Yaşar Üniversitesi E-Dergisi, 16(63), 1164-1184. https://doi.org/10.19168/jyasar.912290
AMA Felek Ş, Yayla N, Çeviş İ. Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019. Yaşar Üniversitesi E-Dergisi. Temmuz 2021;16(63):1164-1184. doi:10.19168/jyasar.912290
Chicago Felek, Şencan, Nihal Yayla, ve İsmail Çeviş. “Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019”. Yaşar Üniversitesi E-Dergisi 16, sy. 63 (Temmuz 2021): 1164-84. https://doi.org/10.19168/jyasar.912290.
EndNote Felek Ş, Yayla N, Çeviş İ (01 Temmuz 2021) Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019. Yaşar Üniversitesi E-Dergisi 16 63 1164–1184.
IEEE Ş. Felek, N. Yayla, ve İ. Çeviş, “Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019”, Yaşar Üniversitesi E-Dergisi, c. 16, sy. 63, ss. 1164–1184, 2021, doi: 10.19168/jyasar.912290.
ISNAD Felek, Şencan vd. “Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019”. Yaşar Üniversitesi E-Dergisi 16/63 (Temmuz 2021), 1164-1184. https://doi.org/10.19168/jyasar.912290.
JAMA Felek Ş, Yayla N, Çeviş İ. Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019. Yaşar Üniversitesi E-Dergisi. 2021;16:1164–1184.
MLA Felek, Şencan vd. “Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019”. Yaşar Üniversitesi E-Dergisi, c. 16, sy. 63, 2021, ss. 1164-8, doi:10.19168/jyasar.912290.
Vancouver Felek Ş, Yayla N, Çeviş İ. Türkiye’de Finansal Gelişme Ve Finansal Kırılganlık İlişkisi Üzerine Bir Analiz: 2007-2019. Yaşar Üniversitesi E-Dergisi. 2021;16(63):1164-8.