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MERKEZ BANKASI BAĞIMSIZLIĞININ EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİLERİ: AB ÜLKELERİ ÜZERİNE YENİ NESİL PANEL VERİ ANALİZİ (1995-2015)

THE EFFECTS OF CENTRAL BANK INDEPENDENCE ON ECONOMIC GROWTH: NEW GENERATION PANEL DATA ANALYSIS ON THE EU COUNTRIES (1995-2015)

Journal Name:

  • Journal of Life Economics

Publication Year:

  • 2017
DOI: 
http://dx.doi.org/10.15637/jlecon.211

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this study, the effects of the level of statutory independence of the central bank on economic growth in the European Union (EU) member countries are examined econometrically in the context of new generation panel data analysis methodology for the period 1995-2015. In the study from this aspect, it is aimed to empirically assess whether the level of statutory independence established for the maintenance and sustainability of price stability which is the main objective of central banks in the EU countries, has an effect on the economic growth performances of member countries as is predicted in the theoretical framework. As a result of the study, it was determined that of the level of statutory independence of the central bank in EU countries had a positive direction and statistically significant effect on economic growth during the review period. These results show that the predicted effects on the theoretical framework of the level of statutory independence of the central bank on economic growth are also empirically valid in the EU countries as of the study period. However, the results suggest that of the levels of statutory independence of the central banks with the current structure have also a significant impact on the real economic growth performance of the EU countries is enhanced and achieved sustainability in the long-term.
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Abstract (Original Language): 
Bu çalışmada, Avrupa Birliği (AB) üyesi ülkelerde merkez bankası yasal bağımsızlık düzeyinin ekonomik büyüme üzerindeki etkileri 1995-2015 dönemi için yeni nesil panel veri analizi metodolojisi kapsamında ekonometrik olarak incelenmektedir. Bu açıdan çalışmada, AB ülkelerinde merkez bankalarının temel hedefleri olarak belirlenen fiyat istikrarının sağlanabilmesine ve sürdürülebilmesine yönelik tesis edilen yasal bağımsızlık düzeylerinin, üye ülkelerin ekonomik büyüme performansları üzerinde teorik yazında öngörüldüğü gibi bir etkiye sahip olup olmadığının ampirik açıdan da değerlendirilmesi amaçlanmaktadır. Çalışma sonucunda, inceleme döneminde AB ülkelerinde merkez bankası yasal bağımsızlık düzeyinin ekonomik büyüme üzerinde pozitif yönlü ve istatistiki açıdan anlamlı bir etkiye sahip olduğu belirlenmiştir. Bu sonuçlar, merkez bankası yasal bağımsızlık düzeyinin ekonomik büyüme üzerinde teorik çerçevede öngörülen etkilerinin, çalışma dönemi itibariyle AB ülkelerinde ampirik açıdan da geçerli olduğunu göstermektedir. Bununla birlikte sonuçlar, AB ülkelerinin reel ekonomik büyüme performanslarının arttırılmasında ve uzun dönemde sürdürülebilirlik kazanmasında merkez bankalarının yasal bağımsızlık düzeylerinin de mevcut yapısıyla önemli bir etkiye sahip olduğuna işaret etmektedir.
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