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Hisse Senetleri, Banka Kredileri ve Ekonomik Büyüme İlişkisi: Türkiye Örneği

Stock Markets, Bank Loans and Economic Growth Relationship: The Case of Turkey

Journal Name:

  • Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi

Publication Year:

  • 2015

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Relationship between financial development and economic growth is one of the popular topics in the literature. In this study, the relationship between stocks, bank loans and economic growth for the period between 1998:01 and 2013:02 are investigated for Turkish economy. We test whether variables are stationary by using Lumsdaine and Papell (1997) and Lee and Strazicich (2003) unit root tests. After unit root test, long term relationship between variables are tested with Hatemi-J (2008) cointegration tests. Long-term relationships under multiple structural breaks are identified between stocks, bank loans and economic growth According to the result of Toda-Yamamoto (1995) causality tests, there is unidirectional causality relationship from bank loans to stocks, and from stocks to economic growth. Obtained results, show that bank loans do not directly affect economic growth, but indirectly affect economic growth via stocks.
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Abstract (Original Language): 
Finansal gelişme ile ekonomik büyüme ilişkisi, literatürde ilgi gören konuların başında gelmektedir. Bu çalışmada, Türkiye ekonomisinde hisse senedi, banka kredileri ve ekonomik büyüme arasındaki ilişki 1998:01-2013:02 dönemleri için araştırılmıştır. Değişkenlerin durağanlığı Lumsdaine ve Papell (1997) ve Lee ve Strazicich (2003) testleri ile sınandıktan sonra, değişkenler arasındaki uzun dönemli ilişki Hatemi-J (2008) eşbütünleşme testi ile incelenmiştir. Hisse senetleri, banka kredileri ve ekonomik büyüme arasında çoklu yapısal kırılmalar altında uzun dönemli ilişkilerin olduğu tespit edilmiştir. Toda-Yamamoto (1995) nedensellik test sonuçlarına göre ise, banka kredilerinden hisse senetlerine, hisse senetlerinden ekonomik büyümeye doğru tek yönlü nedensellik ilişkisi bulunmaktadır. Elde edilen sonuçlar, banka kredilerinin ekonomik büyümeyi doğrudan etkilemediğini ancak hisse senetleri üzerinden dolaylı olarak ekonomik büyümeyi etkilediğini göstermektedir.
FULL TEXT (PDF): 
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  • 3
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  • Turkish

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