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TÜRKİYE’DE FİNANSAL GELİŞME VE EKONOMİK YAPISAL REFORM İLİŞKİSİ

Yıl 2025, Cilt: 27 Sayı: 48, 536 - 552, 30.04.2025

Elifnur Tığtepe , Oğuzhan Demir

https://doi.org/10.18493/kmusekad.1519222

Öz

Ekonomik yapısal reformlar, piyasaların etkin ve verimli işleyişinin önündeki engellerin ortadan kaldırılması ve ülkelerin büyümesine katkı sağlanması amacıyla yerine getirilmesi gereken yükümlülükleri ifade etmektedir. Ekonomik yapısal reformların uygulanabilmesi için çeşitli makroekonomik, sosyal, finansal vb. alanlardaki temel ön koşulların sağlanmış olması gerekmektedir. Bu noktadan hareketle bu çalışmada Türkiye’de finansal gelişme ve ekonomik yapısal reformlar arasındaki ilişki, 2002-2021 dönemi için Fourier-Shin (F-Shin) eş-bütünleşme testi ve dinamik en küçük kareler (DOLS) yöntemi kullanılarak incelenmektedir. Analiz sonuçları, Türkiye’de finansal küreselleşme ile ekonomik yapısal reformlar arasında anlamlı bir ilişkinin olmadığını; gayrisafi sabit sermaye oluşumu ile ekonomik yapısal reformlar arasında negatif, doğrudan yabancı yatırımlar ile ekonomik yapısal reformlar arasında pozitif bir ilişkinin varlığını ortaya koymaktadır.

Anahtar Kelimeler

Finansal Gelişme Ekonomik Yapısal Reformlar Fourier-Shin Eş-Bütünleşme Testi

Kaynakça

  • Acikgoz, S., Balcilar, M. ve Saracoglu, B. (2012). Openness and Financial Development: Time Series Evidence for Turkey. International Journal of Banking, Accounting and Finance, 4(2), 172-201.
  • Adeyemo, D. O., ve Salami, A. O. (2008). A Review of Privatization and Public Enterprises Reform in Nigeria. Contemporary Management Research, 4(4), 401-418
  • Akçay, S. (2018). Do Industrialization, Democracy, and Financial Openness Promote Financial Development? Evidence from Turkey. Turkish Studies, 20(5), 708-727.
  • Armijo, L. E. (2001). The Political Geography of World Financial Reform: Who Wants What and Why?. Global Governance, 7(4), 379-396.
  • Baltagi, B. H., Demetriades, P. O. ve Law, S. H. (2009). Financial Development and Openness: Evidence from Panel Data, Journal of Development Economics, 89(2), 285–296.
  • Bandiera, O., Caprio, G., Honohan, P. ve Schiantarelli, F. (2000). Does Financial Reform Raiseor Reduce Saving?, The Review of Economics and Statistics, 82(2), 239–263.
  • Becker, R., Enders, W. ve Lee, J. (2006). A Stationarity Test in the Presence of an Unknown Number of Smooth Breaks. Journal of Time Series Analysis, 27(3), 381–409.
  • Biglaiser, G. ve DeRouen, K. R. (2006). Economic Reforms and Inflows of Foreign Direct Investment in Latin America. Latin American Research Review, 41(1), 51–75.
  • Boubakri, N. ve Hamza, O. (2007). The Dynamics of Privatization, The Legal Environment and Stock Market Development. International Review of Financial Analysis, 16(4), 304–331.
  • Campos, N. F. ve Kinoshita, Y. (2009). Structural Reforms, Financial Liberalization, and Foreign Direct Investment. IMF Staff Papers, 57(2), 326–365.
  • Campos, N. F., De Grauwe, P. ve Ji, Y. 2017. Structural Reforms, Growth and Inequality: An of Theory, Measurement and Evidence. IZA Institute of Labor Economics Discussion Paper Series, No: 11159, 1-50.
  • Christopoulos, D. K. ve León-Ledesma, M. A. (2010). Smooth Breaks and Non-Linear Mean Reversion: Post- Bretton Woods Real Exchange Rates. Journal of International Money and Finance, 29(6), 1076-1093.
  • Crespy, A.ve Vanheuverzwijn, P. (2019). What ‘‘Brussels’’ Means By Structural Reforms: Empty Signifieror Constructive Ambiguity?. Comp Eur Polit, 17, 92–111.
  • Daştan, M., Yalçınkaya, Ö. ve Karabulut, K. (2020). Yapısal Reformların Ekonomik Büyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi, 179, 1-32.
  • Duncan, R. ve Quang, D. (2003). Trade Liberalization, Economic Growth and Poverty Reduction Strategies. https://www.dfat.gov.au/sites/default/files/trade_and_poverty.pdf, (11.02.2024).
  • Enowbi‐Batuo, M. ve Kupukile, M. (2010). How Can Economic and Political Liberalisation Improve Financial Development in African Countries?. Journal of Financial Economic Policy, 2(1), 35–59.
  • He, Q. ve Sun, M. (2013). Does Financial Reform Promote the Inflow of FDI? Evidence from China’s Panel Data. Global Economic Review, 42(1), 15–28.
  • Helhel, Y. (2017). Küreselleşme ve Finansal Gelişme Arasındaki Etkileşimin Türkiye ve BRICS Ülkeleri için İncelenmesi-Examining The Interaction Between Globalization and Financial Development for Turkey and BRICS Countries. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(20), 158-178.
  • Huang, W. (2006). Emerging Markets Financial Openness and Financial https://www.bristol.ac.uk/efm/media/workingpapers/working_papers/pdffiles/dp06588.pdf, (11.03.2024).
  • Ilzkovitz, F. ve Dierx, A. (2011). Structural Reforms: A European Perspective. Reflets et Perspectives, 3, 13-26.
  • International Money Fund, https://www.imf.org/external/np/pdr/mona/monafaq.aspx, Erişim tarihi: 06.06.2024.
  • Khan, M. S. ve Senhadji, A.S., (2003). Financial Development and Economic Growth: A Review and New Evidence. Journal of African Economics, 12(90002), ii89-ii110.
  • Kim, D. H., Lin, S. C. ve Suen, Y. B. (2010). Dynamic Effects of Trade Openness on Financial Development. Economic Modelling, 27(1), 254-261.
  • Kouamé W.A.K. ve Tapsoba, S.J.A. (2019). Structural Reforms and Firms’ Productivity: Evidence from Developing Countries. World Development, 113, 157-171.
  • Law, S. H., Tan, H. B. ve Azman-Saini, W. N. W., (2015). Globalisation, InstitutionalReformsand Financial Development in East Asian Economies. The World Economy, 38(2), 379–398.
  • Law, S. H., Azman-Saini, W. N. W. ve Tan, H. B. (2014). Economic Globalization and Financial Development in East Asia: A Panel Cointegration and Causality Analysis. Emerging Markets Finance and Trade, 50(1), 210–225.
  • Mishkin, F. S. (2009). Globalization and Financial Development. Journal of Development Economics, 89(2), 164–169.
  • Miyazaki, T. (2014). Fiscal Reform and Fiscal Sustainability: Evidence From Australia and Sweden. International Review of Economics & Finance, 33, 141–151.
  • OECD (2015). Structural Reforms: Impact on Growth and Employment”. https://www.oecd.org/italy/structural- reforms-in-italy-impact-on-growth-and-employment.pdf , Erişim Tarihi: 25.09.2023.
  • Olivera, M., Pachón, M. ve Perry, G. E. (2010). The Political Economy of Fiscal Reform: The Case of Colombia, 1986-2006, Inter-American Development Bank”. IDB Working Paper Serıes No. IDB-WP-181.
  • Ozekhome, H. (2022). Impact of Financial Liberalization on Financial Deepening in Nigeria. NDIC Quarterly, 38(2), 33-58.
  • Peabody, J.W. (1996), Economic Reform and Health Sector Policy: Lessons From Structural Adjustment Programs. Social Science & Medicine, 43(5), 823-835. https://doi.org/10.1016/0277-9536(96)00127-X.
  • Porzecanski, R. ve Gallagher, K. P. (2007). Economic Reform and Foreign Direct Investment in Latin America: A Critical Assessment. Progress in Development Studies, 7(3), 217-233.
  • Prati, A., Onorato, M. G. ve Papageorgiou, C. (2013). Which Reforms Work and under What Institutional Environment? Evidence from a New Data Set on Structural Reforms. Review of Economics and Statistics, 95(3), 946–968.
  • Stiglitz, J. (1998). The Role of the Financial System in Development. In Presentation at the Fourth Annual Bank Conference on Development in Latin America and the Caribbean, 29 (17), 1-17.
  • Tatar, H. E., Konat, G. ve Temiz, M. (2022). The Relationship between Financial Development, Trade Openness and Economic Growth in Turkey: Evidence from Fourier Tests. Statistika, 102(2), 153-167.
  • Türkiye Cumhuriyet Merkez Bankası (2016). Yapısal Reformlar ve Büyüme Üzerindeki Etkileri, 1-24.
  • Tovar García, E.D. (2012). Financial Globalization and Financial Development in Transition Countries. Economía: Teoría y Práctica, (36), 155-178.
  • Tressel, T. ve Detragiache, E. (2008). Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset. IMF Working Paper, WP/08/265.
  • Tsong, C.C., Lee, C.F., Tsai, L.J. ve Hu, T.C. (2016). The Fourier Approximation and Testing For The Null of Cointegration. Empirical Economics, 51(3), 1085-1113.
  • Vadlamannati, K. C. (2009). Indian Economic Reforms and Foreign Direct Investment. South Asia Economic Journal, 10(1), 31–59.
  • Yalçınkaya, Ö., Kaya, V. ve Erkal, G. (2024). Türkiye İçin Ekonomik Yapısal Reform Ölçüm Yöntemlerinin Geliştirilmesi ve Büyüme Üzerindeki Etkilerinin İncelenmesi. Sosyoekonomi, 32(59), 405-432.
  • Yalçınkaya, Ö., Daştan, M. ve Karabulut, K. (2021). The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling. Estudios de Economía, 48, 59-87.
  • Zhang, C., Zhu, Y. ve Lu, Z. (2015). Trade Openness, Financial Openness, and Financial Development in China, Journal of International Money and Finance, 59, 287–309.

RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC STRUCTURAL REFORM IN TÜRKİYE

Yıl 2025, Cilt: 27 Sayı: 48, 536 - 552, 30.04.2025

Elifnur Tığtepe , Oğuzhan Demir

https://doi.org/10.18493/kmusekad.1519222

Öz

Economic structural reforms refer to the obligations that need to be fulfilled in order to eliminate obstacles to the effective and efficient functioning of markets and to contribute to the growth of countries. The implementation of economic structural reforms requires the fulfilment of basic preconditions in various macroeconomic, social, financial, etc. areas. From this point of view in this study, the relationship between financial development and economic structural reforms in Türkiye is examined using the Fourier-Shin (F-Shin) cointegration test and the dynamic least squares (DOLS) method for the period 2002-2021.The analysis results show there is no significant relationship between financial globalization and economic structural reforms in Türkiye; It reveals the existence of a negative relationship between gross fixed capital formation and economic structural reforms, and a positive relationship between foreign direct investments and economic structural reforms.

Anahtar Kelimeler

Financial Development Economic Structural Reforms Fourier-Shin Co-Integration Test

Kaynakça

  • Acikgoz, S., Balcilar, M. ve Saracoglu, B. (2012). Openness and Financial Development: Time Series Evidence for Turkey. International Journal of Banking, Accounting and Finance, 4(2), 172-201.
  • Adeyemo, D. O., ve Salami, A. O. (2008). A Review of Privatization and Public Enterprises Reform in Nigeria. Contemporary Management Research, 4(4), 401-418
  • Akçay, S. (2018). Do Industrialization, Democracy, and Financial Openness Promote Financial Development? Evidence from Turkey. Turkish Studies, 20(5), 708-727.
  • Armijo, L. E. (2001). The Political Geography of World Financial Reform: Who Wants What and Why?. Global Governance, 7(4), 379-396.
  • Baltagi, B. H., Demetriades, P. O. ve Law, S. H. (2009). Financial Development and Openness: Evidence from Panel Data, Journal of Development Economics, 89(2), 285–296.
  • Bandiera, O., Caprio, G., Honohan, P. ve Schiantarelli, F. (2000). Does Financial Reform Raiseor Reduce Saving?, The Review of Economics and Statistics, 82(2), 239–263.
  • Becker, R., Enders, W. ve Lee, J. (2006). A Stationarity Test in the Presence of an Unknown Number of Smooth Breaks. Journal of Time Series Analysis, 27(3), 381–409.
  • Biglaiser, G. ve DeRouen, K. R. (2006). Economic Reforms and Inflows of Foreign Direct Investment in Latin America. Latin American Research Review, 41(1), 51–75.
  • Boubakri, N. ve Hamza, O. (2007). The Dynamics of Privatization, The Legal Environment and Stock Market Development. International Review of Financial Analysis, 16(4), 304–331.
  • Campos, N. F. ve Kinoshita, Y. (2009). Structural Reforms, Financial Liberalization, and Foreign Direct Investment. IMF Staff Papers, 57(2), 326–365.
  • Campos, N. F., De Grauwe, P. ve Ji, Y. 2017. Structural Reforms, Growth and Inequality: An of Theory, Measurement and Evidence. IZA Institute of Labor Economics Discussion Paper Series, No: 11159, 1-50.
  • Christopoulos, D. K. ve León-Ledesma, M. A. (2010). Smooth Breaks and Non-Linear Mean Reversion: Post- Bretton Woods Real Exchange Rates. Journal of International Money and Finance, 29(6), 1076-1093.
  • Crespy, A.ve Vanheuverzwijn, P. (2019). What ‘‘Brussels’’ Means By Structural Reforms: Empty Signifieror Constructive Ambiguity?. Comp Eur Polit, 17, 92–111.
  • Daştan, M., Yalçınkaya, Ö. ve Karabulut, K. (2020). Yapısal Reformların Ekonomik Büyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi, 179, 1-32.
  • Duncan, R. ve Quang, D. (2003). Trade Liberalization, Economic Growth and Poverty Reduction Strategies. https://www.dfat.gov.au/sites/default/files/trade_and_poverty.pdf, (11.02.2024).
  • Enowbi‐Batuo, M. ve Kupukile, M. (2010). How Can Economic and Political Liberalisation Improve Financial Development in African Countries?. Journal of Financial Economic Policy, 2(1), 35–59.
  • He, Q. ve Sun, M. (2013). Does Financial Reform Promote the Inflow of FDI? Evidence from China’s Panel Data. Global Economic Review, 42(1), 15–28.
  • Helhel, Y. (2017). Küreselleşme ve Finansal Gelişme Arasındaki Etkileşimin Türkiye ve BRICS Ülkeleri için İncelenmesi-Examining The Interaction Between Globalization and Financial Development for Turkey and BRICS Countries. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(20), 158-178.
  • Huang, W. (2006). Emerging Markets Financial Openness and Financial https://www.bristol.ac.uk/efm/media/workingpapers/working_papers/pdffiles/dp06588.pdf, (11.03.2024).
  • Ilzkovitz, F. ve Dierx, A. (2011). Structural Reforms: A European Perspective. Reflets et Perspectives, 3, 13-26.
  • International Money Fund, https://www.imf.org/external/np/pdr/mona/monafaq.aspx, Erişim tarihi: 06.06.2024.
  • Khan, M. S. ve Senhadji, A.S., (2003). Financial Development and Economic Growth: A Review and New Evidence. Journal of African Economics, 12(90002), ii89-ii110.
  • Kim, D. H., Lin, S. C. ve Suen, Y. B. (2010). Dynamic Effects of Trade Openness on Financial Development. Economic Modelling, 27(1), 254-261.
  • Kouamé W.A.K. ve Tapsoba, S.J.A. (2019). Structural Reforms and Firms’ Productivity: Evidence from Developing Countries. World Development, 113, 157-171.
  • Law, S. H., Tan, H. B. ve Azman-Saini, W. N. W., (2015). Globalisation, InstitutionalReformsand Financial Development in East Asian Economies. The World Economy, 38(2), 379–398.
  • Law, S. H., Azman-Saini, W. N. W. ve Tan, H. B. (2014). Economic Globalization and Financial Development in East Asia: A Panel Cointegration and Causality Analysis. Emerging Markets Finance and Trade, 50(1), 210–225.
  • Mishkin, F. S. (2009). Globalization and Financial Development. Journal of Development Economics, 89(2), 164–169.
  • Miyazaki, T. (2014). Fiscal Reform and Fiscal Sustainability: Evidence From Australia and Sweden. International Review of Economics & Finance, 33, 141–151.
  • OECD (2015). Structural Reforms: Impact on Growth and Employment”. https://www.oecd.org/italy/structural- reforms-in-italy-impact-on-growth-and-employment.pdf , Erişim Tarihi: 25.09.2023.
  • Olivera, M., Pachón, M. ve Perry, G. E. (2010). The Political Economy of Fiscal Reform: The Case of Colombia, 1986-2006, Inter-American Development Bank”. IDB Working Paper Serıes No. IDB-WP-181.
  • Ozekhome, H. (2022). Impact of Financial Liberalization on Financial Deepening in Nigeria. NDIC Quarterly, 38(2), 33-58.
  • Peabody, J.W. (1996), Economic Reform and Health Sector Policy: Lessons From Structural Adjustment Programs. Social Science & Medicine, 43(5), 823-835. https://doi.org/10.1016/0277-9536(96)00127-X.
  • Porzecanski, R. ve Gallagher, K. P. (2007). Economic Reform and Foreign Direct Investment in Latin America: A Critical Assessment. Progress in Development Studies, 7(3), 217-233.
  • Prati, A., Onorato, M. G. ve Papageorgiou, C. (2013). Which Reforms Work and under What Institutional Environment? Evidence from a New Data Set on Structural Reforms. Review of Economics and Statistics, 95(3), 946–968.
  • Stiglitz, J. (1998). The Role of the Financial System in Development. In Presentation at the Fourth Annual Bank Conference on Development in Latin America and the Caribbean, 29 (17), 1-17.
  • Tatar, H. E., Konat, G. ve Temiz, M. (2022). The Relationship between Financial Development, Trade Openness and Economic Growth in Turkey: Evidence from Fourier Tests. Statistika, 102(2), 153-167.
  • Türkiye Cumhuriyet Merkez Bankası (2016). Yapısal Reformlar ve Büyüme Üzerindeki Etkileri, 1-24.
  • Tovar García, E.D. (2012). Financial Globalization and Financial Development in Transition Countries. Economía: Teoría y Práctica, (36), 155-178.
  • Tressel, T. ve Detragiache, E. (2008). Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset. IMF Working Paper, WP/08/265.
  • Tsong, C.C., Lee, C.F., Tsai, L.J. ve Hu, T.C. (2016). The Fourier Approximation and Testing For The Null of Cointegration. Empirical Economics, 51(3), 1085-1113.
  • Vadlamannati, K. C. (2009). Indian Economic Reforms and Foreign Direct Investment. South Asia Economic Journal, 10(1), 31–59.
  • Yalçınkaya, Ö., Kaya, V. ve Erkal, G. (2024). Türkiye İçin Ekonomik Yapısal Reform Ölçüm Yöntemlerinin Geliştirilmesi ve Büyüme Üzerindeki Etkilerinin İncelenmesi. Sosyoekonomi, 32(59), 405-432.
  • Yalçınkaya, Ö., Daştan, M. ve Karabulut, K. (2021). The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling. Estudios de Economía, 48, 59-87.
  • Zhang, C., Zhu, Y. ve Lu, Z. (2015). Trade Openness, Financial Openness, and Financial Development in China, Journal of International Money and Finance, 59, 287–309.
Toplam 44 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonometrik ve İstatistiksel Yöntemler, Makro İktisat (Diğer)
Bölüm Araştırma Makalesi
Yazarlar

Elifnur Tığtepe

Oğuzhan Demir 0000-0001-6320-5562

Erken Görünüm Tarihi 29 Nisan 2025
Yayımlanma Tarihi 30 Nisan 2025
Gönderilme Tarihi 19 Temmuz 2024
Kabul Tarihi 17 Mart 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 27 Sayı: 48

Kaynak Göster

APA Tığtepe, E., & Demir, O. (2025). TÜRKİYE’DE FİNANSAL GELİŞME VE EKONOMİK YAPISAL REFORM İLİŞKİSİ. Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi, 27(48), 536-552. https://doi.org/10.18493/kmusekad.1519222

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