Finansal gelişme ve ekonomik büyüme ilişkisi

Abstract

Mali sistemin etkinligi ve derinligi ile ekonomik buyume arasindaki iliskinin yonu konusunda literaturde farkli bulgulara ve yorumlara rastlansa da iyi isleyen bir mali sektorun ekonomik gelismeyi destekledigi konusunda genis bir fikir birligi bulunmaktadir. Bu calisma ile Turkiye'de mali sistemin ekonomik buyumeye verdigi destegin boyutu arastirilmistir. ulkemizde mali sistemin buyuk bolumunu teskil eden bankalarin aktif buyukluklerinin gayrisafi yurtici hasilaya oraninin artis hizi ve ozel sektore actiklari kredilerin gayrisafi yurtici hasilaya oraninin artis hizi finansal gelisme gostergeleri olarak kullanilmis ve bu gostergelerin 1990-2006 donemi icin ekonomik buyumeye ters yonlu etkilerde bulundugu gorulmustur. Finansal gelisme gostergelerinin ekonomik buyume uzerinde zit etkiler yaratmasi devlet ic borclanma senetlerinin banka varliklari icerisinde hatiri sayilir bir paya sahip olmasindan ve bu durumun ozel sektorun bankacilik kesiminin sahip oldugu degerli finansman kaynaklarina ulasamamasi sonucu yarattigi dislayici etkiden kaynaklanmaktadir.

Although the economics literature covers a variety of findings and comments on the direction of the relationship of the efficiency and depth of the financial system with economic growth there is an unambigious agreement on the idea that a functioning financial sector is capable of promoting economic development. This paper aims at researching the level of contribution of the financial system to economic growth in Turkey. The fact that the turkish financial system is overwhelmingly dominated by banking sector leads the author to focus on the course of two main ratios ? the ratio of the assets of banking sector to the gross domestic product and the ratio of the bank loans to the private sector to gross domestic product - as main indicators of financial development in Turkey. The findings of the analysis highlight that these indicators inversely affect economic growth rate in the period of 1990?2006. This inverse relationship of financial development indicators and economic growth is caused by the high share of the public debt instruments in the balance sheet of the banking sector and, therefore, the crowding-out of the private sector from the valuable financing resource kept by banking sector.