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EXAMINING THE RELATIONSHIP BETWEEN ECONOMIC FREEDOM INDEX AND DOMESTIC CREDIT IN SOUTHEASTERN EUROPEAN COOPERATION MEMBER COUNTRIES USING PANEL DATA METHOD

Yıl 2023, Cilt: 13 Sayı: 4, 2529 - 2546, 25.12.2023

Hasan Kazak Abdullah Kılıçarslan

https://doi.org/10.30783/nevsosbilen.1376149

Öz

The aim of this study is to assess the impact of economic freedoms on domestic credit to the private sector in the member countries of the Southeast European Cooperation, namely Albania, Bulgaria, Greece, Croatia, Romania, Slovenia, and Turkey. In this context, Fractional Frequency Flexible Fourier Form Panel Cointegration Test, and single-frequency panel Fourier granger causality test have been used to reveal the relationship and direction between economic freedom and domestic credit to the private sector. The analysis was conducted using annual data for the period 1995-2021. Empirical analyses showed a statistically significant long-term relationship between the domestic credit dependent variable for the private sector and the independent variable of economic freedoms through the cointegration tests. The results of the Fourier Toda-Yamamoto Causality Test, which examines short-term relationships, show that there is a one-way causality relationship from economic freedoms to domestic credit to the private sector in the case of Albania, Bulgaria, and Slovenia, while no causality relationship was identified for the other countries. However, no causality relationship was identified for the other countries. Consequently, economic freedoms affect the amount of domestic credit to the private sector by banks in the long run.

Anahtar Kelimeler

Economic Freedom Domestic Credit Cointegration

Kaynakça

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GÜNEYDOĞU AVRUPA İŞ BİRLİĞİ ÜYESİ ÜLKELERDE EKONOMİK ÖZGÜRLÜK ENDEKSİ İLE YURTİÇİ KREDİLER ARASINDAKİ İLİŞKİLERİN PANEL VERİ YÖNTEMİYLE İNCELENMESİ

Yıl 2023, Cilt: 13 Sayı: 4, 2529 - 2546, 25.12.2023

Hasan Kazak Abdullah Kılıçarslan

https://doi.org/10.30783/nevsosbilen.1376149

Öz

Bu çalışmanın amacı, Güneydoğu Avrupa iş birliği üyesi ülkelerden Arnavutluk, Bulgaristan, Yunanistan, Hırvatistan, Romanya, Slovenya ve Türkiye açısından ekonomik özgürlüklerin özel sektöre yönelik yurtiçi krediler üzerindeki etkisini değerlendirmektir. Bu bağlamda, ekonomik özgürlük ve özel sektöre yönelik yurt içi krediler arasındaki ilişkiyi ve yönünü ortaya çıkarmak üzere kesirli frekans esnek Fourier form paneli eşbütünleşme testi ve tek frekanslı panel fourier granger nedensellik testi kullanılmıştır. Çalışmada 1995-2021 dönemi yıllık verileri üzerinden analizler gerçekleştirilmiştir. Ampirik analizler sonucunda, eşbütünleşme testleriyle özel sektöre yönelik yurt içi krediler bağımlı değişkeni ile ekonomik özgürlükler bağımsız değişkeni arasında istatistiksel olarak anlamlı uzun dönemli ilişki olduğu ortaya konulmuştur. Kısa dönemli ilişkinin analiz edildiği Fourier Toda-Yamamoto Nedensellik Testi sonuçları ise Arnavutluk, Bulgaristan ve Slovenya için ekonomik özgürlükler değişkeninden özel sektöre yönelik yurt içi krediler değişkenine doğru tek yönlü nedensellik ilişkisinin olduğunu diğer ülkeler için ise herhangi bir nedensellik ilişkisinin olmadığını ortaya koymuştur. Buna göre ekonomik özgürlükler uzun dönemde bankalar tarafından özel sektöre yurt içi kredi tutarını etkilemektedir. Kısa dönemli ilişkilerde ise sadece üç ülke için (Arnavutluk, Bulgaristan ve Slovenya) ekonomik özgürlüklerden özel sektöre yönelik yurt içi krediler değişkenine doğru tek taraflı nedensellik ilişkisi söz konusudur.

Anahtar Kelimeler

Ekonomik Özgürlük Yurtiçi Krediler Eşbütünleşme

Kaynakça

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  • Akinci, O., & Omstead-Rumsey, J. (2018). How effective are macroprudential policies? An empirical ınvestigation. Journal of Financial Intermediation, 33, 33-57.
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  • Le, A. H., & Kım, T. (2020). Effects of economic freedom on firm investment in vietnam. Journal of Asian Finance, Economics and Business, 7(3), 9-15.
  • Lim, C. H., Costa, A., Columba, F., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., & Wu, X. (2011). Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences (SSRN Scholarly Paper 1956385). https://papers.ssrn.com/abstract=1956385
  • Lu, Y.-X., Huang, Y.-S., & Hsu, C.-C. (2023). The Impact of Economic Freedom on Bank Loan Spreads: Evidence from the Financial Crisis. Emergıng Markets Fınance And Trade. https://doi.org/10.1080/1540496X.2023.2226322
  • Mandic, S., & Joksimovic, L. (2018). On the threshold of adulthood: Western Balkans transition failures. Facta Universitais Series: Economics and Organization, 15(1), 15-27.
  • Mayache, N. (2021). Impact of trade openness and economic freedom on economic growth: A panel analysis study (2000-2018. ASJP, 7(3), 792-801.
  • McMahon, F. (2014). Economic freedom (Fraser Institute and Heritage Foundation. Içinde A. C. Michalos (Ed.), Encyclopedia of Quality of Life and Well-Being Research. Springer.
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  • Minovic, J., Stevanovic, S., & Aleksic, V. (2021). The relationship between foreign direct investment and institutional quality in western balkan countries. Journal of Balkan and Near Eastern Studies, 23(1), 40-61.
  • Miozzi, V., & Powell, B. (2023). The pre-pandemic political economy determinants of lockdown severity. Public Choice, 197, 167-183.
  • Muhasilovic, J. (2022). Framing the western balkans cooperation through SEECP. Içinde M. Mulalic, E. Topcu, & J. Muhasilovic (Ed.), The Western Balkans cooperation, geopolitics and economic transitions and relations (ss. 148-156). International University of Sarajevo.
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  • Mushtaq, S., & Khan, A. R. E. (2018). Economic freedom and sustainable development: A panel data analysis. The Pakistan Journal of Social Issues.
  • Nazlıoğlu, S., Gormus, N. A., & Soytas, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy economics, 60, 168-175. https://doi.org/doi.org/10.1016/j.eneco.2016.09.009
  • Nazlıoğlu, S., & Karul, C. (2017). Panel LM Unit Root Test with Gradual Structural Shifts. 40th International Panel Data Conference, 1-26.
  • Nguyen, T. C., Bermpei, T., & Kalyvas, A. N. (2022). Local Economic Freedom and The Cost of Corporate Borrowing: Evidence From The US States (SSRN Scholarly Paper 4187774). https://doi.org/10.2139/ssrn.4187774
  • Nier, E. W., Olafsson, T. T., Rollinson, Y. G., & Gelos, G. (2020). Exchange rates and domestic credit: Can macroprudential policy reduce the link? (IMF Working Papers 20/187). International Monetary Fund.
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  • Obeng-Amponsah, W., Sun, Z., Havidz, H. B., & Dey, E. A. (2019). Determinants of domestic credit to the private sector in ghana: Application of vector auto-regressive method. Proceedings of The First International Symposium on Management and Social Sciences (ISMSS 2019, 309, 132-139.
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  • Shahabadi, A., & Davari Kish, R. (2016). The Impact of Economic Freedom on the Development of the Stock Market. Majlis and Rahbord, 23(86), 303-328.
  • Suleymanov, E., Alirzayev, E., & Talibli, M. (2019). Role of economic freedom in attracting ınvestments in the context of Azerbaijan. International Journal of Economics and Financial Issues, 9(1), 87-95.
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  • Ullah, H., & Jan, S. (2020). Economic freedom on stock market performance and liquidity: Evidence from KSE-100 index Pakistan. NUML International Journal of Business & Management, 15(1), 110-126.
  • Vrieze, F. (2016). The south-east european cooperation process and its new parliamentary assembly: Regional dialogue in action. The Hague Journal of Diplomacy, 11(2-3), 215-234.
  • Vukotic, V., & Baćović, M. (2006). Economic freedom and economic growth in south east Europe. Transition Studies Review, 13(1), 81-91.
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  • Yang, Z., Vitenu-Sackey, P. A., Hao, L., & Tao, Y. (2023). Economic freedom, inclusive growth, and financial development: A heterogeneous panel analysis of developing countries. PLOS ONE, 18(7), e0288346. https://doi.org/10.1371/journal.pone.0288346
  • Yılancı, V., & Görüs, M. S. (2020). Does economic globalization have predictive power for ecological footprint in MENA counties? A panel causality test with a Fourier function. Environmental science and pollution research, 27(32), 40552-40562. https://doi.org/doi.org/10.1007/s11356-020-10092-9
Toplam 112 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm MUHASEBE VE FİNANS
Yazarlar

Hasan Kazak 0000-0003-0699-5371

Abdullah Kılıçarslan 0000-0002-7251-9990

Erken Görünüm Tarihi 20 Aralık 2023
Yayımlanma Tarihi 25 Aralık 2023
Gönderilme Tarihi 15 Ekim 2023
Kabul Tarihi 14 Aralık 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 13 Sayı: 4

Kaynak Göster

APA Kazak, H., & Kılıçarslan, A. (2023). GÜNEYDOĞU AVRUPA İŞ BİRLİĞİ ÜYESİ ÜLKELERDE EKONOMİK ÖZGÜRLÜK ENDEKSİ İLE YURTİÇİ KREDİLER ARASINDAKİ İLİŞKİLERİN PANEL VERİ YÖNTEMİYLE İNCELENMESİ. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 13(4), 2529-2546. https://doi.org/10.30783/nevsosbilen.1376149
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