E-ISSN 2791-9439 | ISSN 1300-1868
 

Original Article 


The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014

Nimet Varlık.

Cited By: 2

Abstract
Aim of the study is to investigate the relationship between financial development and financial fragility in Turkey. For this purpose, firstly financial development index (FDI) and financial fragility index (FFI) are constructedby using Principal Component Analysis (PCA) for the period of 1990Q1-2014Q4 with quarterly data. These indices are seemed to explain the financial appearance of Turkey. Then, Johansen cointegration test and Augmented Granger Causality test based on Vector Error Correction Model (VECM) are implementedin order to investigate the relationship between two indices. Emprical results show that there is a long-term relationship between indices. Furthermore, it is seemed that the direction of relationship is statistically significant unidirectional causality from FDI to FFI in the short term.

Key words: Financial Development, Financial Fragility, Index, Principal Component Analysis, VECM. JEL Codes: C10, E44, G10.



Türkiye’de Finansal Gelişme ile Finansal Kırılganlık İlişkisi, 1990-2014 Dönemi

Ozet
Çalışmanın amacı, Türkiye’de finansal gelişme ile finansal kırılganlık arasındaki ilişkinin araştırılmasıdır. Bu amaçla, öncelikle Temel Bileşenler Analizi (PCA) kullanılarak 1990:1-2014:4 dönemi için çeyrek dönemlik verilerle finansal gelişme endeksi (FGE) ve finansal kırılganlık endeksi (FKE) oluşturulmaktadır. Bu endekslerin, Türkiye’nin finansal görünümünü açıkladığı görülmektedir. Ardından, iki endeks arasındaki ilişkiyi incelemek için Johansen eşbütünleşme testi ve Vektör Hata Düzeltme Modeline (VECM) dayalı Geliştirilmiş Granger Nedensellik testi uygulanmaktadır. Ampirik bulgular, endeksler arasında uzun dönemli bir ilişkinin olduğunu göstermektedir. Bununla birlikte, kısa dönemde, ilişkinin yönünün FGE’den FKE’ye doğru tek yönlü istatistiksel olarak anlamlı olduğu görülmektedir.

Anahtar Kelimeler: Finansal Gelişme, Finansal Kırılganlık, Endeks, Temel Bileşenler Analizi, VECM. JEL Kodları: C10, E44, G10.


 
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How to Cite this Article
Pubmed Style

Nimet Varlık. [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim. 2016; 27(98): 141-176. Turkish. doi:10.5455/ey.35909


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Nimet Varlık. [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. https://www.ekonomikyaklasim.org/?mno=188526 [Access: April 10, 2023]. Turkish. doi:10.5455/ey.35909


AMA (American Medical Association) Style

Nimet Varlık. [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim. 2016; 27(98): 141-176. Turkish. doi:10.5455/ey.35909



Vancouver/ICMJE Style

Nimet Varlık. [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim. (2016), [cited April 10, 2023]; 27(98): 141-176. Turkish. doi:10.5455/ey.35909



Harvard Style

Nimet Varlık (2016) [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim, 27 (98), 141-176. Turkish. doi:10.5455/ey.35909



Turabian Style

Nimet Varlık. 2016. [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim, 27 (98), 141-176. Turkish. doi:10.5455/ey.35909



Chicago Style

Nimet Varlık. "[The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]." Ekonomik Yaklasim 27 (2016), 141-176. Turkish. doi:10.5455/ey.35909



MLA (The Modern Language Association) Style

Nimet Varlık. "[The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]." Ekonomik Yaklasim 27.98 (2016), 141-176. Print.Turkish. doi:10.5455/ey.35909



APA (American Psychological Association) Style

Nimet Varlık (2016) [The Relationship between Financial Development and Financial Fragility in Turkey, the period of 1990-2014]. Ekonomik Yaklasim, 27 (98), 141-176. Turkish. doi:10.5455/ey.35909





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