Metrika članka

  • citati u SCindeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[=>]
  • posete u poslednjih 30 dana:11
  • preuzimanja u poslednjih 30 dana:3
članak: 2 od 2  
Back povratak na rezultate
Panoeconomicus
2015, vol. 62, br. 3, str. 339-360
jezik rada: engleski
vrsta rada: izvorni naučni članak
doi:10.2298/PAN1503339E


Local financial development and capital accumulations: Evidence from Turkey
(naslov ne postoji na srpskom)
Department of Economics, Faculty of Economics and Administrative Sciences, Uludag University, Turkey

e-adresa: sibelbali@uludag.edu.tr, kyeryigit@uludag.edu.tr, edulger@uludag.edu.tr

Projekat

' The Role of Physical, Human and Social Capital in Regional Financial Development Differences: An Analysis of Turkish Provinces' supported by The Scientific and Technological Research Council of Turkey, TUBI

Sažetak

(ne postoji na srpskom)
Despite the unquestionable importance of financial markets in the economy, the factors promoting financial development have just recently begun to be researched intensively. In this context, the aim of the study is to explain the reasons for the financial development gaps among provinces in Turkey on the basis of capital accumulations. According to the results of the spatial panel data model estimates based on indices of 81 provinces in Turkey for the period 2005-2009, it was found that the level of social capital best explained the level of financial development, followed by physical capital and human capital. Additionally, it was found that capital accumulations contributed above average not only to the financial development of that province, but also to that of the surrounding provinces.

Ključne reči

Reference

*** (2012) The financial development report 2012. New York: World Economic Forum USA Inc, World Economic Forum
Allegret, J., Azzabi, S. (2012) Développement financier, croissance de long terme et effets de seuil. Panoeconomicus, vol. 59, br. 5, str. 553-581
Anselin, L., Rey, S. (1991) Properties of Tests for Spatial Dependence in Linear Regression Models. Geographical Analysis, 23(2): 112-131
Arora, U.R., Ratnasiri, S. (2011) Financial development, financial inclusion and human capital: How close is the link?: A study of India. u: Paper Presented at Indian Economy Update, Australian National University, Canberra
Aykut, K. (1998) İktisadî Büyümenin Belirleyicileri ve Yeni Büyüme Modellerinde Beşerî Sermayenin Yeri. Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 53(1-4): 207-230
Baltagi, B.H. (2001) Econometric analysis of panel data. Chichester: John Wiley & Sons, 2nd ed
Barro, R.J., Xavier, S. (1995) Economic growth. New York: McGraw- Hill
Boukhatem, J. (2012) Marchés obligataires et crises bancaires dans les pays émergents: Le rôle des institutions. Panoeconomicus, vol. 59, br. 5, str. 625-646
Bourdieu, P. (1986) The forms of capital. u: Richardson John [ur.] Handbook of Theory and Research for the Sociology of Education, New York: Greenwood, 241-258
Calderon, C., Chong, A., Galindo, A. (2002) Development and Efficiency of the Financial Sector and Links with Trust: Cross‐Country Evidence. Economic Development and Cultural Change, 51(1): 189-204
Cheng, H. (1986) Analysis of panel data. Cambridge: Cambridge University Press
Cole, S., Sampson, T., Zia, B. (2009) Money or knowledge?: What drives demand for financial services in emerging markets?. Harvard Business School Working Paper, 09-117
Coleman, J. (1988) Social capital in the creation of human capital. American Journal of Sociology, 94, Supplement: str. 95-120
Cooper, N. (2010) A proposal to harness capacities for promoting resilience of Egyptian youth for national and international security. u: Resilience: Interdisciplinary Perspectives on Science and Humanitarianism, 1(March): 40-60
de Hernando, S. (2000) The mystery of capital: Why capitalism triumphs in the west and fails everywhere else. New York: Basic Books
de Long, J. B., Summers, L.H. (1991) Equipment Investment and Economic Growth. Quarterly Journal of Economics, 106(2): 445
Elhorst, J.P. (2003) Specification and Estimation of Spatial Panel Data Models. International Regional Science Review, 26(3): 244-268
Evans, M., Syrett, S. (2007) Generating Social Capital?: The Social Economy and Local Economic Development. European Urban and Regional Studies, 14(1): 55-74
Fukuyama, F. (1995) Trust: The social virtues and the creation of prosperity. New York: Free Press Paperbacks
Guiso, L., Sapienza, P., Zingales, L. (2004) The Role of Social Capital in Financial Development. American Economic Review, 94(3): 526-556
Hakeem, M., Oluitan, O. (2012) Financial Development and Human Capital in South Africa: A Time-Series Approach. Research in Applied Economics, 4(3): 18-38
Henley, A. (2005) On regional growth convergence in Great Britain. Regional Studies, 39(9): 1245-1260
Jülide, Y., Öcal, N., Erdoğan, M. (2008) Turkiye'de Finansal Gelisme ve Bolgesel Ekonomik Buyume: Mekansal Etki Analizi. TÜBITAK-SOBAG Proje 107K075
Karakaya, M.D. (2009) Provincial and regional population projections for the centenary of the Republic of Turkey. Hacettepe Universitesi-Nufus Etutleri Enstitusu, MS thesis
Karin, K., Curtiss, J., Balmann, A. (2012) Drivers of agricultural physical capital development: Theoretical framework and hypotheses. Factor Markets Working Paper, 18
Kim, C.W., Phipps, T.T., Anselin, L. (2003) Measuring the benefits of air quality improvement: a spatial hedonic approach. Journal of Environmental Economics and Management, 45(1): 24-39
Knack, S., Keefer, P. (1997) Does Social Capital Have an Economic Payoff? A Cross-Country Investigation. Quarterly Journal of Economics, 112(4): 1251-1288
la Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W. (1997) Legal determinants of external finance. Journal of Finance, 52(3), 1131-1150
Levine, R., Renelt, D. (1992) A sensitivity analysis of cross country gross regressions. American Economic Review, 82(4), str. 942-63
Luc, A. (1988) Spatial econometrics: Methods and models. u: Studies in Operational Regional Science, Dordrecht: Kluwer Academic Publishers
Mahoney, P.G. (2001) The Common Law and Economic Growth: Hayek Might Be Right. Journal of Legal Studies, 30(2): 503-525
Olaf, E., Hellin, J., Chandna, P. (2007) Livelihoods, poverty and targeting in the Indo-Gangetic plains: A spatial mapping approach. New Delhi: International Maize and Wheat Improvement Center
Onder, Z., Ozyildirim, S. (2009) Banks, regional development disparity and growth: evidence from Turkey. Cambridge Journal of Economics, 34(6): 975-1000
Outreville, F.J. (1999) Financial development, human capital and political stability. United Nations Conference on Trade and Development Discussion Paper, 142
Özyildirim, S., Önder, Z. (2008) Banking Activities and Local Output Growth: Does Distance from Centre Matter?. Regional Studies, 42(2): 229-244
Patrick, H. (1966) Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, vol. 14, January
Prete, A.L. (2013) Economic literacy, inequality, and financial development. Economics Letters, 118(1): 74-76
Putnam, R.D. (1993) The prosperous community: Social capital and community life. American Prospect, No. 13: 35-42
Putnam, R.D. (2000) Bowling alone: The collapse and revival of American community. New York: Simon and Schuster
Schultz, T.W. (1960) Capital Formation by Education. Journal of Political Economy, 68(6): 571
Şeref, S., Cihan, C., Yurtoğlu, H. (2002) Türkiye Ekonomisinde Sermaye Birikimi, Büyüme ve verimlilik: 1972-2000. Baskı/Yayın Bilgisi Devlet Planlama Teşkilatı, 2665
Thorsten, B., Demirgüç-Kunt, A., Ross, L. (2001) Legal theories of financial development. Oxford Review of Economic Policy, 17(4): 483-501
Tuncer, B. (1995) Investment as the fundamental force of development. u: Bulutay Tuncer [ur.] Investment and the Labour Market in Turkey: Proceedings of a Seminar Held in Ankara, 7 December 1995, Ankara: State Institute of Statistics
van Rooij, M., Lusardi, A., Alessie, R. (2011) Financial literacy and stock market participation. Journal of Financial Economics, 101(2): 449-472
Yahyaoui, A., Rahmani, A. (2009) Développement financier et croissance économique: Rôle de la qualité des institutions. Panoeconomicus, vol. 56, br. 3, str. 327-357