THE EFFECTS OF FINANCIAL DEVELOPMENT ON INVESTMENT IN TURKEY

被引：20

作者：

Balcilar, Mehmet ^{[1
,2
]}

Ciftcioglu, Serhan ^{[3
]}

Gungor, Hasan ^{[1
]}

机构：

[1] Eastern Mediterranean Univ Gazimagusa, Dept Econ, TR-10 Mersin, Turkey

[2] Univ Pretoria, Dept Econ, ZA-0002 Pretoria, South Africa

[3] Eastern Mediterranean Univ Gazimagusa, Dept Business, TR-10 Mersin, Turkey

来源：

SINGAPORE ECONOMIC REVIEW | 2016年 / 61卷 / 04期

关键词：

Investment; financial development; financial frictions; bounds testing approach; ARDL; OIL-PRICE SHOCK; DOMESTIC INVESTMENT; INTERNAL FINANCE; ECONOMIC-GROWTH; AGENCY COSTS; GREAT CRASH; FIRM; DETERMINANTS; DEREGULATION; CONVERGENCE;

D O I：

10.1142/S0217590816500028

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Analyzing financial development and investment in Turkey between 1960 and 2008, this paper illustrates how financial development affects investment decisions in a dynamic model of the firm under financial frictions. A composite index is constructed of three alternative financial development measures. The bounds testing approach was used to test for the existence of long-run levels relationships and long-run levels relationships were estimated using the autoregressive distributed lag method. Both short-and long-run causality tests were performed. Results indicate that financial development, budget balance, and total credit to the private sector positively and significantly affect investment.

引用

页数：21

共 54 条

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