Finansal kalkınmanın reel kesime fon aktarımındaki etkisi
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- Tez No: 74164
- Danışmanlar: YRD. DOÇ. DR. SAADET TANTAN
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, İşletme, Banking, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1998
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 67
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Özet (Çeviri)
SUMMARY This paper presents the relationship between financial development and the economic growth in the light of the alternative views. It was difficult to construct the body of the study, due to its immense coverage area in different directions, as well as each direction leading a way to a new, independent research. Although the results include doubts, empirical studies show that there is a first-order relationship between financial development and growth. Finance-growth relationship is summarized under three headings, featuring in the conflicting views of Ross Levine, Valerie Bencivenga, Aslı Demirgüç, Bruce Smith, Jeremy Greenwood, John Boyd, John Gurley and Edward Shaw. First, financial development stimulates economic growth, which is proved by a historical fact that the“Industrial Revolution”of England followed the financial improvement. The most productive capital investments require long term capital, while investors are reluctant to invest in instruments with a long due date, linked to the liquidity risk. However, the financial markets eliminate this risk, providing liquidity when required. Financial systems contribute to economic growth through their functions. Second, economic growth stimulates financial improvement, which is mainly supported by Joan Robinson. Economic growth necessitates financial arrangements, while financial system automatically responds this. According to Gurley and Shaw moving from less to developed countries, financing preferences shift from equity to bank loans and public offerings. Last, financial development and economic growth is a co-evolutionary process, since the presence of the economic activity is the primary condition for demanding finance. At the early stages of economic development, investments were financed with the entrepreneurs' savings. As the economy develops, additional financial institutions, such as the banks played an important role in financing extra investments. Also the cost of attending the financial institutions become negligible at the upper stages of economic development. 57Technological improvements play a significant role in finance-growth relationship. New financial product designs, improved computer and telecommunications technology, and advances in the theory of finance have led to dramatic and rapid changes in the structure of global financial markets and institutions. Especially, in periods with a high intensity of financial innovation, there is a large volume of new products created. The dynamic product-development interaction between intermediaries and markets can be interpreted as part of a“financial innovation spiral”pushing the financial system toward an idealized target of full efficiency. Financial innovation is the engine driving the financial system toward its goal of greater economic efficiency. Innovation in financial intermediation improves efficiency by completing markets, lowering transaction costs, and reducing agency costs. But improvements in efficiency from innovative intermediary products and services cannot obtain without concurrent changes in the financial infrastructure that are necessary to support those products and services. International capital movements provide risk diversification, submitting alternative financing choices to high-return projects. Recent research has focused on the benefits for countries of removing barriers to international capital flows. World stock markets are booming, and emerging markets compose a disproportionately large amount of this boom. Over the past ten years, world stock market capitalization rose from US$4.7 trillion to US$15.2 trillion, and emerging market capitalization jumped from less than 4% to 13%of total world capitalization. Fiscal policy another factor determining finance-economic growth alliance. Supporters of fiscal liberation policies propose that removing restricting rules raises the funds available to the entrepreneurs and provides a more efficient distribution of the resources. Meanwhile, the school led by Stiglitz (1989a) argue that barriers allow efficient distribution of these funds, due to the presence of institutional and structural elements that defect efficient resource allocation. There are two fundamentally different frames of reference for analysis of finance-growth relationship. One perspective takes as given the existing institutional structure of financial intermediaries and views the objective of public policy as helping the institutions currently in place to survive and flourish. An alternative to the institutional perspective is the functional approach, which takes as given the economic, -s } ?- 58functions performed by financial intermediaries and searches the best institutional structure to perform those functions. We analyzed the functions of the financial system under five headings: 1- Managing uncertainty and controlling risk: Investors are reluctant to take liquidity risk, which is defined as the ability to liquidate the investments in any time. Under the transparent information and transaction costs, financial systems cleanse the liquidity risk, transferring funds to long-term projects. 2- Dealing with the asymmetric-information and decreasing information costs: Information costs are an incentive for financial instruments to emerge. Since it is costly to reach information individually, investors form financial institutions to decrease the fixed cost. Information such as the prices, interest rates play an important role in the determination of saving rate. 3- Providing price information that helps coordinate decentralized decision-making and pushing investors to follow the managers: A firm that finances its investments with the loans, is followed by its financial intermediary, which also informs the individual investors. Also financial system links the stock price to management, where the price is the main indicator of management efficiency. 4- Transferring economic resources through time and across geographic regions and industries: Financial institutions provide mobility to savings, by transferring them to investments. Capital is accumulated through the savings of a large number of investors. Centralizing capital accumulation, financial systems contribute to long-term growth. 5- Providing a payment system for the exchange of goods and services and leading to specialization: Financial systems that reduce the information and transaction costs lead to specialization, which is the primary condition for technological innovation. (Adam Smith, 1776) Financial institutions and the markets constitute the financial structure. Financial structure differs among countries and among different periods of a country. As the level of income rises, commercial banks and financial intermediaries get an overwhelming share in the GNP. Meanwhile, loans granted to private sector has a larger share in the developed countries and they have more developed stock exchanges. In the less developed countries, commercial banks enjoy the largest slice in the financial system. Yet moving towards the developed countries, financial intermediaries replace banks. On top of this, we define two different financial structures. First, in a structure ; -x composed of banks overwhelmingly, banks play an important role in the in the < 59financing of investments. Second, capital markets has a larger share in fund allocation among the vast investment areas. Investment banks are the main participants of this Percentage of GDP 180 160 140 120 100 80 60 40 20 iilB - 4M P33 Assets of non- Credit issued to Financial depth Stock market bank financial private sector capitalization institutions firms ? Mddle-income & High-income Figure 1 : Financial Structure vs. The Level of Income Source : Aslı Demirgüç-Kunt and Ross Levine,“Stock Markets, Corporate Finance and Economic Growth”, The World Bank Economic Review, 1996, s.226. Financial system contributes the economic growth through its functions. Although financial structure differs among countries and differ even among periods of a country, fundamental financial functions are the consistent. According to the theory, financial institutions search for the most efficient production methods, prior to shifting funds and in the latter step, they follow the managers. As a result of this process the information costs to investors decline. Also, the firms with close relationships with the financial intermediaries have wider financing choices. Level of financial development is another factor influencing the economic growth. Goldsmith (1969) reached a parallel relationship between economic and the financial developments, on its study including the data of 35 countries. In some of the other studies, financial development level is proved to be a reliable indicator of future economic growth. At the industrialization stage, in order to transfer the funds created by the rising saving rates to efficient investment areas an efficiently functioning financial system is required. -. -\ t v -“%, 60Developed financial instruments contribute to economic growth, yet there are little evidence of the stock markets' contribution. Stock markets affect economic activity through the creation of liquidity. Many profitable investments require a long-term commitment of capital, but investors are often reluctant to relinquish control of their savings for long periods. Liquid equity markets make investment less risky and more attractive because they allow savers to acquire an asset and to sell it quickly and cheaply if they need access to their savings or want to alter their portfolios. Increased liquidity can deter growth through at least three channels. First, by increasing the returns to investment, greater stock market liquidity may reduce saving rates through income and substitution effects. Second, by reducing the uncertainty associated with investment, greater stock market liquidity may r-educe saving rates because of the ambiguous effects of uncertainty on savings. Third, stock market liquidity may adversely affect corporate governance. Very liquid markets may encourage investor myopia. Because more liquid markets make it easy for dissatisfied investors to sell quickly, liquid markets may weaken investors' commitment and reduce investors' incentives to exert corporate control by overseeing managers and monitoring firm performance and potential. As a result enhanced stock market liquidity may actually hurt economic growth. In Turkey, financial system is dominated by the commercial banks. In line with the governmental policies that aim to have power in the financial markets, banks acquired monopolistic authorities, while other financial institutions could not develop. This factor constituted a barrier ahead of the faster economic growth. Therefore, capital market instruments did not vary. Meanwhile, the low return of the bank deposits against inflation shifted savings to foreign exchange. Therefore, the _ savings were not successfully directed to the long-term investments. We measured role of Istanbul Stock Exchange by conducting a research on 1 9 industrial companies, who offered their shares to public in 1996. These companies recorded a rapid rise in their ”cash and equivalents“ in 1996, while they recorded an expected growth in their fixed assets in 1 997. Their financial structure also displayed a shift from debt to equity. On another research analyzing the growth of paint sector between.,, 1995-1 998, in the light of the stock issuances, we observe a faster growth and mounting capacity V 61 ”A. '"«i:expansion investments. Paint sector was chosen due to its long term growth potential and product homogeneity. As a result, it is difficult to accept that economic development occurs in reaction to financial improvement or visa versa. The result of this study is the co-evolution of these two. Financial innovation is a dynamic process. It affects economic growth, while it is also affected by the economic growth. In response to an economic activity, demand for financing methods evolve, which also itself accelerates economic growth. The best fitting opinion is the co-evolution of these two. Market is the communicating and the exchanging point of the buyers and sellers. The financial market is the body of the institutions, regulating the fund transfers between the suppliers and the demanders, equipment facilitating exchange and the regulatory rules. Financial markets are grouped under two headings according two their terms, as short term fund are realized in the money markets, while mid and long term fund requirements and supplies meet in the capital markets. 62
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