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Türkiye’de Katılım Bankacılığı Alanındaki Gelişmeler İle Ekonomik Büyüme Arasındaki Nedensellik İlişkilerinin İncelenmesi: Toda-Yamamoto Yaklaşımı

Year 2021, Special Issue of Islamic Insurance and Finance, 1 - 28, 30.12.2021
https://doi.org/10.14395/hid.931233

Abstract

Bankacılık ve finans alanındaki gelişmelerin ekonomik büyümeye katkı ve etkisi literatürde uzun yıllardır tartışılmakta ve bununla ilgili çeşitli ampirik analizler yapılmaktadır. Konu ile ilgili şimdiye kadar arz odaklı, talep kaynaklı, karşılıklı bağımlılık ve tarafsızlık hipotezi olarak belirtilen dört farklı teorik yaklaşım geliştirilmiştir. Bu teorik yaklaşımların test edilmesi amacıyla yapılan analizler, farklı koşullar gereği farklı neticeler vermektedir. Bu nedenle üzerinde mutabık kalınan bir yaklaşım oluşmamıştır. Ancak genel eğilim finansal gelişme ve derinleşmenin ekonomik büyüme üzerinde birtakım etkiler bıraktığı yönündedir. Finans sektörü içerisinde faaliyet yürüten alternatif veya tamamlayıcı olarak ifade edilen İslami bankaların da benzer sonuçlar vermesi muhtemeldir.
Türkiye'de katılım bankacılığı alanındaki gelişmelerin ekonomik büyüme üzerindeki etkisini inceleyen ampirik çalışmaların özellikle son yıllarda ağırlık kazanmaya başlandığı görülmektedir. Bu çalışmalarda ele alınan dönem aralığını, genellikle 2000'li yıllardan başlayan zaman serisi verileri kapsamaktadır. Bu banka türünde dikkate alınan değişkenlerin çoğunlukla toplanan mevduatlar ve kullandırılan krediler şeklinde olduğu dikkat çekmektedir. Bunların yanında toplam aktifler, özkaynaklar, net faaliyet karları gibi değişkenlerin de ekonomik büyüme üzerinde anlamlı bir ilişkisinin olup olmadığı test edilmiştir. Johansen eşbütünleşme, ARDL sınır testi, Vektör hata düzeltme modelleri (VECM) ve Granger nedensellik gibi testlerin yapıldığı bu çalışmalarda katılım bankacılığı alanındaki gelişmeler ile ekonomik büyüme arasında kısa/uzun dönemli ilişkinin ve nedenselliğin olup olmadığı araştırılmıştır. Elde edilen sonuçlarda yine genel eğilimin katılım bankacılığı alanındaki gelişmelerin ekonomik büyüme üzerinde pozitif bir etkisinin ve aralarında nedensellik ilişkisinin olduğu yönündedir. Türkiye'de bu banka türlerinin henüz gelişme evresinde oldukları ve bu alandaki yapılandırmaların sürdürülebilir ekonomik büyümeye katkı sağlayacağı rahatlıkla söylenebilir.
İslami bankacılık alanındaki gelişmeler ile ekonomik büyüme ilişkisinin diğer ülke ve ülke grupları baz alınarak incelendiği ampirik çalışmalar dikkate alındığında da literatürün son yıllarda şekillenmeye başlandığı görülmektedir. Genellikle İslami bankacılık alanındaki faaliyetlerin yoğunlaştığı Malezya, Endonezya, Pakistan gibi ülkeler üzerine yapılan araştırmalar ağırlık kazanmaktadır. Yine bu çalışmalarda çoğunlukla kullandırılan toplam kredilerin GSYH üzerindeki kısa/uzun dönem etkileri, nedensellik ilişkileri incelenmektedir. Türkiye'de elde edilen bulgulara benzer olarak İslami bankacılık alanındaki faaliyetlerin ekonomik büyümede payının olduğuna dair anlamlı ilişkiler tespit edilmiştir. Bu yönüyle Türkiye ve diğer ülke üzerine yapılan araştırmalar hemen hemen birbirleriyle uyumlu sonuçlar vermektedir. İslami bankacılık alanındaki faaliyetlerin artması ve finansal gelişim içerisinde kayda değer bir yer edinme çabası, bu banka türlerinin etkilerinin her alanda incelenmesi ve sorgulanmasını gerekli kılmaktadır. Bu yönüyle İslami bankacılık alanındaki faaliyetlerin giderek popüler çalışma alanları içerisinde yer alması beklenmektedir.
Geleneksel bankalarla kıyaslandığında İslami bankacılık alanındaki faaliyetlerin ekonomik büyüme üzerindeki etkilerine dair literatürün çok daha yeni olduğunu söylemek gerekir. Türkiye'deki faaliyetlerinin etkilerini temel alan çalışmalar ise son derece sınırlıdır. Türkiye örneğinde yapılan bu çalışmanın literatürdeki bu boşluğa katkı sağlaması beklenmektedir. Bu doğrultuda yapılan çalışmanın amacı, Türkiye'de 2010 ile 2020 yılları arasında İslami bankacılık alanındaki gelişmeleri temsilen toplanan fonlar ve kullandırılan kredilerin ekonomik büyüme ile nedensellik ilişkisini incelemektir. Bunun için çeşitli nedensellik testleri içerisinde serilerin her türlü durağanlık düzeylerine göre analiz yapma imkânı tanıyan Toda-Yamamoto nedensellik testi kullanılmış ve elde edilen bulgular yorumlanmıştır.
Toda-Yamamoto nedensellik testinden elde edilen bulgulara göre toplam tüketici kredilerinden GSYH'ya doğru tek yönlü bir nedenselliğin varlığı tespit edilmiştir. Ancak gerçek kişi katılım hesapları ile GSYH arasında herhangi bir nedensellik ilişkisi belirlenememiştir. Literatürde İslami bankacılık alanındaki gelişmeleri temsilen kullanılan ağırlıklı değişkenin "özel sektöre ve tüketicilere sunulan toplam krediler" olduğu dikkate alınırsa çalışmada tespit edilmiş olan toplam tüketici kredilerinden GSYH'ya doğru nedenselliğin varlığı, Türkiye'de katılım bankaları tarafından konut, araç, ihtiyaç ve diğer amaçlarla kullandırılan tüketici kredilerinin ekonomik büyüme üzerindeki etkisini göstermektedir.

References

  • Abduh, Muhamad - Mohd Azmi Omar. "Islamic Banking and Economic: the Indonesian Experience". International Journal of Islamic and Management 5, no. 1 (2012): 35-47.
  • Abduh, Muhamad - Nazreen Chowdhury. "Does Islamic Banking Matter for Economic Growth in Bangladesh?". Journal of Islamic Economics, Banking and Finance (8) 3 (2012): 104-113.
  • Al-Oqool, Mohammed Ali - Reem Okab - Mohammed Bash. "Financial Islamic Banking Development and Economic Growth: A Case Study of Jordan". International Journal of Economics and Finance 6, no. 3 (2014): 72-79.
  • Anwar, Suhardi M. - Junaidi Junaidi - Salju Salju - Ready Wicaksono - Mispiyanti Mispiyanti. "Islamic Bank Contribution to Indonesian Economic Growth". International Journal of Islamic and Middle Eastern Finance and Management 13, no. 3 (2020): 519-532.
  • Atici, Gonca. "Islamic (Participation) Banking and Economic Growth: Empirical Focus on Turkey." Asian Economic and Financial Review 8, no. 11 (2018): 1353-1364.
  • Bagehot, Walter. Lombard Street: A Description of the Money Market. London: Henry S. King Corporation, 1873.
  • Bozkurt, Murat - Altıntaş, Nurullah - Yardımcıoğlu, Fatih. "Katılım Bankacılığı ve Konvansiyonel Bankacılığın Ekonomik Büyüme Üzerindeki Etkileri: Türkiye Üzerine Bir İnceleme". International Journal of Islamic Economics and Finance Studies 1 (2020): 95-114.
  • Çakar, Recep - Karakaş, Güngör - Güngör Selim. "Türkiye'de Geleneksel ve Katılım Bankalarının Toplam Kredi Hacimleriyle Ekonomik Büyüme Arasındaki İlişki". Journal of Islamic Economics and Finance 4, no. 1 (2018): 69-95.
  • Daly, Saida - Mohamed Frikha. "Banks and Economic Growth in Developing countries: What about Islamic banks?" Cogent Economics & Finance 4, no. 1 (2016).
  • Dickey, David A. - A. Fuller Wayne . "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root". Econometrica 49, no. 4 (1981): 1057-1072.
  • EDBIZ. "Global Islamic Finance Report (GIFR) 2020". 2020.
  • El-Din, Seif I. Tag. Ekonominin Temelleri: Ahlaki Bir Yaklaşım. Çeviren Oğuz Karasu. İstanbul: İktisat Yayınları, 2020.
  • Ergün, Tolga. "Türkiye'deki Banka Faaliyet Türleri İle Ekonomik Büyüme Arasındaki İlişkinin Araştırılması". ETÜ Sentez İktisadi ve İdari Bilimler Dergisi, no. 2 (2020): 37-60.
  • Farahani, Yazdan Gudarzi - Masood Dastan. "Analysis of Islamic banks’ financing and economic growth: a panel cointegration approach". International Journal of Islamic and Middle Eastern Finance and Management 6, no. 2 (2013): 156-172.
  • Furqani, Hafas - Ratna Mulyany. "Islamic Banking and Economic Growth: Empirical Evidence from Malaysia". Journal of Economic Cooperation and Development 30, no. 2 (2009): 59-74.
  • Gani, Ibrahim Musa - Zakaria Bin Bahari. "An Analysis of Islamic Financial Activities and Economic Growth Relationship: Another Evidence from MalaysiaANOTHER". International Journal of Accounting, Finance and Business 4, no. 24 (2019): 53-69.
  • Goaied, Mohamed - Sassi Seifallah . Financial Development and Economic Growth in the MENA Region : What about Islamic Banking Development. Institut des Hautes Etudes Commerciales, 2010.
  • Granger, C. W. J. "Investigating Causal Relations by Econometric Models and Cross-spectral Methods." Econometrica 37, no. 3 (1969): 424-438.
  • Hicks, John. A Theory of Economic History. Oxford: Claredon Press, 1969.
  • Jobarteh, Mustapha - Hakan Ergeç Etem. "Islamic Finance Development and Economic Growth: Empirical Evidence from Turkey". Türkiye İslam İktisadı Dergisi 4, no. 1 (2017): 31-47.
  • Kalaycı, Salih - Tekin, Behiç Efe. "Interactions between Economic Growth, FDI and Islamic Banking Development in Turkey". International Journal of Business and Management 11, no. 8 (2016): 230-240.
  • Kalim, Rukhsana - Afia Mushtaq - Noman Arshed. "Islamic Banking and Economic Growth: Case of Pakistan". 3, no. 1 (2016): 14-28.
  • Kassim, Salina. "Islamic Finance and Economic Growth: The Malaysian Experience." Global Finance Journal 30 (2016): 66–76.
  • King, Robert G., - Ross Levin. "Finance and Growth: Schumpeter might be Right". The Quarterly Journal of Economics 108, no. 3 (1993): 717-737.
  • Koçak, Emrah. "İslami Finans ve Ekonomik Büyüme: Türkiye Üzerine Ekonometrik Bir Uygulama". Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, no. 51 (2018): 67-91.
  • Lebdaoui, Hind - Joerg Wild. "Islamic Banking Presence and Economic Growth in Southeast Asia" International Journal of Islamic and Middle Eastern Finance and Management 9, no. 4 (2016): 551-569.
  • Ledhem, Mohammed Ayoub - Mekidiche, Mohammed. "Economic Growth and Financial Performance of Islamic Banks: a CAMELS Approach". Islamic Economic Studies 28, no. 1 (2020): 47-62.
  • Lucas, Robert E. "On the Mechanics of Economic Development". Journal of Monetary Economics 22, no. 1 (1988): 3-41.
  • Majid, M. Shabri Abd. - Salina H. Kassim. "Assessing the Contribution of Islamic Finance to Economic Growth." Journal of Islamic Accounting and Business Research 6, no. 2 (2015): 292-310.
  • McKinnon, Ronald I. Money and Capital in Economic Development. Washington: Brooking Institution, 1973. Özdemir, Mücahit - Aslan, Hakan. The Political Economy of the Transformation of Islamic Finance. Siyaset, Ekonomi ve Toplum Araştırmaları Vakfı, 2018.
  • Patrick, Hugh T. "Financial Development and Economic Growth in Underdeveloped Countries". Economic Development and Cultural Change 14, no. 2 (1966): 174-189.
  • Phillips, Peter C. B. - Pierre Perron. "Testing for a Unit Root in Time Series Regression". Biometrika 75, no. 2 (tarih yok): 335-346.
  • Rafay, Abdul - Saqib Farid. "Dynamic Relationship between Islamic Banking System and Real Economic Activity: Evidence from Pakistan". Journal of King Abdulaziz University, Islamic Economics 30, no. 2 (2017): 97-114.
  • Robinson, Joan. The Generalisation of the General Theory and other Essays. London: Macmillan, 1952.
  • Schumpeter, Joseph Alois. The Theory of Economic Development. Cambridge: Harvard University Press, 1934.
  • The Theory of Economic Development. Cambridge: MA: Harvard University Press, 1911.
  • Shaw, Edwars S. Financial Deepening in Economic Development. Oxford: Oxford University Press, 1973.
  • Supriani, Indri - Bayu Arie Fianto - Nur Najim Fauziah - Ryan Rahmah Maulayati. "Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience". Shirkah: Journal of Economics and Business 6, no. 1 (2021): 18-37.
  • Tabash, Mosab I. - Raj S. Dhankar. "An Empirical Analysis of the Flow of Islamic Banking and Economic Growth in Bahrain." International Journal of Management Sciences and Business Research 3, no. 1 (2013): 96-103.
  • Tabash, Mosab I. - Raj S. Dhankar. "Islamic Banking and Economic Growth: An Empirical Evidence from Qatar". Journal of Applied Economics and Business 2, no. 1 (2014): 51-67.
  • TKKB. Katılım Bankaları 2019. Türkiye Katılım Bankaları Birliği, 2019.
  • Tunay, K. Batu. "İslami Bankacılık ile Ekonomik Büyüme Arasında Nedensellik İlişkileri". Yönetim ve Ekonomi 23, no. 2 (2016): 485-502.
  • Warde, Ibrahim. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press, 2000.
  • Watkins, James Simon. Islamic Finance and Global Capitalism An Alternative to the Market Economy. Cham: Palgrave Macmillan, 2020.
  • Y.Toda, Hiro - Yamamoto, Taku. "Statistical Inference in Vector Autoregressions with Possibly Integrated Processes". Journal of Econometrics 66, no. 1-2 (1995): 225-250.
  • Yazdan, Gudarzi Farahani - Sadr Seyed Mohammad Hossein. "Analysis of Islamic Bank’s Financing and Economic Growth: Case Study Iran and Indonesia". Journal of Economic Cooperation and Development 33, no. 4 (2012 ): 1-24.
  • Yüksel, Serhat - Canöz, İsmail. "Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey?". Ikonomika: Jurnal Ekonomi dan Bisnis Islam 2, no. 1 (2017): 1-8.

Investigation of Causality Relations Between Developments in Participation Banking and Economic Growth in Turkey: Toda-Yamamoto Approach

Year 2021, Special Issue of Islamic Insurance and Finance, 1 - 28, 30.12.2021
https://doi.org/10.14395/hid.931233

Abstract

The contribution and impact of developments in banking and finance to economic growth has been discussed in the literature for many years and various empirical analyzes are made regarding this. Four different theoretical approaches have been developed on the subject, which are stated as supply-oriented, demand-driven, interdependence and neutrality hypothesis. The analyzes carried out to test these theoretical approaches give different results due to different conditions. For this reason, an agreed approach has not been formed. However, the general trend is that financial development and deepening have some effects on economic growth. Islamic banks, which are described as alternative or complementary, operating in the financial sector, are likely to yield similar results.
It is observed that empirical studies that examine the effects of developments in the field of participation banking on economic growth in Turkey have started to gain importance especially in recent years. The period range dealt with in these studies generally covers time series data starting from the 2000s. It is noteworthy that the variables taken into account in this type of bank are mostly deposits collected and loans granted. In addition to these, it was tested whether variables such as total assets, own funds, net operating profits have a significant relationship on economic growth. In these studies, which tests such as Johansen cointegration, ARDL boundary test, Vector error correction models (VECM) and Granger causality, it has been investigated whether there is a short / long-term relationship and causality between the developments in participation banking and economic growth. According to the results obtained, again, the general trend is that the developments in the participation banking field have a positive effect on economic growth and there is a causal relationship between them. It can be easily said that these types of banks in Turkey are still in the development phase and that the restructuring in this area will contribute to sustainable economic growth.
Considering the empirical studies that examine the relationship between the developments in Islamic banking and economic growth on the basis of other country and country groups, it is seen that the literature has started to take shape in recent years. Studies on countries such as Malaysia, Indonesia, and Pakistan, where activities in Islamic banking are concentrated, are gaining weight. In these studies, the short / long term effects of the total loans, which are mostly granted, on the GDP and the causality relations are examined. Similar to the findings obtained in Turkey, meaningful relationships have been determined that the activities in the field of Islamic banking have a share in economic growth. In this respect, studies on Turkey and other countries give almost compatible results. The increase in activities in Islamic banking and the effort to gain a significant place in financial development necessitate the examination and questioning of the effects of these types of banks in every field. In this respect, it is expected that the activities in the field of Islamic banking will become increasingly popular among the fields of study.
It should be noted that the literature on the effects of Islamic banking activities on economic growth compared to traditional banks is much more recent. Studies based on the effects of its activities in Turkey are extremely limited. It is expected that this study, conducted in the case of Turkey, will contribute to this gap in the literature. The aim of this study is to examine the causality relationship between funds collected and loans granted in Turkey between 2010 and 2020, representing the developments in the field of Islamic banking, with economic growth. For this, Toda-Yamamoto causality test was used, which allows analysis according to all kinds of stationarity levels of the series among various causality tests, and the findings obtained were interpreted.
According to the findings obtained from the Toda-Yamamoto causality test, the existence of a one-way causality from total consumer loans to GDP was determined. However, no causality relationship could be determined between real person participation accounts and GDP. Considering that the weighted variable used to represent the developments in Islamic banking in the literature is "total loans offered to the private sector and consumers", the existence of causality from the total consumer loans identified in the study to GDP is shows the effect of consumer loans on economic growth.

References

  • Abduh, Muhamad - Mohd Azmi Omar. "Islamic Banking and Economic: the Indonesian Experience". International Journal of Islamic and Management 5, no. 1 (2012): 35-47.
  • Abduh, Muhamad - Nazreen Chowdhury. "Does Islamic Banking Matter for Economic Growth in Bangladesh?". Journal of Islamic Economics, Banking and Finance (8) 3 (2012): 104-113.
  • Al-Oqool, Mohammed Ali - Reem Okab - Mohammed Bash. "Financial Islamic Banking Development and Economic Growth: A Case Study of Jordan". International Journal of Economics and Finance 6, no. 3 (2014): 72-79.
  • Anwar, Suhardi M. - Junaidi Junaidi - Salju Salju - Ready Wicaksono - Mispiyanti Mispiyanti. "Islamic Bank Contribution to Indonesian Economic Growth". International Journal of Islamic and Middle Eastern Finance and Management 13, no. 3 (2020): 519-532.
  • Atici, Gonca. "Islamic (Participation) Banking and Economic Growth: Empirical Focus on Turkey." Asian Economic and Financial Review 8, no. 11 (2018): 1353-1364.
  • Bagehot, Walter. Lombard Street: A Description of the Money Market. London: Henry S. King Corporation, 1873.
  • Bozkurt, Murat - Altıntaş, Nurullah - Yardımcıoğlu, Fatih. "Katılım Bankacılığı ve Konvansiyonel Bankacılığın Ekonomik Büyüme Üzerindeki Etkileri: Türkiye Üzerine Bir İnceleme". International Journal of Islamic Economics and Finance Studies 1 (2020): 95-114.
  • Çakar, Recep - Karakaş, Güngör - Güngör Selim. "Türkiye'de Geleneksel ve Katılım Bankalarının Toplam Kredi Hacimleriyle Ekonomik Büyüme Arasındaki İlişki". Journal of Islamic Economics and Finance 4, no. 1 (2018): 69-95.
  • Daly, Saida - Mohamed Frikha. "Banks and Economic Growth in Developing countries: What about Islamic banks?" Cogent Economics & Finance 4, no. 1 (2016).
  • Dickey, David A. - A. Fuller Wayne . "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root". Econometrica 49, no. 4 (1981): 1057-1072.
  • EDBIZ. "Global Islamic Finance Report (GIFR) 2020". 2020.
  • El-Din, Seif I. Tag. Ekonominin Temelleri: Ahlaki Bir Yaklaşım. Çeviren Oğuz Karasu. İstanbul: İktisat Yayınları, 2020.
  • Ergün, Tolga. "Türkiye'deki Banka Faaliyet Türleri İle Ekonomik Büyüme Arasındaki İlişkinin Araştırılması". ETÜ Sentez İktisadi ve İdari Bilimler Dergisi, no. 2 (2020): 37-60.
  • Farahani, Yazdan Gudarzi - Masood Dastan. "Analysis of Islamic banks’ financing and economic growth: a panel cointegration approach". International Journal of Islamic and Middle Eastern Finance and Management 6, no. 2 (2013): 156-172.
  • Furqani, Hafas - Ratna Mulyany. "Islamic Banking and Economic Growth: Empirical Evidence from Malaysia". Journal of Economic Cooperation and Development 30, no. 2 (2009): 59-74.
  • Gani, Ibrahim Musa - Zakaria Bin Bahari. "An Analysis of Islamic Financial Activities and Economic Growth Relationship: Another Evidence from MalaysiaANOTHER". International Journal of Accounting, Finance and Business 4, no. 24 (2019): 53-69.
  • Goaied, Mohamed - Sassi Seifallah . Financial Development and Economic Growth in the MENA Region : What about Islamic Banking Development. Institut des Hautes Etudes Commerciales, 2010.
  • Granger, C. W. J. "Investigating Causal Relations by Econometric Models and Cross-spectral Methods." Econometrica 37, no. 3 (1969): 424-438.
  • Hicks, John. A Theory of Economic History. Oxford: Claredon Press, 1969.
  • Jobarteh, Mustapha - Hakan Ergeç Etem. "Islamic Finance Development and Economic Growth: Empirical Evidence from Turkey". Türkiye İslam İktisadı Dergisi 4, no. 1 (2017): 31-47.
  • Kalaycı, Salih - Tekin, Behiç Efe. "Interactions between Economic Growth, FDI and Islamic Banking Development in Turkey". International Journal of Business and Management 11, no. 8 (2016): 230-240.
  • Kalim, Rukhsana - Afia Mushtaq - Noman Arshed. "Islamic Banking and Economic Growth: Case of Pakistan". 3, no. 1 (2016): 14-28.
  • Kassim, Salina. "Islamic Finance and Economic Growth: The Malaysian Experience." Global Finance Journal 30 (2016): 66–76.
  • King, Robert G., - Ross Levin. "Finance and Growth: Schumpeter might be Right". The Quarterly Journal of Economics 108, no. 3 (1993): 717-737.
  • Koçak, Emrah. "İslami Finans ve Ekonomik Büyüme: Türkiye Üzerine Ekonometrik Bir Uygulama". Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, no. 51 (2018): 67-91.
  • Lebdaoui, Hind - Joerg Wild. "Islamic Banking Presence and Economic Growth in Southeast Asia" International Journal of Islamic and Middle Eastern Finance and Management 9, no. 4 (2016): 551-569.
  • Ledhem, Mohammed Ayoub - Mekidiche, Mohammed. "Economic Growth and Financial Performance of Islamic Banks: a CAMELS Approach". Islamic Economic Studies 28, no. 1 (2020): 47-62.
  • Lucas, Robert E. "On the Mechanics of Economic Development". Journal of Monetary Economics 22, no. 1 (1988): 3-41.
  • Majid, M. Shabri Abd. - Salina H. Kassim. "Assessing the Contribution of Islamic Finance to Economic Growth." Journal of Islamic Accounting and Business Research 6, no. 2 (2015): 292-310.
  • McKinnon, Ronald I. Money and Capital in Economic Development. Washington: Brooking Institution, 1973. Özdemir, Mücahit - Aslan, Hakan. The Political Economy of the Transformation of Islamic Finance. Siyaset, Ekonomi ve Toplum Araştırmaları Vakfı, 2018.
  • Patrick, Hugh T. "Financial Development and Economic Growth in Underdeveloped Countries". Economic Development and Cultural Change 14, no. 2 (1966): 174-189.
  • Phillips, Peter C. B. - Pierre Perron. "Testing for a Unit Root in Time Series Regression". Biometrika 75, no. 2 (tarih yok): 335-346.
  • Rafay, Abdul - Saqib Farid. "Dynamic Relationship between Islamic Banking System and Real Economic Activity: Evidence from Pakistan". Journal of King Abdulaziz University, Islamic Economics 30, no. 2 (2017): 97-114.
  • Robinson, Joan. The Generalisation of the General Theory and other Essays. London: Macmillan, 1952.
  • Schumpeter, Joseph Alois. The Theory of Economic Development. Cambridge: Harvard University Press, 1934.
  • The Theory of Economic Development. Cambridge: MA: Harvard University Press, 1911.
  • Shaw, Edwars S. Financial Deepening in Economic Development. Oxford: Oxford University Press, 1973.
  • Supriani, Indri - Bayu Arie Fianto - Nur Najim Fauziah - Ryan Rahmah Maulayati. "Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience". Shirkah: Journal of Economics and Business 6, no. 1 (2021): 18-37.
  • Tabash, Mosab I. - Raj S. Dhankar. "An Empirical Analysis of the Flow of Islamic Banking and Economic Growth in Bahrain." International Journal of Management Sciences and Business Research 3, no. 1 (2013): 96-103.
  • Tabash, Mosab I. - Raj S. Dhankar. "Islamic Banking and Economic Growth: An Empirical Evidence from Qatar". Journal of Applied Economics and Business 2, no. 1 (2014): 51-67.
  • TKKB. Katılım Bankaları 2019. Türkiye Katılım Bankaları Birliği, 2019.
  • Tunay, K. Batu. "İslami Bankacılık ile Ekonomik Büyüme Arasında Nedensellik İlişkileri". Yönetim ve Ekonomi 23, no. 2 (2016): 485-502.
  • Warde, Ibrahim. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press, 2000.
  • Watkins, James Simon. Islamic Finance and Global Capitalism An Alternative to the Market Economy. Cham: Palgrave Macmillan, 2020.
  • Y.Toda, Hiro - Yamamoto, Taku. "Statistical Inference in Vector Autoregressions with Possibly Integrated Processes". Journal of Econometrics 66, no. 1-2 (1995): 225-250.
  • Yazdan, Gudarzi Farahani - Sadr Seyed Mohammad Hossein. "Analysis of Islamic Bank’s Financing and Economic Growth: Case Study Iran and Indonesia". Journal of Economic Cooperation and Development 33, no. 4 (2012 ): 1-24.
  • Yüksel, Serhat - Canöz, İsmail. "Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey?". Ikonomika: Jurnal Ekonomi dan Bisnis Islam 2, no. 1 (2017): 1-8.
There are 47 citations in total.

Details

Primary Language Turkish
Subjects Religion, Society and Culture Studies
Journal Section Articles
Authors

Ömer Fazıl Emek 0000-0003-4429-8892

Early Pub Date December 29, 2021
Publication Date December 30, 2021
Submission Date May 2, 2021
Published in Issue Year 2021 Special Issue of Islamic Insurance and Finance

Cite

ISNAD Emek, Ömer Fazıl. “Türkiye’de Katılım Bankacılığı Alanındaki Gelişmeler İle Ekonomik Büyüme Arasındaki Nedensellik İlişkilerinin İncelenmesi: Toda-Yamamoto Yaklaşımı”. Hitit İlahiyat Dergisi 20/3 (December 2021), 1-28. https://doi.org/10.14395/hid.931233.

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