Geniş Kapsamlı Finansal Gelişmişlik Endeksi İle Türkiye’nin Finansal Gelişmişliğinin Tespiti ve Gelişmekte Olan Ülkeler İle Karşılaştırılması
Measuring Financial Development of Turkey With Broad-Based Index And Comparison With Other Developing Countries

Summary/Abstract: Purpose – This study primarily aims to determine Turkey's financial development. In this context, the “broad-based index of financial development”, which is introduced by IMF, is used for Turkey for the last 12 years period for the first time. In the second stage of the study, the development index is calculated for a group of developing countries which are compared with Turkish economy due to their similarities in fundamental dynamics, namely Brazil, Malaysia, Poland and South Africa and eventually the results will be compared. Design/Methodology/Approach – In this study, in total, 9 indices are constructed in order to examine different dimensions of financial development. Primarily, six sub-indices are constructed to determine the depth, access and efficiency of both financial institutions and financial markets. In the second step, these indices are aggregated into two indices under financial institutions and financial markets. In the last step, these two indices are used to form the final development index to identify the financial development levels of Turkey and four other developing countries. To be able to construct the financial institutions depth index 4, for the access index 2, for the efficiency index 6; for financial markets depth index 5, for access index 2 and for efficiency index 1, in total 20 explanatory variables are examined.

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