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    Relationships between financial development, trade openness, and economic growth: Empirical evidence for Turkey
    (IGI Global, 2014) Şeker, Fahri; Çetin, Murat; Topçu, Birol; Seren, Gamze Yıldız
    The aim of this chapter is to investigate the cointegration and causal relationship between financial development, trade openness, and economic growth in Turkey for the period of 1980-2012. To analyze the data, the bounds testing and Johansen-Juselius approaches to cointegration and Granger causality test based on vector error-correction model are employed. The cointegration tests suggest that there is a long-run relationship between the variables. The Granger causality test reveals long-run bidirectional causality between trade openness and economic growth. The findings also indicate unidirectional causality running from financial development to trade openness and economic growth in the long run as well as a bi-directional causality between financial development and economic growth in the short run. The results support supply-leading and trade-led growth hypotheses. Therefore, it can be suggested that Turkey can accelerate its economic growth by improving its financial systems and encouraging foreign trade. © 2015, IGI Global. All rights reserved.
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    The impact of foreign direct investment on environmental quality: A bounds testing and causality analysis for Turkey
    (Pergamon-Elsevier Science Ltd, 2015) Şeker, Fahri; Ertuğrul, Hasan Murat; Çetin, Murat
    This study aims to investigate the impact of foreign direct investment (FDI), together with gross domestic product (GDP), the square of GDP, and energy consumption, on carbon dioxide (CO2) emissions in Turkey over the period 1974-2010. We employ both the bounds test approach which has superior properties especially in small samples and the Hatemi-J test which takes structural breaks into consideration in the co-integration analysis. Due to the co-integration relationship between CO2 emissions and other variables, the autoregressive distributed lag (ARDL) model is used in order to investigate short and long run elasticity between the variables. The long-run coefficients of the ARDL model indicate that the effect of FDI on CO2 emissions is positive but relatively small, while the effects of the GDP and energy consumption on CO2 emissions are quite considerable. Moreover, the short-run coefficients obtained by the error correction model (ECM) are found to be similar to those of the long-run model. The findings support the validity of the environmental Kuznets curve (EKC) hypothesis in both time-horizons. The vector ECM based Granger causality test is also applied to investigate the causal link. The causality test results indicate the existence of a causality running from all explanatory variables to CO2 emissions in the long run. Overall, the findings suggest that Turkey should promote energy efficiency with sustainable growth, and encourage more FDI inflows particularly in technology-intensive and environment-friendly industries to improve environmental quality. (C) 2015 Elsevier Ltd. All rights reserved.