Financial Convergence Test with Fourier Panel KPSS Stationarity Test: Findings from Fragile Five Countries

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dc.contributor.authorTemiz, Mehmet
dc.contributor.authorKonat, Gökhan
dc.date.accessioned2024-09-25T20:19:45Z
dc.date.available2024-09-25T20:19:45Z
dc.date.issued2023
dc.departmentAbant İzzet Baysal Üniversitesien_US
dc.description.abstractFinancial development is an important component of economic development. In particular, it is very important for developing countries to converge to developed countries in terms of financial development level. In this study, the convergence of the financial development indicators of the Fragile Five Countries to the average of the indicators of the four selected countries (USA, England, Australia and Japan) in the top ten in terms of financial development level for the period 1980-2020 is tested. In this respect, our study contributes to the literature by measuring the convergence of a developed country group, not a single country. The data used in the study were accessed from the World Bank official database. Stationarity test which is introduced to the literature by Nazlıoğlu and Karul (2017) based on the Fourier stationarity test developed first by Becker et al. (2006). This test gives results for both the individual and the panel as a whole. As a result of the tests, it is seen that the financial development indicators of the Fragile Five Countries do not converge to the selected country group and its average. Results showed that, the financial markets of the Fragile Five Countries are in a static structure. Their financial systems do not depth enough and so these systems are far from efficiency. Necessary precautions need to be taken in terms of inadequacy of financial indicators examined. Therefore, it can be inferred that there are weaknesses in financial systems in matters such as economic integration, liberalization, harmonization of regulations and globalization.en_US
dc.identifier.endpage754en_US
dc.identifier.issn2564-7504
dc.identifier.issue1en_US
dc.identifier.startpage737en_US
dc.identifier.trdizinid1155189en_US
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1155189
dc.identifier.urihttps://hdl.handle.net/20.500.12491/15724
dc.identifier.volume7en_US
dc.indekslendigikaynakTR-Dizinen_US
dc.language.isoenen_US
dc.relation.ispartofFiscaoeconomiaen_US
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.snmzYK_20240925en_US
dc.subjectFinancial Developmenten_US
dc.subjectLiquid Liabilitiesen_US
dc.subjectPrivate Loanen_US
dc.subjectDeposit Bank Assetsen_US
dc.subjectFourier Panel Stationarityen_US
dc.subjectConvergence.en_US
dc.titleFinancial Convergence Test with Fourier Panel KPSS Stationarity Test: Findings from Fragile Five Countriesen_US
dc.typeArticleen_US

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