Akademik Veri Yönetim Sistemi
Uluslararası Ekonomi Araştırmaları ve Finansal Piyasalar Kongresi, Edirne, Türkiye, 12 - 13 Mayıs 2017, ss.543-559
The APEC country group, has achieved a high level of financial development due to the substantial trade integration during the 1990s. When APEC was first established, its main goal was to promote and improve economic cooperation across the Asia-Pacific region. Specifically, its objective was to promote a more open and freer environment for trade and investment among its member economies while promoting economic growth. Lately, it included financial development and regional integration among its objectives. There has been a vast literature using economic growth models nonetheless there has been very limited empirical work conducted on APEC. This paper investigates the impact of stock markets, bank sector and capital flows on economic growth among the Asia-Pacific Economic Cooperation (APEC) countries. Specifically, it investigates whether the financial sector development and liberalization in stock markets, bank sector and capital flows facilitate high growth in the member countries. This study is examined with panel annual data of APEC countries within the period 1993-2014 by Panel Vector Autoregression (VAR) techniques. The co-movement of the stock market, bank and capital flow aspects is explained by interpreting the impulse – response functions and variance decomposition in order to investigate short and long run dynamics. This study attempts to contribute to the existing literature by investigating the economic growth among APEC countries by considering the potential