Turev piyasalarinin makroekonomik etkileri

ABSTRACTMACROECONOMIC IMPACTS OF DERIVATIVE MARKETSPolat, Mehtap BeyzaM.A., Department of EconomicsSupervisor: Asst. Prof. Refet GürkaynakDecember 2006There has been much debate over the effect of financial development oneconomic growth and well-being. A conclusion has not been reached yet; some ofthe works assert that the level of financial development leads to soundermacroeconomic conditions, whereas some others hold opposing views. Another lineof literature concentrates on the relation between the level of existing uncertainty andthe level of investment. There are again controversial conclusions reached regardingthis relationship; some argue that the level of uncertainty has a negative effect oninvestment, whereas some argue that the correlation between these two variables ispositive. In this paper, the assertions of these two different lines of the literature willbe linked under a single heading, the derivative markets. This paper will analyze theeffect of the existence and growth rate of the derivative market volume on thestandard of living of individuals under the framework first constructed by Mankiw,Romer and Weil (1992).Keywords: Derivative Markets, Economic Growth