Tasarruf ve Ekonomik Büyüme Arasındaki İlişkide Finansal Sistemin Rolü – Kırgızistan Örneği

The performance of the financial system can be evaluated in several dimensions. The primary determinant factor in economic welfare dimension is efficiency of financial system. Savings are transferred to entrepreneurships by financial institutions in the countries where the financial system is efficient. In the contrary, all investments are made by the savers in the countries where financial system is least efficient. Investments done by savers prevent using of savings for productive aims. In such a process, the relationship between the savings and economic growth becomes insignificant. Although saving expenses in high amounts, the economic growth is not increased in the same level. In this sense, strengthen the financial system provides an increase in the economic growth by savings. Also, as the financial system is in the control of the government, this prevents the usage of savings towards the productive aims. So, it is a factor that decelerates the economic growth. In this study, the role, operation, and importance of the financial system in transferring savings into investments in a way of increasing the economic growth are discussed for emerging countries and Kyrgyzstan.