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Finansal Erişim, Ekonomik Büyüme ve Özel Sektör Yatırımları İlişkisinin Ekonometrik Analizi

Year 2022, Issue: 118, 199 - 220, 21.10.2022
https://doi.org/10.33203/mfy.1147389

Abstract

Çalışmanın amacı Türkiye’de ekonomik büyüme oranı ve özel sektör yatırımlarının finansal hizmetlere erişim üzerindeki etkisini araştırmaktır. Bu doğrultuda 1980-2019 dönemi verileri kullanılmış ve değişkenlerin farklı düzeylerde durağan oldukları belirlenmiştir. ARDL sınır testi yaklaşımı ile değişkenler arasındaki eşbütünleşme ilişkisi ortaya konulmuştur. FMOLS ve DOLS eşbütünleşme regresyonları yardımıyla ARDL sınır testi ile belirlenen uzun dönem katsayıların doğruluk kontrolü gerçekleştirilmiştir. Çalışmada elde edilen sonuçlara göre; özel sektör yatırımları finansal erişimi pozitif ve istatistiksel olarak anlamlı etkilemektedir. Diğer taraftan ekonomik büyüme oranının finansal hizmetlere erişim üzerinde anlamlı bir etki göstermediği sonucu elde edilmiştir.

References

  • Abzari, M., Zarei, F., Esfahani, S.S. (2011). Analyzing the link between financial development and foreign direct investment among D-8 group of countries, International Journal of Economics and Finance, 3(6), 148-156.
  • Agbloyor, E.K., Abor, J., Adjasi, C.K.D., Yawson, A. (2013). Exploring the causality links between financial market and foreign direct investment in Africa, Research in International Busines and Finance, 28, 118-134.
  • Agyapong, D., Bedjabeng, K.A. (2020). External debt stock, foreign direct investment and financial development, Journal of Asian Business and Economic Studies. 27 (1), 81-98.
  • Arora, R.U. (2014). Access to Finance: An Empirical Analysis, European Journal of Development Research, Vol.26, No.5, pp.798-814.
  • Aslan, A., Altınöz, B., Esmeray, M. (2019). Finansal gelişmenin doğrudan yabancı yatırımlar üzerinde¬ki etkisi: Türkiye örneği, Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(3), 649-659.
  • Asongu, S.A., Nwachukwu, J. (2017). The Synergy of Financial Sector Development and Informationsharing in Financial Access: Propositions and Empirical Evidence, Research in International Business and Finance, 40, S. 242-258. Doi: 10.1016/J.Ri¬baf.2017.03.001.
  • Atkinson, A., Messy, F.-A. (2013). Promoting Financial Inclusion Through Financial Education: OECD/INFE Evidence, Policies and Practice, OECD Working Papers on Finance, Insurance and Private Pensions, No. 34, OECD Publishing, 2013, http://dx.doi.org/10.1787/ 5k3xz6m88smp-en
  • Beck, T., Demirguc-Kunt, A., Levine, R., (2004). Finance, Inequality and Poverty: Cross-Country Evidence, World Bank Policy Research Working Paper, 3338.
  • Beck, T., Demirguc-Kunt, A., Robert-Peria, M.S.L. (2007). Reaching out: Ac¬cess to and Use of Banking Services Across Countries, Journal of Financial Eco¬nomics, 85(1): 234-266.
  • Bozkurt, E., Altıner, A. (2018). Finansal Erişimin Belirleyicileri, Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8 (16), 295-308. DOI: 10.29029/busbed.454034
  • Burgess, R., Pande, R. (2005). Can Rural Banks Reduce Poverty? Evidence from the Indian Social Banking Experiment’, American Economic Review, 95(3): 780-795.
  • Chen, J.H., Huang, Y.F. (2013). The Study of the Relationship between Carbon Dioxide (CO2) Emission and Economic Growth, Journal of International and Global Economic Studies, 6(2), 45-61.
  • Dellis, K. (2018). Financial development and FDI flows: evidence from advanced economies, Bank of Greece, Working Paper No: 254.
  • Desbordes, R., Wei, S.J. (2017). The effects of financial development on foreign direct investment, NBER, Working Paper No. 23309.
  • Dickey, D. A., Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49, 1057-1072.
  • Emara, N. A., El Said, A. (2021). Financial Inclusion and Economic Growth: The Role Of Governance İn Selected Mena Countries, International Review Of Economics And Finance, 75, S. 34–54. Doi: 10.1016/J.İref.2021.03.014
  • Emara, N., Kasa, H. (2021). The non-linear relationship between financial access and domestic savings: the case of emerging markets, Applied Economics, 53:3, 345-363, DOI: 10.1080/00036846.2020.1808174
  • Eroğlu, İ., Yeter, F. (2021). Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye İçin Nedensellik Analizi, Journal of Emerging Economies and Policy, 6(2), 272-286.
  • Gopalan, S., Rajan, R.S. (2018). Foreign Banks and Financial Inclusion in Emerging and Developing Economies: An Empirical Investigation, Journal of International Deve¬lopment, 30, S. 559–583. Doi: 10.1002/Jid.3354.
  • Görüş, M. Ş., Türköz, K. (2016). Türkiye’de petrol talebinin fiyat ve gelir esneklikleri: ARDL sınır testi ve nedensellik analizi, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 18 (1), 31-54.
  • Grohmann, A., Kluhs, T., Menkhoff, L. (2018). Does Financial Literacy Improve Finan¬cial Inclusion? Cross Country Evidence, World Development, 111, S. 84–96. Doi: 10.1016/J.Worlddev.2018.06.020
  • Gujarati, D. (2014). Econometrics by Example (2nd ed.), Palgrave Macmillan, Hampshire, UK.
  • Haini, H. (2021). Financial access and the finance–growth nexus: evidence from developing economies, International Journal of Social Economics, Vol. 48 No. 5, pp. 693-708. https://doi.org/10.1108/IJSE-08-2020-0549
  • Honohan, P. (2004). Financial Development, Growth and Poverty: How Close Are the Links?, In Charles Goodhart, ed. Financial Development and Economic Growth: Explaining the Links. London: Palgrave. IMF, Financial Development Index Database, https://www.imf.org/en/Data
  • Inoue, T., Hamori, S. (2016). Financial Access and Economic Growth: Evidence from Sub-Saharan Africa, Emerging Markets Finance and Trade, vol.52, no.3, pp.743-753.
  • Slam, M.A., Khan, M.A., Popp, J., Sroka, W., Olah, J. (2020). Financial development and foreign direct investment-the moderating role of quality institutions, Sustainability, 12 (3556), 1-22.
  • İlarslan, K. (2021). Finansal Hizmetlere Erişim Üzerinde Etkili Olan Faktörlerin Belirlenmesi: Gelişmekte Olan Ülkelere Yönelik Ekonometrik Bir Analiz, Ekonomi, Finans ve İşletme Yönetimi Alanında Güncel Gelişmeler- II, Yayın Yeri: Nobel Yayınları, Editör: Alican Umut, Basım sayısı:1, Sayfa sayısı:260, ISBN:978-625-433-094-0, Bölüm Sayfaları:243 -259.
  • Jha, M., Amerasinghe, S., Calandrley, J. (2014). Financial Inclusion: Reaching the Unbanked, Standard Chartered Bank Special Report, 4 September 2014, Standard Chartered Bank, (https://www.findevgateway.org/sites/default/files/publications/files/financial_inclusion_-_reaching_the_unbanked.pdf)
  • Kempson, E., Whyley, C., Caskey, J., Collard, S. (2000). In or out? Financial exclusion: a literature and research review, FSA Consumer Research 3, London Financial Services Authority, London.
  • Kılınç, E.C. (2020). Doğrudan Yabancı Sermaye Girişlerinin Finansal Gelişme ve Ticari Açıklık İle Olan İlişkisi: E7 Ülkeleri Örneği, Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12 (2), 45-54.
  • Lucas, R. E. (1988). On the mechanics of economic development, Journal of Monetary Economics, 22, 3–42.
  • Matin, W.M. (2019). Financial development indicators and FDI: international evidence, World Scientific News 13, 181-196.
  • McKinnon, R. I. (1973). Money and capital in economic development.Washington, DC: Brookings Institution.
  • Moraes, D.C., Galvis-Ciro, J.C, Gargalhone, M. (2021). Financial access and interest rate spread: An international assessment, Journal of Economics and Business, Volume 114, 2021, 105958, ISSN 0148-6195, https://doi.org/10.1016/j.jeconbus.2020.105958.
  • Pan, L., Mishra, V. (2018). Stock market development and economic growth: empirical evidence from China, Economic Modelling. 68, 661–673.
  • Paul, B.P. (2014). Testing export-led growth in Bangladesh: an ARDL bounds test approach, International Journal of Trade, Economics and Finance. 5 (1), 1-5.
  • Pesaran, M.H., Shin, Y., Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships, J. Appl. Econ., 16(3), 289-326.
  • Phillips, P. C. B., Perron, P. (1988). Testing for a unit root in time series regressions, Biometrika, Vol. 75: 335-346.
  • Phillips, P., Hansen, B. (1990). Statistical Inference in Instrumental Variables Regression with I(1) Processes, Review of Economic Studies, 57, 99-125.
  • Robinson, J. (1952). The generalization of the general theory. The Rate of Interest and Other Essay. London UK: MacMillan.
  • Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation, Econometric Theory. 8, 1–27.
  • Sarıgül, H. (2014). Kümeleme Analizi ile İllerin Bankacılık Hizmetlerine Erişim ve Kullanım Göstergelerinin Karşılaştırılması, Bankacılar Dergisi, C.89, Sy.2014, ss.41-62.
  • Satrovic, E., Muslija, A. (2017). Foreign Direct Investments and Tourism: Empirical Evidence from Turkey, ICPESS Proceedings, 2, 88-100.
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.
  • Soumaré, I., Tchana, F. (2011). Causality between FDI and financial market development: evidence from emerging markets, MPRA, Paper No. 31328.
  • Stock, J., Watson, M. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems, Econometrica, 61(4), 783-820.
  • Şahin, S., Ege, I. (2015). Financial development and FDI in Greece and neighbouring countries: A panel data analysis, Procedia Economics and Finance, 24, 583-588.
  • Tursoy, T., Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: empirical evidences from ARDL bounds test and combined cointegration, Resources Policy. 55, 49–54.
  • Williams, H.T., Adegoke, A., Dare, A. (2017). Role Of Financial Inclusion in Economic Growth and Poverty Reduction in A Developing Economy, Internal Journal of Rese¬arch İn Economics And Social Sciences, 7, 5, S. 265-271.
  • World Bank, http://datatopics.worldbank.org/financialinclusion/
  • Yeniel, M.S. (2009). The Relationship between Economic Growth and Financial Development in The EU Member and Candidate Countries: Evidence from Dynamic and Static Panel Data Models, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü, İngilize İktisat Anabilim Dalı, Yüksek Lisans Tezi.

Econometric Analysis of the Relationship of Financial Access, Economic Growth and Private Sector Investments

Year 2022, Issue: 118, 199 - 220, 21.10.2022
https://doi.org/10.33203/mfy.1147389

Abstract

The study aims to investigate the effect of economic growth rate and private sector investments on access to financial services in Turkey. In this direction, the 1980-2019 period data were used, and it was determined that variables were stationary at different levels. The cointegration relationship between variables was revealed with ARDL bounds test approach. With FMOLS and DOLS cointegration regressions, the accuracy of long-term coefficients determined by the ARDL bound test was performed. The results show that private sector investments have positive and significant effect on financial access, but the growth rate did not have significant effect on financial access.

References

  • Abzari, M., Zarei, F., Esfahani, S.S. (2011). Analyzing the link between financial development and foreign direct investment among D-8 group of countries, International Journal of Economics and Finance, 3(6), 148-156.
  • Agbloyor, E.K., Abor, J., Adjasi, C.K.D., Yawson, A. (2013). Exploring the causality links between financial market and foreign direct investment in Africa, Research in International Busines and Finance, 28, 118-134.
  • Agyapong, D., Bedjabeng, K.A. (2020). External debt stock, foreign direct investment and financial development, Journal of Asian Business and Economic Studies. 27 (1), 81-98.
  • Arora, R.U. (2014). Access to Finance: An Empirical Analysis, European Journal of Development Research, Vol.26, No.5, pp.798-814.
  • Aslan, A., Altınöz, B., Esmeray, M. (2019). Finansal gelişmenin doğrudan yabancı yatırımlar üzerinde¬ki etkisi: Türkiye örneği, Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(3), 649-659.
  • Asongu, S.A., Nwachukwu, J. (2017). The Synergy of Financial Sector Development and Informationsharing in Financial Access: Propositions and Empirical Evidence, Research in International Business and Finance, 40, S. 242-258. Doi: 10.1016/J.Ri¬baf.2017.03.001.
  • Atkinson, A., Messy, F.-A. (2013). Promoting Financial Inclusion Through Financial Education: OECD/INFE Evidence, Policies and Practice, OECD Working Papers on Finance, Insurance and Private Pensions, No. 34, OECD Publishing, 2013, http://dx.doi.org/10.1787/ 5k3xz6m88smp-en
  • Beck, T., Demirguc-Kunt, A., Levine, R., (2004). Finance, Inequality and Poverty: Cross-Country Evidence, World Bank Policy Research Working Paper, 3338.
  • Beck, T., Demirguc-Kunt, A., Robert-Peria, M.S.L. (2007). Reaching out: Ac¬cess to and Use of Banking Services Across Countries, Journal of Financial Eco¬nomics, 85(1): 234-266.
  • Bozkurt, E., Altıner, A. (2018). Finansal Erişimin Belirleyicileri, Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8 (16), 295-308. DOI: 10.29029/busbed.454034
  • Burgess, R., Pande, R. (2005). Can Rural Banks Reduce Poverty? Evidence from the Indian Social Banking Experiment’, American Economic Review, 95(3): 780-795.
  • Chen, J.H., Huang, Y.F. (2013). The Study of the Relationship between Carbon Dioxide (CO2) Emission and Economic Growth, Journal of International and Global Economic Studies, 6(2), 45-61.
  • Dellis, K. (2018). Financial development and FDI flows: evidence from advanced economies, Bank of Greece, Working Paper No: 254.
  • Desbordes, R., Wei, S.J. (2017). The effects of financial development on foreign direct investment, NBER, Working Paper No. 23309.
  • Dickey, D. A., Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49, 1057-1072.
  • Emara, N. A., El Said, A. (2021). Financial Inclusion and Economic Growth: The Role Of Governance İn Selected Mena Countries, International Review Of Economics And Finance, 75, S. 34–54. Doi: 10.1016/J.İref.2021.03.014
  • Emara, N., Kasa, H. (2021). The non-linear relationship between financial access and domestic savings: the case of emerging markets, Applied Economics, 53:3, 345-363, DOI: 10.1080/00036846.2020.1808174
  • Eroğlu, İ., Yeter, F. (2021). Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye İçin Nedensellik Analizi, Journal of Emerging Economies and Policy, 6(2), 272-286.
  • Gopalan, S., Rajan, R.S. (2018). Foreign Banks and Financial Inclusion in Emerging and Developing Economies: An Empirical Investigation, Journal of International Deve¬lopment, 30, S. 559–583. Doi: 10.1002/Jid.3354.
  • Görüş, M. Ş., Türköz, K. (2016). Türkiye’de petrol talebinin fiyat ve gelir esneklikleri: ARDL sınır testi ve nedensellik analizi, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 18 (1), 31-54.
  • Grohmann, A., Kluhs, T., Menkhoff, L. (2018). Does Financial Literacy Improve Finan¬cial Inclusion? Cross Country Evidence, World Development, 111, S. 84–96. Doi: 10.1016/J.Worlddev.2018.06.020
  • Gujarati, D. (2014). Econometrics by Example (2nd ed.), Palgrave Macmillan, Hampshire, UK.
  • Haini, H. (2021). Financial access and the finance–growth nexus: evidence from developing economies, International Journal of Social Economics, Vol. 48 No. 5, pp. 693-708. https://doi.org/10.1108/IJSE-08-2020-0549
  • Honohan, P. (2004). Financial Development, Growth and Poverty: How Close Are the Links?, In Charles Goodhart, ed. Financial Development and Economic Growth: Explaining the Links. London: Palgrave. IMF, Financial Development Index Database, https://www.imf.org/en/Data
  • Inoue, T., Hamori, S. (2016). Financial Access and Economic Growth: Evidence from Sub-Saharan Africa, Emerging Markets Finance and Trade, vol.52, no.3, pp.743-753.
  • Slam, M.A., Khan, M.A., Popp, J., Sroka, W., Olah, J. (2020). Financial development and foreign direct investment-the moderating role of quality institutions, Sustainability, 12 (3556), 1-22.
  • İlarslan, K. (2021). Finansal Hizmetlere Erişim Üzerinde Etkili Olan Faktörlerin Belirlenmesi: Gelişmekte Olan Ülkelere Yönelik Ekonometrik Bir Analiz, Ekonomi, Finans ve İşletme Yönetimi Alanında Güncel Gelişmeler- II, Yayın Yeri: Nobel Yayınları, Editör: Alican Umut, Basım sayısı:1, Sayfa sayısı:260, ISBN:978-625-433-094-0, Bölüm Sayfaları:243 -259.
  • Jha, M., Amerasinghe, S., Calandrley, J. (2014). Financial Inclusion: Reaching the Unbanked, Standard Chartered Bank Special Report, 4 September 2014, Standard Chartered Bank, (https://www.findevgateway.org/sites/default/files/publications/files/financial_inclusion_-_reaching_the_unbanked.pdf)
  • Kempson, E., Whyley, C., Caskey, J., Collard, S. (2000). In or out? Financial exclusion: a literature and research review, FSA Consumer Research 3, London Financial Services Authority, London.
  • Kılınç, E.C. (2020). Doğrudan Yabancı Sermaye Girişlerinin Finansal Gelişme ve Ticari Açıklık İle Olan İlişkisi: E7 Ülkeleri Örneği, Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12 (2), 45-54.
  • Lucas, R. E. (1988). On the mechanics of economic development, Journal of Monetary Economics, 22, 3–42.
  • Matin, W.M. (2019). Financial development indicators and FDI: international evidence, World Scientific News 13, 181-196.
  • McKinnon, R. I. (1973). Money and capital in economic development.Washington, DC: Brookings Institution.
  • Moraes, D.C., Galvis-Ciro, J.C, Gargalhone, M. (2021). Financial access and interest rate spread: An international assessment, Journal of Economics and Business, Volume 114, 2021, 105958, ISSN 0148-6195, https://doi.org/10.1016/j.jeconbus.2020.105958.
  • Pan, L., Mishra, V. (2018). Stock market development and economic growth: empirical evidence from China, Economic Modelling. 68, 661–673.
  • Paul, B.P. (2014). Testing export-led growth in Bangladesh: an ARDL bounds test approach, International Journal of Trade, Economics and Finance. 5 (1), 1-5.
  • Pesaran, M.H., Shin, Y., Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships, J. Appl. Econ., 16(3), 289-326.
  • Phillips, P. C. B., Perron, P. (1988). Testing for a unit root in time series regressions, Biometrika, Vol. 75: 335-346.
  • Phillips, P., Hansen, B. (1990). Statistical Inference in Instrumental Variables Regression with I(1) Processes, Review of Economic Studies, 57, 99-125.
  • Robinson, J. (1952). The generalization of the general theory. The Rate of Interest and Other Essay. London UK: MacMillan.
  • Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation, Econometric Theory. 8, 1–27.
  • Sarıgül, H. (2014). Kümeleme Analizi ile İllerin Bankacılık Hizmetlerine Erişim ve Kullanım Göstergelerinin Karşılaştırılması, Bankacılar Dergisi, C.89, Sy.2014, ss.41-62.
  • Satrovic, E., Muslija, A. (2017). Foreign Direct Investments and Tourism: Empirical Evidence from Turkey, ICPESS Proceedings, 2, 88-100.
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press.
  • Soumaré, I., Tchana, F. (2011). Causality between FDI and financial market development: evidence from emerging markets, MPRA, Paper No. 31328.
  • Stock, J., Watson, M. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems, Econometrica, 61(4), 783-820.
  • Şahin, S., Ege, I. (2015). Financial development and FDI in Greece and neighbouring countries: A panel data analysis, Procedia Economics and Finance, 24, 583-588.
  • Tursoy, T., Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: empirical evidences from ARDL bounds test and combined cointegration, Resources Policy. 55, 49–54.
  • Williams, H.T., Adegoke, A., Dare, A. (2017). Role Of Financial Inclusion in Economic Growth and Poverty Reduction in A Developing Economy, Internal Journal of Rese¬arch İn Economics And Social Sciences, 7, 5, S. 265-271.
  • World Bank, http://datatopics.worldbank.org/financialinclusion/
  • Yeniel, M.S. (2009). The Relationship between Economic Growth and Financial Development in The EU Member and Candidate Countries: Evidence from Dynamic and Static Panel Data Models, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü, İngilize İktisat Anabilim Dalı, Yüksek Lisans Tezi.
There are 51 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Articles
Authors

Münevvere Yıldız 0000-0001-9541-2603

Early Pub Date October 22, 2022
Publication Date October 21, 2022
Submission Date July 22, 2022
Published in Issue Year 2022 Issue: 118

Cite

APA Yıldız, M. (2022). Finansal Erişim, Ekonomik Büyüme ve Özel Sektör Yatırımları İlişkisinin Ekonometrik Analizi. Maliye Ve Finans Yazıları(118), 199-220. https://doi.org/10.33203/mfy.1147389
  • The journal specializes in especially in all the fields of finance and banking.