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FinTech Yatırımları ve GSYİH İlişkisi: Yüksek Gelirli Ülkeler İçin Ampirik Bir Çalışma

Yıl 2023, Cilt: 38 Sayı: 1, 215 - 232, 20.03.2023
https://doi.org/10.24988/ije.1108674

Öz

Technology, the internet, and demographic change have started a rapid transformation in the financial services sector. The widespread use of innovation and technology in financial services in social and economic areas made these services more effective and companies called Fintech have emerged important economic actors. The Fintech sector has generated changes in the traditional financial service understanding and the delivery of these services. In this area, Fintech companies are developing new financial business models with the help of the latest technological developments and offering innovative financial products and services such as payment services, asset management, and insurance services.
This study investigates, the relationship between GDP and Fintech investment using panel causality methods from 2014Q1 to 2020Q4 for eight high-income countries: The United States, United Kingdom, Singapore, Australia, Canada, Germany, Israel, and France. The results indicate the existence of cross-sectional dependence among countries. According to Westerlund’s panel cointegration test results, a cointegration relationship between two variables has been found in the long run. In the short run, panel Granger causality variables have been found only in Germany. We find a positive effect of Fintech investment on GDP in seven countries, and we see a negative relationship in Singapore.
Teknoloji, internet, ve demografik değişim finansal hizmet sektöründe hızlı bir dönüşüm başlatmıştır. Finansal hizmetlerdeki inovasyon ve teknolojinin sosyal ve ekonomik alanda oldukça yaygın kullanımı, bu hizmetleri daha etkin hale getirmiş ve Fintech olarak adlandırılan şirketler önemli bir ekonomik aktör olarak ortaya çıkmıştır. Fintech sektörü, geleneksel finansal hizmet anlayışında ve finansal hizmetlerin sunumumda değişimler meydana getirmiştir. Bu sektörde, Fintech şirketleri, son teknolojik gelişmelerin yardımıyla yeni finansal iş modelleri geliştirmekte ve ödeme hizmetleri, varlık yönetimi, sigorta hizmetleri gibi yenilikçi finansal ürün ve hizmetler sunmaktadır.
Bu çalışmada, GSYİH ve Fintech yatırımları arasındaki ilişki, sekiz yüksek gelirli ülke (ABD, İngiltere, Singapur, Avustralya, Kanada, Almanya, İsrail ve Fransa) için 2014Q1 - 2020Q4 döneminde panel nedensellik yöntemleriyle araştırılmıştır. Elde edilen sonuçlar, ülkeler arasında yatay kesit bağımlılığının varlığını göstermektedir. Westerlund panel eşbütünleşme testi sonuçlarına göre, uzun dönemde iki değişken arasında eşbütünleşme ilişkisi bulunmuştur. Kısa vadede, panel Granger nedensellik yalnızca Almanya'da bulunmuştur. Ele aldığımız yedi ülke için Fintech yatırımının GSYİH üzerinde olumlu bir etkisi görülürken, ilgili dönemde Singapur için olumsuz bir ilişkisi olduğu gözlemlenmiştir.

Kaynakça

  • Athoillah, N.A. (2019). Fintech contribution to Indonesia’s economic growth. MPRA Paper No. 97884, 1-8.
  • Banna, H., Mia, Md.A., Nourani, M., Yarovaya, L. (2021), Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa. Finance Research Letters, doi.org/10.1016/j.frl.2021.102149
  • The Interbank Card Center, Türkiye FinTech Ekosisteminin Sürdürülebilir Gelişimi için 23 Öneri, 2018,https://bkm.com.tr/wp-content/uploads/2018/02/EY_T%C3%BCrkiye-Fintech-Ekosisteminin-S%C3%BCrd%C3%BCr%C3%BClebilir-Geli%C5%9Fimi-i%C3%A7in-23-%C3%96neri.pdf, Online Accessed: 2021/10/18
  • Berger, A.N., Deyoung, R. (2001). The Effects of Geographic Expansion on Bank Efficiency. Journal of Financial Services Research. Kluwer Academic Publishers. Manufactured in The Netherlands. 19: 2/3 163-184.
  • Brem, A., Maier, M., Wimschneider, C., 2016. Competitive Advantage Through Innovation: The Case Of Nespresso. European Journal of Innovation Management 19 (1), 133–148.
  • Breusch, T. S., and A. R. Pagan. 1980. The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies 47 (1): 239–253.
  • Bond, S. R., and M. Eberhardt. 2013. Accounting for Unobserved Heterogeneity in Panel Time Series Models Working Paper. Oxford: Nuffield College, University of Oxford.
  • Cornelli, G., Frost, J., Gambacorta, R., Wardrop, R., and Ziegler, T. (2020). Fintech and Big Tech Credit: A New Database, Bank For International Settlements Working Paper, No. 88
  • Cumming, D.J., Schwienbacher, A. (2018). Fintech venture capital. Wiley, Corp Govern Int Rev. 2018;26:374–389.
  • Deng, X., Huang, Z., Cheng, X. (2019). FinTech and Sustainable Development: Evidence from China Based on P2P Data. Sustainability, MDPI, 2-19.
  • Gozman, D., Liebenau, J., Mangan, J. (2018). The Innovation Mechanisms of Fintech Start-Ups: Insights from SWIFT’s Innotribe Competition. Journal of Management Information Systems. 145-179.
  • Eberhardt, M., and Teal, F. 2010. Productivity Analysis in Global Manufacturing Production. Economics Series Working Papers, 515. University of Oxford, Department of Economics.
  • Forbes, 2021, https://www.forbes.com/sites/isabelcontreras/2021/10/18/fintech-investments-have-hit-915-billion-in-2021-nearly-doubling-last-years-total/?sh=166ba8994a2e, Online Accessed: 2021/10/18
  • Frost, J. (2020). The Economic Forces Driving Fintech Adoption Across Countries. Bank For International Settlements Working Paper, No. 838
  • Haddad, C., Hornuf, L., (2018). The Emergence Of The Global Fintech Market: Economic And Technological Determinants. Springer, Small Bus Econ, 53(3), 81-105.
  • H˜obe, L., Alas, R., 2015. A Financial Services Innovation Management Model For Banks. Journal of Management and Change 34/35 (1/2), 138–154.
  • Jiao, Z., Shahid, M.S, Mirza, N., Tan, Z. (2021). Should the fourth industrial revolution be widespread or confined geographically? A country-level analysis of Fintech economies. Technological Forecasting & Social Change, 163, 1-7
  • Kammoun, S., Loukil, S., Loukil, Y.B. (2020). The Impact of FinTech on Economic Performance and Financial Stability in MENA Zone. Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability (pp. 253-277)., IGI Global.
  • Khiewngamdee, C., Yan, H. (2019). The role of Fintech e-payment on APEC economic development. Journal of Physics: Conf. Series 1324, 012099, 1-8.
  • Kónya, L. 2006. Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach. Economic Modelling 23 (6): 978–992.
  • KPMG. (2020). Pulse of Fintech H1 2020, 1-76.
  • Li, L. (2021), With $3B expected in 2021, Singapore is becoming a fintech capital, With $3B expected in 2021, Singapore is becoming a fintech capital | TechCrunch, Online Access: 14.08.2022
  • McKinsey&Company, (2016). Digital Finance For All: Powering Inclusive Growth In Emerging Economies. McKinsey Global Institute, , 1-24.
  • Mrabet Z, Alsamara M, Saleh, A. S., Anwar, S., (2019). Urbanization and non-renewable energy demand: A comparison of developed and emerging countries. Energy, 170 (2019) 832-839.
  • Mishkin, F.S., Serletis, A., (2011). The Economics of Money, Banking, and Financial Markets, Pearson.
  • Nasihin Aziz, A. (2019). Fintech Contribution to Indonesia’s Economic Growth. Munich Personal RePEc Archive (MPRA), Paper No. 97884, 1-8.
  • Nizam, R., Karim, Z.A., Rahman, A.A., Sarmidi, T. (2020). Financial inclusiveness and economic growth: new evidence using a threshold regression analysis. Economic Research-Ekonomska Istraživanja, 33:1, 1465-1484
  • Otoo, I.A, Song, N. (2021). The Impact of Fintech on Poverty Reduction: Evidence from China. Sustainability, 13, 5225, 1-13.
  • Pesaran, M. H. 2004. General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240.
  • Pesaran, M. H. 2006. Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica 74 (4): 967–1012.
  • Pesaran, M. H. 2007. A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics 22 (2): 265–312.
  • Pesaran, M. H., A. Ullah, and T. Yamagata. 2008. A Bias-Adjusted LM Test of Error Cross-Section Independence. The Econometrics Journal 11 (1): 105–127.
  • Pesaran, M. H., and T. Yamagata. 2008. Testing Slope Homogeneity in Large Panels. Journal of Econometrics 142 (1): 50–93.
  • Sadigov, S., Vasilyeva, T., Rubanov, P. (2020). FinTech in Economic Growth: Cross-Country Analysis. 55th International Scientific Conference on Economic and Social Development, Baku, 729-739.
  • Silva, L.A.P. (2018). Fintech in EMEs: blessing or curse?. Bank for International Settlements, p.1-11.
  • The Financial Stability Board, https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/fintech/, 2021, Online Accessed: 2021/10/18
  • Westerlund, J. 2006. Testing for Panel Cointegration with Multiple Structural Breaks. Oxford Bulletin of Economics and Statistics 68 (1): 101–132.
  • Westerlund, J., and D. L. Edgerton. 2008. A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics 70 (5): 665–704
  • Yazici, S. (2019). The Analysis of Fintech Ecosystem In Turkey. Journal of Business, Economics and Finance (JBEF), V.8, ISS.4. p.188-197.
  • Zhang, X., Zhang, J., Wan, G., Luo, Z. (2019). Fintech, Growth, and Inequality: Evidence from China’s Household Survey Data, The Singapore Economic Review, 1-26

FinTech Investment and GDP Relationship: An Empirical Study for High Income Countries

Yıl 2023, Cilt: 38 Sayı: 1, 215 - 232, 20.03.2023
https://doi.org/10.24988/ije.1108674

Öz

Technology, the internet, and demographic change have started a rapid transformation in the financial services sector. The widespread use of innovation and technology in financial services in social and economic areas made these services more effective and companies called Fintech have emerged important economic actors. The Fintech sector has generated changes in the traditional financial service understanding and the delivery of these services. In this area, Fintech companies are developing new financial business models with the help of the latest technological developments and offering innovative financial products and services such as payment services, asset management, and insurance services.
This study investigates, the relationship between GDP and Fintech investment using panel causality methods from 2014Q1 to 2020Q4 for eight high-income countries: The United States, United Kingdom, Singapore, Australia, Canada, Germany, Israel, and France. The results indicate the existence of cross-sectional dependence among countries. According to Westerlund’s panel cointegration test results, a cointegration relationship between two variables has been found in the long run. In the short run, panel Granger causality variables have been found only in Germany. We find a positive effect of Fintech investment on GDP in seven countries, and we see a negative relationship in Singapore.

Kaynakça

  • Athoillah, N.A. (2019). Fintech contribution to Indonesia’s economic growth. MPRA Paper No. 97884, 1-8.
  • Banna, H., Mia, Md.A., Nourani, M., Yarovaya, L. (2021), Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa. Finance Research Letters, doi.org/10.1016/j.frl.2021.102149
  • The Interbank Card Center, Türkiye FinTech Ekosisteminin Sürdürülebilir Gelişimi için 23 Öneri, 2018,https://bkm.com.tr/wp-content/uploads/2018/02/EY_T%C3%BCrkiye-Fintech-Ekosisteminin-S%C3%BCrd%C3%BCr%C3%BClebilir-Geli%C5%9Fimi-i%C3%A7in-23-%C3%96neri.pdf, Online Accessed: 2021/10/18
  • Berger, A.N., Deyoung, R. (2001). The Effects of Geographic Expansion on Bank Efficiency. Journal of Financial Services Research. Kluwer Academic Publishers. Manufactured in The Netherlands. 19: 2/3 163-184.
  • Brem, A., Maier, M., Wimschneider, C., 2016. Competitive Advantage Through Innovation: The Case Of Nespresso. European Journal of Innovation Management 19 (1), 133–148.
  • Breusch, T. S., and A. R. Pagan. 1980. The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies 47 (1): 239–253.
  • Bond, S. R., and M. Eberhardt. 2013. Accounting for Unobserved Heterogeneity in Panel Time Series Models Working Paper. Oxford: Nuffield College, University of Oxford.
  • Cornelli, G., Frost, J., Gambacorta, R., Wardrop, R., and Ziegler, T. (2020). Fintech and Big Tech Credit: A New Database, Bank For International Settlements Working Paper, No. 88
  • Cumming, D.J., Schwienbacher, A. (2018). Fintech venture capital. Wiley, Corp Govern Int Rev. 2018;26:374–389.
  • Deng, X., Huang, Z., Cheng, X. (2019). FinTech and Sustainable Development: Evidence from China Based on P2P Data. Sustainability, MDPI, 2-19.
  • Gozman, D., Liebenau, J., Mangan, J. (2018). The Innovation Mechanisms of Fintech Start-Ups: Insights from SWIFT’s Innotribe Competition. Journal of Management Information Systems. 145-179.
  • Eberhardt, M., and Teal, F. 2010. Productivity Analysis in Global Manufacturing Production. Economics Series Working Papers, 515. University of Oxford, Department of Economics.
  • Forbes, 2021, https://www.forbes.com/sites/isabelcontreras/2021/10/18/fintech-investments-have-hit-915-billion-in-2021-nearly-doubling-last-years-total/?sh=166ba8994a2e, Online Accessed: 2021/10/18
  • Frost, J. (2020). The Economic Forces Driving Fintech Adoption Across Countries. Bank For International Settlements Working Paper, No. 838
  • Haddad, C., Hornuf, L., (2018). The Emergence Of The Global Fintech Market: Economic And Technological Determinants. Springer, Small Bus Econ, 53(3), 81-105.
  • H˜obe, L., Alas, R., 2015. A Financial Services Innovation Management Model For Banks. Journal of Management and Change 34/35 (1/2), 138–154.
  • Jiao, Z., Shahid, M.S, Mirza, N., Tan, Z. (2021). Should the fourth industrial revolution be widespread or confined geographically? A country-level analysis of Fintech economies. Technological Forecasting & Social Change, 163, 1-7
  • Kammoun, S., Loukil, S., Loukil, Y.B. (2020). The Impact of FinTech on Economic Performance and Financial Stability in MENA Zone. Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability (pp. 253-277)., IGI Global.
  • Khiewngamdee, C., Yan, H. (2019). The role of Fintech e-payment on APEC economic development. Journal of Physics: Conf. Series 1324, 012099, 1-8.
  • Kónya, L. 2006. Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach. Economic Modelling 23 (6): 978–992.
  • KPMG. (2020). Pulse of Fintech H1 2020, 1-76.
  • Li, L. (2021), With $3B expected in 2021, Singapore is becoming a fintech capital, With $3B expected in 2021, Singapore is becoming a fintech capital | TechCrunch, Online Access: 14.08.2022
  • McKinsey&Company, (2016). Digital Finance For All: Powering Inclusive Growth In Emerging Economies. McKinsey Global Institute, , 1-24.
  • Mrabet Z, Alsamara M, Saleh, A. S., Anwar, S., (2019). Urbanization and non-renewable energy demand: A comparison of developed and emerging countries. Energy, 170 (2019) 832-839.
  • Mishkin, F.S., Serletis, A., (2011). The Economics of Money, Banking, and Financial Markets, Pearson.
  • Nasihin Aziz, A. (2019). Fintech Contribution to Indonesia’s Economic Growth. Munich Personal RePEc Archive (MPRA), Paper No. 97884, 1-8.
  • Nizam, R., Karim, Z.A., Rahman, A.A., Sarmidi, T. (2020). Financial inclusiveness and economic growth: new evidence using a threshold regression analysis. Economic Research-Ekonomska Istraživanja, 33:1, 1465-1484
  • Otoo, I.A, Song, N. (2021). The Impact of Fintech on Poverty Reduction: Evidence from China. Sustainability, 13, 5225, 1-13.
  • Pesaran, M. H. 2004. General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240.
  • Pesaran, M. H. 2006. Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica 74 (4): 967–1012.
  • Pesaran, M. H. 2007. A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics 22 (2): 265–312.
  • Pesaran, M. H., A. Ullah, and T. Yamagata. 2008. A Bias-Adjusted LM Test of Error Cross-Section Independence. The Econometrics Journal 11 (1): 105–127.
  • Pesaran, M. H., and T. Yamagata. 2008. Testing Slope Homogeneity in Large Panels. Journal of Econometrics 142 (1): 50–93.
  • Sadigov, S., Vasilyeva, T., Rubanov, P. (2020). FinTech in Economic Growth: Cross-Country Analysis. 55th International Scientific Conference on Economic and Social Development, Baku, 729-739.
  • Silva, L.A.P. (2018). Fintech in EMEs: blessing or curse?. Bank for International Settlements, p.1-11.
  • The Financial Stability Board, https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/fintech/, 2021, Online Accessed: 2021/10/18
  • Westerlund, J. 2006. Testing for Panel Cointegration with Multiple Structural Breaks. Oxford Bulletin of Economics and Statistics 68 (1): 101–132.
  • Westerlund, J., and D. L. Edgerton. 2008. A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics 70 (5): 665–704
  • Yazici, S. (2019). The Analysis of Fintech Ecosystem In Turkey. Journal of Business, Economics and Finance (JBEF), V.8, ISS.4. p.188-197.
  • Zhang, X., Zhang, J., Wan, G., Luo, Z. (2019). Fintech, Growth, and Inequality: Evidence from China’s Household Survey Data, The Singapore Economic Review, 1-26
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

İlayda İsabetli Fidan 0000-0003-2739-9018

Tuğba Güz 0000-0003-1644-7803

Erken Görünüm Tarihi 5 Mart 2023
Yayımlanma Tarihi 20 Mart 2023
Gönderilme Tarihi 25 Nisan 2022
Kabul Tarihi 18 Eylül 2022
Yayımlandığı Sayı Yıl 2023 Cilt: 38 Sayı: 1

Kaynak Göster

APA İsabetli Fidan, İ., & Güz, T. (2023). FinTech Investment and GDP Relationship: An Empirical Study for High Income Countries. İzmir İktisat Dergisi, 38(1), 215-232. https://doi.org/10.24988/ije.1108674

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İZMİR İKTİSAT DERGİSİ 2022 yılı 37. cilt 1. sayı ile birlikte sadece elektronik olarak yayınlanmaya başlamıştır.