FİNANSAL KURULUŞLAR TARAFINDAN ÖZEL SEKTÖRE SAĞLANAN KREDİLER, AR&GE YATIRIMLARI VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: ÇİN, GÜNEY KORE VE JAPONYA’DAN KANITLAR

Abstract

Bu çalışmanın temel hedefi, sürdürülebilir ekonomik büyümenin sağlanabilmesi için AR&GE yatırımlarının önemini ortaya koymaktır. Bu bağlamda, bu çalışma dört ana bölümden oluşmaktadır. Çalışmanın ilk bölümünde AR&GE kavramı tanımlanmıştır. Çalışmanın teorik altyapısı olan Solow modeli ise makalenin giriş kısmında ele alınmıştır. Çalışmanın ilk bölümünde ekonomik büyüme kavramı açıklanmıştır. Ekonomik büyümenin farklı tanımları verilmiş ve ardından ekonominin temel kaynakları olan insan, doğa, fon, teknolojik değişim ve inovasyon incelenmiştir. Ekonomik büyümenin sağlanması ve yaşam kalitesinin yükseltilmesi tüm uluslar ve insanlar tarafından arzu edilen bir durumdur. Dolayısıyla bu amaçla belirlenecek politikalar ve tedbirler çok önemlidir. Bu bağlamda inovasyon odaklı ekonomik modeller incelenmektedir. Ayrıca, çalışmanın ikinci bölümünde ise akademik literatür, finansal kuruluşlar tarafından özel sektöre sağlanan krediler, AR&GE yatırımları ve ekonomik büyüme arasındaki ilişki açısından araştırılmıştır. Çalışmanın üçüncü ve son bölümünde ise 1991'den 2020'ye kadar Çin, Güney Kore ve Japonya için çoklu regresyon, eş bütünleşme, FMOLS, DOLS, CCR ve ARDL analizleri kullanılarak AR&GE, özel sektöre verilen finansal krediler ve ekonomik büyüme arasındaki ilişki incelenmiştir. Sonuç bölümünde ise elde edilen tüm sonuçlar yorumlanarak özel sektöre verilen finansal krediler, AR&GE ve ekonomik büyüme arasındaki ilişkisi ampirik bulgular açısından somut bir şekilde ortaya konulmuştur.

Keywords

• Krediler
• AR&GE Yatırımları
• Ekonomik Büyüme
• Çoklu Regresyon Analizi
• ARDL Analizleri.

THE RELATIONSHIP BETWEEN DOMESTIC CREDIT PROVIDED TO PRIVATE SECTOR, R&D INVESTMENTS, AND ECONOMIC GROWTH: EVIDENCE FROM CHINA, SOUTH KOREA, AND JAPAN

Abstract

The main objective of the present study was to reveal the significance of R&D in order to ensure sustainable economic growth. The present study consists of four main parts. In the first part of the study, the term R&D is defined in detail. The Solow model, which is the theoretical basis of the study, is discussed in the introduction. In the first part of the study, the term ‘economic growth’ is explained, as well. Different definitions of economic growth are given and then the basic resources of the economy, people, nature, funds, technological change, and innovation are examined. Ensuring economic growth and improving the quality of life is desired by all nations and peoples. Therefore, the policies and measures to be determined for this purpose are socrucial. In this sense, innovation-oriented economic models are examined. In addition, in the second part of the study, the academic literature is examined in terms of the relationship between loans provided by financial institutions to the private sector, R&D investments, and economic growth. In the third and final part of the study, the relationship between R&D, domestic credit provided to private sector, and economic growth are examined using multivariate regression, cointegration, FMOLS, DOLS, CCR, and ARDL analyzes for China, South Korea, and Japan fort he period between 1991 and 2020. In the conclusion part, all the results obtained are interpreted and the relationship between domestic credit provided to private sector, R&D, and economic growth are presented in a concrete way in terms of empirical findings.

Keywords

• Credit
• R&D Investment
• Economic Growth
• Multivariate Regression Analysis
• ARDL Analysis.

References

1. Aghion P. ve Howit P. (1998). Endogenous growth theory cambrige: The MIT Press. https://doi.org/10.1057/9780230280823_10
2. Amin, S., Liaqat, M., Safdar, N., ve Iqbal, S. (2022). Spillovers of education and job training in bringing sustainable economic development in Pakistan: The role of research and development revisited. The Journal of Asian Finance, Economics and Business, 9(5), 11-18. https://doi.org/10.13106/jafeb.2022.vol9.no5.0011
3. Bayar, Y. (2014). Financial development and economic growth in emerging Asian countries. Asian Social Science, 10(9), 8-17. https://doi.org/10.5539/ass.v10n9p8
4. Begum, H., Aziz, M., ve Sotto, R. M. (2019). Impact of domestic credit to private sector on gross domestic product in Bangladesh. IOSR Journal of Economics and Finance, 9(6), 14-24. https://doi.org/10.9790/5933-0906041424
5. Beşe, E., ve Kalaycı, S. (2021). Environmental Kuznets curve (ekc): Empirical relationship between economic growth, energy consumption, and co2 emissions: evidence from 3 developed countries. Panoeconomicus, 68(4), 483-506. https://doi.org/10.2298/PAN180503004B
6. Caporale, G. M., Howells, P. G., ve Soliman, A. M. (2004). Stock market development and economic growth: The causal linkage. Journal of Economic Development, 29(1), 33-50. Erişim adresi https://ideas.repec.org/a/jed/journl/v29y2004i1p33-50.html
7. Coulibaly, S. K., Erbao, C., ve Mekongcho, T. M. (2018). Economic globalization, entrepreneurship, and development. Technological Forecasting and Social Change, 127, 271-280. https://doi.org/10.1016/j.techfore.2017.09.028
8. Das, G. G., ve Drine, I. (2020). Distance from the technology frontier: How could Africa catch-up via socio-institutional factors and human capital? Technological Forecasting and Social Change, 150, 119755. https://doi.org/10.1016/j.techfore.2019.119755

9. Dünya Bankası (2023a). Finansal kuruluşların özel sektöre sağladığı krediler. Erişim adresi https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS
10. Dünya Bankası (2023b). Gayri Safi Yurt İçi Hasıla GSYİH–Güney Kore Erişim adresi https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
11. Genç, M. C. ve Tandoğan, D. (2020). Türkiye’de Ar-ge’nin ekonomik büyüme üzerindeki etkisi: Fourier yaklaşımla kalıntı temelli eşbütünleşme testi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(2), 339-348. https://doi.org/10.18026/cbayarsos.709287
12. İğdeli, A. (2019). Ar-ge ve eğitim harcamalarının ekonomik büyüme üzerindeki etkisi: Türkiye örneği. Manas Sosyal Araştırmalar Dergisi, 8(3), 2517-2538. https://doi.org/10.33206/mjss.520848
13. Jones, C. I. (1995). R&D-Based models of economic growth. Journal of Political Economy, 103(4), 759-784. Erişim adresi https://www.jstor.org/stable/2138581
14. Kalaycı, S., ve Özden, C. (2021). The linkage among sea transport, trade liberalization and ındustrial development in the context of co2: An empirical investigation from China. Frontiers in Environmental Science, 9, 633875. https://doi.org/10.3389/fenvs.2021.633875
15. Kalaycı, S. (2017). Dışsal faktörlerin ulaşım sektörüne etkisi: Lojistik firmalarından kanıtlar. Finans Politik ve Ekonomik Yorumlar, 54(633), 41-59 Erişim adresi https://dergipark.org.tr/tr/download/article-file/787521
16. Kalaycı, S., ve Köksal, C. (2015). The relationship between China's airway freight in terms of carbon-dioxide emission and export volume. International Journal of Economic Perspectives, 9(4), 60-68. Erişim adresi https://www.proquest.com/openview/0622feac08cad19ff1f57f222764e8b7/1?cbl=51667&pq-origsite=gscholar
17. Krishnankutty, R. (2011). Role of banks credit in economic growth: A study with special reference to North East India. The Economic Research Guardian, 1(2), 60-71. Erişim adresi https://ideas.repec.org/a/wei/journl/v1y2011i2p60-71.html
18. Kozmenko, S., ve Korneyev, M. (2017). Formalization of the ımpact of ımbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe. Accounting and Financial Control, 1(1), 48-58. http://dx.doi.org/10.21511/afc.01(1).2017.06
19. Majeed, S., ve Iftikhar, S. F. (2020). Modeling the relationship between banking sector credit and economic growth: A sectoral analysis for Pakistan. Journal of Economic Cooperation & Development, 41(1), 145-178. Erişim adresi www.researchgate.net
20. Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
21. OECD (2023). Ar-ge için yapılan yatırımlar–Güney Kore Erişim adresi https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm
22. Özek, Y. (2020). Relation between R&D expenditures and economic growth: Empirical evidence from BRICS-T countries. Journal of Academic Value Studies, 6(3), 311-321. http://dx.doi.org/10.29228/javs.44549
23. Patra, S., ve Dastidar, S. G. (2018). Finance and growth: Evidence from South Asia. Jindal Journal of Business Research, 7(1), 37-60. https://doi.org/10.1177/2278682118761747
24. Pesaran, M. H., Shin, Y., ve Smith, R. J. (2001), Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
25. Phillips, P. C., ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
26. Romer, P.M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102. Erişim adresi https://www.jstor.org/stable/2937632
27. Pradhan, R. P., Nishigaki, Y., ve Hall, J. H. (2017). The multivariate dynamic causal relations between financial depth, ınflation, and economic growth. Philippine Review of Economics, 54(1), 63-93. Erişim adresi https://pre.econ.upd.edu.ph/index.php/pre/article/view/950
28. Rushchyshyn, N., Mulska, O., Vasyltsiv, T., Nikolchuk, Y., ve Rushchyshyn, M. (2021). The ımpact of banking sector development on economic growth: Comparative analysis of Ukraine and some EU countries. Investment Management and Financial Innovations, 18(2), 193-208. https://doi.org/10.21511/imfi.18(2).2021.16
29. Sadraoui, T. ve Zina, N. B. (2009). A dynamic panel data analysis for R&D cooperation and economic growth. International Journal of Foresight and Innovation Policy, 5(4), 218‐233. https://doi.org/10.1504/IJFIP.2009.0264
30. Samimi, A. J. ve Alerasoul, S. M. (2009). R&D and economic growth: New evidence from some developing countries. Australian Journal of Basic and Applied Sciences, 3(4), 3464‐3469. Erişim adresi http://ajbasweb.com/old/ajbas/2010/3086-3091.pdf
31. Serena, N., Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554. https://doi.org/10.1111/1468-0262.00256
32. Shkolnyk, I., Kozmenko, S., Kozmenko, O., ve Mershchii, B. (2019). The ımpact of the economy financialization on the level of economic development of the associate EU member states. Economics & Sociology, 12(4), 43-331. https://doi.org/10.14254/2071-789X.2019/12-4/2
33. Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
34. Sungur, O., Aydın, H., ve Mehmet, E. (2016). Türkiye’de ar-ge, inovasyon, ihracat ve ekonomik büyüme arasındaki ilişki: Asimetrik nedensellik analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21(1), 173-192. Erişim adresi https://dergipark.org.tr/tr/pub/sduiibfd/issue/20859/223804#article_cite
35. Ülkü, H. (2004). R&D, ınnovation, and economic growth: An empirical analysis. IMF Working Papers, 4, 185. https://doi.org/10.5089/9781451859447.001
36. Vaithilingam, S., Guru, B. K., ve Shanmugam, B. (2003). Bank lending and economic growth in Malaysia. Journal of Asia-Pacific Business, 5(1), 51-69. https://doi.org/10.1300/J098v05n01_05
37. Wesiah, S., ve Onyekwere, S. C. (2021). The relationship between financial development and economic growth in the United Kingdom: A granger causality approach. Quantitative Economics and Management Studies, 2(1), 47-71. https://doi.org/10.35877/454RI.qems258
38. Yazıcı, S. (2022). Investigating the maritime freight-induced EKC hypothesis: The case of Scandinavian countries. Frontiers in Environmental Science, 289, 1-18. https://doi.org/10.3389/fenvs.2022.727830