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Economic Vulnerability-Economic Development Relationship in Emerging Market Economies

Year 2021, Issue: 69, 20 - 38, 30.07.2021
https://doi.org/10.51290/dpusbe.837520

Abstract

Economic vulnerabilities have a significant affect on the economic growth and development process of especially developing countries. These countries are at a disadvantage compared to developed countries in the face of internal and external shocks. Among developing countries, countries that have institutions and policies are relatively less affected from vulnerabilities. In this study, based on the effects of economic economic vulnerabilities on country economies; the effects of the economic vulnerability index on economic development were tested using panel data methods (Common Correlated Estimators). The findings of DCCE-GMM estimator show that as economic vulnerabilities increases in selected emerging market economies, economic development will decrease. Accordingly, a 1% increase in the economic vulnerability index reduces the human development index by 0.04%.

References

  • Altimari, A., Balzano, S. ve Zezza, G., (2018). Measuring economic vulnerability a structural equation modeling approach, Erişim adresi: http://dipeg-pe.unicas.it/files/wp_201801.pdf
  • Amin, A., Liu, Y., Yu, J., Chandio, A. A., Rasool, S. F., Luo, J., ve Zaman, S. (2020). How does energy poverty affect economic development? A panel data analysis of South Asian countries. Environmental Science and Pollution Research International. 27(25), 31623-31635.
  • Baltagi, B., (2015). The oxford handbook of panel data, New York: Oxford University Press.
  • Bayraktar, Y., ve Elüstü, S., (2016), Makroekonomik kırılganlığın ölçülmesi: yükselen piyasalar ve Türkiye için karşılaştırmalı bir analiz. Hak İş Uluslararası Emek ve Toplum Dergisi, 5(12), 8-29.
  • Baylan, M. (2020). Makroekonomik kırılganlık ve ekonomik büyüme arasındaki nedensellik ilişkisi: Çin örneği. İzmir İktisat Dergisi, 35 (4), 697-712.
  • Benson, C., ve Clay E. (2015). Disasters, vulnerability and the global economy: implications for less-developed countries and poor populations. Developmental Entrepreneurship: Adversity, Risk, and Isolation, 5: 15-145.
  • Büberkökü, Ö., ve Kızıldere, C., (2016). Yükselen piyasa ekonomilerinde ekonomik büyüme ve CO2 salınımı ilişkisi: panel veri ekonometrisine dayalı bir analiz, Akademik Sosyal Araştırmalar Dergisi, 4(37): 231-252.
  • Briguglio, L., Cordina, G., Farrugia, N., ve Vella, S. (2009). Economic vulnerability and resilience: concepts and measurements. Oxford development studies, 37(3), 229-247.
  • Cariolle, J. (2011). The Economic Vulnerability Index-2010 Update, Erişim adresi: https://ferdi.fr/dl/df-cT7xN1CvmPnbwrmfA6gYL7hf/ferdi-i9-the-economic-vulnerability-index.pdf
  • Çelik, M. Y., ve Erkan, H. (2010). Küreselleşme kalkınma ilişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 26, 188-201.
  • Cordina, G. (2004). Economic vulnerability and economic growth: some results from a neo-classical growth modelling approach. Journal of Economic Development, 29(2), 21-39.
  • Coskun, Y., Atasoy, B. S., Morri, G., ve Alp, E., (2018). Wealth effects on household final consumption: Stock and housing market channels, International Journal of Financial Studies, 6(2), 1-32.
  • FERDI (2020). A retrospective Economic Vulnerability Index, Erişim adresi: https://ferdi.fr/en/indicators/a-retrospective-economic-vulnerability-index
  • Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. Stata Journal, 12(1), 61.
  • Efeoğlu, R. ve Azgün, S. (2020). Economic development indicators and corruption in non-democratic countries. Journal of Current Researches on Social Sciences, 10 (2), 387-398.
  • Fowowe, B., ve Folarin, E. O. (2019). The effects of fragility and financial inequalities on inclusive growth in African countries. Review of Development Economics, 23(3), 1141-1176.
  • Feindouno, S., ve Goujon, M. (2016). The retrospective economic vulnerability index, 2015 update (No. P147).
  • Gardiner, R., ve Hajek, P. (2020). Interactions among energy consumption, CO2, and economic development in European Union countries. Sustainable Development, 28(4), 723-740.
  • Gounder, R., ve Saha, S. (2007). Economic volatility, economic vulnerability and foreign aid: empirical results for the South Pacific Island Nations, (Discussion Paper No. 07.02). Erişim adresi: http://econfin.massey.ac.nz/school/publications/discuss/dp07-02.pdf
  • Hnatkovska, V., ve Loayza, N. (2003). Volatility and growth. The World Bank.
  • Huang, Y., (2010), Determinants of financial Development, Palgrave Macmillan.
  • Johnson, W., (2006), Policy responses to economic vulnerability, CDP Background Paper, No: 9.
  • Küçükaksoy, İ., ve Akalın, G. (2017). Fisher hipotezinin panel veri analizi ile test edilmesi: OECD ülkeleri uygulaması. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 35(1), 19-40.
  • Loayza, N. V., Ranciere, R., Servén, L., ve Ventura, J. (2007). Macroeconomic volatility and welfare in developing countries: An introduction. The World Bank Economic Review, 21(3), 343-357.
  • Madhoo, Y. N., ve Nath, S. (2012). Geography, macroeconomic vulnerability and economic performance. International Journal of Development and Conflict, 2(02), 1250006.
  • McCoskey, S., ve Kao, C., (1998). A residual-based test of the null of cointegration in panel data. Econometric Reviews 17, 57–84.
  • Moallemi, M. (2018). The effect of economic vulnerability on the development of MENA countries. Quarterly Journal of Economic Growth and Development Research, 9(33), 141-156.
  • Morgan Stanley (2020). Indexes, Performance, Erişim adresi: https://www.msci.com/end-of-day-data-country Naudé, W., Santos-Paulino, A., U., ve McGillivray, M., (2009). Vulnerability in developing countries, Erişim adresi: https://www.wider.unu.edu/publication/vulnerability-developing-countries
  • Neal, T. (2015). Estimating heterogeneous coefficients in panel data models with endogenous regressors and common factors. Workblacking Paper.
  • Peduzzi, P., Dao, H., Herold, C., ve Mouton, F. (2009). Assessing global exposure and vulnerability towards natural hazards: the Disaster Risk Index. Natural Hazards and Earth System Sciences, 9(4), 1149-1159.
  • Pulido-Fernández, J. I., ve Cárdenas-García, P. J. (2020). Analyzing the Bidirectional Relationship between Tourism Growth and Economic Development. Journal of Travel Research, 59, 1-20.
  • 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, H. M., ve Yamagata, T. (2008). Testing slope homogeneity in large panels, Journal of Econometrics, 142, 50-93.
  • Redmond, T., ve Nasir, M. A. (2020). Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66, 101591.
  • Roncaglia de Carvalho, A., Ribeiro, R. S., ve Marques, A. M. (2018). Economic development and inflation: a theoretical and empirical analysis. International Review of Applied Economics, 32(4), 546-565.
  • Seth, A., ve Ragab, A. (2012). Macroeconomic vulnerability in developing countries: Approaches and issues (Working Paper No. 94), Erişim adresi: https://ipcig.org/pub/IPCWorkingPaper94.pdf
  • Toh, K. (2016). Assessing macroeconomic volatility on economic growth: the case of Sub-Saharan African Economies, Journal of Economics and Development Studies September, 4 (3): 1-11.
  • United Nations (2017). Macroeconomic policies and other development strategies in support of the 2030 Agenda for Sustainable Development, Economic and Social Commission for Asia and the Pacific.
  • UNDP (2014). Vulnerability and human development, in Human development report 2014: Sustaining human progress: reducing vulnerabilities and building resilience, UNDP, New York.
  • UNDP (2020a). Human development reports, about human development, Erişim adresi: http://hdr.undp.org/en/humandev
  • UNDP (2020b). Human Development Data, Erişim adresi: http://hdr.undp.org/en/data
  • UNDP (2020c). Human Development Index, Erişim adresi: http://hdr.undp.org/en/content/human-development-index-hdi
  • Wan Mustapa, W. N., Al Mamun, A., ve Ibrahim, M. D. (2018). The Effect of economic vulnerability on the participation in development programs and the socio-economic well-being of low-income households. Societies, 8(3), 60.
  • Westerlund, J. ve D. Edgerton, (2007). A panel bootstrap cointegration test. Economics Letters, 97(3): 185-190.
  • Zaouali, A., ve Ouechtati, I. (2013). Economic vulnerability and economic growth: what is the role of institutions in MENA countries?. International journal of advanced research, 1(8), 667-675.
  • Zaouali, A. (2014). Terms of trade instability, economic vulnerability and economic growth: the role of institutions in Sub-Saharan Africa. MPRA Paper No. 52939.

Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi

Year 2021, Issue: 69, 20 - 38, 30.07.2021
https://doi.org/10.51290/dpusbe.837520

Abstract

Ekonomik kırılganlıklar, özellikle gelişmekte olan ülkelerin ekonomik büyüme ve kalkınma sürecine önemli düzeyde etki etmektedir. Bu ülkeler, karşı karşıya kaldıkları içsel ve dışsal şoklar karşısında gelişmiş ülkelere kıyasla dezavantajlı konumdadırlar. Buna karşın gelişmekte olan ülkeler arasında, kırılganlıkların üstesinden gelebilecek kurumlara ve politikalara sahip olanlar nispeten bu durumdan daha az etkilenmektedirler. Ekonomik kırılganlıkların ülke ekonomileri üzerindeki etkilerinden yola çıkılarak bu çalışmada; ekonomik kırılganlık endeksinin ekonomik kalkınma üzerindeki etkisi panel veri yöntemleri (Ortak Korelasyonlu Tahminciler) kullanılarak test edilmiştir. DCCE-GMM tahmincisinden elde edilen bulgular, seçilmiş yükselen piyasa ekonomilerinde ekonomik kırılganlık arttıkça ekonomik kalkınmanın azalacağını ortaya koymuştur. Buna göre ekonomik kırılganlık endeksinde ortaya çıkan %1’lik bir artış, insani gelişme endeksini %0.04 azaltmaktadır.

References

  • Altimari, A., Balzano, S. ve Zezza, G., (2018). Measuring economic vulnerability a structural equation modeling approach, Erişim adresi: http://dipeg-pe.unicas.it/files/wp_201801.pdf
  • Amin, A., Liu, Y., Yu, J., Chandio, A. A., Rasool, S. F., Luo, J., ve Zaman, S. (2020). How does energy poverty affect economic development? A panel data analysis of South Asian countries. Environmental Science and Pollution Research International. 27(25), 31623-31635.
  • Baltagi, B., (2015). The oxford handbook of panel data, New York: Oxford University Press.
  • Bayraktar, Y., ve Elüstü, S., (2016), Makroekonomik kırılganlığın ölçülmesi: yükselen piyasalar ve Türkiye için karşılaştırmalı bir analiz. Hak İş Uluslararası Emek ve Toplum Dergisi, 5(12), 8-29.
  • Baylan, M. (2020). Makroekonomik kırılganlık ve ekonomik büyüme arasındaki nedensellik ilişkisi: Çin örneği. İzmir İktisat Dergisi, 35 (4), 697-712.
  • Benson, C., ve Clay E. (2015). Disasters, vulnerability and the global economy: implications for less-developed countries and poor populations. Developmental Entrepreneurship: Adversity, Risk, and Isolation, 5: 15-145.
  • Büberkökü, Ö., ve Kızıldere, C., (2016). Yükselen piyasa ekonomilerinde ekonomik büyüme ve CO2 salınımı ilişkisi: panel veri ekonometrisine dayalı bir analiz, Akademik Sosyal Araştırmalar Dergisi, 4(37): 231-252.
  • Briguglio, L., Cordina, G., Farrugia, N., ve Vella, S. (2009). Economic vulnerability and resilience: concepts and measurements. Oxford development studies, 37(3), 229-247.
  • Cariolle, J. (2011). The Economic Vulnerability Index-2010 Update, Erişim adresi: https://ferdi.fr/dl/df-cT7xN1CvmPnbwrmfA6gYL7hf/ferdi-i9-the-economic-vulnerability-index.pdf
  • Çelik, M. Y., ve Erkan, H. (2010). Küreselleşme kalkınma ilişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 26, 188-201.
  • Cordina, G. (2004). Economic vulnerability and economic growth: some results from a neo-classical growth modelling approach. Journal of Economic Development, 29(2), 21-39.
  • Coskun, Y., Atasoy, B. S., Morri, G., ve Alp, E., (2018). Wealth effects on household final consumption: Stock and housing market channels, International Journal of Financial Studies, 6(2), 1-32.
  • FERDI (2020). A retrospective Economic Vulnerability Index, Erişim adresi: https://ferdi.fr/en/indicators/a-retrospective-economic-vulnerability-index
  • Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. Stata Journal, 12(1), 61.
  • Efeoğlu, R. ve Azgün, S. (2020). Economic development indicators and corruption in non-democratic countries. Journal of Current Researches on Social Sciences, 10 (2), 387-398.
  • Fowowe, B., ve Folarin, E. O. (2019). The effects of fragility and financial inequalities on inclusive growth in African countries. Review of Development Economics, 23(3), 1141-1176.
  • Feindouno, S., ve Goujon, M. (2016). The retrospective economic vulnerability index, 2015 update (No. P147).
  • Gardiner, R., ve Hajek, P. (2020). Interactions among energy consumption, CO2, and economic development in European Union countries. Sustainable Development, 28(4), 723-740.
  • Gounder, R., ve Saha, S. (2007). Economic volatility, economic vulnerability and foreign aid: empirical results for the South Pacific Island Nations, (Discussion Paper No. 07.02). Erişim adresi: http://econfin.massey.ac.nz/school/publications/discuss/dp07-02.pdf
  • Hnatkovska, V., ve Loayza, N. (2003). Volatility and growth. The World Bank.
  • Huang, Y., (2010), Determinants of financial Development, Palgrave Macmillan.
  • Johnson, W., (2006), Policy responses to economic vulnerability, CDP Background Paper, No: 9.
  • Küçükaksoy, İ., ve Akalın, G. (2017). Fisher hipotezinin panel veri analizi ile test edilmesi: OECD ülkeleri uygulaması. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 35(1), 19-40.
  • Loayza, N. V., Ranciere, R., Servén, L., ve Ventura, J. (2007). Macroeconomic volatility and welfare in developing countries: An introduction. The World Bank Economic Review, 21(3), 343-357.
  • Madhoo, Y. N., ve Nath, S. (2012). Geography, macroeconomic vulnerability and economic performance. International Journal of Development and Conflict, 2(02), 1250006.
  • McCoskey, S., ve Kao, C., (1998). A residual-based test of the null of cointegration in panel data. Econometric Reviews 17, 57–84.
  • Moallemi, M. (2018). The effect of economic vulnerability on the development of MENA countries. Quarterly Journal of Economic Growth and Development Research, 9(33), 141-156.
  • Morgan Stanley (2020). Indexes, Performance, Erişim adresi: https://www.msci.com/end-of-day-data-country Naudé, W., Santos-Paulino, A., U., ve McGillivray, M., (2009). Vulnerability in developing countries, Erişim adresi: https://www.wider.unu.edu/publication/vulnerability-developing-countries
  • Neal, T. (2015). Estimating heterogeneous coefficients in panel data models with endogenous regressors and common factors. Workblacking Paper.
  • Peduzzi, P., Dao, H., Herold, C., ve Mouton, F. (2009). Assessing global exposure and vulnerability towards natural hazards: the Disaster Risk Index. Natural Hazards and Earth System Sciences, 9(4), 1149-1159.
  • Pulido-Fernández, J. I., ve Cárdenas-García, P. J. (2020). Analyzing the Bidirectional Relationship between Tourism Growth and Economic Development. Journal of Travel Research, 59, 1-20.
  • 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, H. M., ve Yamagata, T. (2008). Testing slope homogeneity in large panels, Journal of Econometrics, 142, 50-93.
  • Redmond, T., ve Nasir, M. A. (2020). Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66, 101591.
  • Roncaglia de Carvalho, A., Ribeiro, R. S., ve Marques, A. M. (2018). Economic development and inflation: a theoretical and empirical analysis. International Review of Applied Economics, 32(4), 546-565.
  • Seth, A., ve Ragab, A. (2012). Macroeconomic vulnerability in developing countries: Approaches and issues (Working Paper No. 94), Erişim adresi: https://ipcig.org/pub/IPCWorkingPaper94.pdf
  • Toh, K. (2016). Assessing macroeconomic volatility on economic growth: the case of Sub-Saharan African Economies, Journal of Economics and Development Studies September, 4 (3): 1-11.
  • United Nations (2017). Macroeconomic policies and other development strategies in support of the 2030 Agenda for Sustainable Development, Economic and Social Commission for Asia and the Pacific.
  • UNDP (2014). Vulnerability and human development, in Human development report 2014: Sustaining human progress: reducing vulnerabilities and building resilience, UNDP, New York.
  • UNDP (2020a). Human development reports, about human development, Erişim adresi: http://hdr.undp.org/en/humandev
  • UNDP (2020b). Human Development Data, Erişim adresi: http://hdr.undp.org/en/data
  • UNDP (2020c). Human Development Index, Erişim adresi: http://hdr.undp.org/en/content/human-development-index-hdi
  • Wan Mustapa, W. N., Al Mamun, A., ve Ibrahim, M. D. (2018). The Effect of economic vulnerability on the participation in development programs and the socio-economic well-being of low-income households. Societies, 8(3), 60.
  • Westerlund, J. ve D. Edgerton, (2007). A panel bootstrap cointegration test. Economics Letters, 97(3): 185-190.
  • Zaouali, A., ve Ouechtati, I. (2013). Economic vulnerability and economic growth: what is the role of institutions in MENA countries?. International journal of advanced research, 1(8), 667-675.
  • Zaouali, A. (2014). Terms of trade instability, economic vulnerability and economic growth: the role of institutions in Sub-Saharan Africa. MPRA Paper No. 52939.
There are 47 citations in total.

Details

Primary Language Turkish
Journal Section RESEARCH ARTICLES
Authors

Efe Can Kılınç 0000-0002-3139-0684

Publication Date July 30, 2021
Published in Issue Year 2021 Issue: 69

Cite

APA Kılınç, E. C. (2021). Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(69), 20-38. https://doi.org/10.51290/dpusbe.837520
AMA Kılınç EC. Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. July 2021;(69):20-38. doi:10.51290/dpusbe.837520
Chicago Kılınç, Efe Can. “Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 69 (July 2021): 20-38. https://doi.org/10.51290/dpusbe.837520.
EndNote Kılınç EC (July 1, 2021) Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 69 20–38.
IEEE E. C. Kılınç, “Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 69, pp. 20–38, July 2021, doi: 10.51290/dpusbe.837520.
ISNAD Kılınç, Efe Can. “Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 69 (July 2021), 20-38. https://doi.org/10.51290/dpusbe.837520.
JAMA Kılınç EC. Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2021;:20–38.
MLA Kılınç, Efe Can. “Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 69, 2021, pp. 20-38, doi:10.51290/dpusbe.837520.
Vancouver Kılınç EC. Yükselen Piyasa Ekonomilerinde Ekonomik Kırılganlık-Ekonomik Kalkınma İlişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2021(69):20-38.

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