Ticari, Teknolojik, Araştırma (Çok Boyutlu) Kompleksite Endekslerinin Finansal Gelişme ile İlişkisi

Abstract

Ekonomik büyümenin kaynağı arz-talep dengesidir. Talep tüketimi, arz ise üretimi ifade eder. Bu dengenin üretim tarafında kaliteli ürün üretmek önemli rol oynuyor. Sofistike ürünler olarak adlandırılan geniş bir nitelikli ürün yelpazesine sahip olan ülke, finansal gelişmeyle birlikte büyümeye devam ediyor. Ekonomik karmaşıklık kavramı ürün çeşitliliğini ifade etmektedir. Bu kavram, çok boyutlu karmaşıklık indeksinin içeriği olarak ticari, teknolojik ve araştırma karmaşıklığı indeksleri olarak genişletilerek literatürdeki yerini almıştır. Bu çalışmada E7 (Gelişmekte olan) ülkelerin (Brezilya, Çin, Hindistan, Endonezya, Meksika, Rusya, Türkiye) çok boyutlu karmaşıklık endeksleri ile finansal gelişmişlik göstergeleri arasındaki ilişki Gengenbach, Urbain ve Westerlund Eşbütünleşme Testi ve eşbütünleşme bulunması durumunda uygulanan Ortalama Grup Tahmincisi ile analiz edilmiştir. Bu değişkenlerin eşbütünleşik olduğu ve ticari ve teknolojik karmaşıklık endeksi ile finansal gelişme arasındaki bu ilişkinin anlamlı olduğu tespit edilmiştir. Ortalama grup tahmincisi ile yapılan analiz sonucunda teknolojik kompleksite endeksi finansal gelişmede üzerinde ticari ve araştırma kompleksite endekslerinden ziyade daha büyük etkiye sahip olduğu sonucuna varılmıştır.

Keywords

• Ekonomik Büyüme
• Finansal Ekonomi
• Panel Veri Modelleri

The Relationship between Commercial, Technological, Research (Multidimensional) Complexity Indices and Financial Development

Abstract

The source of economic growth is the supply-demand balance. Demand refers to consumption and supply refers to production. Producing quality products plays an important role on the production side of this balance. The country, which has a wide range of qualified products called sophisticated products, continues to grow with financial development. The concept of economic complexity refers to product diversity. This concept has taken its place in the literature by being expanded into commercial, technological, and research complexity indices as the content of the multidimensional complexity index. In this study, the relationship between multidimensional complexity indices and financial development indicators of E7 (Emerging) countries (Brazil, China, India, Indonesia, Mexico, Russia, Turkey) is analyzed with Gengenbach, Urbain, and Westerlund Cointegration Test and Mean Group Estimator applied in case of cointegration. It has been determined that these variables are cointegrated, and this relationship between the commercial and technological complexity index and financial development is significant. As a result of the analysis with the mean group estimator, it was concluded that the technological complexity index has a greater impact on financial development than the commercial and research complexity indices.

Keywords

• Economic Growth
• Financial Economics
• Panel Data Models

References

1. Can, M. and Dogan, B. (2018). The relationship between economic complexity and financial development: An empirical analysis in the Turkish sample. Finance, Political and Economic Comments, 638, 5-16. Retrieved from https://dergipark.org.tr/tr/pub/fpeyd/
2. Daude, C., Nagengas, A. and Perea, J.R. (2015). Productive capabilities: An empirical analysis of their drives. The Journal of International Trade & Economic Development, 25(4), 504-535. https://doi.org/10.1080/09638199.2015.1073342
3. Efeoglu, R. (2022). Economic complexity and financial development in N11 countries. Manisa Celal Bayar University Journal of Social Sciences, 20(1), 185-196. https://doi.org/10.18026/cbayarsos.1016597
4. Erkan, B. and Yildirimci, E. (2015). Economic complexity and export competitiveness: The case of Türkiye. Procedia-Social and Behavioral Sciences, 195, 524-533. https://doi.org/10.1016/j.sbspro.2015.06.262
5. Gengenbach, C., Urbain, J-P. and Westerlund, J. (2016). Error correction testing in panels with common stochastic trends. Journal of Applied Econometrics, 31(6), 982-1004. https://doi.org/10.1002/jae.2475
6. Hausmann, R. and Hidalgo, C.A. (2010). Country diversification, product ubiquity, and economic divergence (Harvard Kennedy School Faculty Research Working Paper No. 201). Retrieved from https://dash.harvard.edu/bitstream/handle/1/4554740/RWP10-045_Hausmann_Hidalgo.pdf
7. Hausmann, R. and Hidalgo, C.A. (2011). The network structure of economic output. Journal of Economic Growth, 16(4), 309-342. https://doi.org/10.1007/s10887-011-9071-4 International Monetary Fund. (2024). Financial development [Dataset]. Retrieved from https://www.imf.org/en/Data
8. Kazemzadeh, E., Fuinhas, J.A., Koengkan, M. and Shadmehri, M.T.A. (2023). Relationship between the share of renewable electricity consumption, economic complexity, financial development and oil prices: A two-step club convergence and PVAR model approach. International Economics, 173, 260-275. https://doi.org/10.1016/j.inteco.2022.12.001

9. Nguyen, C.P. and Su, T.D. (2021). Financing the economy: The multidimensional influences of financial development on economic complexity. Journal of International Development, 141, 644-684. https://doi.org/10.1002/jid.3541
10. Nguyen, C.P., Schinckus, C. and Su, T.D. (2020). The drivers of economic complexity: International evidence from financial development and patents. International Economics, 164, 140–150. https://doi.org/10.1016/j.inteco.2020.09.004
11. Njangang, H., Asongu, S., Tadadjeu, S. and Nounamo, Y. (2021). Is financial development shaping or shaking economic sophistication in African countries? (European Xtramile Centre of African Studies WP. No. 21/018). http://dx.doi.org/10.2139/ssrn.3806772
12. The Obsarvatory of Economic Complexity. (2024). Multidimensional complexity indices [Dataset]. Retrieved from https://oec.world/en
13. Ozayturk, G. and Alper, A.E. (2017). The effect of oil imports on the current account deficit: An analysis of OECD countries. Ankara University SBF Magazine, 72(3), 513-524. https://doi.org/10.1501/SBFder_0000002457
14. Rodrik, D. (2006). What’s so special about China’s exports? China & World Economy, 14(5), 1-19. https://doi.org/10.1111/j.1749-124X.2006.00038.x
15. Sahin, D. and Durmus, S. (2020). Determinants of the level of economic complexity in newly industrializing countries. ODU Journal of Social Sciences Research, 10(2), 334-351. Retrieved from https://dergipark.org.tr/tr/pub/odusobiad/
16. Stojkoski, V., Koch, P. and Hidalgo, C.A. (2023). Multidimensional economic complexity and inclusive green growth. Communications Earth & Envıronment, 4, 130. https://doi.org/10.1038/s43247-023-00770-0
17. Swamy, P.A.V.B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311. https://doi.org/10.2307/1913012 Yerdelen Tatoglu, F. (2018). Panel time series analysis stata applied (2. Ed.). Istanbul: Beta Publications.