Examining the Nexus of Financial Inclusion, Household Consumption, and Economic Growth: A 3SLS Approach

Abstract

The relationship between finance and economy is a long-standing debate in the development literature. While some researchers argue that finance simply follows economic development, others argue that finance is a critical determinant of economic growth. Research findings on this issue vary across countries, periods, data sets, and research methodologies. On the other hand, the relationship between economic growth and financial inclusion is a relatively new area of study in the academic literature. The primary goal of financial inclusion is to ensure that everyone can access and use financial products at an affordable cost. In this context, access to and use of financial products is seen in the context of financial citizenship. This paper examines the impact of digital banking and financial inclusion on economic growth and household consumption in Turkey. For this purpose, financial inclusion and digital banking indices have been constructed. Furthermore, the relationship of these indices with the GDP index and household consumption index is examined using the three-stage least square (3SLS) method with two separate equations. The results show that digital banking and financial inclusion have a positive impact on economic growth and household consumption in Turkey.

Keywords

• Financial Inclusion Index
• Digital Banking Index
• Economic Growth
• Digital Financial Inclusion
• 3SLS
• Household Consumption
• Capital Expenditure

Finansal Kapsayıcılık, Hane Halkı Tüketimi ve Ekonomik Büyüme Arasındaki Bağlantının İncelenmesi: 3SLS Yaklaşımı

Abstract

Finans ve ekonomi ilişkisi kalkınma literatüründe uzun zamandan beri tartışma konusu olmuştur. Kimi araştırmacılar finansın basitçe ekonomik gelişmeyi takip ettiğini ifade ederken, kimileri finansın ekonomik büyümenin en önemli belirleyicilerinden birisi olduğunu ifade etmişlerdir. Yapılan araştırmaların sonuçları, ülkeden ülkeye, araştırma dönemine, kullanılan verilerin içeriğine ve araştırma yönteme göre farklılık göstermektedir. Öte yandan, ekonomik büyüme ve finansal kapsayıcılık ilişkisi literatürde çok uzak geçmişe sahip olmayan bir inceleme alanıdır. Finansal kapsayıcılık konusunun önceliği, yetişkin her bireyin finansal kuruluşlara ve finansal ürünlere erişebilmesi ve bunları uygun bir maliyetle kullanabilmesidir. Bu çerçevede, finansal ürünlere erişim finansal vatandaşlık kavramı çerçevesinde ele alınmaktadır. Bu çalışma, dijital bankacılık ve finansal kapsayıcılığın ekonomik büyüme ve hane halkı tüketimi üzerindeki etkisini Türkiye örneği açısından incelenmiştir. Bu amaçla öncelikle dijital bankacılık ve finansal kapsayıcılık endeksleri oluşturulmuş ve bu endeksler ile GSYİH Endeksi ve Yerleşik Hane Halkı Tüketim Endeksi arasındaki ilişki üç aşamalı en küçük kareler (3SLS) yöntemi ve iki farklı denklem seti ile analiz edilmiştir. Sonuçlar, dijital bankacılığın ve finansal kapsayıcılığın, ekonomik büyüme ve hane halkı tüketimi üzerinde pozitif etkisi olduğunu ortaya koymaktadır.

Keywords

• Finansal Kapsayıcılık Endeksi
• Dijital Bankacılık Endeksi
• Ekonomik Büyüme
• Dijital Finansal Kapsayıcılık
• 3SLS
• Hane Halkı Tüketimi
• Sabit Sermaye Harcaması

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