Finansal Gelişmenin Toplam Faktör Verimliliği Üzerindeki Çok Boyutlu Etkisi: Ülkeler Arası Panel Verilerinden Elde Edilen Kanıtlar

Abstract

Bu çalışmada finansal gelişmenin toplam faktör verimliliği (TFP) üzerindeki etkisi 2002 ile 2019 yılları için panel veri analizi ile tahmin edilmektedir. Driscoll-Kraay standart hata (DKSE) yaklaşımını kullanarak, finansal gelişme ve alt bileşenleri (finansal kurumlar ve finansal piyasalar) ile TFP arasındaki ilişki analiz edilmektedir. Finansal gelişme ile TFP arasında pozitif ve anlamlı bir ilişkinin varlığını doğrulamakta ve finansal gelişmenin TFP üzerinde arttıcı bir rol oynadığını ortaya koymaktadır. Dirençlilik analizi sonucunda finansal kurumların TFP üzerinde pozitif ve anlamlı bir etkisinin olduğu, öte yandan, finansal piyasaların TFP üzerinde anlamlı bir etkisinin olmadığı sonucuna ulaşılmıştır. Ayrıca, finansal gelişmenin TFP üzerindeki etkisi gelişmekte olan ülkelerde pozitif ve anlamlı iken, gelişmiş ülkelerde böyle bir etkiye dair net bir kanıt bulunamamıştır. Modelde yer alan kontrol değişkenleri arasında, ticaret açıklığı, doğrudan yabancı yatırımlar ve ekonomik büyüme TFP‘yi pozitif yönde etkilerken, beşeri sermaye negatif bir etkiye sahiptir. Ayrıca, kurum kalite göstergelerinin modele dahil edildiğinde TFP üzerinde pozitif bir etkisi olduğu doğrulanmıştır. Bulgularımız finansal gelişmeyi destekleyen politikalara ağırlık verilmesi sonucunda, kaynak tahsisindeki uyumsuzluğun giderilerek TFP büyümesinin artırılabileceğini ortaya koymaktadır.

Keywords

• Finansal Gelişme
• Finansal Piyasalar
• Finansal Kurumlar
• Toplam Faktör Verimliliği
• Panel Veri
• Driscoll-Kraay Standart Hatalı
• Gelişmekte Olan Ülkeler

The Multidimensional Effect of Financial Development on Total Factor Productivity: Evidence from Cross-country Panel Data

Abstract

This paper estimates the impact of financial development on total factor productivity (TFP) using panel data from 2002 to 2019. Employing the Driscoll-Kraay Standard Error (DKSE) approach, we analyze the relationship between financial development and its components (financial institutions and financial markets) with TFP. The results confirm the existence of a positive and significant relationship between financial development and TFP, suggesting that financial development plays a facilitating role in TFP. It was found that financial institutions have a positive and significant effect on TFP, while financial markets do not have a significant effect on TFP. Moreover, while the effect of financial development on TFP is positive and significant in developing countries, there is no clear evidence of such an effect in developed countries. Among the control variables included in the model, trade openness, foreign direct investment, and economic growth have a positive effect on TFP, while human capital has a negative effect. Furthermore, it is confirmed that institutional quality indicators also have a positive impact on TFP when included in the model. Our results suggest that policies favouring financial development should be pursued further in order to correct the mismatch in resource allocation and thus promote TFP growth.

Keywords

• Financial Development
• Financial Markets
• Financial Institutions
• Total Factor Productivity
• Panel Data
• Driscoll Kraay Standard Error
• Developing Countries

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