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Sürdürülebilirlik İçin Finans: Sürdürülebilir Kalkınma Amaçlarında Finansal Gelişmenin Rolünün İncelenmesi

Year 2026, Volume: 11 Issue: 1 , 63 - 76 , 31.03.2026
https://doi.org/10.30784/epfad.1790481
https://izlik.org/JA38AU42FP

Abstract

Finansal sistemlerin Sürdürülebilir Kalkınma Amaçlarına ulaşmadaki ve iklim değişikliği ile eşitsizlik gibi küresel sorunlarla mücadeledeki rolü giderek daha fazla önem kazanmaktadır. Bununla birlikte, kapsamlı endeksler ve makro düzeydeki panel verilerini kullanarak bu ilişkiyi inceleyen çalışmalar sınırlı kalmıştır. Bu çalışma, 2000-2021 yılları arasında 132 ülkeyi kapsayan geniş bir panel veri setini kullanarak finansal gelişme ile sürdürülebilir kalkınma arasındaki ilişkiyi incelemeyi amaçlamaktadır. Analizde, Uluslararası Para Fonu’nun çok boyutlu Finansal Gelişmişlik Endeksi ve Birleşmiş Milletler’in Sürdürülebilir Kalkınma Amaçları Endeksi kullanılmış; yatay kesit bağımlılığını ve eğim heterojenliğini dikkate alan Genişletilmiş Ortalama Grup (Augmented Mean Group) tahmincisi uygulanmıştır. Ampirik sonuçlar, finansal gelişmişliğin, ekonomik büyümenin ve yenilenebilir enerji tüketiminin sürdürülebilir kalkınmayı olumlu yönde etkilediğini göstermektedir. Buna karşılık, ticaretin açıklığı ve brüt sermaye oluşumu sürdürülebilirlikle negatif bir ilişki sergilemektedir. Bu bulgular, Sürdürülebilir Kalkınma Amaçlarına ulaşmak için finansal sistemlerin güçlendirilmesi ve çevre dostu yatırımların teşvik edilmesi gerektiğini vurgulamaktadır. Ayrıca, bu bulgular çevre politikaları desteklenmeden ticaretin ve sermaye yatırımlarının genişletilmesinin, kirlilik cennetleri gibi sürdürülebilirlik üzerinde olumsuz etkileri olabileceği konusunda önemli bir uyarı niteliği taşımaktadır.

References

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  • Güney, T. (2021). Solar energy and sustainable development: Evidence from 35 countries. International Journal of Sustainable Development & World Ecology, 29(2), 187-194. https://doi.org/10.1080/13504509.2021.1986749
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  • Houda, B. and Lamia, M.J. (2016). Interaction between financial development and sustainable development: Evidence from developing countries-A panel data study. International Journal of Economics and Finance, 8(2), 243-253. https://doi.org/10.5539/ijef.v8n2p243
  • Hunjra, A.I., Azam, M., Bruna, M.G. and Taskin, D. (2022). Role of financial development for sustainable economic development in low-middle-income countries. Finance Research Letters, 47, 102793. https://doi.org/10.1016/j.frl.2022.102793
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  • Li, X. and Deng, J. (2025). How green finance drives the synergy of pollution reduction and carbon mitigation: Evidence from Chinese A-share firms. Sustainability, 17(18), 8185. https://doi.org/10.3390/su17188185
  • Li, Y., Wang, X., Imran, A., Aslam, M.U. and Mehmood, U. (2023). Analyzing the contribution of renewable energy and natural resources for sustainability in G-20 countries: How gross capital formation impacts ecological footprints. Heliyon, 9(8), e18882. https://doi.org/10.1016/j.heliyon.2023.e18882
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  • Pan, X., Shao, T., Zheng, X., Zhang, Y., Ma, X. and Zhang, Q. (2023). Energy and sustainable development nexus: A review. Energy Strategy Reviews, 47, 101078. https://doi.org/10.1016/j.esr.2023.101078
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Finance For Sustainability: Examining the role of Financial Development in Sustainable Development Goals

Year 2026, Volume: 11 Issue: 1 , 63 - 76 , 31.03.2026
https://doi.org/10.30784/epfad.1790481
https://izlik.org/JA38AU42FP

Abstract

The role of financial systems in achieving the Sustainable Development Goals and addressing global challenges such as climate change and inequality is increasingly important. However, studies examining this relationship using comprehensive indices and macro-level panel data remain limited. This study aims to examine the relationship between financial development and sustainable development using a large panel dataset covering 132 countries from 2000 to 2021. The analysis employs the International Monetary Fund’s multidimensional Financial Development Index and the United Nations’ Sustainable Development Goals Index, applying the Augmented Mean Group estimator to account for cross-sectional dependence and slope heterogeneity. Empirical results indicate that financial development, economic growth, and renewable energy consumption positively affect sustainable development. In contrast, trade openness and gross capital formation exhibit a negative relationship with sustainability. These findings emphasize the need to strengthen financial systems and promote environmentally friendly investments to achieve the Sustainable Development Goals. Moreover, they provide a crucial warning that, without supporting environmental policies, expanded trade and capital investments may have adverse effects on sustainability, such as the creation of pollution havens.

References

  • Acemoglu, D., Johnson, S. and Robinson, J.A. (2005). Institutions as a fundamental cause of long-run growth. In P. Aghion and S.N. Durlauf (Eds.), Handbook of economic growth (pp. 385-472). Amsterdam: Elsevier. https://doi.org/10.1016/S1574-0684(05)01006-3
  • Adedoyin, F.F., Gumede, M.I., Bekun, F.V., Etokakpan, M.U. and Balsalobre-Lorente, D. (2020). Modelling coal rent, economic growth and CO₂ emissions: Does regulatory quality matter in BRICS economies? Science of The Total Environment, 710, 136284. https://doi.org/10.1016/j.scitotenv.2019.136284
  • Akhtar, N. and Rashid, A. (2024). Financial development and sustainable development: A review of literature. Sustainable Development, 32(6), 7114-7139. https://doi.org/10.1002/sd.3068
  • Al-Smadi, M.O. (2025). The impact of financial inclusion on sustainable development in the MENA region: The moderating effect of digital finance. Cogent Economics & Finance, 13(1). https://doi.org/10.1080/23322039.2025.2563158
  • Aslam, M., Naz, A. and Bibi, S. (2023). Unraveling the non-linear impact of financial development on environmental sustainability: Insights from developing countries agreeing the accord. Environmental Science and Pollution Research, 30, 114017-114031. https://doi.org/10.1007/s11356-023-30283-4
  • Beck, T. and Levine, R. (2003). Legal institutions and financial development. In E. Brousseau & J.-M. Glachant (Eds.), Handbook of new institutional economics (pp. 251-278). Boston: Springer. https://doi.org/10.1007/0-387-25092-1_12
  • Beck, T., Demirgüç-Kunt, A. and Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12, 27-49. https://doi.org/10.1007/s10887-007-9010-6
  • Beck, T., Levine, R. and Loayza, N.V. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9
  • Bond, S. and Eberhardt, M. (2013). Accounting for unobserved heterogeneity in panel time series models. Oxford: University of Oxford.
  • Chudik, A. and Pesaran, M.H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420. https://doi.org/10.1016/j.jeconom.2015.03.007
  • Coscieme, L., Mortensen, L.F., Anderson, S., Ward, J., Donohue, I. and Sutton, P.C. (2020). Going beyond gross domestic product as an indicator to bring coherence to the Sustainable Development Goals. Journal of Cleaner Production, 248, 119232. https://doi.org/10.1016/j.jclepro.2019.119232
  • Demirguc-Kunt, A. and Klapper, L. (2012). Measuring financial inclusion: The global Findex database (Policy Research Working Paper No. 6025). Washington, DC: World Bank. https://doi.org/10.1596/1813-9450-6025
  • Dumitrescu, E.-I. and Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Dutta, K.D. and Saha, M. (2022). Does financial governance steer financial development toward sustainable development? Singapore Economic Review, Advance online publication. https://doi.org/10.1142/S0217590822500412
  • Dutta, K.D. and Saha, M. (2023). Does financial development cause sustainable development? A PVAR approach. Economic Change and Restructuring, 56, 879-917. https://doi.org/10.1007/s10644-022-09451-y
  • Eberhardt, M. and Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator (MPRA Working Paper No. 17870). Retrieved from https://mpra.ub.uni-muenchen.de/17870/
  • Eberhardt, M. and Teal, F. (2010). Productivity analysis in global manufacturing production (Economics Series Working Paper No. 515). Oxford: University of Oxford.
  • Emara, N. and El Said, A. (2021). Financial inclusion and economic growth: The role of governance in selected MENA countries. International Review of Economics & Finance, 75, 34-54. https://doi.org/10.1016/j.iref.2021.03.014
  • Gao, C., Yao, D., Fang, J. and He, Z. (2022). Analysis of the relationships between financial development and sustainable economic growth: Evidence from Chinese cities. Sustainability, 14(15), 9348. https://doi.org/10.3390/su14159348
  • Guillamón, M.-D., Ríos, A.-M. and Benito, B. (2025). Understanding the factors influencing SDG achievement across nations: A comprehensive study. Sustainable Development, 33(4), 5336-5350. https://doi.org/10.1002/sd.3405
  • Guo, Y. and Naseer, M.M. (2025). Financial pathways to sustainability: The effects of financial inclusion, development, and innovation on shaping ESG readiness in low- and middle-income countries. International Journal of Financial Studies, 13(3), 122. https://doi.org/10.3390/ijfs13030122
  • Guru, B.K. and Yadav, I.S. (2019). Financial development and economic growth: Panel evidence from BRICS. Journal of Economic, Finance and Administrative Science, 24(47), 113-126. https://doi.org/10.1108/jefas-12-2017-0125
  • Güney, T. (2021). Solar energy and sustainable development: Evidence from 35 countries. International Journal of Sustainable Development & World Ecology, 29(2), 187-194. https://doi.org/10.1080/13504509.2021.1986749
  • Hao, X., Li, K., Li, Y. and Wu, H. (2025). How do trade patterns of renewable energy products affect sustainable development goals? Evidence from Belt and Road countries. Renewable Energy, 247, 123023. https://doi.org/10.1016/j.renene.2025.123023
  • Houda, B. and Lamia, M.J. (2016). Interaction between financial development and sustainable development: Evidence from developing countries-A panel data study. International Journal of Economics and Finance, 8(2), 243-253. https://doi.org/10.5539/ijef.v8n2p243
  • Hunjra, A.I., Azam, M., Bruna, M.G. and Taskin, D. (2022). Role of financial development for sustainable economic development in low-middle-income countries. Finance Research Letters, 47, 102793. https://doi.org/10.1016/j.frl.2022.102793
  • King, R.G. and Levine, R. (1993). Finance, entrepreneurship and growth. Journal of Monetary Economics, 32(3), 513-542. https://doi.org/10.1016/0304-3932(93)90028-E
  • Koirala, B.S. and Pradhan, G. (2020). Determinants of sustainable development: Evidence from 12 Asian countries. Sustainable Development, 28(1), 39-45. https://doi.org/10.1002/sd.1963
  • Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion and S.N. Durlauf (Eds.), Handbook of economic growth (pp. 865-934). Amsterdam: Elsevier. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Li, X. and Deng, J. (2025). How green finance drives the synergy of pollution reduction and carbon mitigation: Evidence from Chinese A-share firms. Sustainability, 17(18), 8185. https://doi.org/10.3390/su17188185
  • Li, Y., Wang, X., Imran, A., Aslam, M.U. and Mehmood, U. (2023). Analyzing the contribution of renewable energy and natural resources for sustainability in G-20 countries: How gross capital formation impacts ecological footprints. Heliyon, 9(8), e18882. https://doi.org/10.1016/j.heliyon.2023.e18882
  • Ma, Y., He, W., Cui, X. and Xu, Z. (2025). Research on the impact of green finance on carbon emissions from the perspectives of nonlinearity and spatial spillover. Frontiers in Environmental Science, 13, 1647224. https://doi.org/10.3389/fenvs.2025.1647224
  • Marti, L. and Cervelló-Royo, R. (2023). Disparities in sustainable development goals compliance and their association with country risk. Sustainable Development, 31(4), 3038-3051. https://doi.org/10.1002/sd.2568
  • Nguyen Van, H. and Le Quoc, D. (2024). Assessing the impact of digital financial inclusion on sustainable development goals: Analyzing differences by financial development levels across countries. Journal of the Knowledge Economy, Advance online publication. https://doi.org/10.1007/s13132-024-02515-6
  • Ntarmah, A.H., Kong, Y. and Gyan, M.K. (2019). Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quantitative Finance and Economics, 3(4), 709-738. https://doi.org/10.3934/QFE.2019.4.709
  • Oanh, T.T.K. and Dinh, L.Q. (2024). Digital financial inclusion, financial stability, and sustainable development: Evidence from a quantile-on-quantile regression and wavelet coherence. Sustainable Development, 32(6), 6324-6338. https://doi.org/10.1002/sd.3021
  • Pan, X., Shao, T., Zheng, X., Zhang, Y., Ma, X. and Zhang, Q. (2023). Energy and sustainable development nexus: A review. Energy Strategy Reviews, 47, 101078. https://doi.org/10.1016/j.esr.2023.101078
  • Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (Cambridge Working Papers in Economics No. 0435). https://doi.org/10.17863/CAM.5113
  • Pesaran, M.H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74, 967-1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
  • Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Economics, 22, 265-312. https://doi.org/10.1002/jae.951
  • Pesaran, M.H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Pho, T.V., Phan, D.-K., Phan, G.Q. and Nguyen, T.T.H. (2025). Impact of financial development, technological innovation, green trade and institutional quality on sustainable development: Revelations from global evidence. Sustainable Chemistry One World, 6, 100058. https://doi.org/10.1016/j.scowo.2025.100058
  • Qamruzzaman, M., Karim, S. and Kor, S. (2024). Nexus between innovation-openness-natural resources-environmental quality in N-11 countries: What is the role of environmental tax? Sustainability, 16(10), 3889. https://doi.org/10.3390/su16103889
  • Rahman, Z.U. and Ahmad, M. (2019). Modeling the relationship between gross capital formation and CO₂ asymmetrically in the case of Pakistan: An empirical analysis through NARDL approach. Environmental Science and Pollution Research, 26, 8111-8124. https://doi.org/10.1007/s11356-019-04254-7
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There are 54 citations in total.

Details

Primary Language English
Subjects Panel Data Analysis, Development Economics - Macro, International Finance
Journal Section Research Article
Authors

Alper Aykut Ekinci 0000-0002-3141-3380

Submission Date September 24, 2025
Acceptance Date March 27, 2026
Publication Date March 31, 2026
DOI https://doi.org/10.30784/epfad.1790481
IZ https://izlik.org/JA38AU42FP
Published in Issue Year 2026 Volume: 11 Issue: 1

Cite

APA Ekinci, A. A. (2026). Finance For Sustainability: Examining the role of Financial Development in Sustainable Development Goals. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 11(1), 63-76. https://doi.org/10.30784/epfad.1790481