The Relationship between Political Institutions and Economic Development: An Application on Middle Income Countries

Abstract

The reason for the differences in economic development between countries is mostly tried to be explained by economic factors, and the effects of institutions related to the social and political environment are ignored. For this reason, the primary aim of the study is to question the interaction of the institutional quality of the countries' social and political environment with their economic development levels. In the previous empirical analyzes on economic development, the Human Development Index (HDI) could not be used due to the lack of data, and GDP mostly represented economic development. In this study, unlike other studies HDI, which includes education and health indices as well as income, was used. The data of 76 middle-income countries between 1990 and 2016 were analyzed with second generation advanced panel data analysis techniques that take into account cross-sectional dependence and heterogeneity. According to the results, a two-way causality relationship was found between the level of accountability, the effectiveness of government interventions, the quality of political stability and private sector regulations and economic development, while a one-way causality relationship was found from economic development to corruption and the rule of law.

Keywords

• Politician institutions
• Economic devolopment
• Panel data analyesis

Politik Kurumlar Ekonomik Kalkınma İlişkisi: Orta Gelir Grubu Ülkeleri Üzerine Bir Uygulama

Abstract

Ülkeler arası ekonomik kalkınma farklılıklarının nedeni daha çok ekonomik faktörler ile açıklanmaya çalışılmakta, sosyal ve siyasal çevreye ilişkin kurumların etkileri göz ardı edilmektedir. Bu nedenle çalışmanın öncelikli amacı ülkelerin sosyal ve siyasal çevreye ilişkin kurumsal kalitelerinin, ekonomik kalkınma düzeyleri ile olan etkileşimini sorgulamaktır. Ekonomik kalkınmaya ilişkin gerçekleştirilen önceki ampirik analizlerde veri yetersizliği nedeni ile İnsani Gelişim Endeksi (İGE) kullanılamamış, daha çok GSYH ekonomik kalkınmayı temsil etmiştir. Bu çalışmada diğer çalışmalardan farklı olarak ekonomik kalkınmayı temsilen, gelirin yanı sıra eğitim ve sağlık endekslerini de kapsayan İGE kullanılmış, orta gelir grubuna ait 76 ülkenin 1990-2016 yılları arası verileri yatay kesit bağımlılığı ve heterojeniteyi dikkate alan, ikinci nesil ileri panel veri analizi teknikleri ile sorgulanmıştır. Analiz sonuçlarına göre hesap verilebilirlik düzeyi, hükümet müdahalelerinin etkinliği, politik istikrar ve özel sektöre ilişkin düzenlemelerin kalitesi ile ekonomik kalkınma arasında iki yönlü nedensellik ilişkisine rastlanırken, ekonomik kalkınmadan yolsuzluk ve hukukun üstünlüğüne doğru tek yönlü nedensellik ilişkisine rastlanılmıştır.

Keywords

• Politik Kurumlar
• Ekonomik Kalkınma
• Panel veri Analizi

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