RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND HUMAN DEVELOPMENT: EVIDENCE FROM ADVANCED AND EMERGING COUNTRIES

Abstract

While financial development increases the level of human development with the increase of income, human development affects financial development by the accumulation of human capital. In this study, It has investigated that the relationship between financial development and human development and whether this relationship is more important in emerging countries than developed countries. The study sample consisted of data from 42 countries of the period 1990-2015. In the study, panel cointegration, causality, variance decomposition and effectresponse analysis were applied and as a result of the study; it is determined that there is longterm relationship between financial development and human development and that there is a causality from human development to financial development in developing countries and from financial development to human development in all countries. These results show that the relationship between financial development and human development is more important in emerging countries than developed economies

Keywords

• Financial Development,Human Development,Panel VAR

FİNANSAL GELİŞİM İLE İNSANİ GELİŞİM ARASINDAKİ İLİŞKİ: GELİŞMİŞ VE GELİŞMEKTE OLAN ÜLKELER ÖRNEĞİ

Öz

Finansal gelişim, ortaya çıkaracağı gelir artışıyla insani gelişim düzeyini yükseltebilirken, insani gelişim ise beşeri sermaye birikimiyle finansal gelişimi etkilemektedir. Bu çalışmada, finansal gelişim ile insani gelişim arasındaki ilişki ve bu ilişkinin gelişmekte olan ülkelerde, gelişmiş ülkelere göre, daha önemli olup olmadığı araştırılmıştır. Çalışma örneklemi 1990-2015 döneminde 42 ülkeye ait verilerden oluşturulmuştur. Çalışmada, panel eşbütünleşme, nedensellik, varyans ayrıştırması ve etki-tepki analizi uygulanmış, çalışma sonucunda; finansal gelişim ile insani gelişim arasında uzun dönemli ilişkinin bulunduğu ve gelişmekte olan ülkelerde insani gelişiminden finansal gelişime doğru, tüm ülkelerde ise finansal gelişimden insani gelişime doğru bir nedenselliğin olduğu belirlenmiştir. Bu sonuçlar, finansal gelişme ve insani gelişme ilişkisinin, gelişmiş ekonomilere göre, gelişmekte olan ülkelerde daha önemli olduğunu göstermektedir.

Anahtar Kelimeler

• Finansal Gelişim,İnsani Gelişim,Panel VAR

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