Financial Inclusion and Economic Growth: An Analysis for Turkey

Abstract

Financial inclusion aimed to ensure that all segments of the society have access to financial services to improve living standards and reduce poverty, which are factors that affect economic growth. Despite the enormous growth in the financial system in the last decade around the world, it is noteworthy that the use of financial services has not spread to a large part of the population. The first aim of the study is measuring the level of financial inclusion in Turkey and the other is determine the relationship between financial inclusion and economic growth. In this study covering the period of 2010-2019, a financial inclusion index was created as an indicator of financial inclusion, and it was determined that Turkey's level of financial inclusion was low in the period under consideration. The relationship between financial inclusion and economic growth was examined by using the Toda-Yamamoto causality test and ARDL analysis. As a result of the study, bidirectional causality relationship was determined between financial inclusion and economic growth. In addition, it was found that financial inclusion increased economic growth in the long and short term, economic growth increased financial inclusion in the long term, but it did not have a significant effect on financial inclusion in the short term.

Keywords

• Financial Inclusion
• Economic Growth
• Index

Finansal Kapsayıcılık ve Ekonomik Büyüme: Türkiye için Bir Analiz

Abstract

Finansal kapsayıcılık ile ekonomik büyüme üzerinde etkili faktörler olan yaşam standartlarında bir iyileşme yaratmak ve yoksulluğu azaltmak amacıyla toplumun tüm kesimlerinin finansal hizmetlere erişimini sağlamak hedeflenmektedir. Dünya genelinde son on yılda finansal sistemde görülen muazzam büyümeye rağmen finansal hizmetlerin kullanımının nüfusun geniş kesimine yayılmadığı dikkat çekmektedir. Çalışmanın amaçlarından ilki Türkiye’de finansal kapsayıcılığın düzeyini ölçmek diğeri ise finansal kapsayıcılık ile ekonomik büyüme arasındaki ilişkiyi tespit etmektir. 2010-2019 dönemini kapsayan bu çalışmada finansal kapsayıcılık göstergesi olarak bir finansal kapsayıcılık endeksi oluşturulmuş ve ele alınan dönemde Türkiye’nin finansal kapsayıcılık derecesinin düşük olduğu belirlenmiştir. Finansal kapsayıcılık ile ekonomik büyüme arasındaki ilişki Toda-Yamamoto nedensellik testi ve ARDL analizi kullanılarak incelenmiştir. Çalışma sonucunda, finansal kapsayıcılık ile ekonomik büyüme arasında çift yönlü nedensellik ilişkisi tespit edilmiştir. Ayrıca finansal kapsayıcılığın uzun ve kısa dönemde ekonomik büyümeyi artırdığı, ekonomik büyümenin uzun dönemde finansal kapsayıcılığı artırdığı fakat kısa dönemde finansal kapsayıcılık üzerinde anlamlı bir etkisi olmadığı saptanmıştır.

Keywords

• Finansal Kapsayıcılık
• Ekonomik Büyüme
• Endeks

References

1. Babajide, A. A., Adegboye, F. B. ve Omankhanlen, A. E. (2015). Financial Inclusion and Economic Growth in Nigeria. International Journal of Economics and Financial Issues, 629-637.
2. Beck, T., Demirguc-Kunt, A., Soledad, M. ve Peria, M. (2007). Reaching Out: Access to and Use of Banking Services Across Countries. Journal of Financial Economics, 85(1), 234-266.
3. Chithra, N. ve Selvam, M. (2013). Determinants of Financial Inclusion: An Empirical Study on the Inter-State Variations in India. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2296096 (Erişim: 20.07.2021).
4. Gebeşoğlu, F. Ö. (2015). Türkiye’de Finansal Kapsama Seviyesi Üzerine Bir Değerlendirme. Bankacılar Dergisi, 68-84.
5. Gündüz, M. ve Özyıldırım, Y. (2019). Türkiye’de İllere Göre Finansal Kapsayıcılık Endeksinin Ölçülmesi. Bankacılar Dergisi, 52-70.
6. Kim, D.-W., Yu, J.-S. ve Hassan, M. K. (2018). Financial Inclusion and Economic Growth in OIC Countries. Research in International Business and Finance, 1-14.
7. Kim, J.-H. (2016). A Study on the Effect of Financial Inclusion on the Relationship Between Income Inequality and Economic Growth. Emerging Markets Finance & Trade, 498–512.
8. Laha, A. ve Kuri, P. K. (2011). Determinants of Financial Inclusion: A study of Some Selected Districts of West Bengal, India. Indian Journal of Finance.

9. Leeladhar, V. (2005). Taking Banking Services to the Common Man Financial Inclusion. Reserve Bank of India at the Fedbank Hormis Memorial Foundation. https://www.bis.org/review/r051214e.pdf
10. Lenka, S. K. ve Sharma, R. (2017). Does Financial Inclusion Spur Economic Growth in India? The Journal of Developing Areas, 51(3), 215-228.
11. Mohan, R. (2006). Economic Growth, Financial Deepening and Financial Inclusion. Reserve Bank of India Bulletin.
12. Pesaran, M. H. ve Pesaran, B. (1997). Working with Microfit 4.0: Interactive Econometric Analysis. Oxford, Oxford University Press.
13. Pesaran, M., Shin, Y., ve Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal Of Applied Econometrics, 289-326.
14. Sarıgül, H. (2021). Bölgelere ve İllere Göre Türkiye Finansal Kapsayıcılık Endeksi. Muhasebe ve Finansman Dergisi, 79-100.
15. Sarma, M. (2012). Index of Financial Inclusion – A Measure of Financial Sector Inclusiveness. Berlin Working Papers on Money, Finance, Trade and Development.
16. Sarma, M. (2008). Index of Financial Inclusion, Working Paper, No. 215. Indian Council for Research on International Economic Relations (ICRIER).
17. Sarma, M. ve Pais, J. (2011). Financial Inclusion and Development. Journal of International Development, 613–628.
18. Sarma, M. ve Pais, J. (2008). Financial Inclusion and Development: A Cross Country Analysis. Published by Indian Council for Research on International Economic.
19. Sethi, D. ve Acharya, D. (2018). Financial Inclusion and Economic Growth Linkage: Some Cross Country Evidence. Journal of Financial Economic Policy, 10(3), 369-385.
20. Sulong, Z. (2018). The Role of Financial Inclusion on Economic Growth: Theoretical and Empirical Literature Review Analysis. Journal of Business & Financial Affairs, 7(4). doi:10.4172/2167-0234.1000356
21. Swamy, V. (2010). Bank-Based Financial Intermediation for Financial Inclusion and Inclusive Growth. Banks and Bank Systems, 5(4), 63-73.
22. Toda, H. Y. ve Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes. Journal of Econometrics, 225-250.
23. Turgut, E., Uçan, O. ve Başaran, N. (2021). Turizm Sektörünün Türkiye Ekonomisine Etkisi: ARDL Sınır Testi Yaklaşımı. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (45), 144-159.
24. Yiadom, E. B. ve Dziwornu, R. K. (2021). Financial Inclusion, Poverty and Growth in Africa: Can Institutions Help? African J. Economic and Sustainable Development, 8(2), 91-110.
25. Yorulmaz, R. (2013). Construction of a Regional Financial Inclusion Index in Turkey. BDDK Bankacılık ve Finansal Piyasalar, 7(1), 79-101.