Finansal Gelişme Üzerinde Politik Faktörlerin Etkisi: Az Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Bir Analiz

Year 2018, Volume: 13 Issue: 3, 181 - 204, 31.12.2018

Talip Torun , M. Fatih İlgün

https://doi.org/10.17153/oguiibf.443146

Cited By: 2

Abstract

Bu çalışmanın amacı politik karar alma süreci ve
aktörlerinin finansal gelişim üzerindeki etkisinin araştırılmasıdır. Politik
faktörlerin etkisi, ‘politik sistem ve meclis yapısı’ ile ‘politik istikrar’
olmak üzere iki alt başlık altında gruplandırılan dokuz açıklayıcı değişken
kullanılarak, 48 az gelişmiş ve gelişmekte olan ülkede 1985-2012 dönemi için
dinamik panel veri analiz yöntemi ile incelenmiştir. Analiz sonuçları,
demokratikleşme düzeyinin finansal gelişim üzerinde anlamlı ters-U şeklinde
etkiye sahip olduğunu, hükümetin oy oranının finansal gelişim üzerinde olumlu,
koalisyon şeklindeki hükümetlerin olumsuz etkisi olduğunu, yürütme organının
yetkilerini sınırlayan kurum ve kuralların ise anlamlı bir etkisinin olmadığını
göstermiştir. Politik istikrarı temsil eden değişkenler açısından elde edilen
sonuçlar ise siyasi krizlerin, kabine değişim sıklığının, milletvekili
seçimlerinin ve politik yolsuzluk düzeyinin finansal gelişimi engellediğini,
hükümetin görev süresinin ise anlamlı bir etkisinin olmadığını göstermiştir.

Keywords

Finansal Gelişme, Politik Faktörler, Panel GMM

The Effect of Political Factors on Financial Development: An Analysis of Less Developed and Developing Countries

Abstract

The aim of this study is to investigate the effects of political decision-making process and political actors on financial development. The impact of political factors was investigated in 48 underdeveloped and developing countries employing dynamic panel data analysis for 1985-2012 period, using nine explanatory variables grouped under two subheadings: ‘the political system and parliamentary structure’ and ‘the political stability’. The results show that the level of democratization has significant inverse U-shaped effect on financial development. While the higher government votes increase the financial development, but coalition governments affect adversely. Institutions and rules that limit the powers of the executive have no significant effect on financial development. With regard to variables representing political stability, the results show that political crises, the frequency of cabinet changes, legislative elections and political corruption limit the financial development, while there is no significant effect of the government's term of office.

Keywords

Financial Development, Political Factors, Panel GMM

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