THE IMPACT OF FINANCIAL DEVELOPMENT AND GREEN INVESTMENT ON ECONOMIC GROWTH

Year 2025, Volume: 18 Issue: 3, 956 - 979, 01.07.2025

Büşra Görgel , Emre Esat Topaloğlu , Serkan Şahin

https://doi.org/10.25287/ohuiibf.1660753

Abstract

The aim of this study is to investigate the impact of financial development and green investment on economic growth for Turkey. In order to determine the effect of financial development and green investments on economic growth, the analysis period was determined as 1990-2020, taking into account the availability of data. The structural break time series method was applied as the analysis method. Gregory Hansen (1996) and Johansen cointegration test, FMOLS, DOLS, CCR coefficient estimators and Granger causality test were used to determine the relationship. As a result of the analysis, it was found that the series are stationary in their differences and there is a long-run cointegration relationship between them. In the long run, financial development, green investment and foreign direct investment variables have a positive effect on economic growth, while inflation has a negative effect. However, there is no long-run relationship between economic growth and portfolio investment. At the same time, breaks in the specified period also have an impact on economic growth. According to the causality test, a causality relationship was determined from portfolio investment to economic growth, and from economic growth to financial development, green investment and inflation. In line with the results, it can be stated that the development of the financial system, the support and promotion of green investments, and the implementation of incentive strategies and policies to attract foreign investors to the country could have a positive impact on achieving economic growth and sustainable growth targets.

Keywords

Financial Development , Economic Growth , Green Investment , Structural Break Time Series Analysis

FİNANSAL GELİŞME İLE YEŞİL YATIRIMIN EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİSİ

Abstract

Bu çalışmanın amacı, finansal gelişme ve yeşil yatırımın ekonomik büyüme üzerindeki etkilerini Türkiye için araştırmaktır. Finansal gelişme ve yeşil yatırımların ekonomik büyüme üzerindeki etkisinin belirlenmesi amacıyla verilerin ulaşılabilirliği dikkate alınarak analiz dönemi 1990-2020 olarak belirlenmiştir. Analiz yöntemi olarak yapısal kırılmalı zaman serisi yöntemi uygulanmıştır. Söz konusu ilişkinin belirlenmesinde Gregory Hansen (1996) ve Johansen eşbütünleşme testi, FMOLS, DOLS, CCR katsayı tahmincileri ve Granger nedensellik testi kullanılmıştır. Analizler sonucunda; serilerin farklarında durağan oldukları ve aralarında uzun dönemli eşbütünleşme ilişkisinin bulunduğu tespit edilmiştir. Uzun dönemde finansal gelişme, yeşil yatırım ve doğrudan yabancı yatırım değişkenlerinin ekonomik büyüme üzerinde pozitif yönlü, enflasyonun ise negatif yönlü etkisi olduğu tespit edilmiştir. Ekonomik büyüme ile portföy yatırımları arasında ise uzun dönemde ilişki saptanmamıştır. Aynı zamanda analiz döneminde meydana gelen yapısal kırılmaların ekonomik büyüme üzerinde etkili olduğu gözlemlenmiştir. Nedensellik analizi sonuçlarına göre portföy yatırımlarından ekonomik büyümeye doğru, ekonomik büyümeden ise finansal gelişme, yeşil yatırım ve enflasyona doğru nedensellik ilişkisi belirlenmiştir. Sonuçlar doğrultusunda, bir ülkenin ekonomik büyümesinin sağlanması ve sürdürülebilir hedeflerine ulaşması, finansal sistemin geliştirilmesiyle, yeşil yatırımların desteklenip teşvik edilmesiyle, yabancı yatırımcı yatırımlarının ülkeye getirilmesinde teşvik edici stratejiler uygulanıp politikalar geliştirilmesiyle sağlanabileceği söylenebilmektedir.

Keywords

Finansal Gelişme , Ekonomik Büyüme , Yeşil Yatırım , Yapısal Kırılmalı Zaman Serisi Analizi

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