Kurumsal Kalite ve Piyasa Tabanlı Finansal Gelişmenin Ekonomik Büyüme Üzerindeki Rolü: Next-11 Ülkelerinden Yeni Kanıtlar

Abstract

Bu çalışma, 1990 ile 2021 yılları arasında Next-11 ülkeleri için farklı yüzdelik dilimler arasında kurumsal ve piyasa tabanlı finansal gelişmenin ekonomik büyüme üzerindeki etkisini incelemektedir. Panel kantil otoregresif dağıtılmış gecikme (P-QARDL) modelini kullanan bu çalışma, ülkeler ve büyüme seviyeleri arasındaki heterojenliği hesaba katarak hem kısa vadeli hem de uzun vadeli etkileri ele almaktadır. Ampirik bulgular, uzun vadeli ekonomik büyümeyi teşvik etmede düzenleyici kalitenin ve yolsuzluğun kontrolünün önemli rolünü vurgulamakta ve her iki faktör de GSYİH büyümesi ile pozitif ve tutarlı bir ilişki göstermektedir. Ancak hukukun üstünlüğü, daha düşük büyüme oranlarına sahip ülkelerde ekonomik büyümeyi olumsuz etkilerken, bu etki daha yüksek büyüme oranlarına sahip ekonomileri zayıflatmaktadır. Ek olarak, finansal kuruluşlar ekonomik büyüme üzerinde güçlü bir pozitif etki gösterirken, finansal piyasa endeksi negatif ancak istatistiksel olarak önemsiz bir etkiye sahiptir. Bu sonuçlar, sürdürülebilir ekonomik büyümeyi teşvik etmede etkili yönetişimin, güçlü finansal kurumların ve uyarlanabilir yasal çerçevelerin önemini vurgulamaktadır. Çalışma, ekonomik gelişimin farklı aşamalarına göre uyarlanmış kurumsal çerçeveleri ve finansal sistemleri güçlendirmek için politika önerileri sunmaktadır.

Keywords

• Panel QARDL
• Kurumsal Kalite
• Finansal Piyasalar
• Finansal Kurumlar
• Ekonomik Büyüme

The Role of Institutional Quality and Market-Based Financial Development in Economic Growth: Novel Evidence from the Next-11 Countries

Abstract

This study examines the impact of institutional and market-based financial development on economic growth across different quantiles for the Next-11 countries between 1990 and 2021. Employing the panel quantile autoregressive distributed lag (P-QARDL) model, this study captures both short-run and long-run effects while accounting for heterogeneity across countries and growth levels. The empirical findings highlight the significant role of regulatory quality and control of corruption in fostering long-term economic growth, with both factors demonstrating a positive and consistent relationship with GDP growth. However, the rule of law negatively affects economic growth in countries with lower growth rates, while this effect weakens economies with higher growth rates. Additionally, financial institutions exhibit a strong positive impact on economic growth, whereas the financial market index has a negative but statistically insignificant effect. These results emphasize the importance of effective governance, strong financial institutions, and adaptive legal frameworks in promoting sustainable economic growth. The study provides policy recommendations for strengthening institutional frameworks and financial systems tailored to different stages of economic development.

Keywords

• Panel QARDL
• Institutional Quality
• Financial Markets
• Financial Institutions
• Economic Growth

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