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Finans ve Sigortacılık & Emeklilik Hizmetleri İhracatının Belirleyicileri

Year 2022, Volume: 30 Issue: 53, 87 - 104, 29.07.2022

Melek Kaya , Hakan Tunahan , Halil Şimdi

https://doi.org/10.17233/sosyoekonomi.2022.03.04
Cited By: 2

Abstract

Küresel ekonominin bel kemiği olarak tanımlanan uluslararası hizmet ticaretinin, 2040 yılına kadar dünya genelindeki payının yaklaşık %50 olması beklenmektedir. Hizmet kategorileri arasındaki finans ve sigortacılık & emeklilik hizmetleri ihracatının yerel ve küresel ekonomiye katkısı ve ihracatındaki artış trendi göz önüne alındığında, bu çalışma, finans ve sigortacılık & emeklilik hizmetleri ihracatının temel belirleyicilerini incelemeyi amaçlamaktadır. Doğrudan Yabancı Yatırım Giriş ve Çıkışları, Finansal Kurumların Derinliği, Yolsuzluk Algı Endeksi, Gayrisafi Yurtiçi Hasıla (GSYH) ve Federal Rezerv Bankası Fon Oranlarındaki değişikliklerin finans ve sigortacılık & emeklilik hizmetleri ihracatı üzerindeki etkilerini analiz eder. 2005-2018 yılları arasında 82 yüksek ve orta gelirli ülkeler için yıllık panel veriler kullanılarak Panel Sabit Etki Modeli uygulanmıştır. Ampirik bulgular, yüksek gelirli ülkelerde Finansal Kurumların Derinliğinin ve GSYH'nin finans ve sigortacılık & emeklilik hizmetleri ihracatı üzerinde olumlu etkileri olduğunu ortaya koyarken orta gelirli ülkeler için, Finansal Kurumların Derinliği, GSYH ve Doğrudan Yabancı Yatırım Çıkış değişkenlerinin finans ve sigortacılık & emeklilik hizmetlerinin ihracatını teşvik ettiğini göstermektedir.

Keywords

Hizmet Sektörü Uluslararası Hizmet Ticareti Finans Hizmeti İhracatı Sigortacılık & Emeklilik Hizmetleri İhracatı

References

  • Ahmad, F. et al. (2018), “What Drives OFDI? Comparative Evidence from ASEAN and Selected Asian Economies”, Journal of Chinese Economic and Foreign Trade Studies, 11(1), 15-31.
  • Ahmed, S. & A. Zlate (2014), “Capital Flows to Emerging Market Economies: A Brave New World?”, Journal of International Money and Finance, 48, 221-248.
  • Ai, C. & E.C. Norton (2003), “Interaction Terms in Logit and Probit Models”, Economics Letters, 80(1), 123-129.
  • Amador, J. et al. (2019), “International Trade in Services: Firm-Level Evidence for Portugal”, Portuguese Economic Journal, 18(3), 127-163.
  • Ang, J.B. & W.J. McKibbin (2007), “Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia”, Journal of Development Economics, 84(1), 215-233.
  • Beck, T. et al. (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, 58(1-2), 261-300.
  • Borchert, I. et al. (2020), “The Evolution of Services Trade Policy since the Great Recession”, World Bank Policy Research Working Paper, 9265, World Bank, Washington.
  • Briggs, K. (2017), “The impact of Innovation on Financial and Insurance Services Exports”, The BE Journal of Economic Analysis & Policy, 17(4), 1-10.
  • Byrne, J.P. & N. Fiess (2011), “International Capital Flows to Emerging and Developing Countries: National and Global Determinants”, SIRE Discussion Papers, 2011-03, Scottish Institute for Research in Economics (SIRE), United Kingdom.
  • Calvo, G.A. et al. (1993), “Capital Inflows and Real Exchange Rate Appreciation in Latin America: The role of External Factors”, Staff Papers, 40(1), 108-151.
  • CIPRnewsletter (2014), Life Insurers to Benefit from Rising Interest Rates, <https://www.naic.org/cipr_newsletter_archive/vol10_rising_interest_rates.pdf>, 15.10. 2020.
  • Čihák, M. et al. (2012), “Benchmarking Financial Systems Around the World”, World Bank Policy Research Working Paper, 6175, World Bank, Washington.
  • Cole, C.R. et al. (2012), “Internationalization in the Reinsurance Industry: An Analysis of the Net Financial Position of US Reinsurers”, Journal of Risk and Insurance, 79(4), 897-930.
  • Cuadros-Meñaca, A. (2020), “Remittances, Health Insurance, and Pension Contributions: Evidence from Colombia”, World Development, 127, 104766.
  • Demirgüç-Kunt, A. & R. Levine (2008), Finance, Financial Sector Policies, and Long-Run Growth, World Bank, Washington, DC.
  • Do, Q.T. & A.A. Levchenko (2004), “Trade and Financial Development”, World Bank Policy Research Working Paper, 3347, World Bank, Washington.
  • Dowell-Jones, M. & R. Buckley (2016), “Reconceiving Resilience: A New Guiding Principle for Financial Regulation”, Northwestern Journal of International Law & Business, (37)1, 1-33.
  • Eichengreen, B. & P. Gupta (2013), “The Two Waves of Service-Sector Growth”, Oxford Economic Papers, 65(1), 96-123.
  • El Khoury, A.C. & A. Savvides (2006), “Openness in Services Trade and Economic Growth”, Economics Letters, 92(2), 277-283.
  • Eratas, F. & D. Öztekin (2010), “Kısa Vadeli Sermaye Akımlarının Belirleyicileri: Türkiye Örneği”, Ekonomi Bilimleri Dergisi, 2(2), 57-64.
  • Gani, A. & M.D. Clemes (2016), “Does the Strength of the Legal Systems Matter for Trade in Insurance and Financial Services?”, Research in International Business and Finance, 36, 511-519.
  • Gelos, R.G. & S.J. Wei (2005), “Transparency and International Portfolio Holdings”, The Journal of Finance, 60(6), 2987-3020.
  • Gonzalez, A. et al. (2019), “Exporting Financial Services in Latin America and the Caribbean”, Indicators Group Research Note, World Bank Research and Development Center in Chile, 1.
  • Gujarati, D.N. & D.C. Porter (1999), Essentials of Econometrics, Singapore: Irwin/McGraw-Hill.
  • Harms, P. et al. (2003), “Explaining Liberalization Commitments in Financial Services Trade”, World Economy, 139, 82-113.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Holsboer, J.H. (2000), “The Impact of Low Interest Rates on Insurers”, The Geneva Papers on Risk and Insurance, 25(1), 38-58.
  • Honohan, P. (2008), “Cross-Country Variation in Household Access to Financial Services”, Journal of Banking & Finance, 32(11), 2493-250.
  • Impavido, G. & I. Tower (2009), “How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter”, IMF Working Paper, No: WP/09/151.
  • Khatun, R. (2016), “Relation Between Trade in Financial Services and Economic Growth in BRICS Economies: Cointegration and Causality Approach”, Global Business Review, 17(1), 214-225.
  • Kim, Y. (2000), “Causes of Capital Flows in Developing Countries”, Journal of International Money and Finance, 19(2), 235-253.
  • Kose, M.A. et al. (2009), “Financial Globalization: A Reappraisal”, IMF Econ Rev, 56(1), 8-62.
  • Levin, A. et al. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1), 1-24.
  • Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35(2), 688-726.
  • Lindemane, M. (2011a), “Country's Strategy in Export of Financial Services”, Procedia-Social and Behavioral Sciences, 24, 960-971.
  • Lindemane, M. (2011b), “Saturation of Financial Market as Stimulus for Export of Financial Services”, Journal of Business Management, 4, 74-84.
  • Lindemane, M. (2012), “Estimating Potential in Export of Financial Services”, New Challenges of Economic and Business Development, 954-364.
  • Lorde, T. et al. (2015), “An Assessment of International Competitiveness in CARICOM Services Exports”, Global Economy Journal, 15(4), 525-558.
  • Lu, V.N. et al. (2012), “Determinants of Export Success in Professional Business Services: A Qualitative Study”, The Service Industries Journal, 32(10), 1637-1652.
  • Lu, X. & H. White (2014), “Robustness Checks and Robustness Tests in Applied Economics”, Journal of Econometrics, 178, 194-206.
  • Ma, Y.L. & N. Pope (2003), “Determinants of International Insurers’ Participation in Foreign Non‐Life Markets”, Journal of Risk and Insurance, 70(2), 235-248.
  • Mattoo, A. et al. (2006), “Measuring Services Trade Liberalization and Its Impact on Economic Growth: An Illustration”, The Journal of Economic Integration, 21(1), 64-98.
  • Mattoo, A. et al. (2008), Handbook of International Trade in Services, Oxford: Oxford University Press.
  • Moshirian, F. (1999), “Sources of Growth in International Insurance Services”, Journal of Multinational Financial Management, 9(2), 177-194.
  • Özkök, Z. (2015), “Financial Openness and Financial Development: An Analysis Using Indices”, International Review of Applied Economics, 29(5), 620-649.
  • Phillips, P.C. & P. Perron (1988), “Testing for A Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • Rouzet, D. et al. (2014), “Services Trade Restrictiveness Index (STRI): Financial Services”, OECD Trade Policy Papers, 75, OECD Publishing, Paris.
  • Sahay, R. et al. (2015), “Rethinking Financial Deepening: Stability and Growth in Emerging Markets”, IMF Staff Discussion Note, 15(8), 73-107.
  • United Nations (2010), Manual on Statistics of International Trade in Services 2010, United Nations: New York.
  • United Nations Conference on Trade and Development (UNCTAD) (2020a), Development Status Groups and Composition, <https://unctadstat.unctad.org/en/Classifications/DimCountries_DevelopmentStatus_Hierarchy.pdf>, 10.09.2020.
  • United Nations Conference on Trade and Development (UNCTAD) (2020b), SDG pulse UNCTAD Takes the Pulse of the SDGs 2020, <https://sdgpulse.unctad.org/wp-content/uploads/Unctad_SdgPulse_2020.pdf>, 15.04.2020.
  • World Trade Organization (WTO) (2019a), World Trade Report 2019: The Future of Services Trade, <https://www.wto.org/english/res_e/booksp_e/00_wtr19_e.pdf>, 12.04 2020.
  • World Trade Organization (WTO) (2019b), World Trade Statistical Review, <https://www.wto.org/english/res_e/statis_e/wts2019_e/wts2019_e.pdf>, 10.04.2020.

Determinants of the Export of Financial and Insurance & Pension Services

Year 2022, Volume: 30 Issue: 53, 87 - 104, 29.07.2022

Melek Kaya , Hakan Tunahan , Halil Şimdi

https://doi.org/10.17233/sosyoekonomi.2022.03.04
Cited By: 2

Abstract

International trade in services, defined as the backbone of the global economy, is expected to take approximately 50% by 2040 globally. Among services, two service categories are financial and insurance & pension services. Considering the contribution of the exports of these services to the local and global economy and the increasing trend of their export values, this study aims to examine the main determinants of the export of financial and, insurance & pension services. Therefore, it analyses the impacts of changes in Foreign Direct Investment Inflows and Outflows, Financial Institutions Depth, Corruption Perception Index, Gross Domestic Product, and Federal Funds Rate on the export of financial and insurance & pension services. The Panel Fixed Effect Model is applied using annual panel data from 2005 through 2018 for 82 high and middle-income countries. Empirical findings show that Financial Institutions Depth and Gross Domestic Product have positive effects on the export of financial and insurance & pension services in high-income countries, while for middle-income countries, Financial Institutions Depth, Gross Domestic Product, and Foreign Direct Investment Outflow variables promote the export of financial and insurance & pension services.

Keywords

Service Sector International Trade in Services Financial Service Export Insurance & Pension Services Export

References

  • Ahmad, F. et al. (2018), “What Drives OFDI? Comparative Evidence from ASEAN and Selected Asian Economies”, Journal of Chinese Economic and Foreign Trade Studies, 11(1), 15-31.
  • Ahmed, S. & A. Zlate (2014), “Capital Flows to Emerging Market Economies: A Brave New World?”, Journal of International Money and Finance, 48, 221-248.
  • Ai, C. & E.C. Norton (2003), “Interaction Terms in Logit and Probit Models”, Economics Letters, 80(1), 123-129.
  • Amador, J. et al. (2019), “International Trade in Services: Firm-Level Evidence for Portugal”, Portuguese Economic Journal, 18(3), 127-163.
  • Ang, J.B. & W.J. McKibbin (2007), “Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia”, Journal of Development Economics, 84(1), 215-233.
  • Beck, T. et al. (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, 58(1-2), 261-300.
  • Borchert, I. et al. (2020), “The Evolution of Services Trade Policy since the Great Recession”, World Bank Policy Research Working Paper, 9265, World Bank, Washington.
  • Briggs, K. (2017), “The impact of Innovation on Financial and Insurance Services Exports”, The BE Journal of Economic Analysis & Policy, 17(4), 1-10.
  • Byrne, J.P. & N. Fiess (2011), “International Capital Flows to Emerging and Developing Countries: National and Global Determinants”, SIRE Discussion Papers, 2011-03, Scottish Institute for Research in Economics (SIRE), United Kingdom.
  • Calvo, G.A. et al. (1993), “Capital Inflows and Real Exchange Rate Appreciation in Latin America: The role of External Factors”, Staff Papers, 40(1), 108-151.
  • CIPRnewsletter (2014), Life Insurers to Benefit from Rising Interest Rates, <https://www.naic.org/cipr_newsletter_archive/vol10_rising_interest_rates.pdf>, 15.10. 2020.
  • Čihák, M. et al. (2012), “Benchmarking Financial Systems Around the World”, World Bank Policy Research Working Paper, 6175, World Bank, Washington.
  • Cole, C.R. et al. (2012), “Internationalization in the Reinsurance Industry: An Analysis of the Net Financial Position of US Reinsurers”, Journal of Risk and Insurance, 79(4), 897-930.
  • Cuadros-Meñaca, A. (2020), “Remittances, Health Insurance, and Pension Contributions: Evidence from Colombia”, World Development, 127, 104766.
  • Demirgüç-Kunt, A. & R. Levine (2008), Finance, Financial Sector Policies, and Long-Run Growth, World Bank, Washington, DC.
  • Do, Q.T. & A.A. Levchenko (2004), “Trade and Financial Development”, World Bank Policy Research Working Paper, 3347, World Bank, Washington.
  • Dowell-Jones, M. & R. Buckley (2016), “Reconceiving Resilience: A New Guiding Principle for Financial Regulation”, Northwestern Journal of International Law & Business, (37)1, 1-33.
  • Eichengreen, B. & P. Gupta (2013), “The Two Waves of Service-Sector Growth”, Oxford Economic Papers, 65(1), 96-123.
  • El Khoury, A.C. & A. Savvides (2006), “Openness in Services Trade and Economic Growth”, Economics Letters, 92(2), 277-283.
  • Eratas, F. & D. Öztekin (2010), “Kısa Vadeli Sermaye Akımlarının Belirleyicileri: Türkiye Örneği”, Ekonomi Bilimleri Dergisi, 2(2), 57-64.
  • Gani, A. & M.D. Clemes (2016), “Does the Strength of the Legal Systems Matter for Trade in Insurance and Financial Services?”, Research in International Business and Finance, 36, 511-519.
  • Gelos, R.G. & S.J. Wei (2005), “Transparency and International Portfolio Holdings”, The Journal of Finance, 60(6), 2987-3020.
  • Gonzalez, A. et al. (2019), “Exporting Financial Services in Latin America and the Caribbean”, Indicators Group Research Note, World Bank Research and Development Center in Chile, 1.
  • Gujarati, D.N. & D.C. Porter (1999), Essentials of Econometrics, Singapore: Irwin/McGraw-Hill.
  • Harms, P. et al. (2003), “Explaining Liberalization Commitments in Financial Services Trade”, World Economy, 139, 82-113.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Holsboer, J.H. (2000), “The Impact of Low Interest Rates on Insurers”, The Geneva Papers on Risk and Insurance, 25(1), 38-58.
  • Honohan, P. (2008), “Cross-Country Variation in Household Access to Financial Services”, Journal of Banking & Finance, 32(11), 2493-250.
  • Impavido, G. & I. Tower (2009), “How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter”, IMF Working Paper, No: WP/09/151.
  • Khatun, R. (2016), “Relation Between Trade in Financial Services and Economic Growth in BRICS Economies: Cointegration and Causality Approach”, Global Business Review, 17(1), 214-225.
  • Kim, Y. (2000), “Causes of Capital Flows in Developing Countries”, Journal of International Money and Finance, 19(2), 235-253.
  • Kose, M.A. et al. (2009), “Financial Globalization: A Reappraisal”, IMF Econ Rev, 56(1), 8-62.
  • Levin, A. et al. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1), 1-24.
  • Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35(2), 688-726.
  • Lindemane, M. (2011a), “Country's Strategy in Export of Financial Services”, Procedia-Social and Behavioral Sciences, 24, 960-971.
  • Lindemane, M. (2011b), “Saturation of Financial Market as Stimulus for Export of Financial Services”, Journal of Business Management, 4, 74-84.
  • Lindemane, M. (2012), “Estimating Potential in Export of Financial Services”, New Challenges of Economic and Business Development, 954-364.
  • Lorde, T. et al. (2015), “An Assessment of International Competitiveness in CARICOM Services Exports”, Global Economy Journal, 15(4), 525-558.
  • Lu, V.N. et al. (2012), “Determinants of Export Success in Professional Business Services: A Qualitative Study”, The Service Industries Journal, 32(10), 1637-1652.
  • Lu, X. & H. White (2014), “Robustness Checks and Robustness Tests in Applied Economics”, Journal of Econometrics, 178, 194-206.
  • Ma, Y.L. & N. Pope (2003), “Determinants of International Insurers’ Participation in Foreign Non‐Life Markets”, Journal of Risk and Insurance, 70(2), 235-248.
  • Mattoo, A. et al. (2006), “Measuring Services Trade Liberalization and Its Impact on Economic Growth: An Illustration”, The Journal of Economic Integration, 21(1), 64-98.
  • Mattoo, A. et al. (2008), Handbook of International Trade in Services, Oxford: Oxford University Press.
  • Moshirian, F. (1999), “Sources of Growth in International Insurance Services”, Journal of Multinational Financial Management, 9(2), 177-194.
  • Özkök, Z. (2015), “Financial Openness and Financial Development: An Analysis Using Indices”, International Review of Applied Economics, 29(5), 620-649.
  • Phillips, P.C. & P. Perron (1988), “Testing for A Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • Rouzet, D. et al. (2014), “Services Trade Restrictiveness Index (STRI): Financial Services”, OECD Trade Policy Papers, 75, OECD Publishing, Paris.
  • Sahay, R. et al. (2015), “Rethinking Financial Deepening: Stability and Growth in Emerging Markets”, IMF Staff Discussion Note, 15(8), 73-107.
  • United Nations (2010), Manual on Statistics of International Trade in Services 2010, United Nations: New York.
  • United Nations Conference on Trade and Development (UNCTAD) (2020a), Development Status Groups and Composition, <https://unctadstat.unctad.org/en/Classifications/DimCountries_DevelopmentStatus_Hierarchy.pdf>, 10.09.2020.
  • United Nations Conference on Trade and Development (UNCTAD) (2020b), SDG pulse UNCTAD Takes the Pulse of the SDGs 2020, <https://sdgpulse.unctad.org/wp-content/uploads/Unctad_SdgPulse_2020.pdf>, 15.04.2020.
  • World Trade Organization (WTO) (2019a), World Trade Report 2019: The Future of Services Trade, <https://www.wto.org/english/res_e/booksp_e/00_wtr19_e.pdf>, 12.04 2020.
  • World Trade Organization (WTO) (2019b), World Trade Statistical Review, <https://www.wto.org/english/res_e/statis_e/wts2019_e/wts2019_e.pdf>, 10.04.2020.
There are 53 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Melek Kaya 0000-0002-9067-4230

Hakan Tunahan 0000-0002-9556-214X

Halil Şimdi 0000-0002-9395-0667

Publication Date July 29, 2022
Submission Date August 4, 2021
Published in Issue Year 2022 Volume: 30 Issue: 53

Cite

APA Kaya, M., Tunahan, H., & Şimdi, H. (2022). Determinants of the Export of Financial and Insurance & Pension Services. Sosyoekonomi, 30(53), 87-104. https://doi.org/10.17233/sosyoekonomi.2022.03.04
AMA Kaya M, Tunahan H, Şimdi H. Determinants of the Export of Financial and Insurance & Pension Services. Sosyoekonomi. July 2022;30(53):87-104. doi:10.17233/sosyoekonomi.2022.03.04
Chicago Kaya, Melek, Hakan Tunahan, and Halil Şimdi. “Determinants of the Export of Financial and Insurance & Pension Services”. Sosyoekonomi 30, no. 53 (July 2022): 87-104. https://doi.org/10.17233/sosyoekonomi.2022.03.04.
EndNote Kaya M, Tunahan H, Şimdi H (July 1, 2022) Determinants of the Export of Financial and Insurance & Pension Services. Sosyoekonomi 30 53 87–104.
IEEE M. Kaya, H. Tunahan, and H. Şimdi, “Determinants of the Export of Financial and Insurance & Pension Services”, Sosyoekonomi, vol. 30, no. 53, pp. 87–104, 2022, doi: 10.17233/sosyoekonomi.2022.03.04.
ISNAD Kaya, Melek et al. “Determinants of the Export of Financial and Insurance & Pension Services”. Sosyoekonomi 30/53 (July 2022), 87-104. https://doi.org/10.17233/sosyoekonomi.2022.03.04.
JAMA Kaya M, Tunahan H, Şimdi H. Determinants of the Export of Financial and Insurance & Pension Services. Sosyoekonomi. 2022;30:87–104.
MLA Kaya, Melek et al. “Determinants of the Export of Financial and Insurance & Pension Services”. Sosyoekonomi, vol. 30, no. 53, 2022, pp. 87-104, doi:10.17233/sosyoekonomi.2022.03.04.
Vancouver Kaya M, Tunahan H, Şimdi H. Determinants of the Export of Financial and Insurance & Pension Services. Sosyoekonomi. 2022;30(53):87-104.

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