Finansal Gelişimin Politik Uygulaması: Kırılgan Beşli Örneği / Political Implication of Financial Development: The Case of Fragile Five

Year 2023, , 387 - 401, 05.10.2023

Cemil İnan , Onur Çelik

https://doi.org/10.29216/ueip.1311391

Abstract

Bu çalışmada, politika ve ekonomi alanları multidisipliner araştırma olarak bir araya getirilmiştir. Teorik ve ampirik değerlendirmenin yanı sıra, seçilmiş politik faktörlerin ekonomik bir gösterge olan finansal gelişim üzerindeki etkisi 2011-2020 dönemi için Kırılgan Beşli özelinde incelenmiştir. Panel veri analizinin kullanıldığı çalışmada, enflasyon verisi kontrol değişken olarak modele dahil edilmiştir. Driscoll-Kraay Standart Hatalar tahmincisi bulgularına göre, hükümet etkinliği ve kamu harcamaları, finansal gelişimi üzerinde anlamlı ve pozitif bir etkiye sahiptir. Enflasyon verisi ise finansal gelişimi negatif etkileyen bir faktördür. Ayrıca politik istikrar değişkeninin finansal gelişim üzerinde anlamlı bir etkisinin bulunmadığı tespit edilmiştir. Sonuçlara göre, hükümetin ekonomideki etkin rolünün ve enflasyonu yukarı yönlü uyarmayan ılımlı harcama politikalarının devamlılığı önerilmektedir.

Keywords

Politik İktisat, Finansal Gelişim, Kırılgan Beşli

Political Implication of Financial Development: The Case of Fragile Five / Finansal Gelişimin Politik Uygulaması: Kırılgan Beşli Örneği

Abstract

In this study, politics and economics were matched as multidisciplinary research. In addition to theoretical and empirical evaluation, the impact of selected political factors on financial development which represents an economic indicator was examined for the Fragile Five and period of 2011-2020. In the study in which panel data analysis was used, inflation data was added as a control variable into model. Driscoll-Kraay Standard Error estimator indicates that government efficiency and public expenditures have significant and positive effect on financial development. As for inflation, a negative effect is found on financial development. Additionally, it is determined that the political stability does not have a significant effect on financial development. According to consequences, continuity of the government's effective role and moderate spending policies which do not trigger the inflation upward are recommended.

Keywords

Financial Development, Fragile Five, Political Economy

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