The Impact of Financial Globalization and Digital Transformations on The Unemployment

Year 2025, Volume: 9 Issue: 1, 160 - 172, 15.04.2025

Zekiye Örtlek , İsabet Ebru Yazıcıoğlu

https://doi.org/10.29216/ueip.1576503

Abstract

This study examines the impact of financial globalization and digital transformations on unemployment rates for 29 OECD countries between 2010 and 2021. Using the System Generalized Method of Moments (System GMM), a dynamic panel data model, the relationship between unemployment rates and financial globalization, research and development (R&D) expenditures, exports of information and communication technologies (ICT) goods, and exports of insurance and financial services goods is investigated. The results of the analysis reveal that financial globalization and GDP growth rate have a significant and negative effect on the unemployment rate, while R&D expenditures have a positive effect. However, the effect of ICT goods exports and insurance and financial services goods exports is found to be statistically insignificant. The study also addresses endogeneity issues by using appropriate instrumental variables and the validity of the instrumental variables is verified by Sargan and Hansen tests. This research provides important findings on how financial and technological transformations affect labor markets in advanced economies.

Keywords

Financial Globalization, Digital Transformations, Unemployment Rate

Finansal Küreselleşme ve Dijital Dönüşüm Sürecinin İşsizliğe Etkisi

Abstract

Bu çalışma, finansal küreselleşme ve dijital dönüşümlerin işsizlik oranı üzerindeki etkisini 2010-2021 yılları arasında 29 OECD ülkesi için incelemektedir. Dinamik panel veri modellerinden Sistem Genelleştirilmiş Momentler Yöntemi (System GMM) kullanılarak işsizlik oranları ile finansal küreselleşme, araştırma ve geliştirme (Ar-Ge) harcamaları, bilgi ve iletişim teknolojileri (BİT) mal ihracatı ve sigorta ve finansal hizmetler mal ihracatı ile arasındaki ilişki araştırılmıştır. Analiz sonuçları, finansal küreselleşme ve GSYH büyüme oranının işsizlik oranı üzerinde anlamlı ve negatif etkiye sahip olduğunu; Ar-Ge harcamalarının ise pozitif bir etki gösterdiğini ortaya koymaktadır. Ancak, BİT mal ihracatı ve sigorta ve finansal hizmetler mal ihracatının etkisi istatistiksel olarak anlamsız bulunmuştur. Çalışma ayrıca, uygun araç değişkenler kullanılarak içsellik sorunlarını ele almakta ve araç değişkenlerin geçerliliği Sargan testi ile doğrulanmaktadır. Bu araştırma, finansal ve teknolojik dönüşümlerin gelişmiş ekonomilerdeki işgücü piyasalarını nasıl etkilediğine dair önemli bulgular sunmaktadır.

Keywords

Finansal Küreselleşme, Dijital Dönüşümler, İşsizlik Oranı

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