Doğal Kaynak Rantları, Bilgi ve İletişim Teknoloji Kullanımı, Finansal Küreselleşme ile Ekonomik Büyüme Arasındaki İlişkinin Analizi: BRICS Ülkeleri İçin Bir Uygulama

Öz

Çalışmada doğal kaynak kullanımının, finansal küreselleşmenin, bilgi ve iletişim teknolojilerinin, ekonomik büyüme ile uzun dönemli ilişkisi ve ilgili değişkenler arasındaki nedensel bağın varlığı araştırılmak istenmiştir. Bu amaçla BRICS ülkeleri için 1992-2020 dönemi ele alınmıştır. Çalışmada değişkenler arasındaki uzun dönemli ilişki Gengenbach, Urbain ve Westerlund (GUW) eşbütünleşme testi ile, nedensellik ilişkisi ise Emirmahmutoğlu ve Köse tarafından öne sürülen nedensellik testi ile araştırılmıştır. Çalışma sonucunda, değişkenler arasında uzun dönemli ilişkinin var olduğu, aşırı doğal kaynak kullanımının ekonomik büyümeyi azalttığı, doğal kaynaklar ile ekonomik büyüme arasında çift yönlü nedensellik ilişkisinin var olduğu gözlenmiştir. Ayrıca BRICS ülkeleri özelinde Hollanda Hastalığı Hipotezi’nin geçerli olduğu sonucuna varılmıştır.

Anahtar Kelimeler

• Hollanda Hastalığı Hipotezi
• Doğal Kaynaklar
• Ekonomik Büyüme
• Bilgi ve İletişim Teknolojileri
• Finansal Küreselleşme

Analysis of the Relationship Between Natural Resource Rents, Information and Communication Technology Use, Financial Globalization, and Economic Growth: An Application for BRICS Countries

Öz

The study aimed to investigate the long-term relationship between natural resource use, financial globalization, information and communication technologies, and economic growth and the existence of a causal link between the relevant variables. For this purpose, the period 1992–2020 was considered for BRICS countries. The study examined the long-term relationship between the variables using the Gengenbach, Urbain, and Westerlund (GUW) cointegration test and investigated the causality relationship using the causality test proposed by Emirmahmutoğlu and Köse. As a result of the study, it was observed that there is a long-term relationship among the variables; excessive use of natural resources reduces economic growth; and there is a bidirectional causal relationship between natural resources and economic growth. Furthermore, the study concluded that the Dutch Disease Hypothesis is valid for BRICS countries.

Anahtar Kelimeler

• Dutch Disease Hypothesis
• Natural Resources
• Economic Growth
• Information and Communication Technologies
• Financial Globalization

Kaynakça

1. Aceto, G., Persico, V., & Pescapé, A. (2018). The role of information and communication technologies in healthcare: Taxonomies, perspectives, and challenges. Journal of Network and Computer Applications, 107, 125-154. https://doi.org/10.1016/j.jnca.2018.02.008.
2. Alssadek, M., & Benhin, J. (2021). Oil boom, exchange rate and sectoral output: An empirical analysis of Dutch disease in oil-rich countries. Resources Policy, 74(102362), 1-14. https://doi.org/10.1016/j.resourpol.2021.102362.
3. Arı, A., & Özcan, B. (2012), Hollanda hastalığı: Gelişmekte olan ülkeler üzerine bir uygulama. Sosyoekonomi, 10(2), 154-227. https://doi.org/10.17233/se.30588.
4. Bayraç, H. N., & Çemrek, F. (2019). Hazar Bölgesi’nde enerji üretimi ile ekonomik büyüme arasındaki nedensellik ilişkisi ve Hollanda Hastalığı: Azerbaycan, Kazakistan ve Türkmenistan örneği. Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 6(10), 148-164.
5. Bilan, Y., Oliinyk, O., Mishchuk, H., & Skare, M. (2023). Impact of information and communications technology on the development and use of knowledge. Technological Forecasting and Social Change, 191, 122519. https://doi.org/10.1016/j.techfore.2023.122519.
6. Bozkuş, S., & Kahyaoğlu, H. (2018). Üretim ile reel efektif döviz kurunun uzun dönemli ilişkisi: Kazakistan üzerine bir uygulama. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(2), 360-387.
7. Bresser-Pereira, L. C. (2008). The Dutch disease and its neutralization: A Ricardian approach. Brazilian Journal of Political Economy, 28(1), 47-71. https://doi.org/10.1590/S0101-31572008000100003.
8. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its application to model specification in econometrics. Review of Economic Studies, 47, 239-253. https://doi.org/10.2307/2297111. Canh, N. P., & Thanh, S. D. (2022). The dynamics of export diversification, economic complexity and economic growth cycles: Global evidence. Foreign Trade Review, 57(3), 234-260. https://doi.org/10.1177/0015732520970441.

9. Chatterjee, A. (2020). Financial inclusion, information and communication technology diffusion, and economic growth: a panel data analysis. Information Technology for Development, 26(3), 607-635. https://doi.org/10.1080/02681102.2020.1734770.
10. Corden, W. M. (1984). Booming sector and Dutch disease economics: Survey and consolidation. Oxford Economic Papers, 36(3), 359-380. https://doi.org/10.1093/oxfordjournals.oep.a041643.
11. Corden, W. M., & Neary, J. P. (1982). Booming sector and de-industrialization in a small open economy. Economic Journal, 92(368), 825-848. https://doi.org/10.2307/2232670.
12. Covi, G. (2014). Dutch disease and sustainability of the Russian political economy. Economics and Policy of Energy and the Environment, 56(2), 75-110. Doi: 10.3280/EFE20 14-002005.
13. Das, S., Raychaudhuri, A., & Roy, S. S. (2014). Trade and labor demand in an emerging market economy: An analysis for Indian manufacturing during 1991-2010. The Journal of Developing Areas, 353-379. https://www.jstor.org/stable/24241243.
14. Dedrick, J., Kraemer, K. L., & Shih, E. (2013). Information technology and productivity in developed and developing countries. Journal of Management Information Systems, 30(1), 97-122. https://doi.org/10.2753/MIS0742-1222300103.
15. Destek, M. A., Okumuş, İ., & Yıldırım, A. (2017). Tarımsal katma değer üzerinde Hollanda hastalığı etkileri: Azerbaycan, Kazakistan, Kırgızistan ve Özbekistan için bulgular. Bilig, 83, 225-239.
16. Eberhardt, M., & Teal, F. (2010). No mangoes in the tundra. spatial heterogeneity in agricultural productivity analysis. Centre for the Study of African Economies, University of Oxford Work Paper. https://doi.org/10.1111/j.1468-0084.2012.00720.x.
17. Efeoğlu, R., & Pehlivan, C. (2018). Hollanda hastalığı: Venezuela, Suudi Arabistan, Rusya ve Nijerya ülkeleri üzerine bir araştırma. Düzce Üniversitesi Sosyal Bilimler Dergisi, 8(1), 197-216.
18. Emirmahmutoğlu, F., & Köse, N. (2011). Testing for granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876. https://doi.org/10.1016/j.econmod.2010.10.018.
19. Fisher, R. A. (1932). Statistical methods for research workers. 4. edition. Edinburgh: Oliverand Boyd.
20. Gaies, B., Goutte, S., & Guesmi, K. (2020). Does financial globalization still spur growth in emerging and developing countries? Considering exchange rates. Research in International Business and Finance, 52, 101113. https://doi.org/10.1016/j.ribaf.2019.101113.
21. Gengenbach, C., Urbain, J-P., & Westerlund, J. (2016). Error correction testing in panels with common stochastic trends. Journal of Applied Econometrics, 31(6): 982-1004. https://doi.org/10.1002/jae.2475.
22. Gerelmaa, L., & Kotani, K. (2016). Further investigation of natural resources and economic growth: Do natural resources depress economic growth? Resources Policy, 50, 312-321. https://doi.org/10.1016/j.resourpol.2016.10.004.
23. Gygli, S., Haelg, F., Potrafke, N., & Sturm, J.-E. (2019). The KOF globalization index-revisited. The Review of International Organizations,14(3), 543-574. https://doi.org/10.1007/s11558-019-09344-2.
24. Habakkuk, H. J. (1962). American and British technology in the nineteenth century: The search for labor saving inventions. Cambridge University Press.
25. Kallal, R., Haddaji, A., & Ftiti, Z. (2021). ICT Diffusion and economic growth: Evidence from the sectorial analysis of a periphery country. Technological Forecasting and Social Change, 162, 120403. https://doi.org/10.1016/j.techfore.2020.120403.
26. Karaman Aksentijevic, N., Jezic, Z., & Zaninovic, P. A. (2021). The effects of information and communication technology (ICT) use on human development a macroeconomic approach. Economies 9(3), 128. https://doi.org/10.3390/economies9030128.
27. Kenny, C. (2003). The internet and economic growth in less-developed countries: A case of managing expectations? Oxford Development Studies, 31(1), 99-113. https://doi.org/10.1080/1360081032000047212.
28. Kihombo, S., Saud, S., Ahmed, Z., & Chen, S. (2021). The effects of research and development and financial development on CO2 emissions: Evidence from selected WAME economies. Environmental Science and Pollution Research, 28(37), 51149-51159. https://doi.org/10.1007/s11356-021-14288-5.
29. Kihombo, S., Vaseer, A. I., Ahmed, Z., Chen, S., Kırıkkaleli, D., & Adebayo, T. S. (2022). Is there a trade-off between financial globalization, economic growth, and environmental sustainability? An advanced panel analysis. Environmental Science and Pollution Research, 29(3), 3983-3993. https://doi.org/10.1007/s11356-021-15878-z. Kurniawan, R., Sugiawan, Y., & Managi, S. (2021). Economic growth-environment nexus: an analysis based on natural capital component of inclusive wealth. Ecological Indicators, 120, 106982. https://doi.org/10.1016/j.ecolind.2020.106982.
30. Li, Q., Sharif, A., Razzaq, A., & Yu, Y. (2022). Do climate technology, financialization, and sustainable finance impede environmental challenges? Evidence from G10 economies. Technological Forecasting and Social Change, 185, 122095. https://doi.org/10.1016/j.techfore.2022.122095.
31. Mercan, M., & Göçer, İ. (2014). Orta Asya Türk Cumhuriyetlerinde Hollanda hastalığı riski: ampirik bir analiz, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 32(2), 251-274.
32. Mińska-Struzik, E., & Jankowska, B. (Eds.). (2021). Toward the “new normal” after COVID-19–A post-transition economy perspective. Poznań University of Economics and Business Press. https://doi.org/10.18559/978-83-8211-061-6.
33. Nasreen, S., Mahalik, M. K., Shahbaz, M., & Abbas, Q. (2020). How do financial globalization, institutions and economic growth impact financial sector development in European countries? Research in International Business and Finance, 54, 101247. https://doi.org/10.1016/j.ribaf.2020.101247.
34. Neary, J. P., & Van Wijnbergen, S. (1986). Natural resources and the macroeconomy. United States. Niebel, T. (2018). ICT and economic growth-comparing developing, emerging and developed countries. World Development, 104, 197-211. https://doi.org/10.1016/j.worlddev.2017.11.024.
35. Oğul, B. (2022). Tarım sektöründe Hollanda Hastalığı geçerli mi? Türk Cumhuriyetlerinden yeni kanıtlar. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 378-390. https://doi.org/10.21180/iibfdkastamonu.1142884.
36. Özdemir, D., Riyazi, İ., Buzdağlı, Ö., & Emsen Ö. S. (2018). Doğal kaynak keşfine dayalı ekonomik büyüme literatüründe Hollanda hastalığı çelişkisi: Suudi Arabistan ve İran üzerine incelemeler (1980-2014). Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 32(1), 19-44.
37. Paksoy, H., & Alagöz, M. (2023). Hollanda Hastalığı: Türk Cumhuriyetleri Örneği. Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, 25(44), 450-463.
38. Pelzl, P., & Poelhekke, S. (2021). Good mine, bad mine: Natural resource heterogeneity and Dutch disease in Indonesia. Journal of International Economics, 131, 103457 https://doi.org/10.1016/j.jinteco.2021.103457.
39. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, 0435, Faculty of Economics, University of Cambridge. http://dx.doi.org/10.2139/ssrn.572504.
40. Pesaran, M. H. (2006). A simple panel unit root test in the presence of cross-section dependency. Cambridge Working Papers in Economics, 0346. https://doi.org/10.1002/jae.951.
41. Pesaran, M. H., & Yamagata, T. (2008). Testing Slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010.
42. Sezer, S. (2017). Orta Asya Türk Cumhuriyetlerinin ekonomik performansının Hollanda hastalığı yönünden incelenmesi. Business and Economics Research Journal, 8(4), 673-688. Doi: 10.20409/berj.2017.75.
43. Solomon, E. M., & Van Klyton, A. (2020). The impact of digital technology usage on economic growth in Africa. Utilities Policy, 67, 101104. https://doi.org/10.1016/j.jup.2020.101104.
44. Stanley, T. D., Doucouliagos, H., & Steel, P. (2018). Does ICT generate economic growth? A meta-regression analysis. Journal of Economic Surveys, 32(3), 705-726. https://doi.org/10.1111/joes.12211.
45. Sun, Z., & Wang, Q. (2021). The asymmetric effect of natural resource abundance on economic growth and environmental pollution: Evidence from resource rich economy. Resources Policy, 72, 102085 https://doi.org/10.1016/j.resourpol.2021.102085.
46. Şanlisoy, S., & Ekinci, R. (2019). Azerbaycan ekonomisinin Hollanda hastalığı açısından değerlendirilmesi. Yönetim ve Ekonomi Dergisi, 26(2), 595-608. https://doi.org/10.18657/yonveek.544487.
47. Unwin, P. T. H., & Unwin, T. (2017). Reclaiming information and communication technologies for development. Oxford University Press.
48. Van Wijnbergen, S. (1984). The Dutch disease: A disease after all? Economic Journal, 94(373), 41-55. https://doi.org/10.2307/2232214.
49. Vu, K., Hanafzadeh, P., & Bohlin, E. (2020). ICT as a driver of economic growth: A survey of the literature and directions for future research. Telecommunications Policy, 44(2), 101922. https://doi.org/10.1016/j.telpol.2020.101922.
50. Wacker, J. G., Yang, C. L., & Sheu, C. (2006). Productivity of production labor, non-production labor, and capital: An international study. International Journal of Production Economics, 103(2), 863-872. https://doi.org/10.1016/j.ijpe.2005.12.012.
51. Wong, D. W., & Li, Y. (2020). Spreading of COVID-19: Density matters. Plos one, 15(12), e0242398. https://doi.org/10.1371/journal.pone.0242398.
52. Wu, S., Li, L., & Li, S. (2018). Natural resource abundance, natural resource-oriented industry dependence, and economic growth: Evidence from the provincial level in China. Resources Conservation Recycling, 139, 163–171. https://doi.org/10.1016/j.resconrec.2018.08.012.
53. Yardımcıoğlu, F., & Gülmez, A. (2013). OPEC ülkelerinde Hollanda hastalığı: Petrol fiyatları ve ekonomik büyüme ilişkisinin ekonometrik bir analizi. Sosyoekonomi, 9, 117-140. https://doi.org/10.17233/se.64269.
54. Yasmeen, H., Tan, Q., Zameer, H., Vo, X. V., & Shahbaz, M. (2021). Discovering the relationship between natural resources, energy consumption, gross capital formation with economic growth: Can lower financial openness change the curse into blessing. Resources Policy, 71, 102013. https://doi.org/10.1016/j.resourpol.2021.102013.
55. Yeh, J. C., & Liao, C. H. (2017). Impact of population and economic growth on carbon emissions in Taiwan using an analytic tool STIRPAT. Sustainable Environment Research, 27(1), 41-48. https://doi.org/10.1016/j.serj.2016.10.001.
56. Zall’e, O. (2019). Natural resources and economic growth in Africa: The role of institutional quality & human capital. Resources Policy, 62, 616-624. https://doi.org/10.1016/j.resourpol.2018.11.009.