Yeni Sanayileşen Ülkelerde Ekonomik Özgürlüğün Ekonomik Büyümeye Etkisinin Panel Ekonometrik Analizi

Öz

Yirminci birinci yüzyılın ilk çeyreğinde küresel ölçekte iki ekonomik kriz yaşanmıştır. Gerek 2008-2009 küresel iktisadi kriz gerekse de Covid-19 pandemisi sonrası alınan para, maliye ve makro ihtiyati tedbirler devletin ekonomiye müdahalesini arttırmıştır. Artan kamu harcamaları ile devletin ekonomik büyüklüğü artmış ve uluslararası ticaret engellerinin artırılmasına yönelik politikalar tartışılmaya başlanmıştır. Bu durum, serbest piyasa ekonomisinin ve dolayısıyla ekonomik refahın belirleyicilerden biri olan ekonomik özgürlüğün iktisadi büyüme üzerindeki etkisinin yeniden incelenmesine zemin hazırlamıştır. Bu amaçla çalışmada, yeni sanayileşen 10 ülkede (Brezilya, Çin, Hindistan, Endonezya, Malezya, Meksika, Filipinler, Güney Afrika, Tayland, Türkiye) 2000-2020 dönemleri arasında ekonomik özgürlüğün ekonomik büyüme üzerindeki etkisi yeni nesil ekonometrik yöntemler vasıtasıyla analiz edilmiştir. Modelde ve değişkenlerde yatay kesit bağımlılığı belirlendikten sonra ikinci nesil testlerle panel birim kök ve eşbütünleşme sınaması yapılmıştır. Değişkenler arasında eşbütünleşme ilişkisi tespit edilmiştir. Yapılan CCE eşbütünleşme tahmincisi yardımıyla ekonomik özgürlüğün ve gayri safi sabit sermaye oluşumunun ekonomik büyümeyi arttırdığı görülmüştür. Ekonomik özgürlük, düşük vergilendirme ve özel mülkiyet güvencesi sağlayarak iktisadi aktörlerin çalışma isteklerini ve yatırım arzularını artırmaktadır. Bu çerçevede, mevcut çalışma büyüme amacına dönük olarak ekonomik özgürlüğü artıran politikaların desteklenmesi gerektiğini ortaya koymaktadır.

Anahtar Kelimeler

• Ekonomik özgürlük
• ekonomik büyüme
• panel veri analizi
• panel CCE

Panel Econometric Analysis of The Effect of Economic Freedom on Economic Growth in New Industrialized Countries

Abstract

In the first quarter of the twentieth-first century, two global economic crises were experienced. After 2008 global crisis and Covid-19 pandemic taken the monetary, fiscal and macroprudential measures increased the state's intervention in the economy. With the increasing public expenditures, the economic size of the state has increased and policies to increase international trade barriers have begun to be discussed. This situation paved the way for a re-examination of the effect of free market economy and economic freedom, which is one of the determinants of economic welfare, on economic growth. For this purpose, the aim of the study is to analyze the effect of economic freedom on economic growth between 2000-2020 in 10 Newly Industrialized Countries (Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, Turkey) by means of new generation econometric methods. Since cross-sectional dependence was detected in the model and variables, panel unit root and cointegration tests were carried out with second generation tests. A cointegration relationship was found between the variables. With the help of the CCE cointegration estimator, it was concluded that the economic freedom and gross fixed capital formation increases economic growth. By providing economic freedom, low taxation and private property security, economic actors increases their willingness to work and investment desires. In this context, the study reveals that policies that increase economic freedom for the purpose of growth should be supported.

Keywords

• Economic freedom
• economic growth
• panel data analysis
• panel CCE

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