Designing the Turkic States Sustainable Finance Index (TS-SFI): A Measurement Framework

Öz

This article develops the Turkic States Sustainable Finance Index (TSSFI), a region-specific composite framework for benchmarking sustainable finance readiness across the five members of the Organization of Turkic States (OTS): Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan. Global indices seldom capture, within a single architecture, the joint constraints that shape these economies: post-Soviet institutional transition, hydrocarbon dependence, energy-transition pressure, Islamic finance potential, and external financial vulnerability. TS-SFI is organised into five dimensions: green finance capacity, institutional and regulatory framework, Islamic finance potential, energy-transition readiness, and external finance dependency and macro-financial buffers. To avoid rewarding economic size, all market-size indicators enter as ratios to GDP, and governance is measured with four Worldwide Governance Indicators. Indicators are min–max normalised and aggregated with equal weights, and the index is read as a five-dimensional readiness profile rather than a league table. Türkiye leads the composite in all main specifications, anchored in participation-finance depth and transition readiness, while Uzbekistan—whose labelled issuance relative to GDP is the deepest in the sample—is the robust runner-up; the remaining members cluster closely and their ordering is sensitive to measurement choices. TS-SFI is proposed as a diagnostic and coordination tool supporting the Turkic Green Vision.

Anahtar Kelimeler

• Sustainable finance
• green finance
• Islamic finance
• Turkic States
• composite index
• energy transition
• Central Asia
• macro-financial vulnerability

Türk Devletleri Sürdürülebilir Finans Endeksinin (TS-SFI) Tasarımı: Bir Ölçüm Çerçevesi

Öz

Bu makale, Türk Devletleri Örgütü (TDT) üyesi Azerbaycan, Kazakistan, Kırgızistan, Türkiye ve Özbekistan’da sürdürülebilir finansa hazırlığın ülke düzeyinde karşılaştırılmasına yönelik bölgeye özgü bir bileşik endeks olan Türk Devletleri Sürdürülebilir Finans Endeksi’ni (TS-SFI) geliştirmektedir. Küresel endeksler, bu ekonomileri eşanlı biçimde şekillendiren Sovyet sonrası kurumsal dönüşüm, hidrokarbon bağımlılığı, enerji geçiş baskısı, İslami finans potansiyeli ve dış finansal kırılganlık gibi bileşik kısıtları tek bir ölçüm mimarisinde nadiren bütünleştirmektedir. TS-SFI beş boyutta kurgulanmıştır: yeşil finans kapasitesi, kurumsal ve düzenleyici çerçeve, İslami finans potansiyeli, enerji geçişine hazırlık ile dış finansman bağımlılığı ve makro-finansal tamponlar. Ekonomik büyüklüğün ödüllendirilmesini önlemek için tüm piyasa büyüklüğü göstergeleri GSYH’ye oran olarak tanımlanmakta, yönetişim ise dört Dünya Yönetişim Göstergesi ile ölçülmektedir. Göstergeler min–maks ölçekleme ile normalleştirilmekte ve eşit ağırlıklarla birleştirilmekte; endeks tek bir sıralama tablosu değil, beş boyutlu bir hazırlık profili olarak okunmaktadır. Türkiye, katılım finansı derinliği ve enerji geçişine hazırlığa dayalı olarak tüm ana spesifikasyonlarda bileşik endekste önde yer alırken, GSYH’ye oranla etiketli tahvil ihracında örneklemin en derin piyasasına sahip olan Özbekistan istikrarlı biçimde ikinci sıradadır; diğer üyeler birbirine yakın kümelenmekte ve sıralamaları ölçüm seçimlerine duyarlı olmaktadır. TS-SFI, Türk Yeşil Vizyonu’nu destekleyen bir teşhis ve koordinasyon aracı olarak önerilmektedir.

Anahtar Kelimeler

• Sürdürülebilir finans
• yeşil finans
• İslami finans
• Türk Devletleri
• bileşik endeks
• enerji dönüşümü
• Orta Asya
• makro-finansal kırılganlık

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