Kurumsal Kalite ve Finansal Gelişmenin Ekonomik Büyüme Üzerindeki Etkisi: Sahra Altı Afrika Ülkeleri Örneği

Öz

Finansın ve kurumların ekonomik büyüme için katalizör rolü giderek ivme kazanmaktadır. Gelişmekte olan birçok ülkeyi kapsayan Sahra Altı Afrika Ülkeleri, zengin doğal kaynaklara rağmen, gelişmiş ekonomiler seviyesine ulaşamamışlardır. Bu çalışmada ekonomik büyüme, finansal gelişme ve kurumsal kalite arasındaki ilişkiyi değerlendirmek için 2002'den 2019'a kadar 42 Sahra Altı ülkesi eşbütünleşme analizi ile incelenmiştir. Çalışma bulguları, hem finansal gelişmenin hem de kurumsal kalitenin ekonomik büyüme ile eşbütünleşme ilişkisi içinde olduğunu göstermektedir. Ayrıca nedensellik analizi, ekonomik büyümenin finansal gelişmeyi teşvik ettiğini, kurumsal kalitenin ekonomik büyümeyi desteklediğini ve ekonomik büyümenin de finansal gelişmeyi beslediğini ortaya koymuştur.

Anahtar Kelimeler

• Finansal Gelişme
• Kurumlar
• Ekonomik Büyüme
• Sahra-Altı Afrika
• Panel Veri Analizi

The Impact of Institutional Quality and Financial Development on Economic Growth: The Case of Sub-Saharan African Countries

Öz

Finance and institutions are increasingly gaining momentum in their role as catalysts for economic growth. Sub-Saharan African countries, encompassing many developing nations, have been unable to reach advanced levels of economies despite their abundant natural resources. In this study, the relationship between economic growth, financial development, and institutional quality has been examined through cointegration analysis for 42 Sub-Saharan countries from 2002 to 2019. The findings of the study demonstrate that both financial development and institutional quality are cointegrated with economic growth. Furthermore, causality analysis reveals that economic growth promotes financial development, institutional quality supports economic growth, and economic growth also nurtures financial development.

Anahtar Kelimeler

• Financial development
• Institutions
• Economic growth
• Sub-Saharan Africa
• Panel Data Analysis

Kaynakça

1. Acemoglu, D. & Zilibotti, F. (1997). Was Prometheus Unbound by Chance? Risk, Diversification and Growth. Journal of Political Economy, 105, 709-775. https://doi.org/10.1086/262091.
2. Aluko, O. A. & Ibrahim, M. (2020). Institutions and the Financial Development–Economic Growth Nexus in sub‐Saharan Africa. Economic Notes, 49(3), e12163.
3. Akinlo, T. (2016). Institution and Economic Growth in Sub-Saharan Africa (1986–2013). Emerging Economy Studies, 2, 2, 170–180.
4. Akinlo, A. E. & Egbetunde, T. (2010). Financial Development and Economic Growth: The Experience of 10 Sub-Saharan African Countries Revisited. The Review of Finance Banking, 2.
5. Appiah, M., Li, F. & Frowne, D. I. (2020). Financial Development, Institutional Quality and Economic Growth: Evidence From ECOWAS Countries. Organizations and Markets in Emerging Economies, 11(1), 6-17.
6. Aron J. (2000). Growth and Institutions: A Review of the Evidence. The World Bank Research Observer, 15, (1), 99-135
7. Asafo, J. K. A. (2020). Financial Development, Institutions and Economic Growth in Sub-Saharan Africa (Doctoral dissertation, University of Cape Coast).
8. Asante, G. N., Takyi, P. O. & Mensah, G. (2023). The Impact of Financial Development on Economic Growth in Sub-Saharan Africa. Does Institutional Quality Matter?. Development Studies Research, 10(1), 2156904.

9. Baltagi, B. H., Feng, Q. & Kao, C. (2012). A Lagrange Multiplier Test for Cross-Sectional Dependence in a Fixed Effects Panel Data Model. Journal of Econometrics, 170(1), 164-177.
10. Bandura, W. N. & Dzingirai, C. (2019). Financial Development and Economic Growth in Sub-Saharan Africa: The Role of Institutions. PSL Quarterly Review, 72(291), 315.
11. Batuo, M., Mlambo, K. & Asongu, S. (2018). Linkages Between Financial Development, Financial Instability, Financial Liberalisation and Economic Growth in Africa. Research in International Business Finance & Development, 45, 168–179.
12. Ben Naceur, S. & Ghazouani, S. (2007). Stock Markets, Banks, and Economic Growth: Empirical Evidence From the MENA Region. Research in International Business and Finance, 21(2), 297–315
13. Breusch, T.S. & Pagan, A.R. (1980). The Lagrange Multiplier Test and Its Applications to Model Spesification in Econometrics. The Review of Economic Studies, 47(1), 239-253.
14. Boca, G. (2011). Financial Development, Institutions and Economic Growth : An Empirical Evidence (Master Thesis). Jönköping International Business School, Jönköping University, Sweden.
15. Čihák, M., Demirgüç-Kunt, A., Feyen, E. & Levine, R. (2012). Benchmarking Financial Development Around the World, Washington, DC: World Bank Policy Research Working Paper 6175.
16. Compton, R. A. & Giedeman, D. C. (2011). Panel Evidence on Finance, Institutions and Economic Growth. Applied Economics, 43(25), 3523-3547.
17. Demetriades, P. & Hook Law, S. (2006). Finance, Institutions and Economic Development. International journal of finance & economics, 11(3), 245-260.
18. Dieng, A. K. & Camara, A. (2021). Financial Development, Institutions and Economic Growth in WAEMU Countries. International Journal of Economics and Finance, 13(8), 1-40.
19. Dumıtrescu, E. I. & Hurlın, C. (2012), Testing for Granger Noncausality in Heterogeneous Panels. Economic Modelling, 29(4), 1450-1460.
20. Ebaidalla, E. M. (2014). Institutions and Economic Growth in Sub-Saharan Africa: A Panel Data Analysis. African Journal of Economic and Sustainable Development, 3(4), 346-362.
21. Effiong, E. (2015). Financial Development, Institutions and Economic Growth: Evidence From Sub-Saharan Africa. MPRA Paper 66085, University Library of Munich, Germany.
22. Feenstra, Robert C., Robert Inklaar & Marcel P. Timmer (2015). The Next Generation of the Penn World Table. American Economic Review, 105(10), 3150-3182
23. Güvercin, D. & Gök, A. (2019). Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (60), 124-141.
24. Gyimah-Brempong, K. (2002). Corruption, Economic Growth, and Income Inequality in Africa. Economics of Governance, 3, 183-209.
25. Haini, H. (2019). Examining the Relationship Between Finance, Institutions and Economic Growth: Evidence From the ASEAN Economies. Economic Change and Restructuring, 53(4), 519-542.
26. Hashim Osman, R., Alexiou, C. & Tsaliki, P. (2011). The Role of Institutions in Economic Development: Evidence From 27 Sub‐Saharan African Countries. International journal of social Economics, 39(1/2), 142-160.
27. Heras Recuero, L. & Pascual González, R. (2019). Economic Growth, Institutional Quality and Financial Development in Middle-Income Countries. Working Papers 1937, Banco de España.
28. Hussain, B., Ullah, K., Haider, S., Usman, M., Anwar, S. & Ahmad, T. (2022). The Nexus Between Financial Development, Institutions and Economic Growth: Evidence From High-,Middle- and Low-Income Countrıes. PalArch's Journal of Archaeology of Egypt/Egyptology, 19(1), 935-976.
29. Ibrahim, M. & Alagidede, P. (2018). Effect of Financial Development on Economic Growth in Sub-Saharan Africa. Journal of Policy Modeling, 40(6), 1104-1125.
30. International Monetary Fund IMF. (2019). Sub-Saharan Africa: Recovery amd Elevated Uncertainty.
31. International Monetary Fund IMF (2022). Regional Economic Outlook: Sub-Saharan Africa: Living on the Edge. International Monetary Fund.
32. International Monetary Fund IMF (2023). Financial Development Index.
33. Kacho, A. A. & Dahmardeh, N. (2017a). The Effect of Financial Development and Institutional Quality on Economic Growth: Evidence from MENA Countries. Journal of Economic & Management Perspectives, 11(4), 1498-1505.
34. Kacho, A. A. & Dahmardeh, N. (2017b). The Effects of Financial Development and Institutional Quality on Economic Growth with the Dynamic Panel Data Generalized Moment Method: Evidence From the Organization for Economical Cooperation and Development Countries. International Journal of Economics and Financial Issues, 7(3), 461-467.
35. Kilishi, A. A., Mobolaji, H. I., Yaru, M. A. & Yakubu, A. T. (2013), Institutions and Economic Performancein Sub-Saharan Africa: A Dynamic Panel Data Analysis. Journal of African Development, 15(2) ss.91-120.
36. King, R. & Levine, R. (1993). Finance and Growth: Schumpeter Might be Right. Le Journal Trimestriel D’ÉConomie, 108(3), 707-738. https://doi.org/10.2307/2118406
37. Law, S. H. & Habibullah, M. S. (2006). Financial Development, Institutional Quality and Economic Performance in East Asian Economies. Review of Applied Economics, 2(2), 201-216.
38. Law, S. H., Azman-Saini, W. N. W. & Ibrahim, M. H. (2013). Institutional Quality Thresholds and the Finance–Growth Nexus. Journal of Banking & Finance, 37(12), 5373-5381.
39. Ngongang, E. (2015). Financial Development and Economic Growth in Sub-Saharan Africa: A Dynamic Panel Data Analysis. European Journal of Sustainable Development, 4(2), 369-369.
40. North, D. (1990). Institutions, Institutional Change and Economic Performance. New York: Cambridge University Press.
41. OECD (2020). OECD–Paris, 16 April 2020 Aid by DAC Members Increases in 2019 with More Aid to the Poorest Countries. (Erişim tarihi:15.06.2023, https://www.oecd.org/dac/financing-sustainable-development/development-finance-data/ODA-2019-detailed-summary.pdf)
42. Oussama, Z., Ahmed, H. & Fatma, H. (2017). Financial Development, Economic Freedom and Economic Growth: New Evidence From Tunisia. Economic Review: Journal of Economics and Business, 15(2), 7-18.
43. Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61, 653– 670.
44. Pedroni, P. (2004). Panel cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20(3), 597– 625.
45. Pesaran, M., (2004). General Diagnostic Tests for Cross Section Dependence in Panels. CESifo working paper series 1229.
46. Pesaran, M.H. (2007). A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics, 22, 265–312.
47. Peseran, H.M. & Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, 142, 50–93.
48. Raheem, I. D., Ajide, K. B. & Adeniyi, O. (2016). The Role of Institutions in Output Growth Volatility-Financial Development Nexus: a worldwide study. Journal of Economic Studies, 43(6), 910-927.
49. Saadaoui, H. & Chtourou, N. (2022). Do Institutional Quality, Financial Development, and Economic Growth Improve Renewable Energy Transition? Some Evidence From Tunisia. Journal of the Knowledge Economy, 1-32.
50. Sachs, Jeffrey D. & Andrew M. Warner (1997). Sources of Slow Growth inAfrican Economies, Journal of African Economies, 6(3), ss. 335-376.
51. Samargandi, N., Fidrmuc, J. & Ghosh, S. (2014). Financial Development and Economic Growth in an Oil‐Rich Economy: The Case of Saudi Arabia. Economic Modelling, 43, 267–278.
52. Schumpeter, J. (1912). The Theory of Economic Development. Oxford University Press.
53. Sghaier, I. M. (2018). Financial Development, Institutions and Economic Growth in North African Countries. Romanian Economic Journal, 20(69).
54. Sghaier, I. M. (2022). The Role of Institutional Quality in Finance-Growth Nexus: Evidence from North African Countries. Journal of the Knowledge Economy, 1-20.
55. Sobhee, Sanjeev K. (2012), Quality of Institutions and Economic Growth in Developing Economies, Social Sciences Research Network Papers, http://ssrn.com/abstract=2176542.
56. Swamy, P. A. V. B. (1970). Efficient Inference in a Random Coefficient Regression Model. Econometrica, 38(2), 311–323.
57. Ustarz, Y. & Fanta, A. B. (2021). Financial Development and Economic Growth in Sub-Saharan Africa: A Sectoral Perspective. Cogent Economics & Finance, 9(1), 1934976.
58. Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748.
59. World Bank [16.01.2023] World Governance Indicators