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

Yıl 2023, Cilt: 13 Sayı: 3, 879 - 904, 30.10.2023

Seyhun Tutgun , Yunus Savaş

https://doi.org/10.18074/ckuiibfd.1280373

Cited By: 1

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

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

Kaynakça

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