FİNANSAL YENİLİK BRICST ÜLKELERİNDE EKONOMİK BÜYÜMEYİ ARTIRIYOR MU?

Öz

Finansal yeniliklerin sunduğu yeni ürün, hizmet ve kurumsal düzenlemeler aracılığıyla kaynak tahsisi etkinliğini artırarak ekonomik faaliyeti canlandırması beklenmektedir. Bu çalışmanın amacı, 2008–2022 döneminde finansal yeniliğin ekonomik büyüme üzerindeki etkisini BRICST ülkeleri için analiz etmektir. Driscoll–Kraay standart hata tahmincisiyle elde edilen bulgular, finansal yenilikteki gelişmelerin ekonomik büyümeyi olumlu yönde etkilediğini ortaya koymaktadır. Bu çerçevede, BRICST ülkelerinde finansal sistemlerin yenilikçi yapılarla güçlendirilmesi ve finansal yeniliği teşvik edici politikaların hayata geçirilmesi ekonomik büyümenin sürdürülebilirliği açısından kritik bir unsur olarak değerlendirilebilir.

Anahtar Kelimeler

• Finansal Yenilik
• Ekonomik Büyüme
• Panel Veri Analizi

DOES FINANCIAL INNOVATION BOOST ECONOMIC GROWTH IN BRICST COUNTRIES?

Öz

Financial innovations are expected to stimulate economic activity by improving the efficiency of resource allocation through new products, services, and institutions. The study aims to analyse the impact of financial innovation on economic growth for BRICST countries over the period 2008–2022. The results derived using the Driscoll–Kraay indicate that advancements in financial innovation have a positive impact on economic growth. In this framework, strengthening financial systems with innovative structures and implementing policies that encourage financial innovation in BRICST countries can be considered as a crucial component for the sustainability of economic growth.

Anahtar Kelimeler

• Financial Innovation
• Economic Growth
• Panel Data Analysis

Kaynakça

1. Abbas, J., Balsalobre-Lorente, D., Amjid, M. A., Al-Sulaiti, K., Al-Sulaiti, I., & Aldereai, O. (2024). Financial innovation and digitalization promote business growth: The interplay of green technology innovation, product market competition and firm performance. Innovation and Green Development, 3(1), 100111. https://doi.org/10.1016/j.igd.2023.100111
2. Adu-Asare Idun, A., & Aboagye, A. (2014). Bank competition, financial innovations and economic growth in Ghana. African Journal of Economic and Management Studies, 5(1), 30-51. https://doi.org/10.1108/AJEMS-09-2012-0057
3. Ajide, F. M. (2016). Financial innovation and sustainable development in selected countries in West Africa. Journal of Entrepreneurship, Management and Innovation, 12(3), 85-112.
4. Al-Fawwaz, T. (2016). The impact of government expenditures on economic growth in Jordan (1980-2013). International Business Research, 9(1), 99. http://dx.doi.org/10.5539/ibr.v9n1p99
5. Artan, S., & Kullukçu, E. D. (2020). Finansal yeniliklerin para talebi üzerine etkileri. Karadeniz Ekonomi Araştırmaları Dergisi, 1(1), 21-33.
6. Baltagi, B. H., & Wu, P. X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15(6), 814-823. https://doi.org/10.1017/S0266466699156020
7. Bangura, M., & Saibu, O. (2024). Modeling electricity demand in the Ecowas Region: new insights using fixed effect with Driscoll and Kraay standard errors. Modern Economy, 15(1), 67-85. https://doi.org/10.4236/me.2024.151004
8. Bank for International Settlements. (1986). Recent innovations in international banking (Cross Report) (CGFS Papers No. 1). Bank for International Settlements. https://www.bis.org/publ/ecsc01.htm

9. Bara, A., & Mudzingiri, C. (2016). Financial innovation and economic growth: evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2), 65-75.
10. Bara, A., Mugano, G., & Le Roux, P. (2016). Financial innovation and economic growth in the SADC. African Journal of Science, Technology, Innovation and Development, 8(5), 483-495.
11. Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300. https://doi.org/10.1016/S0304-405X(00)00072-6
12. Bernier, M., & Plouffe, M. (2019). Financial innovation, economic growth, and the consequences of macroprudential policies. Research in Economics, 73(2), 162-173. https://doi.org/10.1016/j.rie.2019.04.003
13. Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549. https://doi.org/10.2307/2297285
14. Błach, J. (2011). Financial innovations and their role in the modern financial system-identification and systematization of the problem. e-Finanse: Financial Internet Quarterly, 7(3), 13-26.
15. Boamah, J., Adongo, F. A., Essieku, R., & Lewis Jr, J. A. (2018). Financial depth, gross fixed capital formation and economic growth: Empirical analysis of 18 Asian economies. International Journal of Scientific and Education Research, 2(04). http://dx.doi.org/10.2139/ssrn.3424688
16. Chishti, M. Z., & Sinha, A. (2022). Do the shocks in technological and financial innovation influence the environmental quality? Evidence from BRICS economies. Technology in Society, 68, 101828. https://doi.org/10.1016/j.techsoc.2021.101828
17. Cung, N. H., & Hung, D. H. (2020). The impact of the labor force on economic growth in Vietnam. International Business Management, 14(10), 79-90.
18. Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
19. Fikirli, Ö., & Çetin, A. K. (2017). İktisadi doktrinde Schumpeteryan yaratıcı yıkımdan yaratıcı birikime. Journal of Entrepreneurship and Innovation Management, 6(1), 27-64.
20. Finnerty, J. D. (1988). Financial engineering in corporate finance: An overview. Financial Management, 17(4), 14-33.
21. Frame, W. S., & White, L. J. (2004). Empirical studies of financial innovation: lots of talk, little action?. Journal of Economic Literature, 42(1), 116-144. https://doi.org/10.1257/002205104773558065
22. Friedman, M. (1937). The use of ranks to avoid the assumption of normality implicit in the analysis of variance. Journal of the American Statistical Association, 32(200), 675-701. https://doi.org/10.1080/01621459.1937.10503522
23. Greene, W. (2000). Econometric analysis. Prentice-Hall.
24. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271. https://doi.org/10.2307/1913827
25. Jalil, A., & Feridun, M. (2011). Impact of financial development on economic growth: empirical evidence from Pakistan. Journal of the Asia Pacific Economy, 16(1), 71-80. https://doi.org/10.1080/13547860.2011.539403
26. Jamshidi, N., Owjimehr, S., & Etemadpur, R. (2023). Financial innovation and environmental quality: Fresh empirical evidence from the EU Countries. Environmental Science and Pollution Research, 30(29), 73372-73392. https://doi.org/10.1007/s11356-023-27429-9
27. Kesbiç, C., & Şimşek, D. (2020). OECD ülkelerinde inovasyonun ekonomik büyüme üzerinde etkisi: Schumpeter haklı mı?. Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 38, 273-296.
28. King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. Economic Journal, 108(3), 771-782. https://doi.org/10.2307/2118406
29. Kömürcüoğlu, Ö. F. (2024). Finansal Teknolojik (FinTek) Gelişmeler Türkiye’de Enflasyonu Etkiliyor mu?. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(2), 35-55. https://doi.org/10.33399/biibfad.1463920
30. Laeven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), 1-24. https://doi.org/10.1016/j.jfi.2014.04.001
31. Liu, Y., Yang, M., & Cui, J. (2024). Urbanization, economic agglomeration and economic growth. Heliyon, 10(1), e23772. https://doi.org/10.1016/j.heliyon.2023.e23772
32. Llewellyn, D. T. (2009). Financial innovation and the economics of banking and the financial system. In L. Anderloni, D. T. Llewellyn, & R. H. Schmidt (Eds.), Financial innovation in retail and corporate banking (pp. 1-40). Edward Elgar Publishing. https://doi.org/10.4337/9781848447189
33. Masoud, N., & Hardaker, G. (2012). The impact of financial development on economic growth: Empirical analysis of emerging market countries. Studies in Economics and Finance, 29(3), 148-173.
34. Miller, M. H. (1986). Financial innovation: The last twenty years and the next. Journal of Financial and Quantitative Analysis, 21(4), 459-471. https://doi.org/10.2307/2330693
35. Mishra, P. K. (2008). Financial innovation and economic growth: A theoretical approach. SSRN. https://dx.doi.org/10.2139/ssrn.1262658
36. Mollaahmetoğlu, E., & Akçalı, B. Y. (2019). The missing-link between financial development and economic growth: Financial innovation. Procedia Computer Science, 158, 696-704. https://doi.org/10.1016/j.procs.2019.09.105
37. Mudayen, Y. M. V., Arsyad, L., Pradiptyo, R., & Setiastuti, S. U. (2025). Does public debt encourage economic growth? an application of quantile regressions to panel data for developing countries. Economies, 13(4), 113. https://doi.org/10.3390/economies13040113
38. Nazir, M. R., Tan, Y., & Nazir, M. I. (2021). Financial innovation and economic growth: empirical evidence from China, India and Pakistan. International Journal of Finance & Economics, 26(4), 6036-6059. https://doi.org/10.1002/ijfe.2107 Nguyen, H. M., & Nguyen, L. D. (2018). The relationship between urbanization and economic growth: an empirical study on ASEAN countries. International Journal of Social Economics, 45(2), 316-339. https://doi.org/10.1108/IJSE-12-2016-0358
39. Nguyen, Q. K. (2025). Macroeconomic determinants of economic growth in low-and mid-income countries: New evidence using a non-parametric approach. Applied Economics Letters, 32(5), 680-685. https://doi.org/10.1080/13504851.2023.2283774
40. O’Sullivan, R. (2002). Financial innovation and monetary policy (Doctoral dissertation, The Ohio State University). ProQuest Dissertations & Theses Global.
41. Oktayer, A. (2011). Finansal yenilikler ve para talebi. Maliye Dergisi, 160, 351-368.
42. Qamruzzaman, M., & Jianguo, W. (2017). Financial innovation and economic growth in Bangladesh. Financial Innovation, 3(1), 1-24. https://doi.org/10.1186/s40854-017-0070-0
43. Qamruzzaman, M., & Jianguo, W. (2018). Nexus between financial innovation and economic growth in South Asia: Evidence from ARDL and nonlinear ARDL approaches. Financial Innovation, 4(1), 20. https://doi.org/10.1186/s40854-018-0103-3
44. Qamruzzaman, M., Jianguo, W., Jahan, S., & Yingjun, Z. (2021). Financial innovation, human capital development, and economic growth of selected South Asian countries: An application of ARDL approach. International Journal of Finance & Economics, 26(3), 4032-4053. https://doi.org/10.1002/ijfe.2003
45. Sarsar, L., & Echaoui, A. (2024). Empirical analysis of the economic complexity boost on the impact of energy transition on economic growth: A panel data study of 124 countries. Energy, 294, 130712. https://doi.org/10.1016/j.energy.2024.130712
46. Schumpeter, J. A. (1934). The theory of economic development. Harvard University Press.
47. Solans, D. E. (2003). Financial innovation and monetary policy [Speech]. European Central Bank. https://www.ecb.europa.eu/press/key/date/2003/html/sp030213.en.html
48. Sore, A. G., Ayana, I. D., & Demissie, W. M. (2024). On the fiscal deficit and economic growth in sub-Saharan Africa: A new evidence from system GMM. PloS one, 19(7), e0303825. https://doi.org/10.1371/journal.pone.0303825
49. Sultana, M., & Rahman, M. H. (2024). Investigating the impact of GDP, energy mix, energy intensity, and the service sector on environmental pollution in MENA countries: An application of Driscoll-Kraay standard error approach. Social Sciences & Humanities Open, 10, 101087. https://doi.org/10.1016/j.ssaho.2024.101087
50. Tatoğlu, F. Y. (2013). Panel veri ekonometrisi (2. baskı). Beta Yayınları
51. Thaddeus, K. J., Ngong, C. A., Nebong, N. M., Akume, A. D., Eleazar, J. U., & Onwumere, J. U. J. (2024). Selected macroeconomic determinants and economic growth in Cameroon (1970–2018) “dead or alive” an ARDL approach. Journal of Business and Socio-Economic Development, 4(1), 1-19. https://doi.org/10.1108/JBSED-05-2021-0061
52. Tufano, P. (2003). Financial innovation. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 1, Part 1, pp. 307-335). Elsevier.
53. Van Horne, J. C. (1985). Of financial innovations and excesses. The Journal of Finance, 40(3), 620-631. https://doi.org/10.2307/2327784
54. Yinusa, O. G., Olowofela, O. E., Yunusa, L. A., & Folami, R. A. (2021). Effect of financial innovation on economic growth: Evidence from African countries. International Journal of Commerce and Finance, 7(1), 130-140.
55. Žarković, M., Ćetković, J., & Cvijović, J. (2025). Economic growth determinants in old and new EU countries. Panoeconomicus, 72(2), 183-210. https://doi.org/10.2298/PAN211122007Z