Yolsuzluk Algısı, Finansal Gizlilik ve Küreselleşme: 19 Avrupa Ülkesi̇ Üzerine Ampirik Bir Analiz

Yıl 2025, Cilt: 10 Sayı: 4, 1382 - 1398, 31.12.2025

Gülden Kadooğlu Aydın , Burak Büyükoğlu

https://doi.org/10.30784/epfad.1692382

Öz

Bu çalışma, yolsuzluk ile finansal gizlilik arasındaki ilişkinin yanı sıra ülkelerin finansal gelişmişliklerinin, kara para aklama seviyelerinin ve küreselleşme seviyelerinin de yolsuzluğa etkilerini incelemektir. Çalışmada zaman serisi eksiksiz verilerine ulaşılabilen 19 Avrupa ülkesinin (Austria, Belgium, Switzerland, Cyprus, Germany, Denmark, Spain, France, United Kingdom, Hungary, Ireland, Italy, Luxembourg, Latvia, Malta, Netherlands, Norway, Portugal ve Sweden) 2011-2022 dönemlerindeki yolsuzluk algıları endeksi ile finansal gizlilik endeksi, finansal gelişim endeksi, kara parayı aklamayı önleme endeksi ve küreselleşme endeksi arasındaki ilişkiler panel veri analizine özgü olan Sistem Genelleştirilmiş Momentler (System Generalized Method of Moments) yöntemi ile analiz edilmiştir. Çalışma bulguları, finansal gizlilik (FG) ve kara para aklama ile mücadele (KPA) değişkenlerinin yolsuzluk algısını (YAE) istatistiki olarak anlamlı ve negatif yönde etkilediği, Küreselleşme (KE) değişkeni ise YAE üzerinde pozitif ve anlamlı bir etkiye sahip olduğu tespit edilmiştir. Bununla birlikte, finansal gelişme (FGE) değişkeninin YAE üzerinde anlamlı bir etkisinin bulunmadığı ve bağımlı değişkenin gecikmeli değeri de YAE’yi azaltıcı yönde etkileyerek yolsuzluk algısında azalma eğiliminde olduğu görülmektedir.

Anahtar Kelimeler

Finansal Gizlilik , Yolsuzluk , Küreselleşme , Kara Para Aklama , Sistem Genelleştirilmiş Momentler

Corruption Perception, Financial Secrecy, and Globalization: An Empirical Analysis of 19 European Countries

Öz

This study aims to examine the relationship between corruption and financial secrecy as well as the effects of countries' financial development, money laundering, and globalization levels on corruption. The study analyses the relationship between the corruption perceptions index and the financial secrecy index, financial development index, anti-money laundering index and globalization index of 19 European countries (Austria, Belgium, Switzerland, Cyprus, Germany, Denmark, Spain, France, United Kingdom, Hungary, Ireland, Italy, Luxembourg, Latvia, Malta, Netherlands, Norway, Portugal and Sweden) for the period 2011-2022, for which complete time series data are available, using the System Generalized Method of Moments, which is specific to panel data analysis. The findings of the study show that financial secrecy (FG) and anti-money laundering (AML) variables have a statistically significant and negative effect on corruption perception (CPI), while the globalization (G) variable has a positive and significant effect on CPI. However, the financial development (FGE) variable does not have a significant effect on CPI, and the lagged value of the dependent variable tends to decrease in the perception of corruption by affecting the CPI in a decreasing direction.

Anahtar Kelimeler

Financial Secrecy , Corruption , Globalization , Money Laundering , System Generalized Moments

Kaynakça

• Ahlin, C. and Pang, J. (2008). Are financial development and corruption control substitutes in promoting growth? Journal of Development Economics, 86(2), 414-433. https://doi.org/10.1016/j.jdeveco.2007.07.002
• Akanfe, O., Valecha, R. and Rao, H.R. (2020). Design of an inclusive financial privacy index (INF-PIE): A financial privacy and digital financial inclusion perspective. ACM Transactions on Management Information Systems (TMIS), 12(1), 1-21. https://doi.org/10.1145/340394
• Akhter, S.H. (2004). Is globalization what it’s cracked up to be? Economic freedom, corruption, and human development. Journal of World Business, 39(3), 283-295. https://doi.org/10.1016/j.jwb.2004.04.007
• Alfaro, E. (2022). Understanding the corruption perceptions index. In Modern indices for international economic diplomacy (pp. 233-270). Cham: Springer International Publishing.
• Altunbaş, Y. and Thornton, J. (2012). Does financial development reduce corruption? Economics Letters, 114(2), 221-223. https://doi.org/10.1016/j.econlet.2011.10.035
• Aluko, A. and Bagheri, M. (2012). The impact of money laundering on economic and financial stability and on political development in developing countries: The case of Nigeria. Journal of Money Laundering Control, 15(4), 442-457. https://doi.org/10.1108/13685201211266024
• Arellano, M. (2003). Panel data econometrics. Oxford: Oxford University Press.
• Barone, R., Masciandaro, D. and Schneider, F. (2019). Money laundering and corruption: Birds of a feather flock together (CESifo Working Paper No. 7687). https://doi.org/10.2139/ssrn.3464848
• Bartulovic, M., Aljinovic, N. and Piplica, D. (2023). Determining the relationship between corruption and money laundering. Montenegrin Journal of Economics, 19(2), 109-118. https://doi.org/10.14254/1800-5845/2023.19-2.9
• Basel Institute on Governance. (2022). Anti-money laundering index 2022. Retrieved from https://www.baselgovernance.org
• Buz, F. ve Erul, M.R. (2018). Sosyoekonomik gelişmişlik düzeyinin yolsuzluk algı endeksi üzerindeki etkisine ilişkin bir analiz. International Journal of Public Finance, 3(2), 233-248. https://doi.org/10.30927/ijpf.451502
• Campos, N., Engel, E., Fischer, R.D. and Galetovic, A. (2021). The ways of corruption in infrastructure: Lessons from the Odebrecht case. Journal of Economic Perspectives, 35(2), 171-190. https://doi.org/10.1257/jep.35.2.171
• Chimdi, G. (2019). Corruption and good governance in Nigeria: Zooming the lens on the Buhari anti-corruption crusade. Journal of Gender, Information and Development in Africa, 8(1), 195–219. Retrieved from https://journals.co.za/
• Christensen, J. (2011). The looting continues: Tax havens and corruption. Critical Perspectives on International Business, 7(2), 177-196. https://doi.org/10.1108/17422041111128249
• Cobham, A., Janský, P. and Meinzer, M. (2015). The financial secrecy index: Shedding new light on the geography of secrecy. Economic Geography, 91(3), 281–303. https://doi.org/10.1111/ecge.12094
• Cooley, A. and Sharman, J.C. (2015). Blurring the line between licit and illicit: Transnational corruption networks in Central Asia and beyond. Central Asian Survey, 34(1), 11-28. https://doi.org/10.1080/02634937.2015.1010853
• Cooley, A. and Sharman, J.C. (2017). Transnational corruption and the globalized individual. Perspectives on Politics, 15(3), 732-753. https://doi.org/10.1017/S153759271700068
• Das, J. and DiRienzo, C. (2009). The nonlinear impact of globalization on corruption. The International Journal of Business and Finance Research, 3(2), 33-46. Retrieved from https://ssrn.com/abstract=1634083
• Dong, B. and Torgler, B. (2013). Causes of corruption: Evidence from China. China Economic Review, 26, 152-169. https://doi.org/10.1016/j.chieco.2012.09.005
• Efeoğlu, R., Azgün, S. ve Emsen, Ö.S. (2020). Makroekonomik performans göstergelerinin yolsuzluğa etkisi. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 9(3), 2116-2137. https://doi.org/10.15869/itobiad.736744
• Elliott, K.A. (1997). Corruption as an international policy problem: Overview and recommendations. In A.J. Heidenheimer and M. Johnston (Eds.), Corruption and the global economy (pp. 175-233). Oxfordshire: Routledge.
• Ferwerda, J. (2009). The economics of crime and money laundering: Does anti-money laundering policy reduce crime? Review of Law & Economics, 5(2), 903-929. https://doi.org/10.2202/1555-5879.1421
• Gheorghe, S. and Gheorghe, C. (2008). Economic freedom, globalization, corruption and macroeconomic results. Annals of the University of Oradea, Economic Science Series, 17(2), 946. Retrieved from https://openurl.ebsco.com/
• Glynn, P., Kobrin, S.J. and Naim, M. (1997). The globalization of corruption. In A.J. Heidenheimer and M. Johnston (Eds.), Corruption and the global economy (pp. 7-17). Oxfordshire: Routledge.
• Golden, M.A. (2002). Does globalization reduce corruption? Some political consequences of economic integration. Retrieved from https://www.semanticscholar.org/paper/Does-Globalization- Reduce-Corruption-Some-Political-Golden/199929e9d75e071424ea01aa5343887390e79855
• Gordon, R.K. (2009). Laundering the proceeds of public sector corruption (Case Legal Studies Research No. 09-10). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1371711
• Graeff, P. and Mehlkop, G. (2003). The impact of economic freedom on corruption: Different patterns for rich and poor countries. European Journal of Political Economy, 19(3), 605-620. https://doi.org/10.1016/S0176-2680(03)00015-6
• Gujarati, D.N. and Porter, D.C. (2009). Basics econometrics (5. Ed). New York: McGraw-Hill.
• Haberly, D., Garrod, G. and Barrington, R. (2024). From secrecy to scrutiny: A new map of illicit global financial networks and regulation. Retrieved from https://sussex.figshare.com/
• Hanousek, J. and Kochanova, A. (2015). Bribery environment and firm performance: Evidence from Central and Eastern European Countries (Centre for Economic Policy Research Working Paper No. 10499). Retrieved from papers.ssrn.com
• Hansen, L.P. (1982). Large sample properties of generalized method of moments estimators. Econometrica, 50(4), 1029-1054. https://doi.org/10.2307/1912775
• Heckelman, J.C. and Powell, B. (2010). Corruption and the institutional environment for growth. Comparative Economic Studies, 52, 351-378. https://doi.org/10.1057/ces.2010.9
• Horsewood, N. (2012). Does corruption hinder trade for the new EU members? Economics, 6(1), 2012–2048. doi:10.5018/economics-ejournal.ja.2012-47
• IMF. (2021). Financial development and stability. Retrieved from https://www.imf.org/en/Topics/financial-development
• Kaufmann, D., Kraay, A. and Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues (World Bank Policy Research Working Paper No. 5430). https://doi.org/10.1596/1813-9450-5430
• KOF Swiss Economic Institute. (2022). KOF globalization index 2022. Retrieved from https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalization-index.html
• Koyuncu, C. and Yilmaz, R. (2009). The impact of corruption on deforestation: A cross-country evidence. The Journal of Developing Areas, 42(2), 213-222. https://doi.org/10.1353/jda.0.0043
• Kyriakos-Saad, N., Esposito, G. and Schwarz, N. (2012). The incestuous relationship between corruption and money laundering. Revue Internationale De Droit Pénal, 83(1), 161-172. https://doi.org/10.3917/ridp.831.0161
• Leiken, R.S. (1996). Controlling the global corruption epidemic. Foreign Policy, 105, 55-73. https://doi.org/10.2307/1149146
• Leite, M. C. and Weidmann, J. (1999). Does mother nature corrupt? Natural resources, corruption, and economic growth. In G.T. Abed and S. Gupta (Eds.), Governance, corruption, economic performance (pp. 159-196). Washington: IMF.
• Lin, M. and Yu, C. (2014). Can corruption be measured? Comparing global versus local perceptions of corruption in East and Southeast Asia. Journal of Comparative Policy Analysis: Research and Practice, 16(2), 140–157. https://doi.org/10.1080/13876988.2013.870115
• Mackey, T.K., Clare, J., Savedoff, W.D., Vogl, F., Lewis, M., Sale, J., Michaud, J. and Vian, T. (2016). The disease of corruption: Views on how to fight corruption to advance 21st century global health goals. BMC Medicine, 14(149), 1–12. https://doi.org/10.1186/s12916-016-0709-1
• Mauro, P. (1995). Corruption and growth. The Quarterly Journal of Economics, 110(3), 681-712. https://doi.org/10.2307/2946696
• Maxwell, D., Bailey, S., Harvey, P., Walker, P., Sharbatke-Church, C. and Savage, K. (2011). Preventing corruption in humanitarian assistance: Perceptions, gaps, and challenges. Disasters, 36(1), 140–160. https://doi.org/10.1111/j.1467-7717.2011.01246.x
• Neumayer, E. (2002). Does trade openness promote multilateral environmental cooperation? World Economy, 25(6), 815-832. https://doi.org/10.1111/1467-9701.00464
• Newey, W.K. and West, K.D. (1987). A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica, 55(3), 703-708. https://doi.org/10.2307/1913610
• Ofoeda, I., Agbloyor, E.K. and Abor, J.Y. (2022). How do anti-money laundering systems affect FDI flows across the globe? Cogent Economics & Finance, 10(1), 2058735. https://doi.org/10.1080/23322039.2022.2058735
• Otusanya, O.J. and Adeyeye, G.B. (2022). The dark side of tax havens in money laundering, capital flight and corruption in developing countries: some evidence from Nigeria. Journal of Financial Crime, 29(1), 62-100. https://doi.org/10.1108/JFC-09-2020-0180
• Ozkok, Z. (2015). Financial openness and financial development: An analysis using indices. International Review of Applied Economics, 29(5), 620-649. https://doi.org/10.1080/02692171.2015.1054366
• Özşahin, Ş. and Üçler, G. (2017). The consequences of corruption on inflation in developing countries: Evidence from panel cointegration and causality tests. Economies, 5(4), 49. https://doi.org/10.3390/economies5040049
• Pan, L., Wang, L. and Feng, Q. (2022). Effects of host-country corruption on China’s outward foreign direct investments: Expert knowledge versus public awareness. SAGE Open, 12(4), 21582440221141701. https://doi.org/10.1177/21582440221141701
• Pozsgai-Alvarez, J. and Pastor Sanz, I. (2021). Mapping the (anti-) corruption field: Key topics and changing trends, 1968–2020. Journal of Computational Social Science, 4, 851-881. https://doi.org/10.1007/s42001-021-00114-1
• Rose-Ackerman, S. and Palifka, B.J. (2016). Corruption and government: Causes, consequences, and reform (2nd ed.). Cambridge: Cambridge University Press.
• Rose-Ackerman, S. and Palifka, B.J. (2018). Corruption, organized crime, and money laundering. In Institutions, governance and the control of corruption (pp. 75-111). Cham: Springer International Publishing.
• Sari, A. (2017). E-government attempts in small island developing states: The rate of corruption with virtualization. Science and Engineering Ethics, 23(1), 1673–1688. https://doi.org/10.1007/s11948-016-9849-4
• Sharma, C. and Paramati, S.R. (2021). Does financial development reduce the level of corruption? Evidence from a global sample of 140 countries. International Journal of Finance & Economics, 26(4), 5093-5109. https://doi.org/10.1002/ijfe.2043
• Song, C.Q., Chang, C.P. and Gong, Q. (2021). Economic growth, corruption, and financial development: Global evidence. Economic Modelling, 94, 822-830. https://doi.org/10.1016/j.econmod.2020.02.018
• Sung, H.E. and Chu, D. (2003). Does participation in the global economy reduce political corruption? An empirical inquiry. International Journal of Comparative Criminology, 3(2), 94-118.
• Tax Justice Network. (2022). Financial Secrecy Index 2022. https://www.taxjustice.net/.
• Transparency International. (2019). Corruption perceptions index 2018: Full source description. Retrieved from https://www.transparency.org/en/cpi/2018
• Transparency International. (2023). Corruption perceptions index (CPI). Retrieved from https://www.transparency.org/en/cpi
• Treisman, D. (2000). The causes of corruption: A cross-national study. Journal of Public Economics, 76(3), 399–457. https://doi.org/10.1016/S0047-2727(99)00092-4
• Wilhelm, P.G. (2002). Corruption perceptions index: Implications for business ethics and entrepreneurship education. Journal of Business Ethics, 35(1), 177–189. https://doi.org/10.1023/A:1013859027003
• Williams, J.W. and Beare, M.E. (1999). The business of bribery: globalization, economic liberalization, and the “problem” of corruption. Crime, law and social change, 32, 115-146. https://doi.org/10.1023/A:1008374921800
• Wooldridge, J.M. (2010). Econometric analysis of cross-section and panel data. MIT Press. https://doi.org/10.7551/mitpress/5934.001.0001
• World Bank. (2022). Financial development. Retrieved from https://www.worldbank.org/en/topic/financialdevelopment
• Younas, M., Iqbal, J., Khan, S. and Jehangir, M. (2020). Investigating the relationship between money laundering and inflation in. City University Research Journal (CURJ), 10(2). Retrieved from https://openurl.ebsco.com/
• Zaman, Q.U., Aish, K., Akhter, W. and Zaidi, S.A.H. (2021). Exploring the role of corruption and money laundering (ML) on banking profitability and stability: A study of Pakistan and Malaysia. Journal of Money Laundering Control, 24(3), 525-543. https://doi.org/10.1108/JMLC-09-2020-0100
• Zhang, G., Gao, Z., Dong, J. and Mei, D. (2023). Machine learning approaches for constructing the national anti-money laundering index. Finance Research Letters, 52, 103568. https://doi.org/10.1016/j.frl.2022.103568