The Relationship between Commercial, Technological, Research (Multidimensional) Complexity Indices and Financial Development

Yıl 2024, Cilt: 9 Sayı: 2, 306 - 322, 30.06.2024

Tuba Esra Baskak

https://doi.org/10.30784/epfad.1428412

Öz

The source of economic growth is the supply-demand balance. Demand refers to consumption and supply refers to production. Producing quality products plays an important role on the production side of this balance. The country, which has a wide range of qualified products called sophisticated products, continues to grow with financial development. The concept of economic complexity refers to product diversity. This concept has taken its place in the literature by being expanded into commercial, technological, and research complexity indices as the content of the multidimensional complexity index. In this study, the relationship between multidimensional complexity indices and financial development indicators of E7 (Emerging) countries (Brazil, China, India, Indonesia, Mexico, Russia, Turkey) is analyzed with Gengenbach, Urbain, and Westerlund Cointegration Test and Mean Group Estimator applied in case of cointegration. It has been determined that these variables are cointegrated, and this relationship between the commercial and technological complexity index and financial development is significant. As a result of the analysis with the mean group estimator, it was concluded that the technological complexity index has a greater impact on financial development than the commercial and research complexity indices.

Anahtar Kelimeler

Economic Growth, Financial Economics, Panel Data Models

Ticari, Teknolojik, Araştırma (Çok Boyutlu) Kompleksite Endekslerinin Finansal Gelişme ile İlişkisi

Öz

Ekonomik büyümenin kaynağı arz-talep dengesidir. Talep tüketimi, arz ise üretimi ifade eder. Bu dengenin üretim tarafında kaliteli ürün üretmek önemli rol oynuyor. Sofistike ürünler olarak adlandırılan geniş bir nitelikli ürün yelpazesine sahip olan ülke, finansal gelişmeyle birlikte büyümeye devam ediyor. Ekonomik karmaşıklık kavramı ürün çeşitliliğini ifade etmektedir. Bu kavram, çok boyutlu karmaşıklık indeksinin içeriği olarak ticari, teknolojik ve araştırma karmaşıklığı indeksleri olarak genişletilerek literatürdeki yerini almıştır. Bu çalışmada E7 (Gelişmekte olan) ülkelerin (Brezilya, Çin, Hindistan, Endonezya, Meksika, Rusya, Türkiye) çok boyutlu karmaşıklık endeksleri ile finansal gelişmişlik göstergeleri arasındaki ilişki Gengenbach, Urbain ve Westerlund Eşbütünleşme Testi ve eşbütünleşme bulunması durumunda uygulanan Ortalama Grup Tahmincisi ile analiz edilmiştir. Bu değişkenlerin eşbütünleşik olduğu ve ticari ve teknolojik karmaşıklık endeksi ile finansal gelişme arasındaki bu ilişkinin anlamlı olduğu tespit edilmiştir. Ortalama grup tahmincisi ile yapılan analiz sonucunda teknolojik kompleksite endeksi finansal gelişmede üzerinde ticari ve araştırma kompleksite endekslerinden ziyade daha büyük etkiye sahip olduğu sonucuna varılmıştır.

Anahtar Kelimeler

Ekonomik Büyüme, Finansal Ekonomi, Panel Veri Modelleri

Kaynakça

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