Sosyal Güven, Kurumlar ve Finansal Gelişme

Yıl 2017, Sayı: 625, 29 - 40, 01.03.2017

Nurullah Gür

Öz

Finans sisteminin ekonomik büyüme üzerindeki kritik önemi göz önünde bulundurulduğunda, ülkeler arasındaki finansal gelişmişlik seviyesi farklılıklarının belirleyicilerinin son yıllarda sıkça araştırıldığı görülmektedir. Yapılan çalışmalar, ülkelerin kurumsal kalitesinin ve insanların sosyal güven seviyelerinin finansal gelişmişlik üzerinde önemli etkilerinin olduğunu göstermektedir. Ancak, şu ana kadar yapılan çalışmalar, sosyal güven ile kurumlar arasındaki etkileşimi göz ardı etmiştir. Bu çalışma, sosyal güven ve kurumsal kalitenin finansal gelişmişliğe etkilerini eş anlı inceleyerek literatürdeki bu boşluğun doldurulmasına katkı sağlamaktadır. Kurumsal kalite ile ilgili göstergeler regresyon denklemine dahil edilmediğinde, sosyal güvenin bankacılık sektörünün gelişimine pozitif ve istatistiki olarak anlamlı etkisinin bulunduğu görülmektedir. Ancak, kurumsal kalite göstergeleri denkleme dahil edildiğinde sosyal güvenin etkisi anlamlılığını yitirmektedir. Bu durum, sosyal güvenin bankacılık sektörünün gelişimine kurumsal kalite kanalıyla etki edebileceğine işaret etmektedir. Üç aşamalı en küçük kareler yöntemi kullanılarak bulunan sonuçlar, sosyal güvenin bankacılık sektörünün gelişmesine olan bu dolaylı etkisini göstermektedir. Öte yandan elde edilen sonuçlar, sosyal güvenin sermaye piyasalarının gelişmesine etkisinin kurumsal kaliteden bağımsız olarak gerçekleştiğini göstermektedir

Anahtar Kelimeler

Sosyal güven, kurumsal kalite, banka, sermaye piyasası

Social Trust, Institutions and Financial Development

Öz

Considering the critical importance of financial system for economic growth, the determinants of financial development level differences between countries have been frequently analyzed in recent years. Previous papers show that social trust and institutional quality have strong effects on financial development. But, previous papers ignores the interaction between social trust and institutions. This paper fills this gap by examining the effects of social trust and institutional quality on financial development simultaneously. Before adding proxies of institutional quality, social trust has positive and statistically significant effect on banking sector development. But, once we control proxies of institutional quality, the significance of social trust effect disappears. This indicates that social trust might affect banking sector development through institutional quality channel. Three stages least squares method results show this indirect effect of social trust on banking sector development. On the other hand, our results show that social trust affects capital market development independently from institutional quality

Anahtar Kelimeler

Social trust, institutional quality, bank, capital market

Kaynakça

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