THE REFLECTIONS OF DEVELOPMENTS IN FINANCIAL TECHNOLOGIES ON ECONOMIC COMPLEXITY

Öz

The Economic Complexity Index (ECI) is a measure of an economy’s productive knowledge capacity, measured through the export of sophisticated products. Economies with high levels of ECI are recognised to perform relatively well in many socioeconomic areas. Although it is a relatively new measure, the effects of ECI on socioeconomic variables and the determinants of ECI have been widely researched in the literature in recent years. On the other hand, the macroeconomic effects of Financial Technology (FinTech) developments, which have made financial services technology-intensive in the last decade, have also attracted considerable attention. This study, which aims to reveal the impact of FinTech developments on the ECI with the help of an index representing these developments, differs from the literature in this respect. Considering data availability in the analysis process, the Driscoll-Kraay robust estimator is used in the study, which examines the 7 economies with the highest ECI score for the period 2012-2021. The results obtained show that technological developments in the financial field negatively affect the ECI level in the sample group. Therefore, financial technological developments in this country group reduce the exports of sophisticated products. On the other hand, the human development index, R&D expenditures, and freedom of business, which are used as control variables, positively affect the ECI score.

Anahtar Kelimeler

• Economic Complexity
• Financial Technology
• Panel Data Analysis

FİNANSAL TEKNOLOJİLERDEKİ GELİŞMELERİN EKONOMİK KOMPLEKSİTEYE YANSIMALARI

Öz

Ekonomik Kompleksite Endeksi (ECI) sofistike ürün ihracatı vasıtasıyla ölçülen ve ekonominin üretken bilgi kapasitesinin göstergesi olarak kabul edilen bir ölçüttür. Yüksek ECI seviyesine sahip ekonomilerin birçok sosyoekonomik alanda görece iyi performans gösterdiği kabul edilmektedir. Kısmen yeni bir ölçüt olmasına rağmen ECI’nin sosyoekonomik değişkenler üzerindeki etkileri ve ECI’yi belirleyen faktörlerin tespiti son yıllarda literatürde yaygın bir şekilde araştırılmaya başlanmıştır. Öte yandan, özellikle son on yıllık süreçte finansal hizmetleri teknoloji yoğun hale getiren Finansal Teknoloji (FinTek) gelişmelerinin makroekonomik etkileri de kayda değer bir ilgi çekmektedir. FinTek gelişmelerini temsil eden bir endeks yardımıyla söz konusu gelişmelerin ECI üzerindeki etkisini ortaya koymayı amaçlayan çalışma bu yönüyle literatürden ayrışmaktadır. Analiz sürecinde verilerin ulaşılabilirliği dikkate alınarak ECI skoru en yüksek 7 ekonominin 2012-2021 dönemi itibariyle incelendiği çalışmada Driscoll-Kraay dirençli tahmincisi kullanılmıştır. Elde edilen sonuçlar finansal alanda yaşanan teknolojik gelişimlerin örneklem grubunda ECI seviyesini olumsuz etkilediğini göstermektedir. Dolayısıyla bu ülke grubunda finansal teknolojik gelişmeler sofistike ürün ihracatını azaltmaktadır. Diğer yandan kontrol değişken olarak kullanılan insani gelişmişlik endeksi, AR&GE harcamaları ve girişim özgürlüğü ECI skorunu olumlu yönde etkilemektedir.

Anahtar Kelimeler

• Ekonomik Kompleksite
• Finansal Teknoloji
• Panel Veri Analizi

Kaynakça

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