INCLUSIVE GROWTH, FINANCIAL DEVELOPMENT AND HUMAN CAPITAL RELATIONSHIP: ASEAN-5 COUNTRIES

Yıl 2025, Cilt: 14 Sayı: 2, 615 - 634, 31.12.2025

Hüseyin İşlek , Burçak Gündal

https://doi.org/10.54282/inijoss.1742950

Öz

The aim of this study is to examine the causal relationship between inclusive growth, financial development, and human capital in the ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) using data from 1991 to 2019. The study employs data on the financial development index, human capital index, and per capita GDP for the period 1991-2019. Accordingly, the Konya (2006) panel causality test, developed for cases with both cross-sectional dependence and heterogeneous slope coefficients, is applied. According to the panel causality test, there is a causal relationship a causal relationship between inclusive growth, financial development, and human capital in the ASEAN-5 countries. Regarding the causal relationship between human capital and inclusive growth, Indonesia exhibits significant causality from financial development to human capital, whereas in the Philippines, there is a significant causality from human capital to financial development. In all other relationships, the causality is found to be significant. For Singapore, no causal relationship is detected between inclusive growth and human capital. However, in the other countries, bidirectional causality is significant. When examining the relationship between inclusive growth and the components of human capital in Singapore, namely years of schooling and returns to education, it is found that despite successful education policies, years of schooling and returns to education do not have a significant impact on inclusive growth. This study not only provides important scientific findings but also offers concrete recommendations for policymakers, researchers, and other relevant stakeholders. In Singapore, policymakers can enhance the positive effect of human capital on inclusive growth by improving the quality of education, developing a skilled workforce that meets labor market demands, and implementing measures to increase returns to human capital.

Anahtar Kelimeler

Inclusive Growth , Financial Development , Human Capital , Panel Data.

KAPSAYICI BÜYÜME, FİNANSAL GELİŞME VE BEŞERİ SERMAYE İLİŞKİSİ: ASEAN-5 ÜLKELERİ

Öz

Çalışmanın amacı, ASEAN-5 ülkelerinde (Endonezya, Malezya, Filipinler, Singapur ve Tayland) 1991-2019 yılları arasında veriler ile kapsayıcı büyüme, finansal gelişme ve beşerî sermaye arasındaki nedensellik ilişkisini incelemektir. Çalışmada 1991-2019 yıllarına ait finansal gelişme endeksi, beşeri sermaye endeksi ve çalışan kişi başı GSYİH veriler kullanılmıştır. Buna bağlı olarak hem yatay-kesit bağımlılığı hem de eğim katsayılarının heterojen olduğu durumlar için geliştirilmiş Konya (2006) panel nedensellik testi kullanılmıştır. Panel nedensellik testine göre, ASEAN-5 ülkelerinde kapsayıcı büyüme, finansal gelişme ve beşerî sermaye arasında nedensellik ilişkisini göstermektedir. Beşeri sermaye ile kapsayıcı büyüme arasındaki nedensellik ilişkisine göre Endonezya finansal gelişmeden beşeri sermayeye doğru ve Filipinler’de ise beşeri sermayeden finansal gelişmeye doğru anlamlı nedensellik ilişkisi olmaz iken öteki tüm ilişkilerde nedensellik ilişkisinin anlamlı olduğu sonucuna varılmaktadır. Yalnızca Singapur için kapsayıcı büyüme ile beşerî sermaye arasında herhangi bir nedensellik ilişkisi bulunamamıştır. Fakat diğer ülkelerde çift yönlü nedensellik ilişkisi anlamlı olmaktadır. Singapur’da beşeri sermayeyi oluşturan eğitim süresi ve eğitimin getirisi verileri ile kapsayıcı büyüme arasındaki ilişkiye bakıldığında başarılı eğitim politikalarına rağmen eğitim süresi ve eğitimin getirisi kapsayıcı büyüme üzerinde anlamlı bir etkiye sahip değildir. Bu çalışma önemli bilimsel sonuçlar sağlamanın yanı sıra politika yapıcılara, araştırmacılara ve ilgili diğer paydaşlara somut öneriler sunmaktadır. Singapur’da politika yapıcılar eğitim kalitesinin artırılması, işgücü piyasasının ihtiyaçlarını karşılayacak nitelikli işgücünün oluşturulması, beşeri sermayenin gelirlerini artıracak iyileştirmenin yapılmasını üstlenerek beşeri sermayenin kapsayıcı büyüme üzerinde olumlu etki oluşturmasına yol açabilirler.

Anahtar Kelimeler

Kapsayıcı Büyüme , Finansal Gelişme , Beşeri Sermaye , Panel Veri.

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