Finansal Teknoloji, Ekonomik Özgürlükler, Ticari Açıklık ve Dolaysız Yabancı Sermaye Yatırımlarının Finansal Gelişme Üzerindeki Etkileri: BRICS+ Ülkeleri Üzerine Bir İnceleme

Öz

Bu çalışmanın amacı, ülkelerin finansal gelişimini etkileyen faktörlerin BRICS+ ülkeleri üzerinden analiz edilmesidir. Çalışmada ilgili literatürde öne çıkan dolaysız yabancı sermaye yatırımları (DYY) ve ticari açıklık değişkenleriyle, çok fazla inceleme konusu yapılmamış olan finansal teknoloji (Fintek) ve ekonomik özgürlüklerin finansal gelişme üzerindeki etkilerine odaklanılmıştır. Ayrıca konu literatürde henüz yeterince inceleme konusu yapılmamış bir ülke grubu üzerinden (BRICS+) ele alınmıştır. Değişkenler belirlenirken, verilere erişim önemli bir kısıt oluşturmuş; mevcut değişkenler ancak 8 ülke üzerinden analiz edilebilmiştir. Çalışmada 2012-2023 dönemine ait yıllık veriler Panel regresyon analizine tabi tutulmuş; Fintek göstergesi, Ekonomik Özgürlük Endeksi, DYY ve ticari açıklık bağımsız değişkenler olarak ele alınırken; Finansal Gelişme Endeksi bağımlı değişken olarak modellenmiştir. Panel regresyon ile yapılan analiz sonucunda Driscoll-Kraay dirençli tahmincisi ile Ekonomik Özgürlük Endeksi ve Ticari açıklık değişkenleri için istatistiksel ve anlamlı sonuçlara ulaşılamamış, Fintek göstergesi ve DYY ile finansal gelişmişlik arasındaki ilişkinin pozitif ve anlamlı olduğu; bunlardaki artışların finansal gelişmeyi iyileştirdiği tespit edilmiştir.

Anahtar Kelimeler

• Finansal gelişmişlik
• dolaysız yabancı sermaye yatırımları
• ticari açıklık
• finansal teknoloji
• ekonomik özgürlükler

Financial Technology, Economic Freedoms, Trade Openness, and the Effects of Direct Foreign Investment on Financial Development: An Examination of BRICS+ Countries

Öz

The purpose of this study is to analyze the factors affecting the financial development of countries through BRICS countries. The study focuses on the effects of the variables of foreign direct investment (FDI) and trade openness, which are prominent in the relevant literature, and the financial technology (FinTech) and the economic freedom, which have not been subject to much study, on financial development. In addition, the issue was addressed through a group of countries (BRICS+) that has not yet been sufficiently examined in the literature. When determining the variables, access to data was a significant limitation and the existing variables could only be analyzed for 8 countries. In the study, annual data for the period 2012-2023 were subjected to Panel regression analysis. While the Fintech indicator, Economic Freedom Index, FDI and trade openness are considered as independent variables, the Financial Development Index is modelled as the dependent variable. The panel regression analysis did not yield statistically significant results for the Economic Freedom Index and Trade Openness variables using the Driscoll-Kraay robust estimator. However, a positive and significant relationship was found between the fintech indicator, FDI, and financial development; increases in these variables were found to improve financial development.

Anahtar Kelimeler

• Financial development
• foreign direct investment
• trade openness
• financial technology
• economic freedoms

Kaynakça

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