Öz
Financial inclusion is defined as the access of households and firms to beneficial and reasonably priced financial products and services which are in line with their necessities. These could be financial transactions, transfers, savings, and loans. After narrowing down the definition, it then measures financial inclusion by using indexation technique. A major contribution of this study is the development of a measure of financial inclusion via formation of three indices, namely financial access index, firm-level and household-level financial usage indices. These three indices capture different aspects of financial inclusion, which is comprised of access to financial services by both households and firms in addition to effective use of these services. Based on Global Findex database and the Enterprise Survey database collected by the World Bank, Financial Access database collected by the International Monetary Fund the study introduces measures of household-level and firm-level inclusion, with placing Europe and Central Asia in a historical and cross-country perspective. By using Panel and Ordinary Least Squares regression analysis, it analyzes the impact of financial inclusion on two important macroeconomic variables, namely growth and inequality. Moreover, it focuses particularly on the ECA region and analyzes the dynamics in the region. The study aims at documenting the status of financial inclusion in ECA, while shedding light on the impact of financial inclusion on growth and inequality. It concludes that, in line with the contemporary literature, financial inclusion enhances growth and reduces inequality with better access to resources to finance both consumption and investment. According to the article’s findings, the positive impact of financial inclusion on growth is significant in the ECA region.
Keywords: Financial Inclusion, Economic Growth, Inequality, the World Bank, Europe and Central Asia, IMF
Anahtar Kelimeler
Financial inclusion Economic Growth Inequality Europe and Central Asia the World Bank IMF
Kaynakça
- Alter, A. and Yontcheva, B. (2015). "Financial Inclusion and Development in the CEMAC." Washington D.C.: IMF
- Amidžić, G. A. M. and A. Mialou. (2017). Assessing Countries’ Financial Inclusion Standing– A New Composite Index, Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, Vol. 2, No: 8, pp. 105-126.
- Aslan G., Deléchat C., Newiak M., and Yang F. (2017). Inequality in Financial Inclusion and Income Inequality, IMF Working Papers (17), Washington D.C.: IMF.
- Batuo, M.E., Guidi, F., Mlambo, K. (2010). Financial development and income inequality: evidence from African countries,. MPRA Paper, No: 25658, Tunis, Tunisia: African Development Bank.
- Dabla N., Era, Kalpana K., Hujin S.t, Frantisek R., Evridiki T. (2015a). Causes and Consequences of Income Inequality: A Global Perspective, Staff Discussion Notes (15), 1, 10.5089/9781513555188.006. Washington D.C.: International Monetary Fund.
- Dabla N., Era, Yan J., Robert T., and D. Filiz U. (2015b). Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy, IMF Working Papers (15), 10.5089/9781498381598.001. Washignton, D.C.: International Monetary Fund.
- Demetriades, Panicos O. & Hussein, Khaled A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries, Journal of Development Economics, Elsevier, Vol. 51, No: 2, pp. 387-411.
- Demirgüç-Kunt, A., Leora K., Dorothe S., and Peter Van O. (2015) The Global Findex Database 2014: Measuring Financial Inclusion around the World. Policy Research Working Paper 7255, Washington, D.C.: World Bank.
- Demirguc-Kunt, Asli & Klapper, Leora. (2012). The Global Findex Database: Measuring Financial Inclusion. 10.1596/1813-9450-6025.
- Hausman, J.A., & Taylor, W.E. (1981). Panel data and unobservable individual effects. Econometrica, Vol. 49, No: 6, pp. 1377-1398.
- Laeven, L., and Fabian V. (2012). Systemic Banking Crises Database: An Update, IMF Economic Review (61), 10.2139/ssrn.2096234, Washington, D.C.: International Monetary Fund.
- Park, Cyn-Young & Mercado, Jr, Rogelio. (2015). Financial Inclusion, Poverty, and Income Inequality in Developing Asia. SSRN Electronic Journal. 10.2139/ssrn.2558936. Tokyo: Asian Development Bank
- Rousseau, P., and Paul W. (2011). What is Happening to the Impact of Financial Deepening on Economic Growth. Economic Inquiry, Vol. 49, No: 1, pp. 276-88.
- Sahay, R., Martin C., Papa N., Adolfo B., Srobona M., Annette K., Yen Nian M., Seyed Reza Y. (2015). Financial Inclusion: Can It Meet Multiple Macroeconomic Goals, IMF Working Paper (17), 199, Washington D.C.: IMF.
- Sarma, Mandira. (2008). Index of Financial Inclusion, New Delhi: Indian Council for Research on International Economic Relations, Working Papers 215, New Delhi.
- World, Bank. (2015). Global Financial Development Report: Financial Inclusion, Washington D.C.: World Bank.
- World, Bank. (2015). Global Financial Development Report: Financial Inclusion, Washington D.C.: World Bank Group.
- World, Bank. (2016). World Bank Development Indicators. Washington D.C.: World Bank Group.
- World, Bank. (2014). Global Findex Questionnaire, Washington D.C.: World Bank Group, http://documents1.worldbank.org/curated/en/187761468179367706/pdf/WPS7255.pdf
- World, Bank. (2014). Enterprise Survey Questions, Washington D.C.: World Bank Group, http://pubdocs.worldbank.org/en/804821430846152203/MSME-Finance-EnterpriseSurveyModule-NIGERIA-FinancialMargin.pdf
Öz
Finansal kapsama; hane halkının ve firmaların, ihtiyaçlarına uygun olan, avantajlı ve makul maliyetli finansal ürünlere ve hizmetlere erişimleri olarak tanımlanmaktadır. Bu finansal ürün ve hizmetler; finansal işlemler, transferler, tasarruflar ve krediler olarak örneklendirilebilir. Bu çalışma endeksleme tekniğini kullanarak finansal kapsamanın ölçülmesi hedeflemektedir. Finansal kapsamayı ölçmek için finansal erişim endeksi, şirketler seviyesinde finansal kullanım endeksi ve hane halkı seviyesinde finansal kullanım endeksi olmak üzere üç endeks oluşturulmuştur. Bu üç endeks, hane halkının ve şirketlerin finansal hizmetlere ulaşımını ve bu hizmetleri etkin kullanımını gösteren finansal kapsamanın farklı boyutlarını ele almaktadır. Bu çalışmada, Dünya Bankası tarafından hazırlanan Global Findex veri tabanı ile Enterprise Survey veri tabanı ve Uluslararası Para Fonu tarafından hazırlanan Financial Access veri tabanı kullanılarak, firmalar seviyesinde ve hane halkı seviyesinde finansal kapsamayı ölçmek için yollar gösterilmiştir. Bu doğrultuda Avrupa ve Orta Asya bölgesindeki ülkelere odaklanılmış, bu ülkelerin finansal kapsamları tarihi bir sırayla ve ülkeler arasındaki finansal kapsamlar karşılaştırmalı bir şekilde analiz edilmiştir. Avrupa ve Orta Asya bölgesinin içindeki dinamikler incelenerek, bölgenin içinde bulunduğu finansal kapsama gösterilirken, aynı zamanda finansal kapsamanın ekonomik büyüme ve gelir adaletsizliği üzerindeki etkisine de ölçümlenmiştir. Panel Regresyon ve en küçük kareler yöntemi regresyon modelini kullanılarak, finansal kapsamının iki önemli makro verisi olan ekonomik büyüme ve gelir adaletsizliği üzerindeki etkileri analiz edilmiştir. Çalışmasının sonucunda, güncel literatürle uyumlu olarak, finansal kapsamanın tüketim ve yatırım için gereken kaynaklara ulaşmayı sağlayan finansmanı sayesinde, ekonomik büyümeyi artırdığı ve gelir eşitsizliğini azalttığı sonucuna varılmıştır. Bununla birlikte Avrupa ve Orta Asya bölgeleri için finansal kapsamanın büyüme üzerindeki etkisinin de anlamlı düzeyde çıktığı görülmüştür.
Anahtar Kelimeler: Finansal Kapsama, Ekonomik Büyüme, Gelir Adaletsizliği, Dünya Bankası, Avrupa ve Orta Asya, IMF
Anahtar Kelimeler
Finansal Kapsama Ekonomik Büyüme Gelir Adaletsizliği Avrupa ve Orta Asya Dünya Bankası IMF
Kaynakça
- Alter, A. and Yontcheva, B. (2015). "Financial Inclusion and Development in the CEMAC." Washington D.C.: IMF
- Amidžić, G. A. M. and A. Mialou. (2017). Assessing Countries’ Financial Inclusion Standing– A New Composite Index, Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, Vol. 2, No: 8, pp. 105-126.
- Aslan G., Deléchat C., Newiak M., and Yang F. (2017). Inequality in Financial Inclusion and Income Inequality, IMF Working Papers (17), Washington D.C.: IMF.
- Batuo, M.E., Guidi, F., Mlambo, K. (2010). Financial development and income inequality: evidence from African countries,. MPRA Paper, No: 25658, Tunis, Tunisia: African Development Bank.
- Dabla N., Era, Kalpana K., Hujin S.t, Frantisek R., Evridiki T. (2015a). Causes and Consequences of Income Inequality: A Global Perspective, Staff Discussion Notes (15), 1, 10.5089/9781513555188.006. Washington D.C.: International Monetary Fund.
- Dabla N., Era, Yan J., Robert T., and D. Filiz U. (2015b). Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy, IMF Working Papers (15), 10.5089/9781498381598.001. Washignton, D.C.: International Monetary Fund.
- Demetriades, Panicos O. & Hussein, Khaled A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries, Journal of Development Economics, Elsevier, Vol. 51, No: 2, pp. 387-411.
- Demirgüç-Kunt, A., Leora K., Dorothe S., and Peter Van O. (2015) The Global Findex Database 2014: Measuring Financial Inclusion around the World. Policy Research Working Paper 7255, Washington, D.C.: World Bank.
- Demirguc-Kunt, Asli & Klapper, Leora. (2012). The Global Findex Database: Measuring Financial Inclusion. 10.1596/1813-9450-6025.
- Hausman, J.A., & Taylor, W.E. (1981). Panel data and unobservable individual effects. Econometrica, Vol. 49, No: 6, pp. 1377-1398.
- Laeven, L., and Fabian V. (2012). Systemic Banking Crises Database: An Update, IMF Economic Review (61), 10.2139/ssrn.2096234, Washington, D.C.: International Monetary Fund.
- Park, Cyn-Young & Mercado, Jr, Rogelio. (2015). Financial Inclusion, Poverty, and Income Inequality in Developing Asia. SSRN Electronic Journal. 10.2139/ssrn.2558936. Tokyo: Asian Development Bank
- Rousseau, P., and Paul W. (2011). What is Happening to the Impact of Financial Deepening on Economic Growth. Economic Inquiry, Vol. 49, No: 1, pp. 276-88.
- Sahay, R., Martin C., Papa N., Adolfo B., Srobona M., Annette K., Yen Nian M., Seyed Reza Y. (2015). Financial Inclusion: Can It Meet Multiple Macroeconomic Goals, IMF Working Paper (17), 199, Washington D.C.: IMF.
- Sarma, Mandira. (2008). Index of Financial Inclusion, New Delhi: Indian Council for Research on International Economic Relations, Working Papers 215, New Delhi.
- World, Bank. (2015). Global Financial Development Report: Financial Inclusion, Washington D.C.: World Bank.
- World, Bank. (2015). Global Financial Development Report: Financial Inclusion, Washington D.C.: World Bank Group.
- World, Bank. (2016). World Bank Development Indicators. Washington D.C.: World Bank Group.
- World, Bank. (2014). Global Findex Questionnaire, Washington D.C.: World Bank Group, http://documents1.worldbank.org/curated/en/187761468179367706/pdf/WPS7255.pdf
- World, Bank. (2014). Enterprise Survey Questions, Washington D.C.: World Bank Group, http://pubdocs.worldbank.org/en/804821430846152203/MSME-Finance-EnterpriseSurveyModule-NIGERIA-FinancialMargin.pdf
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | İşletme |
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Haziran 2021 |
| Yayımlandığı Sayı | Yıl 2021 Cilt: 10 Sayı: 2 |
Cited By
Financial Inclusion and Income Inequality: An Evaluation on Cause and Effect Relationship
Bulletin of Economic Theory and Analysis
https://doi.org/10.25229/beta.1169604
