THE IMPACT OF FINANCIAL MARKETS ON GREEN GROWTH: EMPIRICAL FINDINGS IN TÜRKİYE SAMPLE

Öz

The concept of green growth focuses on the compatibility between sustainability efforts and economic growth. This study analyzes the impact of FDI, financial development and R&D expenditures on green growth in Turkey during the period 1990-2021. The study applies ARDL bounds test and Toda Yamamoto causality test. According to the ARDL bounds test, foreign direct investments, domescit credit provided by banks to the private sector and stock market return have a significant and positive effect on green growth. The Toda Yamamoto causality test also supports the results of the ARDL bounds test. There is a Granger causality relationship from foreign direct investments, domestic credit provided by banks to the private sector and stock market return to green growth.

Anahtar Kelimeler

• Green Growth
• Sustainability
• Financial Development
• financial markets and institutions

FİNANSAL PİYASALARIN YEŞİL BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEKLEMİNDE AMPİRİK BULGULAR

Öz

Yeşil büyüme kavramı sürdürülebilirlik çabaları ve ekonomik büyüme arasındaki uyuma odaklanır. Bu çalışma Türkiye’de 1990- 2021 döneminde doğrudan yabancı yatırımlar, finansal gelişme ve ar-ge harcamalarının yeşil büyüme üzerindeki etkisini ele alır. Çalışma kapsamında ARDL sınır testi ve Toda Yamamoto nedensellik testi uygulanmıştır. ARDL sınır testine göre doğrudan yabancı yatırımlar, krediler ve borsa getirisinin yeşil büyüme üzerinde anlamlı ve pozitif bir etkisi mevcuttur. Toda Yamamoto nedensellik testi de ARDL sınır testinin sonuçlarını desteklemektedir. Doğrudan yabancı yatırımlar, bankalar tarafından özel sektöre sağlanan krediler ve borsa getirisinden yeşil büyümeye doğru Granger nedensellik ilişkisi vardır.

Anahtar Kelimeler

• Yeşil Büyüme
• Sürdürülebilirlik
• Finansal Gelişme
• finansal piyasalar ve kurumlar

Kaynakça

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