The Impact Of Economic, Social And Political Globalization On Economic Growth: Evidence From BRICS-T Countries*

Öz

The main purpose of this study is to analyse the long-term relationship between economic growth and economic, social and political globalization in BRICS-T countries using panel data analysis methods for the period covering 1990-2014. According to the empirical results of the model established based on the Cobb-Douglas production function, it is seen that economic, social, political globalization and capital accumulation have a positive effect on economic growth. Dumitrescu-Hurlin Panel Granger Causality test results show that there is a two-way causality relationship between capital accumulation and political globalization and economic growth. It has also been found that one-way causality relationship towards economic growth from economic and social globalization.

Anahtar Kelimeler

• Economic Globalization
• Social and Political Globalization
• Economic Growth

Kaynakça

1. Afzal, M. (2007). The İmpact Of Globalization On Economic Growth Of Pakistan. The Pakistan Development Review, 46(4-2) pp.723-734.
2. Ali, A. and Imai, K. S. (2015). Crises, economic integration and growth collapses in African countries. Journal of African Economies, 24(4) pp. 471-501.
3. Alvarado, R. Iñiguez, M. and Ponce, P. (2017). Foreign direct investment and economic growth in Latin America. Economic Analysis and Policy, 56, pp. 176-187.
4. Breitung, J. and Das, S., 2004. Panel unit root tests under cross sectional dependence. Mimeo, University of Bonn
5. Chang, C. P. and Lee, C. C. (2011). The Effect of Globalization and Political Party On Economic Growth: Panel Data Analysis Of Former Communist Countries And European OECD Members, Eastern European Economics, 49(6), pp. 5-26.
6. Chang, C. P., Berdiev, A. N. and Lee, C. C. (2013). Energy Exports, Globalization And Economic Growth: The Case Of South Caucasus. Economic Modelling, 33, pp. 333-346.
7. Chang, C.P. and Lee, C-C. (2010) Globalization and Economic Growth: A Political Economy Analysis For OECD Countries, Global Economic Review, 39(2) pp. 151.173.
8. Doğan, B. (2017). Relationship Between Economic Globalization and Growth: Toda-Yamamoto Causality Analysis in the Case of Turkey. Journal of Finance-Political & Economic Comments, 54(628), 19-27.

9. Doğan, B. and Can, M. (2016). The Effect of Globalization on Growth: Cointegration Analysis for the Sample of South Korea, Journal of The Faculty of Economics and Administrative Sciences, 6(2), pp. 197-220.
10. Dreher, A. (2006), “Does Globalization Affect Growth? Evidence From A New Index of Globalization”, Applied Economics, C:38, S:10, pp. 1091-1110.
11. Dumitrescu, E. I. and Hurlin C., (2012). Testing for Granger non-causality in heterogeneous panels, Economic Modelling, 29(4), pp. 1450-1460.
12. Eren, M. V. and Ergin, Ü. A. (2019). Analysis of the Relationship between Trade Openness and Economic Growth: Sosyoekonomi, 27.
13. Gövdere, B. and Can, M. (2016). The Effects Of Energy Consumption, Openness, Financial Development, Capital Formation And Foreign Trade On Economic Growth In Turkey: Bounds Testing Approach, Niğde University Journal of The Faculty of Economics and Administrative Sciences, 9(1), pp. 209-228.
14. Gözen, R. (2004). Post-International Relations Pluralism, Globalization and September 11, 1st Edition, Alfa Publications, İstanbul. pp. 71-72.
15. Gözgör, G. and Can, M. (2017). Causal Linkages among the Product Diversification of Exports, Economic Globalization and Economic Growth. Review of Development Economics, 21(3), pp. 888-908.
16. Güney, T. (2017). The Impact Of Economic Freedom On Economic Growth In Turkey And BRICS Countries, İnternational Revıew Of Economıcs and Management, 5(2), pp. 20-38.
17. Im, K. S., Lee, J. and Tieslau, M. (2005). Panel LM unit‐root tests with level shifts. Oxford Bulletin of Economics and Statistics, 67(3), pp. 393-419.
18. Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, pp. 53-74.
19. Kao, C. (1999). “Spurious Regression and Residual–Based Tests for Cointegration in Panel Data”, Journal of Econometrics, 90 (1), pp. 1–44.
20. Kartal, Z. and Acaroğlu, H. (2017). Global Economy and Turkey: The Measurement of the Globalization’s Level, Its Property and Its Effects to the Economic Growth in the Duration of Integration to the Global Economy, 1961-2013. Pamukkale University Journal of Social Sciences Institute, (26), pp. 152-177.
21. Kılıç, C. (2015). Effects of Globalization on Economic Growth: Panel Data Analysis for Developing Countries. Petroleum-Gas University of Ploiesti Bulletin, Technical Series, 67(1), pp. 1-11.
22. Kıran, B. and Güriş, B. (2011). Business And Financial Growth Impact Openness in Turkey: A Study on the 1992-2006 period, Anadolu University Journal of Social Sciences,11(2), pp. 69-80.
23. Levin, A., C.F. Lin and C. Chu, 2002, Unit root test in panel data: Asymptotic and finite sample properties, Journal of Econometrics 108, pp. 1–25.
24. Manwa, F. and Wijeweera, A. (2016). Trade liberalization and economic growth link: The case of Southern African Custom Union countries. Economic Analysis and Policy, 51, pp. 12-21.
25. Midiyanti, R. and Yao, M. H. (2019). The Dynamic Relationship between Globalization and Economic Growth: Its Implication on Business Policy. International Journal of Applied Business Research. 1(2), pp. 100-111.
26. Mutascu, M. and Fleischer, A. M. (2011). Economic Growth And Globalization İn Romania. World Applied Sciences Journal, 12(10), pp. 1691-1697.
27. Neto, D. G. and Veiga, F. J. (2013). Financial Globalization, Convergence and Growth: The Role Of Foreign Direct İnvestment. Journal of International Money and Finance, 37, pp. 161-186.
28. Olimpia, N. and Stela, D. (2017). Impact of Globalization On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 27(1), pp. 29-40.
29. Örgün, B. O. and Pala, A. (2017). The Relationship Between Energy Consumption, Trade Openness and Economic Growth: Panel Granger Causality Analysis for EU-28 Countries. Finance Political & Economic Commentary, 54(623), pp. 9-20.
30. Osterloh, S. (2012). Words Speak Louder Than Actions: The İmpact Of Politics On Economic Performance. Journal of Comparative Economics, 40(3), pp. 318-336.
31. Özcan, C. C., Özmen, İ., & Özcan, G. (2018). Causality Relationship Between Trade Openness and Economic Growth: Emerging Market Economies. Selçuk University Journal of Social Sciences Institute, (40), 60-73.
32. Pedroni, P. (1999). “Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors”, Oxford Bulletin of Economics and Statistics, 61(1), pp. 653- 570.
33. Pedroni, P. (2000). “Fully Modified OLS for Heterogeneous Cointegrated Panels”, in Baltagi, Badi H. (Ed.), Nonstationary Panels, Panel Cointegration and Dynamic Panels (Advances in Econometrics), New York: Elsevier Science Inc. pp. 93–130.
34. Pedroni, P. (2001). “Purchasing Power Parity Tests in Cointegrated Panels”, Review of Economics and Statistics, 83, pp. 727-931.
35. Pedroni, P. (2004). “Panel Cointegration, Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the Purchasing Power Parity Hypothesis”, Econometric Theory, 20(3), pp. 597-625.
36. Rao, B. B. and Vadlamannati, K. C. (2011). Globalization and Growth İn The Low İncome African Countries With The Extreme Bounds Analysis. Economic Modelling, 28(3), pp. 795-805.
37. Sakyi, D. (2011). Economic Globalization, Democracy and Income in Sub-Saharan Africa: A Panel Cointegration Analysis, Proceedings of the German Development Economics Conference, Berlin, 72, pp. 1-34.
38. Swiss Economic Institute, https://www.kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html (Erişim Tarihi: 11.05.2020)
39. Tekbaş, M. (2019). Investigation Of Globalization And Economic Growth Relations With Different Dimensions In BRICS-T Countries, PhD. Thesis, Gaziantep University Institute of Social Sciences, Gaziantep, pp. 136.
40. Topallı, N. (2016). Direct capital investment, the relationship between trade openness and economic growth: the example of Turkey and the BRICS countries. Dogus University Journal, 17(1), pp. 83-95.
41. Türedi S. and Berber M. (2010). Financial Development, Trade Relations Between Openness and Economic Growth: An Analysis on Turkey, Erciyes University Journal of Economics and Administrative Sciences, 302 (35), January-July 2010, pp. 301-316.
42. Ümit, A. Ö. (2016). Trade openness in Turkey, the relationship between financial openness and economic growth: the limit test approach. Journal of Ömer Halisdemir University Faculty of Economics and Administrative Sciences, 9(1), pp. 255-272.
43. Villaverde, J. and Maza, A. (2011). Globalization, Growth And Convergence. The World Economy, 34(6), pp. 952-971. World Bank, (2019). https://data.worldbank.org/indicator (Erişim Tarihi: 11.05.2020).
44. Yapraklı, S. (2007). Openness with Business and Financial Relationship Between Economic Growth: An Application Turkey. Istanbul University Faculty of Economics e-Journal of Econometrics and Statistics, (5), pp. 67-89.
45. Zerrin, K. and Dumrul, Y. (2018). The Impact of Globalization on Economic Growth: Empirical Evidence from the Turkey. International Journal of Economics and Financial Issues, 8(5), pp. 115-123.