Finansal Kalkınma ve Ekonomik Özgürlük: Yeni Sanayileşen Ülkeler Örneği

Öz

Bu çalışma, yeni sanayileşmiş dokuz ülkede (Brezilya, Çin, Hindistan, Meksika, Malezya, Filipinler, Güney Afrika, Tayland ve Türkiye) 2000-2021 dönemi için finansal kalkınma ile ekonomik özgürlük arasındaki ilişkiyi incelemektedir. Finansal kalkınmanın ekonomik özgürlüğü üzerindeki etkilerinin tespiti amacıyla Sabit Etkiler (FE) ve Rassal Etkiler (RE) modelleri kullanılmıştır. Ayrıca, Pesaran ve Yamagata (2008) homojenlik testi ve IPS birim kök testi uygulanmıştır. Çalışmada kontrol değişkenleri olarak devlet harcamaları, enflasyon ve kişi başına GSYİH kullanılmıştır. Elde edilen ampirik sonuçlar, kamu harcamalarının ve enflasyonun ekonomik özgürlük üzerinde negatif ve anlamlı bir etkisi olduğunu, finansal kalkınmanın ise pozitif bir etkisinin bulunduğunu göstermektedir. Ancak, IPS birim kök testi sonuçlarına göre, analizlerde kullanılan ana değişkenlerden birisinin I(2) olması sebebiyle eşbütünleşme testi yapmak mümkün değildir. Bu durum, analizlerde kısa ve orta vadeli dinamiklere odaklanmanın daha uygun olduğunu göstermektedir. Sonuçlar, aşırı devlet müdahalesi ve enflasyonun ekonomik özgürlüğü kısıtlayıcı etkilerini vurgularken, finansal kalkınmanın ve ekonomik büyümenin özgürlükleri artırdığına dair bulgular sunmaktadır. Örneklem ülkelerindeki hükümetlerin, özel sektörü destekleyen politikalar ile piyasa mekanizmalarını bozmadan kamu harcamalarını yönetmeleri gerektiği ifade edilebilir. Bu çalışma, özellikle yeni sanayileşen ülkeler için finansal kalkınma ve ekonomik özgürlük arasındaki ilişkiyi aydınlatmakta ve politika yapıcılar için önemli çıkarımlar sunmaktadır.

Anahtar Kelimeler

• Finansal Kalkınma
• Ekonomik Özgürlük
• Panel Veri Modelleri

Financial Development and Economic Freedom: Evidence from Newly Industrialized Countries

Öz

This study examines the relationship between financial development and economic freedom in nine newly industrialized countries (Brazil, China, India, Mexico, Malaysia, the Philippines, South Africa, Thailand, and Türkiye) over the period 2000-2021. Fixed Effects (FE) and Random Effects (RE) models were employed to assess the impact of financial development on economic freedom. Additionally, Pesaran and Yamagata (2008) homogeneity test and IPS unit root test were applied. Government expenditures, inflation, and GDP per capita were used as control variables. The empirical results indicate that government expenditures and inflation have a statistically significant negative effect on economic freedom, while financial development has a positive effect. However, the IPS unit root test results show that one of the main variables in the analyses is I(2), so that cointegration test is not possible. Therefore, the focus of the analysis is on short- and medium-term dynamics. The findings highlight that excessive government intervention and inflation tend to restrict economic freedom, whereas financial development and economic growth promote it. The study suggests that governments in sample countries should carefully manage public expenditures without undermining market mechanisms and continue fostering private sector freedom. This research contributes to the understanding of the financial development-economic freedom nexus, especially in newly industrialized countries, and offers valuable insights for policymakers.

Anahtar Kelimeler

• Financial Development
• Economic Freedom
• Panel Data Models

Kaynakça

1. Abate, C. A. (2022). The relationship between aid and economic growth of developing countries: Does institutional quality and economic freedom matter?. Cogent Economics & Finance, 10(1), 2062092. https://doi.org/10.1080/23322039.2022.2062092
2. Adediyan, A. R., & Omo-Ikirodah, B. O. (2023). Fiscal and Monetary Policy Adjustment and Economic Freedom for Poverty Alleviation in Nigeria. Iranian Economic Review, 27(1), 209-227. https://doi.org/10.22059/ier.2023.92466
3. Altıner, A., & Sungur, O. (2019). Ekonomik büyüme sürecinde ekonomik özgürlüklerin rolü: Yükselen piyasa ekonomilerinden ampirik kanıtlar. Karadeniz Teknik Üniversitesi Sosyal Bilimler Enstitüsü Sosyal Bilimler Dergisi, 9(17), 181-202.
4. Andersen, T. B., & Tarp, F. (2003). Financial liberalization, financial development and economic growth in LDCs. Journal of International Development: The Journal of the Development Studies Association, 15(2), 189-209. https://doi.org/10.1002/jid.971
5. Baier, S. L., Clance, M., & Dwyer, G. P. (2012). Banking crises and economic freedom. Forthcoming in Economic Freedom of the World: 2012 Annual Report, edited by James Gwartney, Robert Lawson and Joshua Hall.
6. Baltagi, B. H., Feng, Q., & Kao, C. (2012). A Lagrange Multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of Econometrics, 170(1), 164-177. https://doi.org/10.1016/j.jeconom.2012.04.004
7. Benli, M., & Çağlar, A. (2025). A fuzzy approach to economic freedom performance. International Studies of Economics, 20(1), 43-68. https://doi.org/10.1002/ise3.92
8. Bergh, A., & Bjørnskov, C. (2021). Does economic freedom boost growth for everyone?. Kyklos, 74(2), 170-186. https://doi.org/10.1111/kykl.12262

9. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
10. Carlos Díaz‐Casero, J., Ángel Manuel Díaz‐Aunión, D., Cruz Sánchez‐Escobedo, M., Coduras, A., & Hernández‐Mogollón, R. (2012). Economic freedom and entrepreneurial activity. Management Decision, 50(9), 1686-1711. https://doi.org/10.1108/00251741211266750
11. Carlsson, F., & Lundström, S. (2002). Economic freedom and growth: Decomposing the effects. Public Choice, 112(3), 335-344. https://doi.org/10.1023/A:1019968525415
12. Claessens, S. (2006). Access to financial services: A review of the issues and public policy objectives. The World Bank Research Observer, 21(2), 207-240.
13. Cuevas, A., Spilimbergo, A., & Srinivasan, K. (2019). Brazil: Economic Policies and Institutions in the Twenty-first Century. Journal of Development Perspectives, 3(1-2), 96-110. https://doi.org/10.5325/jdevepers.3.1-2.0096
14. De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448. https://doi.org/10.1016/0305-750X(94)00132-I
15. De Haan, J., & Sturm, J. E. (2000). On the relationship between economic freedom and economic growth. European Journal of Political Economy, 16(2), 215-241. https://doi.org/10.1016/S0176-2680(99)00065-8
16. Demirgüç-Kunt, A. (2006). Finance and economic development: Policy choices for developing countries. World Bank Policy Research Working Paper No. 3955.
17. Demirgüç-Kunt, A., Beck, T. H. L., & Honohan, P. (2008). Finance for all?: Policies and pitfalls in expanding access. World bank.
18. Depken II, C. A., & Sonora, R. J. (2005). Asymmetric effects of economic freedom on international trade flows. International Journal of Business and Economics 4(2), 141-155.
19. Dia, I., & Ondoa, H. A. (2023). Does economic freedom improve FDI inflows in Sub-Saharan Africa?. Journal of Economic Integration, 38(3), 383-410. https://doi.org/10.11130/jei.2023.38.3.383
20. Doran, C., & Stratmann, T. (2020). The relationship between economic freedom and poverty rates: Cross-country evidence. Journal of Institutional and Theoretical Economics, 176(4), 686–707. https://doi.org/10.1628/jite-2020-0042
21. Elverdi, S. (2024). Uluslararası ticarette ekonomik özgürlüğün rolü: Bir yapısal eşitlik modellemesi. Gazi İktisat ve İşletme Dergisi, 10(2), 230-242. https://doi.org/10.30855/gjeb.2024.10.2.003
22. Enowbi‐Batuo, M., & Kupukile, M. (2010). How can economic and political liberalisation improve financial development in African countries?. Journal of Financial Economic Policy, 2(1), 35-59. https://doi.org/10.1108/17576381011055334
23. Erkan, M. K. (2015). Economic freedom and innovation. International Journal of Science and Research, 4(7), 1806-1809.
24. Estrada, G. B., Park, D., & Ramayandi, A. (2010). Financial development and economic growth in developing Asia. Asian Development Bank Economics Working Paper No. 233. http://dx.doi.org/10.2139/ssrn.1751833
25. Fang, X., & Jiang, Y. (2014). The promoting effect of financial development on economic growth: Evidence from China. Emerging Markets Finance and Trade, 50(sup1), 34-50. https://doi.org/10.2753/REE1540-496X5001S103
26. Fike, R. (2020). Women's Economic Rights—What's Changed and Why Does It Matter?. Vancouver: Fraser Institute.
27. Goldsmith, R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press. https://doi.org/10.2307/2230134
28. Gündüz, Ç. (2023). Daha Fazla Ekonomik Özgürlük, Daha Yüksek Performans? Türkiye Örneği. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(3), 572-597. https://doi.org/10.53443/anadoluibfd.1277068
29. Gwartney, J., Lawson, R., Hall, J., Murphy, R., Djankov, S., & Mcmahon, F. (2022). Annual report of economic freedom of world. Vancouver: Fraser Institute.
30. Gwartney, J., & Connors, J. S. (2010). Economic freedom and global poverty. In Accepting the invisible hand: market-based approaches to social-economic problems (pp. 43-68). New York: Palgrave Macmillan US.
31. Gwartney, J. D., Lawson, R. A., & Holcombe, R. G. (1999). Economic freedom and the environment for economic growth. Journal of Institutional and Theoretical Economics (JITE)/Zeitschrift für die gesamte Staatswissenschaft, 643-663.
32. Gwartney, J., & Lawson, R. (2003). The concept and measurement of economic freedom. European Journal of Political Economy, 19(3), 405-430. https://doi.org/10.1016/S0176-2680(03)00007-7
33. Gwartney, J., Lawson, R., Hall, J. C. & Murphy. R. (2022). Economic freedom of the world. Annual Report, Fraser Institute.
34. Haber, S., & Perotti, E. (2008). The political economy of financial systems. Tinbergen Institute Discussion Paper No. 08-045/2.
35. Hafer, R. W. (2013). Economic freedom and financial development: International evidence. Cato J., 33(1), 111. Hall, J. C., & Lawson, R. A. (2014). Economic freedom of the world: An accounting of the literature. Contemporary Economic Policy, 32(1), 1-19. https://doi.org/10.1111/coep.12010
36. Hasan, R., Quibria, M. G., & Kim, Y. (2003). Poverty and Economic Freedom: Evidence from Cross-Country Data. East-West Center Working Papers No. 60.
37. Heritage (2022). 2022 Index of Economic Freedom. https://static.heritage.org/index/pdf/2024/2024_indexofeconomicfreedom_preface.pdf sayfasından erişilmiştir. Erişim Tarihi: 12.10.2024.
38. Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
39. Jalil, A., Wahid, A. N., & Shahbaz, M. (2010). Financial development and growth: A positive, monotonic relationship? Empirical evidences from South Africa. MPRA Paper 27668, University Library of Munich, Germany.
40. Justesen, M. K. (2008). The effect of economic freedom on growth revisited: New evidence on causality from a panel of countries 1970–1999. European Journal of Political Economy, 24(3), 642-660. https://doi.org/10.1016/j.ejpoleco.2008.06.003
41. Kacprzyk, A. (2016). Economic freedom–growth nexus in European Union countries. Applied Economics Letters, 23(7), 494-497. https://doi.org/10.1080/13504851.2015.1083076
42. Kamacı, A. (2019). Ekonomik özgürlüklerin dış ticaret ve doğrudan yabancı yatırımlara etkisi. Business & Management Studies: An International Journal, 7(2), 1097-1116. http://dx.doi.org/10.15295/bmij.v7i2.1108
43. Kapuria-Foreman, V. (2007). Economic freedom and foreign direct investment in developing countries. The Journal of Developing Areas, 41(1), 143-154. https://doi.org/10.1353/jda.2008.0024
44. Kimura, F., & Lee, H. H. (2006). The gravity equation in international trade in services. Review of World Economics, 142, 92-121. https://doi.org/10.1007/s10290-006-0058-8
45. Kimura, F., & Lee, H. H. (2008). How does economic freedom affect international trade in services?. Journal of Korea Trade, 12(3), 1-28.
46. King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. https://doi.org/10.2307/2118406
47. Lehmann, E. E., & Seitz, N. (2017). Freedom and innovation: a country and state level analysis. The Journal of Technology Transfer, 42(5), 1009-1029. https://doi.org/10.1007/s10961-016-9478-3
48. Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
49. Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion & S. Durlauf (Eds.). Handbook of Economic Growth, pp. 865-934, Elsevier.
50. Levine, R. (2012). Finance, regulation and inclusive growth. In L de Mello and M. A. Dutz (Eds.). Promoting ınclusive growth: Challenges and policies (Chap. 2). OECD Publishing.
51. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9
52. Liang, Q., & Jian-Zhou, T. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395-411. https://doi.org/10.1016/j.chieco.2005.09.003
53. Logvinenko, I. (2023). Why Did Financial Openness Reforms Succeed in Russia and Not in China?. Russian Politics, 8(1), 48-75. https://doi.org/10.30965/24518921-00801003
54. Mandić, D., Borović, Z., & Jovićević, M. (2017). Economic freedom and entrepreneurial activity: evidence from EU 11 countries. Economics-Innovative and Economics Research Journal, 5(2), 11-17. https://doi.org/10.1515/eoik-2017-0020
55. Mawardi, I., Al Mustofa, M. U., Widiastuti, T., & Ghozali, M. (2024). The influence of institutional quality, economic freedom, and technological development on Islamic financial development in OIC countries. Journal of Open Innovation: Technology, Market, and Complexity, 10(2), 100279. https://doi.org/10.1016/j.joitmc.2024.100279
56. Muhammad, N., Islam, A. R. M., & Marashdeh, H. A. (2016). Financial development and economic growth: an empirical evidence from the GCC countries using static and dynamic panel data. Journal of Economics and Finance, 40, 773-791. https://doi.org/10.1007/s12197-015-9331-9
57. Naanwaab, C., & Diarrassouba, M. (2013). The impact of economic freedom on bilateral trade: a cross-country analysis. International Journal of Business and Economics Research, 4(1), 668-672.
58. Ndikumana, L. (2001). Financial markets and economic development in Africa. PERI Working Papers No. 3.
59. Norton, S. W., & Gwartney, J. D. (2008). Economic freedom and world poverty. Economic Freedom of the World, 2008 Annual Report: 23-40.
60. Oussama, Z., Ahmed, H., & Fatma, H. (2017). Financial development, economic freedom and economic growth: New evidence from Tunisia. Economic Review: Journal of Economics and Business, 15(2), 7-18.
61. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No. 0435, Faculty of Economics, University of Cambridge.
62. Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
63. Peev, E., & Mueller, D. C. (2012). Democracy, economic freedom and growth in transition economies. Kyklos, 65(3), 371-407. https://doi.org/10.1111/j.1467-6435.2012.00543.x
64. Quazi, R., & Rashid, S. (2004). Economic freedom and foreign direct investment in developing countries. The International Journal of Business and Public Administration, 2(1), 92-99. https://doi.org/10.1353/jda.2008.0024
65. Rafindadi, A. A., & Yusof, Z. (2013). Is financial development a factor to the leading growth profile of the South African economy? Measuring and uncovering the hidden secret. International Journal of Economics and Empirical Research (IJEER), 1(9), 99-112.
66. Saccone, D., & Migheli, M. (2022). Free to escape? Economic freedoms, growth and poverty traps. Review of Development Economics, 26(3), 1518-1554. https://doi.org/10.1111/rode.12868
67. Sanvicente, A., & Guglielmetti, V. (2021). Financial development and economic growth in Brazil. Available at SSRN 3832920.
68. Saunoris, J. W., & Sajny, A. (2017). Entrepreneurship and economic freedom: cross-country evidence from formal and informal sectors. Entrepreneurship & Regional Development, 29(3-4), 292-316. https://doi.org/10.1080/08985626.2016.1267806
69. Savaşan, F., & Dursun, İ. (2006). Ekonomik özgürlükler ve doğrudan yabanci yatirimlar: İstatistiksel Bir Analiz. Sosyal Ekonomik Araştırmalar Dergisi, 6(12), 29-52.
70. Sawyer, M. C. (2014). Financial development, financialisation and economic growth. FESSUD Project.
71. Schumpeter, J. A. (1911). The theory of economic development. Cambridge, MA: Harvard University Press.
72. Sekunmade, J. O. (2021). Fdi, economic freedom and economic growth of Nigeria. Open Journal of Management Science, 2(2), 01-16. https://doi.org/10.52417/ojms.v2i2.231
73. Shahabadi, A., & Samari, H. (2013). The effect of economic freedom on bank performance. Iranian Journal of Economic Studies, 2(1): 123-142. https://doi.org/10.22099/ijes.2013.2035
74. Silvestre, H. C., Gomes, R. C., & Miorin Gomes, R. (2018). The institutional settings for the development of public services through state-owned enterprises in Brazil. International Journal of Public Administration, 41(1), 59-71. https://doi.org/10.1080/01900692.2016.1247368
75. Sonora, R. J. (2008). On the impacts of economic freedom on international trade flows: asymmetries and freedom components. EFZG Working Paper Series No. 05: 1-31.
76. Söderlund, B., & Tingvall, P. G. (2017). Capital freedom, financial development and provincial economic growth in China. The World Economy, 40(4), 764-787. https://doi.org/10.1111/twec.12391
77. Stefani, P. (2007). Financial development and economic growth in Brazil: 1986-2006. Economics Bulletin, 3(69), 1-13.
78. Sulasni, P., & Surbakti, S. B. B. (2022). Economic freedom, FDI, inflation and economic growth in East and Southeast Asian countries: A panel data analysis. International Journal of Research Publication and Reviews, 3(11): 135–143. https://doi.org/10.55248/gengpi.2022.3.11.2
79. Tag, M. N., & Degirmen, S. (2022). Economic freedom and foreign direct investment: Are they related?. Economic Analysis and Policy, 73, 737-752. https://doi.org/10.1016/j.eap.2021.12.020
80. Tran, D. V. (2019). A study on the impact of economic freedom on economic growth in ASEAN countries. Business and Economic Horizons, 15(3), 423-449. https://doi.org/10.22004/ag.econ.301155
81. Uddin, G. S., Sjö, B., & Shahbaz, M. (2013). The causal nexus between financial development and economic growth in Kenya. Economic Modelling, 35, 701-707. https://doi.org/10.1016/j.econmod.2013.08.031
82. Vanberg, V. J. (2011). Consumer welfare, total welfare and economic freedom–on the normative foundations of competition policy. In Competition policy and the economic approach. Edward Elgar Publishing. https://doi.org/10.4337/9780857930330.00008
83. Wu, C. (2011). Economic freedom, economic growth, and China. Chinese Economy, 44(5), 104-119. https://doi.org/10.2753/CES1097-1475440506
84. Xu, G., & Gui, B. (2013). The connection between financial repression and economic growth: The case of China. Journal of Comparative Asian Development, 12(3), 385-410. https://doi.org/10.1080/15339114.2013.863567
85. Yang, Z., Vitenu-Sackey, P. A., Hao, L., & Tao, Y. (2023). Economic freedom, inclusive growth, and financial development: A heterogeneous panel analysis of developing countries. Plos One, 18(7), e0288346. https://doi.org/10.1371/journal.pone.0288346
86. Yaşar, E. (2021). İhracat çeşitlendirmesinin belirleyicileri: Seçilmiş ülkeler için dinamik panel veri analizi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 9(4), 1039-1054. https://doi.org/10.18506/anemon.895060
87. Zhu, H., & Zhu, S. X. (2017). Corporate innovation and economic freedom: Cross-country comparisons. The Quarterly Review of Economics and Finance, 63, 50-65. https://doi.org/10.1016/j.qref.2016.04.003