Road to Prosperity: Investigating the Impact of Financial Development on Economic Growth

Yıl 2025, Cilt: 20 Sayı: 78, 318 - 339, 30.04.2025

Mert Gül , Bekir Aşık

https://doi.org/10.19168/jyasar.1593756

Öz

Abstract: This study investigates the impact of financial development on the economic growth of 65 countries, categorized into five income groups, from 2001 to 2020. Utilizing panel models, including unit root tests, panel cointegration, and robustness checks via FMOLS and CCE methods, findings indicate that financial development significantly boosts income in high-income countries, despite some inconsistencies. In these income groups, factors like investment expenditure, labor, and trade positively influence GDP per capita, while government expenditure and CPI negatively impact it. For lower- and upper-middle-income countries, financial structure also enhances GDP, albeit with the varying significance of trade openness and CPI. However, financial development does not significantly affect income in low-income countries, suggesting a prerequisite development level for finance to stimulate growth. The findings demonstrate that the general development of financial structure substantially impacts economic growth. In light of these findings, developing comprehensive but separate policy implications that address all five income groups is imperative.

Anahtar Kelimeler

Economic Growth , Financial Development , Panel Data Analysis

Zenginliğe Giden Yol: Finansal Gelişmenin Ekonomik Büyüme Üzerindeki Etkisini İnceleme

Öz

Öz: Bu çalışma, finansal gelişmenin 65 ülkenin ekonomik büyümesi üzerindeki etkisini, 2001-2020 yılları arasında beş farklı gelir grubuna ayırarak incelemektedir. Panel veri modelleri, birim kök testleri, panel eşbütünleşme analizi ve FMOLS ile CCE yöntemleriyle yapılan sağlamlık kontrolleri gibi yöntemler kullanılarak elde edilen bulgular, finansal gelişmenin yüksek gelir grubuna ait ülkelerde geliri artırdığını, ancak bazı tutarsızlıklarında bulunduğunu göstermektedir. Bu gelir gruplarında yatırım harcamaları, iş gücü ve ticaret gibi faktörler kişi başına düşen GYSİH üzerinde olumlu etki yaratırken, kamu harcamaları ve TÜFE olumsuz etki yaratmaktadır. Orta-alt ve orta-üst gelir grubundaki ülkelerde ise finansal yapı, ticaret açıklığı ve TÜFE’nin farklı derecelerde anlamlılık göstermesiyle birlikte GSYİH’yi artırmaktadır. Ancak, düşük gelir grubundaki ülkelerde finansal gelişmenin gelir üzerinde anlamlı bir etkisi bulunmamaktadır; bu durum, finansın büyümeyi teşvik edebilmesi için belirli bir gelişmişlik seviyesinin gerekli olduğunu göstermektedir. Bulgular, finansal yapının genel gelişiminin ekonomik büyüme üzerinde önemli bir etkisi olduğunu ortaya koymaktadır. Bu sonuçlar doğrultusunda, beş gelir grubunun her birine ayrı ayrı hitap eden kapsamlı ancak ayrıştırılmış politika önerilerinin geliştirilmesi zorunludur.

Anahtar Kelimeler

Ekonomik Büyüme , Finansal Gelişme , Panel Veri Analizi

Kaynakça

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