The Relationship between Economic Complexity and Globalization in the BRICS-T Countries: A Panel Data Analysis

Yıl 2022, Cilt: 14 Sayı: 26, 92 - 105, 25.05.2022

Çağla Bucak

https://doi.org/10.20990/kilisiibfakademik.1069570

Cited By: 4

Öz

Purpose: The aim of this paper is to examine the effects of economic, social and political globalization on economic complexity and to develop policy recommendations.
Design/Methodology: In this study, a panel data analysis is conducted by utilizing the economic complexity index, KOF economic globalization index, KOF social globalization index and KOF political globalization index of the BRICS-T countries for the period 1995-2018. For this purpose, Pesaran CD (2004) test, Pesaran and Yamagata (2008) homogeneity test, Pesaran (2007) CADF test, Westerlund (2007) panel co-integration test and Eberhardt and Bond (2009) AMG method are utilized.
Findings: According to empirical findings, there is a co-integration relationship between variables. Empirical results also show that. A unit increase in the economic globalization index increases economic complexity by 0,031 units in Russia. However, the social globalization index decreases economic complexity in Brazil, India, Russia, South Africa and the overall panel. A unit increase in social globalization index decreases economic complexity by 0,025, 0,033, 0,030, 0,015 and 0,014 units, respectively. On the other hand, a unit increase in the social globalization index increases economic complexity by 0,020 units in Turkey. Finally, one unit increase in the political globalization index increases the economic complexity index by 0,038 and 0,083 units in India and Russia, respectively. But, it does not affect the overall panel.
Limitations: The limitation of the study is that the number of countries included in this study and economic complexity index values have been measured for the period 1995-2018.
Originality/Value: There are few studies published on this subject. Also, since the study will be conducted for the most recent period, it will contribute to the literature.

Anahtar Kelimeler

Economic Complexity, Globalization, Panel Data Analysis

BRICS-T Ülkelerinde Ekonomik Karmaşıklık ve Küreselleşme İlişkisi: Panel Veri Analizi

Öz

Amaç: Bu çalışmanın amacı, ekonomik, sosyal ve politik küreselleşmenin ekonomik karmaşıklık üzerindeki etkilerini araştırmak ve gerekli politika önerilerini sunmaktır.
Tasarım/Yöntem: Çalışmada BRICS-T ülkelerinin 1995-2018 dönemindeki ekonomik karmaşıklık endeksi, KOF ekonomik küreselleşme endeksi, KOF sosyal küreselleşme endeksi ve KOF politik küreselleşme endeksi değişkenleri kullanılarak panel veri analizi yapılmıştır. Bu nedenle Pesaran CD (2004) testi, Pesaran ve Yamagata (2008) homojenlik testi, Pesaran (2007) CADF testi, Westerlund (2007) panel eşbütünleşme testi ve Eberhardt ve Bond (2009) AMG yöntemi kullanılmıştır.
Bulgular: Çalışmanın bulgularına göre seriler arasında eşbütünleşme ilişkisi vardır. Rusya’da ekonomik küreselleşmenin artması ekonomik karmaşıklığı artırmaktadır. Ekonomik küreselleşme endeksinde görülen 1 birimlik artış ekonomik karmaşıklığı Rusya’da 0.031 birim artırmaktadır. Brezilya’da, Hindistan’da Rusya’da, Güney Afrika’da ve tüm panelde sosyal küreselleşmenin artması ekonomik karmaşıklığı azaltmaktadır. Sosyal küreselleşme endeksinde görülecek 1 birimlik artış ekonomik karmaşıklıkta sırasıyla 0.025, 0.033, 0.030, 0.015 ve 0.014 birimlik azalmaya yol açmaktadır. Ancak Türkiye’de sosyal küreselleşme endeksinin 1 birim artması ekonomik karmaşıklığı 0.020 birim artırmaktadır. Son olarak Hindistan ve Rusya’da politik küreselleşmede görülen 1 birimlik artış ekonomik karmaşıklığı sırasıyla 0.038 ve 0.083 birim artırmaktadır.
Sınırlılıklar: Çalışmanın sınırlılığı, dahil edilen ülke sayısı ve ekonomik karmaşıklık endeksine ait verilerin 1995-2018 dönemine ait olmasıdır.
Özgünlük/Değer: Bu konuda yayımlanmış çalışma sayısı oldukça azdır. Ayrıca çalışma en güncel dönem için yapılacağından literatüre katkı sağlayacaktır.

Anahtar Kelimeler

Ekonomik Karmaşıklık, Küreselleşme, Panel Veri Analizi

Kaynakça

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