Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi 2149-3871 Nevşehir Hacı Bektaş Veli Üniversitesi 10.30783/nevsosbilen.1465388 Panel Data Analysis International Finance Panel Veri Analizi Uluslararası Finans The international remittances and financial development nexus in CIVETS countries: Evidence from a panel quantile regression approach CIVETS ülkelerinde uluslararası işçi döviz gelirleri ve finansal gelişme ilişkisi: Panel kantil regresyon yaklaşımından kanıtlar https://orcid.org/0000-0002-1883-4754 Cengiz Orhan ÇUKUROVA ÜNİVERSİTESİ https://orcid.org/0000-0001-8421-0619 Demir Ömer ŞIRNAK ÜNİVERSİTESİ https://orcid.org/0000-0003-3267-4432 Nas Şahin ŞIRNAK ÜNİVERSİTESİ 12 29 2024 14 4 1843 1858 04 04 2024 09 25 2024 Copyright © 2011, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi 2011 Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi

International remittances are crucial financial sources for developing countries. Thanks to globalization, international remittances flows have increased worldwide and become the driving force of financial development. This paper investigates the role of international remittances on financial development for CIVETS countries, including Colombia, Indonesia, Vietnam, Egypt, Turkiye, and South Africa, over the period 2000-2022. The generalized panel quantile regression results indicate that international remittances positively affect financial development (FD) in all quantiles except the Q06 quantile. Trade openness (TO) has a positive effect on FD in all quantiles. Furthermore, economic growth contributes to FD in the Q01-Q05 quantiles and negatively affects in the Q09 quantile. However, foreign direct investment (FDI) has no statistically significant effect on financial development. In addition, the Dumitrescu-Hurlin panel causality results show a one-way causality relationship running from FD to TO and a two-way causality between FD and economic growth. Empirical findings demonstrate that international remittances promote FD in CIVETS countries. Therefore, attracting remittances into the financial sector is crucial for CIVETS countries.

Uluslararası işçi dövizleri, gelişmekte olan ülkeler için çok önemli finansal kaynaklardır. Küreselleşme sayesinde uluslararası işçi dövizleri dünya çapında artmış ve finansal gelişmenin itici gücü haline gelmiştir. Bu çalışma, 2000-2022 döneminde Kolombiya, Endonezya, Vietnam, Mısır, Türkiye ve Güney Afrika'yı içeren CIVETS ülkeleri için uluslararası işçi dövizlerinin finansal gelişme üzerindeki rolünü araştırmaktadır. Genelleştirilmiş panel kantil regresyon sonuçları, uluslararası işçi dövizlerinin Q06 kantili hariç tüm kantillerde finansal gelişmeyi pozitif yönde etkilediğini göstermektedir. Ticari dışa açıklık tüm kantillerde finansal gelişme üzerinde pozitif bir etkiye sahiptir. Ayrıca, ekonomik büyüme Q01-Q05 kantillerinde finansal gelişmeyi pozitif yönde; Q09 kantilinde ise negatif yönde etkilemektedir. Ancak, doğrudan yabancı yatırımın finansal gelişme üzerinde istatistiksel olarak anlamlı bir etkisi yoktur. Ayrıca, Dumitrescu-Hurlin panel nedensellik sonuçları, finansal gelişmeden ticari açıklığa doğru tek yönlü ve finansal gelişme ile ekonomik büyüme arasında iki yönlü bir nedensellik ilişkisi olduğunu göstermektedir. Ampirik bulgular, uluslararası işçi dövizlerinin CIVETS ülkelerinde finansal gelişmeyi teşvik ettiğini göstermektedir. Bu nedenle işçi dövizlerinin finansal sektöre çekilmesi CIVETS ülkeleri için kritik önem taşımaktadır.

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