The Long-Run Effect of International Reserves on Economic Growth in Developing Economies

Yıl 2022, Cilt: 17 Sayı: 3, 822 - 836, 01.12.2022

Muhammed Benli Aykut Ekinci Bilal Orhan

https://doi.org/10.17153/oguiibf.1145526

Öz

This paper attempts to empirically investigate the effect of international reserves growth on economic growth in the long-run in 41 developing countries over the period 1970-2019. For this purpose, we employ the CS-ARDL and CS-DL estimators to take into account heterogeneity and cross-sectional dependence that may present in our panels, as well as the DFE and MG estimators which are the traditional panel data estimators. The empirical evidence confirms the deteriorating impact of inflation and the significant positive effect of international reserves on the long-run economic growth in the selected sample of countries.

Anahtar Kelimeler

International Reserves, Panel Data Models, Cross-Sectional Dependency

Uluslararası Rezervlerin Gelişme Yolundaki Ekonomilerde Ekonomik Büyüme Üzerindeki Uzun Dönem Etkisi

Öz

Bu çalışma, 1970-2019 döneminde 41 gelişmekte olan ülkede uzun dönemde uluslararası rezervlerdeki büyümenin ekonomik büyüme üzerindeki etkisini ampirik olarak incelemeye çalışmaktadır. Bu amaçla, panellerdeki olası heterojenliği ve yatay kesit bağımlılığını hesaba katmak için CS-ARDL ve CS-DL tahmin edicileri ile geleneksel panel veri tahmincileri olan DFE ve MG tahmincileri kullanılmıştır. Ampirik bulgular, seçilen ülke örnekleminde, enflasyonun iktisadi büyüme üzerindeki negatif etkisini ve uluslararası rezervlerin uzun dönem ekonomik büyüme üzerindeki pozitif etkisini doğrulamaktadır.

Anahtar Kelimeler

Uluslararası Rezervler, Panel Veri Modelleri, Yatay Kesit Bağımlılığı

Kaynakça

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