Does Fiscal Policy Affect Financial Development? The Case of Comparative Country

Yıl 2025, Cilt: 12 Sayı: 2, 363 - 380, 01.07.2025

Göksel Karaş , Fatma Köse İçigen

https://doi.org/10.17541/optimum.1656899

Öz

This study examines the relationship between fiscal policy and financial development in developed and developing countries from 1990 to 2021. The objective is to investigate the impact of fiscal policy on financial development by employing panel data analysis. The empirical analysis focuses on G7 and D8 countries, using the Konya (2006) Panel Causality Test and Hatemi-J (2012) Panel Causality Test. The IMF Financial Development Index indicates financial development, while fiscal policy variables include tax revenue, public debt, and public expenditure. The findings show that when the asymmetric effect is not considered, there is a causal relationship between the variables in fewer countries. However, a causal relationship is found in more countries when the asymmetric effect is considered. The impact of changes in fiscal policy on financial development may not always be in the same direction or magnitude, as they can vary depending on the country and specific circumstances.

Anahtar Kelimeler

Financial Development , Fiscal Policy , G7 Countries , D8 Countries

Destekleyen Kurum

Kütahya Dumlupınar Üniversitesi Bilimsel Araştırma Projeleri Komisyonu

Proje Numarası

2023-33

Maliye Politikası Finansal Gelişimi Etkiler mi? Karşılaştırmalı Ülke Örneği

Öz

Bu çalışma, 1990-2021 yılları arasında gelişmiş ve gelişmekte olan ülkelerde maliye politikası ile finansal gelişim arasındaki ilişkiyi incelemektedir. Çalışmanın amacı, panel veri analizi kullanarak maliye politikasının finansal gelişim üzerindeki etkisini araştırmaktır. Ampirik analiz, G7 ve D8 ülkelerine odaklanarak Konya (2006) Panel Nedensellik Testi ve Hatemi-J (2012) Panel Nedensellik Testi kullanılarak gerçekleştirilmiştir. Finansal gelişimi ölçmek için IMF Finansal Gelişim Endeksi kullanılırken, maliye politikası değişkenleri vergi gelirleri, kamu borcu ve kamu harcamalarını içermektedir. Bulgulara göre asimetrik etki dikkate alınmadığında daha az ülkede değişkenler arasında nedensel bir ilişki bulunmaktadır. Ancak, asimetrik etki dikkate alındığında daha fazla ülkede nedensel bir ilişki tespit edilmiştir. Maliye politikasındaki değişikliklerin finansal gelişim üzerindeki etkisi, ülkeye ve spesifik koşullara bağlı olarak değişkenlik gösterebildiğinden her zaman aynı yönde veya aynı büyüklükte gözlenmemektedir.

Anahtar Kelimeler

Finansal Gelişmişlik , Maliye Politikası , G7 Ülkeleri , D8 Ülkeleri

Proje Numarası

2023-33

Kaynakça

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