FINANCIAL DEVELOPMENT AND ENVIRONMENTAL PERFORMANCE: EVIDENCE FROM BRICS-T

Öz

The development process is a whole that encompasses economic growth as well as social welfare, environmental sustainability and quality of life. The financial system plays an important role in this development process. The financial system plays an important role in the efficient allocation of resources, promotion of investments and creation of an environment of trust among economic actors. The financial system serves as the cornerstone of development, and improvements in its size, efficiency and stability lead to increased welfare. Especially when financial inclusion gains importance, access to financial services by low-income groups becomes easier, thus contributing to reducing income inequality and increasing social welfare. On the other hand, improving national welfare can also lead to better access to clean water and sanitation. This study investigates panel data from BRICS-T countries (Brazil, Russia, India, China, South Africa, and Türkiye) covering the period 2000 to 2022. The findings reveal that financial development positively and significantly affects access to clean water and sanitation. This suggests that in countries with high financial development, allocating resources for infrastructure projects is more efficient and effective. Conversely, the substantial impact of environmental policies on access to clean water and sanitation underscores the pivotal role of environment-oriented regulations in achieving sustainable development goals. On the other hand, the finding that public expenditures do not significantly affect access to sanitation indicates that these expenditures need to be directed more effectively.

Anahtar Kelimeler

• Financial Development
• Environmental Performance
• Access to Clean Water
• Access to Sanitation.

Finansal Gelişme ve Çevresel Performans: BRICS-T Ülkelerinden Kanıtlar

Öz

Kalkınma süreci ekonomik büyümenin yanı sıra sosyal refah, çevresel sürdürülebilirlik ve yaşam kalitesini kapsayan bir bütündür. Bu kalkınma sürecinde finansal sisteme önemli roller düşmektedir. Finansal sistem burada kaynakların verimli tahsisi, yatırımların teşviki ve ekonomik aktörler arasında güven ortamının oluşturulması açısından önemli bir işlev görmektedir. Finansal sistem kalkınmanın temel taşı olarak hizmet etmekte olup, büyüklüğü, verimliliği ve istikrarındaki gelişmeler refahın artmasına yol açmaktadır. Özellikle finansal kapsayıcılık önem kazandığında düşük gelirli grupların finansal hizmetlere erişimi kolaylaşmakta ve böylece gelir eşitsizliğinin azaltılmasına ve sosyal refahın artırmasına katkı sağlamaktadır. Diğer yandan, ulusal refahın iyileştirilmesi temiz suya ve sanitasyona daha iyi erişimin sağlanmasına da yol açabilmektedir.Bu ilişkiyi araştırmak amacıyla, 2000-2022 dönemi için BRICS-T (Brezilya, Rusya, Hindistan, Çin, Güney Afrika, Türkiye) ülkelerine ait panel veriler kullanılarak bir çalışma yapılmıştır. Bulgular, finansal gelişmenin temiz su ve sanitasyona erişim üzerinde pozitif ve anlamlı bir etkisi olduğunu ortaya koymaktadır. Bu durum, finansal gelişmişliğin yüksek olduğu ülkelerde altyapı projeleri için kaynak tahsisinin daha verimli ve etkili olduğunu göstermektedir. Buna karşılık, çevre politikalarının temiz su ve sanitasyona erişim üzerindeki önemli etkisi, çevre odaklı düzenlemelerin sürdürülebilir kalkınma hedeflerine ulaşmadaki önemli rolünün altını çizmektedir. Diğer taraftan, kamu harcamalarının sanitasyona erişimi önemli ölçüde etkilemediği bulgusu ise bu harcamaların daha etkin bir şekilde kanalize edilmesi gerektiğine işaret etmektedir.

Anahtar Kelimeler

• Finansal Kalkınma
• Çevresel Performans
• Temiz Suya Erişim
• Sanitasyona Erişim.

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