The Role of Financial Development on Economic Growth in South Africa

Öz

South Africa has long been a prominent example of economic growth, unlike other African countries. Therefore, this study investigates the financial development-economic growth link employing time-series techniques over the period 1990-2022. It also incorporates energy efficiency, trade openness, and government spendings into the economic growth model. The study uses the ARDL bounds test to analyze the cointegration relationship and the FMOLS estimator for long-term coefficient estimates. The estimates suggest that financial development accelerates economic growth. Therefore, the "financial development-driven economic growth" hypothesis is proven for the South African economy. The estimates also suggest that energy efficiency, trade openness, and government spendings support economic growth. These results may offer important recommendations for growth policies in the South African economy.

Anahtar Kelimeler

• Financial Development
• Economic Growth
• ARDL
• FMOLS
• South Africa

Güney Afrika’da Finansal Gelişmenin Ekonomik Büyüme Üzerindeki Rolü

Öz

Güney Afrika, uzun süredir diğer Afrika ülkelerinden farklı olarak görece güçlü ekonomik büyüme performansı ile dikkat çekmektedir. Bu çalışmanın amacı, 1990–2022 dönemine ilişkin veriler kullanılarak finansal gelişmenin ekonomik büyüme üzerindeki etkisini zaman serisi yöntemleri aracılığıyla incelemektir. Analize finansal gelişmenin yanı sıra enerji verimliliği, ticari dışa açıklık ve kamu harcamaları da dahil edilmiştir. Eşbütünleşme ilişkisini test etmek amacıyla ARDL sınır testi uygulanmış, uzun dönem katsayılarının tahmininde ise FMOLS yöntemi kullanılmıştır. Ampirik bulgular, finansal gelişmenin ekonomik büyümeyi anlamlı ve pozitif yönde etkilediğini ortaya koymakta; dolayısıyla “finansal gelişme odaklı büyüme” hipotezini Güney Afrika ekonomisi bağlamında doğrulamaktadır. Ayrıca enerji verimliliği, ticari dışa açıklık ve kamu harcamalarının da ekonomik büyümeyi desteklediği sonucuna ulaşılmıştır. Elde edilen bulgular, Güney Afrika ekonomisinin büyüme politikalarına yönelik önemli politika önerileri sunmaktadır.

Anahtar Kelimeler

• Finansal Gelişme
• Ekonomik Büyüme
• ARDL
• FMOLS
• Güney Afrika

Kaynakça

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