The effect of financial development on total factor productivity: A cross-country analysis
Küçük Resim Yok
Tarih
2024
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İzmir Bakırçay Üniversitesi Lisansüstü Eğitim Enstitüsü
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Ekonomik büyüme, ülkelerin en önemli amaçlarından birisidir. Ekonomik büyüme gerçekleşebilmesi ve istikrarlı olabilmesi için verimlilikte ortaya çıkan artışla olabilmektedir. Ekonomilerin ne kadar verimli oluğu işgücü ve sermaye'nin çıktı başına ölçümü olarak bakılmaktadır. Toplam faktör verimliliği, verimi ölçmede kullanılan bir ölçüttür. Toplam faktör verimliliğini etkileyen değişkenler bu çalışmada yer almaktadır. Bu çalışmanın amacı, finansal gelişmenin toplam faktör verimliliği üzerindeki etkisini analiz etmektir. Acemoğlu vd., (2001, 2002a) kurumların kalitesi ekonomik büyüme ile olan ilişkisinin önemli olduğunu vurgulamaktadır. Finansal gelişme değişkenlerine ek olarak modele altı alt başlıkta kurumsal kalite göstergeleri dahil edilmiştir. Bunlar yolsuzluğun kontrolü, siyasi istikrar, hükümetin etkinliği, düzenleyici kalite, hukuk kuralları ve şiddetin yokluğudur. Finansal gelişme göstergesi olarak literatürde genellikle finansal sistemin büyüklüğünü gösteren dolaşımdaki para arzı M2'nin gayri safi yurt içi hâsıla (GSYİH)'ya oranı ya da kredi hacminin GSYİH'ye oranı gibi rasyolar kullanılmaktadır. Ancak, ülkeler arasındaki finansal sistemlerin çeşitliliği, finansal gelişmeyi ölçmek için birden fazla göstergeye bakmanın gerekliliğini ortaya koymaktadır. Bu amaçla, bu çalışmada, literatürde genel kabul gören geleneksel finansal gelişme göstergelerinin aksine, Sahay vd. (2015) tarafından geliştirilen ve IMF veri tabanında yayınlanan geniş tabanlı finansal gelişme endeksi kullanılmaktadır. Bu yeni endeks, finansal kurumlar (bankalar, sigorta şirketleri, yatırım fonları, emeklilik fonları ve diğer banka dışı finansal kuruluş türleri dahil) ve finansal piyasalar (temel olarak hisse senedi ve tahvil piyasaları dahil) olmak üzere iki alt endeksin bileşiminden oluşmaktadır. Çalışmada, finansal gelişme endeksinin yanı sıra bu iki alt endeksin toplam faktör verimliliği üzerindeki etkisi analiz edilmektedir. Analize konu veri seti, gelişmiş ve gelişmekte olan toplam 78 ülke için 2002-2019 yıllarını kapsamaktadır. Ampirik bulguların elde edilmesinde Panel Veri Analizine dayalı Driscoll-Kraay Tahmincisi kullanılmaktadır. Elde edilen bulgular, finansal gelişmenin toplam faktör verimliliği üzerinde pozitif etkisinin olduğunu göstermektedir. Finansal gelişmenin alt bileşenlerinden finansal kurumların toplam faktör verimliliği üzerinde pozitif etkisinin olduğu sonucuna ulaşılırken, finansal piyasaların toplam faktör verimliliği üzerinde anlamlı bir etkisi bulunmamaktadır. Modele dahil edilen kontrol değişkenlerinden ticaret açıklığı, doğrudan yabancı yatırım ve ekonomik büyümenin toplam faktör verimliliği üzerinde pozitif etkisi bulunurken, insan sermayesi değişkeninin negatif etkisi görülmektedir. Ayrıca, kurumsal kalite göstergeleri modele dahil edildiğinde toplam faktör verimliliği üzerinde pozitif etkisinin olduğu doğrulanmıştır.
Economic growth is one of the most important goals of countries. In order for economic growth to occur and be stable, it can be achieved through an increase in productivity. How productive an economy is measured as a measure of labor and capital per output. Total factor productivity is a metric used to measure productivity. Variables affecting total factor productivity are included in this study. The aim of this study is to analyze the impact of financial development on total factor productivity. Acemoğlu et al., (2001, 2002a) emphasize that the quality of institutions is important in its relationship with economic growth. In addition to financial development variables, six subheadings of institutional quality indicators are included in the model. These are control of corruption, political stability, government effectiveness, regulatory quality, rule of law and absence of violence. As indicators of financial development, ratios such as the ratio of money supply in circulation M2 to gross domestic product (GDP) or the ratio of credit volume to GDP, which show the size of the financial system, are generally used in the literature. However, the diversity of financial systems across countries reveals the necessity of looking at more than one indicator to measure financial development. For this purpose, in this study, unlike the traditional financial development indicators generally accepted in the literature, the broad-based financial development index developed by Sahay et al. (2015) and published in the IMF database is used. This new index is a combination of two sub-indices: financial institutions (including banks, insurance companies, investment funds, pension funds and other types of non-bank financial institutions) and financial markets (mainly including stock and bond markets). In the study, the effect of these two sub-indices on total factor productivity, as well as the financial development index, is analyzed. The data set subject to analysis covers the years 2002-2019 for a total of 78 developed and developing countries. Driscoll-Kraay Estimator based on Panel Data Analysis is used to obtain empirical findings. The findings show that financial development has a positive effect on total factor productivity. While it is concluded that financial institutions, one of the sub-components of financial development, have a positive effect on total factor productivity, financial markets do not have a significant effect on total factor productivity. Among the control variables included in the model, trade openness, foreign direct investment and economic growth have a positive effect on total factor productivity, while the human capital variable has a negative effect. Additionally, it has been confirmed that institutional quality indicators have a positive effect on total factor productivity when included in the model.
Economic growth is one of the most important goals of countries. In order for economic growth to occur and be stable, it can be achieved through an increase in productivity. How productive an economy is measured as a measure of labor and capital per output. Total factor productivity is a metric used to measure productivity. Variables affecting total factor productivity are included in this study. The aim of this study is to analyze the impact of financial development on total factor productivity. Acemoğlu et al., (2001, 2002a) emphasize that the quality of institutions is important in its relationship with economic growth. In addition to financial development variables, six subheadings of institutional quality indicators are included in the model. These are control of corruption, political stability, government effectiveness, regulatory quality, rule of law and absence of violence. As indicators of financial development, ratios such as the ratio of money supply in circulation M2 to gross domestic product (GDP) or the ratio of credit volume to GDP, which show the size of the financial system, are generally used in the literature. However, the diversity of financial systems across countries reveals the necessity of looking at more than one indicator to measure financial development. For this purpose, in this study, unlike the traditional financial development indicators generally accepted in the literature, the broad-based financial development index developed by Sahay et al. (2015) and published in the IMF database is used. This new index is a combination of two sub-indices: financial institutions (including banks, insurance companies, investment funds, pension funds and other types of non-bank financial institutions) and financial markets (mainly including stock and bond markets). In the study, the effect of these two sub-indices on total factor productivity, as well as the financial development index, is analyzed. The data set subject to analysis covers the years 2002-2019 for a total of 78 developed and developing countries. Driscoll-Kraay Estimator based on Panel Data Analysis is used to obtain empirical findings. The findings show that financial development has a positive effect on total factor productivity. While it is concluded that financial institutions, one of the sub-components of financial development, have a positive effect on total factor productivity, financial markets do not have a significant effect on total factor productivity. Among the control variables included in the model, trade openness, foreign direct investment and economic growth have a positive effect on total factor productivity, while the human capital variable has a negative effect. Additionally, it has been confirmed that institutional quality indicators have a positive effect on total factor productivity when included in the model.
Açıklama
Anahtar Kelimeler
Ekonomi, Economics
