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Finansal Dışa Açıklık ve Kapsayıcı Büyüme İlişkisi: MENA Ülkeleri Örneği

Year 2022, Volume: 6 Issue: 2, 323 - 347, 30.12.2022
https://doi.org/10.33399/biibfad.1129995

Abstract

Kapsayıcı büyüme, ekonomik büyümenin önemli olduğu ancak büyümenin nimetlerinin bireyler ve sosyal gruplar arasında adil bir şekilde paylaşılmadığı sürece refahta sürekli iyileştirmeler sağlamak için yeterli olmadığı fikrine dayanır. Bu yüzden finansal açıklığın refahı azaltıcı etkilerinin bertaraf edilmesi, büyümenin kapsayıcı olması ile mümkün hale gelebilecektir. Böyle bir durumda, finansal açıklık gelir eşitsizliğini düzelterek Gini katsayısının düşmesini ve finansal tabana yayılmayı da sağlayacaktır. Bu ilişkiden hareketle çalışmanın amacı, 16 MENA ülkesi verisi kullanarak 1995-2019 dönemi için finansal açıklık ve kapsayıcı büyüme arasındaki nedensellik ilişkisini araştırmaktır. Bu amaçla hem yapısal kırılmaları dikkate almayan Emirmahmutoğlu ve Köse (2011) hem de yapısal kırılmaların Fourier yaklaşımıyla dikkate alındığı Panel Fourier Toda Yamamoto nedensellik analizinden yararlanılmıştır. Bulgular, Emirmahmutoğlu ve Köse (2011) testi için kapsayıcı büyümeden Finansal açıklığa doğru tek yönlü nedensellik ilişkisi sunmaktadır. Panel Fourier TodaYamamoto testi sonuçlarına göre ise MENA ülkeleri için finansal açıklık ile kapsayıcı büyüme arasında çift yönlü nedensellik ilişkisine ulaşılmıştır.

References

  • Adeniyi, O., Ajayi, P. I., & Adedeji, A. A. (2020). Education and inclusive growth in West Africa. Journal of Economics and Development, 23(2), 163-183. https://doi.org/10.1108/JED-04-2020-0036
  • Agénor, P.-R. (2003). Benefits and costs of ınternational financial ıntegration: theory and facts. The World Economy, 26(8), 1089-1118. https://doi.org/10.1111/1467-9701.00564
  • Alesina, A., Grilli, V., & Milesi-Ferrett, G. M. (1993). The political economy of capital controls (Working Paper Sy 4353; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w4353
  • Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27-49. https://doi.org/10.1007/s10887-007-9010-6
  • Breitung, J. (2005). A Parametric approach to the estimation of cointegration vectors in panel data. Econometric Reviews, 24(2), 151-173. https://doi.org/10.1081/ETC-200067895
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Chanda, A. (2002). The ınfluence of capital controls on long run growth: where and how much? ıçinde International Finance (Sy 0201001; International Finance). University Library of Munich, Germany. https://ideas.repec.org/p/wpa/wuwpif/0201001.html
  • Chang, T., Chu, H.-P., & Chen, W.-Y. (2013). Energy consumption and economic growth in 12 Asian countries: panel data analysis. Applied Economics Letters, 20, 282-287. https://doi.org/10.1080/13504851.2012.692869
  • Chinn, M., & Ito, H. (2005). What matters for financial development? capital controls, ınstitutions, and ınteractions. Department of Economics, UC Santa Cruz, Santa Cruz Department of Economics, Working Paper Series, 81. https://doi.org/10.2139/ssrn.677506
  • Eatwell, J. (1997). International capital liberalization: the impact on world development. Estudios de Economia, 24(2 Year 1997), 219-261.
  • Emirmahmutoglu, F., & Kose, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876. https://doi.org/10.1016/j.econmod.2010.10.018
  • Enders, W., & Jones, P. (2016). Grain prices, oil prices, and multiple smooth breaks in a VAR. Studies in Nonlinear Dynamics & Econometrics, 20(4), 399-419. https://doi.org/10.1515/snde-2014-0101
  • Estrada, G., Park, D., & Ramayandi, A. (2015). Financial development, financial openness, and economic growth (Sayı 442). Asian Development Bank. https://www.adb.org/publications/financial-development-financial-openness-and-economic-growth
  • Gaies, B., & Nabi, M. (2019). Financial openness and growth in developing countries: why does the type of external financing matter?. Journal of Economic Integration, 34, 426-464. https://doi.org/10.11130/jei.2019.34.3.426
  • Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Klein, M., & Olivei, G. (1999). Capital account liberalization, financial depth and economic growth. Federal Reserve Bank of Boston Working Paper.
  • Kose, A., Prasad, E., Rogoff, K., & Wei, S.-J. (2006). Financial globalization: a reappraisal. IMF Working Papers, 06, 1. https://doi.org/10.5089/9781451864496.001
  • Kouadio, H. K., & Gakpa, L. L. (2021). Financial openness and economic growth in Côte d’Ivoire: The total factor productivity channel. International Journal of Financial Research, 12(2), 138. https://doi.org/10.5430/ijfr.v12n2p138
  • Lane, P. R., & Milesi-Ferretti, G. M. (2007). The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004. Journal of International Economics, 73(2), 223-250.
  • Nazlioglu, S., Gormus, N. A., & Soytas, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy Economics, 60, 168-175. https://doi.org/10.1016/j.eneco.2016.09.009
  • Nazlioglu, S., Lebe, F., & Kayhan, S. (2011). Nuclear energy consumption and economic growth in OECD countries: Cross-sectionally dependent heterogeneous panel causality analysis. Energy Policy, 39, 6615-6621. https://doi.org/10.1016/j.enpol.2011.08.007
  • OECD (2014). Report on the OECD Framework for Inclusive Growth, Meeting of the OECD Council At Ministerial Level, Paris, https://www.oecd.org/mcm/IG_MCM_ENG.pdf
  • Oluwasago Oduntan, Emmanuel, & Oluwatoyin, M. (2017). Financial development and ınclusive growth in nigeria: a multivariate approach. The Journal of Internet Banking and Commerce, 1-14.
  • Orji, A., Ogbuabor, J. E., & Anthony-Orji, O. I. (2015). Financial liberalization and economic growth in nigeria: an empirical evidence. International Journal of Economics and Financial Issues, 5(3), 663-672.
  • Oyinlola, M. A., & Adedeji, A. (2019). Human capital, financial sector development and inclusive growth in sub-Saharan Africa. Economic Change and Restructuring, 52(1), 43-66. https://doi.org/10.1007/s10644-017-9217-2
  • Pan, C.-I., Chang, T., & Wolde-Rufael, Y. (2015). Military spending and economic growth in the middle east countries: bootstrap panel causality test. Defence and Peace Economics, 26(4), 443-456. https://doi.org/10.1080/10242694.2014.891356
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Içinde CESifo Working Paper Series (Sy 1229; CESifo Working Paper Series). CESifo. https://ideas.repec.org/p/ces/ceswps/_1229.html
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Raheem, I. D., Isah, K. O., & Adedeji, A. A. (2018). Inclusive growth, human capital development and natural resource rent in SSA. Economic Change and Restructuring, 51(1), 29-48. https://doi.org/10.1007/s10644-016-9193-y
  • Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5-50. https://doi.org/10.1016/S0304-405X(03)00125-9
  • Rodrik, D. (1998). Who needs capital account convertibility? P. Kennon (ed.), Princeton Essays in International Finance, 207. Princeton, NJ: Princeton University.
  • Sachs, J. D., Warner, A., Aslund, A., & Fischer, S. (1995). Economic reform and the process of global ıntegration. Brookings Papers on Economic Activity, 1995(1), 1. https://doi.org/10.2307/2534573
  • Sadalia, I., Irawati, N., Hamidi, M., Giriati, & Yuliana, S. (2019). How the financial openness accelerates the economic growth of leading asean economies. Journal of Security and Sustainability Issues, 473-487. https://doi.org/10.9770/jssi.2019.9.2(9)
  • Selvarajan, S. K., & Ab-Rahim, R. (2020). Financial ıntegration and economic growth: should asia emulate europe?. Journal of Economic Integration, 35(1), 191-213.
  • Swamy, P. A. V. B. (1970). Efficient ınference in a random coefficient regression model. Econometrica, 38(2), 311-323. https://doi.org/10.2307/1913012
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1), 225-250. https://doi.org/10.1016/0304-4076(94)01616-8
  • Vo, D. H., Vo, A. T., & Ho, C. M. (2020). Does financial ıntegration enhance economic growth in China?. Economies, 8(3), 65. https://doi.org/10.3390/economies8030065
  • Worldbank (2021), https://databank.worldbank.org/source/ world-development-indicators , [Erişim Tarihi: 30.07.2021].
  • Yilanci, V., & Gorus, M. S. (2020). Does economic globalization have predictive power for ecological footprint in MENA counties? A panel causality test with a Fourier function. Environmental Science and Pollution Research International, 27(32), 40552-40562. https://doi.org/10.1007/s11356-020-10092-9
  • Zhang, C., Zhu, Y., & Lu, Z. (2015). Trade openness, financial openness, and financial development in China. Journal of International Money and Finance, 59, 287-309. https://doi.org/10.1016/j.jimonfin.2015.07.010

Financial Openness and Inclusive Growth Nexus: The Case of MENA Countries

Year 2022, Volume: 6 Issue: 2, 323 - 347, 30.12.2022
https://doi.org/10.33399/biibfad.1129995

Abstract

Inclusive growth is based on the idea that economic growth is important, but that the benefits of growth are not sufficient to produce sustained improvements in well-being unless shared fairly among individuals and social groups. Therefor, eliminating the welfare-reducing effects of financial openness will only be possible if growth is inclusive. In such a case, financial openness will correct income inequality, decrease the Gini coefficient and provide financial inclusion. Based on this relationship, the study aims to investigate the causal relationship between financial openness and inclusive growth for 1995-2019 using data from 16 Middle East and North Africa (MENA) countries. For this purpose, both Emirmahmutoğlu and Köse (2011) causality analysis, which does not consider structural breaks, and Panel Fourier Toda Yamamoto, in which structural breaks are taken into account with the Fourier approach, were used. The findings present a one-way causality relationship from inclusive growth to Financial openness for the Emirmahmutoğlu and Köse (2011) test. On the other hand, according to the Panel Fourier TodaYamamoto test results, a bidirectional causality relationship was found between financial openness and inclusive growth for MENA countries.

References

  • Adeniyi, O., Ajayi, P. I., & Adedeji, A. A. (2020). Education and inclusive growth in West Africa. Journal of Economics and Development, 23(2), 163-183. https://doi.org/10.1108/JED-04-2020-0036
  • Agénor, P.-R. (2003). Benefits and costs of ınternational financial ıntegration: theory and facts. The World Economy, 26(8), 1089-1118. https://doi.org/10.1111/1467-9701.00564
  • Alesina, A., Grilli, V., & Milesi-Ferrett, G. M. (1993). The political economy of capital controls (Working Paper Sy 4353; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w4353
  • Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27-49. https://doi.org/10.1007/s10887-007-9010-6
  • Breitung, J. (2005). A Parametric approach to the estimation of cointegration vectors in panel data. Econometric Reviews, 24(2), 151-173. https://doi.org/10.1081/ETC-200067895
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Chanda, A. (2002). The ınfluence of capital controls on long run growth: where and how much? ıçinde International Finance (Sy 0201001; International Finance). University Library of Munich, Germany. https://ideas.repec.org/p/wpa/wuwpif/0201001.html
  • Chang, T., Chu, H.-P., & Chen, W.-Y. (2013). Energy consumption and economic growth in 12 Asian countries: panel data analysis. Applied Economics Letters, 20, 282-287. https://doi.org/10.1080/13504851.2012.692869
  • Chinn, M., & Ito, H. (2005). What matters for financial development? capital controls, ınstitutions, and ınteractions. Department of Economics, UC Santa Cruz, Santa Cruz Department of Economics, Working Paper Series, 81. https://doi.org/10.2139/ssrn.677506
  • Eatwell, J. (1997). International capital liberalization: the impact on world development. Estudios de Economia, 24(2 Year 1997), 219-261.
  • Emirmahmutoglu, F., & Kose, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876. https://doi.org/10.1016/j.econmod.2010.10.018
  • Enders, W., & Jones, P. (2016). Grain prices, oil prices, and multiple smooth breaks in a VAR. Studies in Nonlinear Dynamics & Econometrics, 20(4), 399-419. https://doi.org/10.1515/snde-2014-0101
  • Estrada, G., Park, D., & Ramayandi, A. (2015). Financial development, financial openness, and economic growth (Sayı 442). Asian Development Bank. https://www.adb.org/publications/financial-development-financial-openness-and-economic-growth
  • Gaies, B., & Nabi, M. (2019). Financial openness and growth in developing countries: why does the type of external financing matter?. Journal of Economic Integration, 34, 426-464. https://doi.org/10.11130/jei.2019.34.3.426
  • Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Klein, M., & Olivei, G. (1999). Capital account liberalization, financial depth and economic growth. Federal Reserve Bank of Boston Working Paper.
  • Kose, A., Prasad, E., Rogoff, K., & Wei, S.-J. (2006). Financial globalization: a reappraisal. IMF Working Papers, 06, 1. https://doi.org/10.5089/9781451864496.001
  • Kouadio, H. K., & Gakpa, L. L. (2021). Financial openness and economic growth in Côte d’Ivoire: The total factor productivity channel. International Journal of Financial Research, 12(2), 138. https://doi.org/10.5430/ijfr.v12n2p138
  • Lane, P. R., & Milesi-Ferretti, G. M. (2007). The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004. Journal of International Economics, 73(2), 223-250.
  • Nazlioglu, S., Gormus, N. A., & Soytas, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy Economics, 60, 168-175. https://doi.org/10.1016/j.eneco.2016.09.009
  • Nazlioglu, S., Lebe, F., & Kayhan, S. (2011). Nuclear energy consumption and economic growth in OECD countries: Cross-sectionally dependent heterogeneous panel causality analysis. Energy Policy, 39, 6615-6621. https://doi.org/10.1016/j.enpol.2011.08.007
  • OECD (2014). Report on the OECD Framework for Inclusive Growth, Meeting of the OECD Council At Ministerial Level, Paris, https://www.oecd.org/mcm/IG_MCM_ENG.pdf
  • Oluwasago Oduntan, Emmanuel, & Oluwatoyin, M. (2017). Financial development and ınclusive growth in nigeria: a multivariate approach. The Journal of Internet Banking and Commerce, 1-14.
  • Orji, A., Ogbuabor, J. E., & Anthony-Orji, O. I. (2015). Financial liberalization and economic growth in nigeria: an empirical evidence. International Journal of Economics and Financial Issues, 5(3), 663-672.
  • Oyinlola, M. A., & Adedeji, A. (2019). Human capital, financial sector development and inclusive growth in sub-Saharan Africa. Economic Change and Restructuring, 52(1), 43-66. https://doi.org/10.1007/s10644-017-9217-2
  • Pan, C.-I., Chang, T., & Wolde-Rufael, Y. (2015). Military spending and economic growth in the middle east countries: bootstrap panel causality test. Defence and Peace Economics, 26(4), 443-456. https://doi.org/10.1080/10242694.2014.891356
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Içinde CESifo Working Paper Series (Sy 1229; CESifo Working Paper Series). CESifo. https://ideas.repec.org/p/ces/ceswps/_1229.html
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Raheem, I. D., Isah, K. O., & Adedeji, A. A. (2018). Inclusive growth, human capital development and natural resource rent in SSA. Economic Change and Restructuring, 51(1), 29-48. https://doi.org/10.1007/s10644-016-9193-y
  • Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5-50. https://doi.org/10.1016/S0304-405X(03)00125-9
  • Rodrik, D. (1998). Who needs capital account convertibility? P. Kennon (ed.), Princeton Essays in International Finance, 207. Princeton, NJ: Princeton University.
  • Sachs, J. D., Warner, A., Aslund, A., & Fischer, S. (1995). Economic reform and the process of global ıntegration. Brookings Papers on Economic Activity, 1995(1), 1. https://doi.org/10.2307/2534573
  • Sadalia, I., Irawati, N., Hamidi, M., Giriati, & Yuliana, S. (2019). How the financial openness accelerates the economic growth of leading asean economies. Journal of Security and Sustainability Issues, 473-487. https://doi.org/10.9770/jssi.2019.9.2(9)
  • Selvarajan, S. K., & Ab-Rahim, R. (2020). Financial ıntegration and economic growth: should asia emulate europe?. Journal of Economic Integration, 35(1), 191-213.
  • Swamy, P. A. V. B. (1970). Efficient ınference in a random coefficient regression model. Econometrica, 38(2), 311-323. https://doi.org/10.2307/1913012
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1), 225-250. https://doi.org/10.1016/0304-4076(94)01616-8
  • Vo, D. H., Vo, A. T., & Ho, C. M. (2020). Does financial ıntegration enhance economic growth in China?. Economies, 8(3), 65. https://doi.org/10.3390/economies8030065
  • Worldbank (2021), https://databank.worldbank.org/source/ world-development-indicators , [Erişim Tarihi: 30.07.2021].
  • Yilanci, V., & Gorus, M. S. (2020). Does economic globalization have predictive power for ecological footprint in MENA counties? A panel causality test with a Fourier function. Environmental Science and Pollution Research International, 27(32), 40552-40562. https://doi.org/10.1007/s11356-020-10092-9
  • Zhang, C., Zhu, Y., & Lu, Z. (2015). Trade openness, financial openness, and financial development in China. Journal of International Money and Finance, 59, 287-309. https://doi.org/10.1016/j.jimonfin.2015.07.010
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Makaleler
Authors

Ömer Faruk Altunç 0000-0002-1563-7990

Hüseyin İşlek 0000-0001-7848-6299

Publication Date December 30, 2022
Submission Date June 13, 2022
Published in Issue Year 2022 Volume: 6 Issue: 2

Cite

APA Altunç, Ö. F., & İşlek, H. (2022). Finansal Dışa Açıklık ve Kapsayıcı Büyüme İlişkisi: MENA Ülkeleri Örneği. Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 6(2), 323-347. https://doi.org/10.33399/biibfad.1129995


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