Does Financial Development Enhance Economic Growth? The Case of Turkic Countries

IF 0.2 4区社会学 Q4 AREA STUDIES

Bilig Pub Date : 2022-12-12 DOI:10.12995/bilig.10603

Emin Huseyin Cetenak, Özkan Haykır, Özlem ÖZTÜRK ÇETENAK

引用次数: 0

Abstract

In this study, we investigate whether financial development enhances economic growth in Turkic countries, namely, Azerbaijan, Kazakhstan, Kyrgyzstan, and Türkiye from 1995 to 2017. The financial development index is obtained from the International Monetary Fund to proxy for the level of financial development. The index shows the level of development of financial institutions and financial markets in terms of depth, access, and efficiency. The annual percentage growth rate of GDP per capita based on constant local currency is taken as an indicator of economic growth. The main result of the analysis shows that there is a positive relationship between financial development and economic growth. The result is robust using random effect regression, adding inflation, and including Banking Z Score. However, the main impact can be seen in the financial institution instead of the financial market proxy. The results support the supply-leading hypothesis for the economies of four Turkic countries.

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金融发展促进经济增长吗?突厥国家的案例

在本研究中，我们考察了1995年至2017年间突厥语系国家，即阿塞拜疆、哈萨克斯坦、吉尔吉斯斯坦和吉尔吉斯斯坦的金融发展是否促进了经济增长。金融发展指数是从国际货币基金组织获得的，用来代表金融发展水平。该指数反映了金融机构和金融市场在深度、准入和效率方面的发展水平。以固定本币计算的人均GDP年增长率作为经济增长的指标。分析的主要结果表明，金融发展与经济增长之间存在正相关关系。使用随机效应回归，加入通货膨胀，并包括银行业Z得分，结果是稳健的。然而，主要的影响可以看到在金融机构，而不是金融市场的代理。研究结果支持了四个突厥国家经济的供给主导假说。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Bilig AREA STUDIES-

CiteScore

0.30

自引率

0.00%

发文量

期刊介绍： bilig aims to present the cultural riches as well as the historical and contemporary realities of the Turkic world within a scientific framework. It also aims to inform the public of scientific studies of international quality focusing on the Turkic World. bilig publishes articles that approach the current and historical problems of the Turkic world from a scientific perspective and propose solutions to these issues. Submissions to bilig should be original articles producing new and worthwhile ideas and perspectives or evaluating previous studies in the field. bilig also publishes essays introducing authors and works and announcing new and recent activities related to the Turkic world. An article to be published in bilig should not have been previously published or accepted for publication elsewhere. Papers presented at a conference or symposium may be accepted for publication if this is clearly indicated. bilig is published quarterly: Winter/January, Spring/April, Summer/July and Autumn/October. At the end of each year, an annual index is prepared and published in the Winter issue. Each issue is forwarded to subscribers, libraries and international indexing institutions within one month after its publication.