Research Article
BibTex RIS Cite

Türkiye'de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı

Year 2023, Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 1 - 20, 29.10.2023
https://doi.org/10.25204/iktisad.1339218

Abstract

Toplumların refahı değerlendirilirken gelir gibi maddi ölçütlerin kullanılması yanıltıcı olabilmektedir. Eğitimli ve sağlıklı olmak parasal bir büyüklük olan gelirle birlikte bireylerin refahlarını daha iyi temsil etmektedir. İnsani gelişme yaklaşımı gelirin yanında bireylerin sağlık ve eğitim düzeylerini de ölçüp değerlendirmektedir. İnsani gelişme düzeyinin yükseltilebilmesi için insani gelişmeye olumlu ve olumsuz etki eden faktörlerin tespit edilmesi gerekmektedir. Bu çalışmada, Türkiye’de 1990-2020 döneminde finansal gelişme, doğrudan yabancı yatırımlar ve ticari açıklığın insani gelişme üzerindeki etkisi incelenmiştir. Değişkenler arasındaki uzun dönem ilişkisi genişletilmiş ARDL prosedürü ile incelenmiştir. Sınır testi sonuçları değişkenlerin eşbütünleşik olduğunu göstermiştir. Uzun dönem katsayıları ise insani gelişme üzerinde finansal gelişmenin olumlu, doğrudan yabancı yatırımlar ve ticari açıklığın olumsuz etki yarattığını ortaya koymuştur. Nedensel ilişkilerin araştırıldığı Breitung-Candelon frekans alanı nedensellik testi sonuçlarına göre finansal gelişmeden insani gelişmeye sadece uzun dönemde tek yönlü, insani gelişmeden ticari açıklığa orta dönemde tek yönlü ancak uzun dönemde çift yönlü nedensellik ilişkisi bulunmuştur. Bu sonuçlar daha yüksek gelirin yanında daha iyi sağlık ve eğitim düzeyi için finansal piyasa ve kurumların geliştirilmesi, dış ticaret rejiminde ve ülke içine yatırım akışında yapısal değişimlerin yapılması gerektiğini göstermektedir.

References

  • Akhmat, G., Zaman, K. ve Shukui, T. (2014). Impact of financial development on SAARC’S human development. Quality & Quantity, 48(5), 2801-2816. https://doi.org/10.1007/s11135-013-9926-1
  • Akinboade, O. A. ve Kinfack, E. C. (2013). Interest rate reforms, financial deepening and economic growth in Cameroon: An empirical investigation. Applied Economics, 45(25), 3574-3586. https://doi.org/10.1080/00036846.2011.566200
  • Ang, J. B. ve McKibbin, W. J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233. https://doi.org/10.1016/j.jdeveco.2006.11.006
  • Apergis, N., Filippidis, I. ve Economidou, C. (2007). Financial deepening and economic growth linkages: a panel data analysis. Review of World Economics, 143, 179-198. https://doi.org/10.1007/s10290-007-0102-3
  • Asghar, N. ve Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2), 99-126.
  • Assefa, T. A. ve Mollick, A. V. (2017). Financial development and economic growth in Africa. Journal of African Business, 18(3), 320-339. https://doi.org/10.1080/15228916.2017.1301162
  • Aydemir, C., Arslan, İ. ve Uncu, F. (2012). Doğrudan yabancı yatırımların Dünya’daki ve Türkiye’deki gelişimi. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, 23, 69-104.
  • Azam, M., Khan, S., Zainal, Z. B., Karuppiah, N. ve Khan, F. (2015). Foreign direct investment and human capital: Evidence from developing countries. Investment Management and Financial Innovations, 12(3), 155-162.
  • Bayar, Y., Remeikiene, R., Androniceanu, A., Gaspareniene, L. ve Jucevicius, R. (2020). The shadow economy, human development and foreign direct investment inflows. Journal of Competitiveness, 12(1), 5-21. https://doi.org/10.7441/joc.2020.01.01
  • Behailu, A. (2023). The impact of trade openness and foreign direct investment on human development in Sub-Saharan African countries: Evidence from panel data. The Ethiopian Journal of Business and Economics, 13(1), 1-33. https://dx.doi.org/10.4314/ejbe/v12i1.1
  • Breitung, J. ve Candelon, B. (2006). Testing for short-and long-run causality: A frequency-domain approach. Journal of Econometrics, 132(2), 363-378. https://doi.org/10.1016/j.jeconom.2005.02.004
  • Bucak, Ç. ve Saygılı, F. (2022). Ticari açıklık, gelir eşitsizliği ve insani gelişme ilişkisi: Panel veri analizi. Ege Stratejik Araştırmalar Dergisi, 13(2), 23-41. https://doi.org/10.18354/esam.1089120
  • Can, B., Ahmed, Z., Ahmad, M. ve Can, M. (2022). Do renewable energy consumption and green trade openness matter for human well-being? Empirical evidence from European Union countries. Social Indicators Research, 164, 1043-1059. https://doi.org/10.1007/s11205-022-02981-y
  • Çoban, M. N. (2019). Ticari dışa açıklığın insani gelişmişlik üzerine etkisi: V4 ülkeleri için panel veri analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 62, 155-169.
  • Dara, B. I. (2019). Can trade openness and global value chains improve real gdp growth and human development index in Sub-Saharan African countries?. Logistics and Global Value Chains in Africa: The Impact on Trade and Development, 297-326. https://doi.org/10.1007/978-3-319-77652-1_10
  • De Mello Jr, L. R. (1999). Foreign direct investment-led growth: Evidence from time series and panel data. Oxford Economic Papers, 51(1), 133-151. https://doi.org/10.1093/oep/51.1.133
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-1072. https://doi.org/10.2307/1912517
  • Djokoto, J. G. ve Wongnaa, C. A. (2023). Does the level of development distinguish the impacts of foreign direct investment on the stages of human development?. Sustainable Futures, 5, 100111. https://doi.org/10.1016/j.sftr.2023.100111
  • Efeoğlu, R. (2021). İnsani gelişmenin finansal gelişme üzerindeki etkisi: APEC ülkeleri üzerine bir uygulama. Gazi İktisat ve İşletme Dergisi, 7(3), 226-236. https://doi.org/10.30855/gjeb.2021.7.3.004
  • Elliott, G., Rothenberg, T. J. ve Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836. https://doi.org/10.3386/t0130
  • Ersungur, Ş. M. ve Doru, Ö. (2014). Türkiye’de dış ticaret ve ekonomik kalkınma ilişkisinin ekonometrik analizi: 1980-2010. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(3), 225-240.
  • Fagbemi, F. ve Osinubi, T. T. (2020). Leveraging foreign direct investment for sustainability: An approach to sustainable human development in Nigeria. Resources, Environment and Sustainability, 2, 100005. https://doi.org/10.1016/j.resenv.2020.100005
  • Geweke, J. (1982). Measurement of linear dependence and feedback between multiple time series. Journal of the American statistical association, 77(378), 304-313. https://doi.org/10.1080/01621459.1982.10477803
  • Gidiglo, F. K., Afrane, A. A., Kofi, A. O., Badu-Prah, C., Srofenyoh, F. ve Djokoto, J. G. (2023). Does foreign direct investment in Ghana promote welfare?. Social Sciences & Humanities Open, 8(1), 100545. https://doi.org/10.1016/j.ssaho.2023.100545
  • Githaiga, P. N. ve Kilong’i, A. W. (2023). Foreign capital flow, institutional quality and human capital development in sub-Saharan Africa. Cogent Economics & Finance, 11(1), 2162689. https://doi.org/10.1080/23322039.2022.2162689
  • Goldsmith, R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Gozgor, G. ve Can, M. (2016). Export product diversification and the environmental Kuznets curve: Evidence from Turkey. Environmental Science and Pollution Research, 23, 21594-21603. https://doi.org/10.1007/s11356-016-7403-9
  • Gökmenoğlu, K. K., Apinran, M. O. ve Taşpınar, N. (2018). Impact of foreign direct investment on human development index in Nigeria. Business and Economics Research Journal, 9(1), 1-14. https://doi.org/10.20409/berj.2018.90
  • Gray, H. P. (2002). International trade and economic development or growth: A qualification. The Journal of World Investment & Trade, 3(1), 65-75. https://doi.org/10.1163/221190002X00184
  • Güngör, B. ve Kurt, S. (2007). Dışa açıklık ve kalkınma ilişkisi (1968-2003): Türkiye örneği. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(2), 197-210.
  • Ha, N. M. ve Ngoc, B. H. (2022). The asymmetric effect of financial development on human capital: Evidence from a nonlinear ARDL approach. The Journal of International Trade & Economic Development, 31(6), 936-952. https://doi.org/10.1080/09638199.2022.2043930
  • Hamdi, H. ve Hakimi, A. (2022). Trade openness, foreign direct investment, and human development: A panel cointegration analysis for MENA countries. The International Trade Journal, 36(3), 219-238. https://doi.org/10.1080/08853908.2021.1905115
  • Hatemi-J, A. ve Shamsuddin, M. (2016). The causal interaction between financial development and human development in Bangladesh. Applied Economics Letters, 23(14), 995-998. https://doi.org/10.1080/13504851.2015.1128066
  • Hong Vo, D., Tran, N. P. ve Nguyen, H. M. (2021). Does financial development improve human capital accumulation in the Southeast Asian countries?. Cogent Business & Management, 8(1), 1932245. https://doi.org/10.1080/23311975.2021.1932245
  • Hosoya, Y. (1991). The decomposition and measurement of the interdependency between second-order stationary processes. Probability theory and related fields, 88(4), 429-444. https://doi.org/10.1007/BF01192551
  • Hou, J., Walsh, P. P. ve Zhang, J. (2015). The dynamics of human development index. The Social Science Journal, 52(3), 331-347. https://doi.org/10.1016/j.soscij.2014.07.003
  • Kabadayi, B. (2013). Human development and trade openness: A case study on developing countries. Advances in Management and Applied Economics, 3(3), 193-199.
  • Kaulihowa, T. ve Adjasi, C. (2019). Non-linearity of FDI and human capital development in Africa. Transnational Corporations Review, 11(2), 133-142. https://doi.org/10.1080/19186444.2019.1635734
  • Kaya, A. (2018). Finansal piyasalardaki gelişmelerin insani gelişmişlik üzerine etkisi: Türkiye örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 20, 169-180. https://doi.org/10.18092/ulikidince.298474
  • Li, Y. ve Huang, X. (2023). Research on the impact of institutional environment, FDI and net export on international entrepreneurship. Finance Research Letters, 53, 103653. https://doi.org/10.1016/j.frl.2023.103653
  • Lynch, D. (1996). Measuring financial sector development: A study of selected Asia‐Pacific countries. The Developing Economies, 34(1), 1-27. https://doi.org/10.1111/j.1746-1049.1996.tb00727.x
  • Ma, S., Dai, J. ve Wen, H. (2019). The influence of trade openness on the level of human capital in China: On the basis of environmental regulation. Journal of Cleaner Production, 225, 340-349. https://doi.org/10.1016/j.jclepro.2019.03.238
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of applied econometrics, 11(6), 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T
  • McKinnon, R. (1973). Money and capital in economic development, Brookings Institution, Washington DC.
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17) 1979-1990. https://doi.org/10.1080/00036840500278103
  • Narayan, P. K. ve Smyth, R. (2004). Is South Korea’s stock market efficient?. Applied Econometrics Letters, 11(11), 707-710. https://doi.org/10.1080/1350485042000236566
  • Noorbakhsh, F., Paloni, A. ve Youssef, A. (2001). Human capital and FDI inflows to developing countries: New empirical evidence. World development, 29(9), 1593-1610. https://doi.org/10.1016/S0305-750X(01)00054-7
  • Nzotta, S. M. ve Okereke, E. J. (2009). Financial deepening and economic development of Nigeria: An empirical investigation. African Journal of Accounting, Economics, Finance and Banking Research, 5(5), 52-66.
  • OECD. (2023, 19 Mayıs). FDI flows (indicator). https://doi.org/10.1787/99f6e393-en
  • Outreville, J. F. (1999, Ekim). Financial development, human capital and political stability. United Nations Conference on Trade And Development. http://unctad.org/en/docs/dp_142.en.pdf
  • Pesaran, M. H., Shin, Y. ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Rajan, R. G. ve 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
  • Razmi, S. M. J. ve Yavari, Z. (2012). Reviewing the effect of trade openness on human development. Interdisciplinary Journal of Contemporary Research in Business, 4(6), 970-978.
  • Redmond, T. ve Nasir, M. A. (2020). Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66, 101591. https://doi.org/10.1016/j.resourpol.2020.101591
  • Reiter, S. L. ve Steensma, H. K. (2010). Human development and foreign direct investment in developing countries: The influence of FDI policy and corruption. World Development, 38(12), 1678-1691. https://doi.org/10.1016/j.worlddev.2010.04.005
  • Saad, W. (2013). Causal relationship between trade, foreign direct investment and economic growth for Lebanon. International Research Journal of Finance and Economics, 112, 18-29.
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Ayala Pena, D., Bi, R., ... ve Yousefi, S. R. (2015). Rethinking financial deepening: Stability and growth in emerging markets (No. 2015/008). International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
  • Sam, C. Y., McNown, R. ve Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
  • Sehrawat, M. ve Giri, A. K. (2014). The relationship between financial development indicators and human development in India. International Journal of Social Economics. 41(12), 1194-1208. https://doi.org/10.1108/IJSE-11-2013-0268
  • Sharma, B. ve Gani, A. (2004). The effects of foreign direct investment on human development. Global economy journal, 4(2), 1850025. https://doi.org/10.2202/1524-5861.1049
  • Shaw, E. (1973). Financial deepening in economic development. Oxford University Press, New York.
  • Squalli, J. ve Wilson, K. (2011). A new measure of trade openness. The World Economy, 34(10), 1745-1770. https://doi.org/10.1111/j.1467-9701.2011.01404.x
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. International Monetary Fund, IMF Working Papers, (No. 2016/005). https://www.elibrary.imf.org/downloadpdf/journals/001/2016/005/article-A001-en.xml
  • Şenol, Z. (2019). Finansal gelişim ile insani gelişim arasındaki ilişki: Gelişmiş ve gelişmekte olan ülkeler örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(2), 341-358. https://doi.org/10.17130/ijmeb.2019252098
  • UNDP. (1990). Human Development Report 1990, UNDP, New York. https://doi.org/10.18356/7007ef44-en.
  • UNDP. (2022). Human Development Report 2021-2022: Technical Notes. https://hdr.undp.org/sites/default/files/2021-22_HDR/hdr2021-22_technical_notes.pdf
  • Wang, M. (2011). FDI and human capital in the USA: is FDI in different industries created equal?. Applied Economics Letters, 18(2), 163-166. https://doi.org/10.1080/13504850903442962
  • Wen, H. ve Dai, J. (2020). Trade openness, environmental regulation, and human capital in China: Based on ARDL cointegration and Granger causality analysis. Environmental Science and Pollution Research, 27, 1789-1799. https://doi.org/10.1007/s11356-019-06808-1
  • Wood, A. (1994). North-South Trade, Employment, and Inequality: Changing Fortunes in a Skill-Driven World. Oxford: Clarendon Press
  • Wood, A. (1997). Openness and wage inequality in developing countries: The Latin American challenge to East Asian conventional wisdom. The World Bank Economic Review, 11(1), 33-57. https://doi.org/10.1093/wber/11.1.33
  • World Bank, World Development Indicators. (2023, 19 Mayıs). Trade (% of GDP). https://api.worldbank.org/v2/en/indicator/NE.TRD.GNFS.ZS?downloadformat=excel
  • World Bank, World Development Indicators. (2023, 19 Mayıs). Foreign direct investment, net inflows (% of GDP). https://api.worldbank.org/v2/en/indicator/BX.KLT.DINV.WD.GD.ZS?downloadformat=excel
  • Yaman, H. (2021). İnsani Gelişme, ticari dışa açıklık ve ekonomik büyüme dinamikleri: G-20 ülkeleri üzerine bir inceleme. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 69, 121-134. https://doi.org/10.51290/dpusbe.848388
  • Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F. ve Iftikhar, Y. (2019). The impact of globalization, natural resources abundance, and human capital on financial development: Evidence from thirty-one OECD countries. Resources Policy, 64, 101476. https://doi.org/10.1016/j.resourpol.2019.101476
  • Zhuang, H. (2017). The effect of foreign direct investment on human capital development in East Asia. Journal of the Asia Pacific Economy, 22(2), 195-211. https://doi.org/10.1080/13547860.2016.1240321
  • Zivot, E. ve Andrews, D. W. K. (1992). Further evidence on the great crash, the oil price shock, and the unit-root hypothesis. Journal of Business & Economic Statistics, 10(3), 251-270. https://doi.org/10.1198/073500102753410372

The Impact of Financial Development, Foreign Direct Investment and Trade Openness on Human Development in Türkiye: An Augmented ARDL Approach

Year 2023, Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı, 1 - 20, 29.10.2023
https://doi.org/10.25204/iktisad.1339218

Abstract

The use of material criteria such as income when assessing the welfare of societies can be misleading. In addition to income, which is a monetary measure, being educated and healthy better represents the welfare of individuals. The human development approach assesses the level of an individual's health and education, in addition to their income. In order to increase the level of human development, it is necessary to identify the factors that affect human development positively and negatively. This study analyzes the impact of financial development, foreign direct investment, and trade openness on human development in Türkiye for the period 1990–2020. The long-run relationship between the variables is analyzed with the augmented ARDL procedure. The bounds test results show that the variables are cointegrated. Long-run coefficients reveal that financial development has a positive effect on human development, while FDI and trade openness have a negative effect. According to the results of the Breitung-Candelon frequency-domain causality test, a unidirectional causality relationship was found from financial development to human development only in the long run, and a unidirectional causality relationship was found from human development to trade openness in the medium term but bidirectional in the long run. These results suggest that higher incomes, better health, and higher education levels require the development of financial markets and institutions and structural changes in the foreign trade regime and inward direct investment flows.

References

  • Akhmat, G., Zaman, K. ve Shukui, T. (2014). Impact of financial development on SAARC’S human development. Quality & Quantity, 48(5), 2801-2816. https://doi.org/10.1007/s11135-013-9926-1
  • Akinboade, O. A. ve Kinfack, E. C. (2013). Interest rate reforms, financial deepening and economic growth in Cameroon: An empirical investigation. Applied Economics, 45(25), 3574-3586. https://doi.org/10.1080/00036846.2011.566200
  • Ang, J. B. ve McKibbin, W. J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233. https://doi.org/10.1016/j.jdeveco.2006.11.006
  • Apergis, N., Filippidis, I. ve Economidou, C. (2007). Financial deepening and economic growth linkages: a panel data analysis. Review of World Economics, 143, 179-198. https://doi.org/10.1007/s10290-007-0102-3
  • Asghar, N. ve Hussain, Z. (2014). Financial development, trade openness and economic growth in developing countries: Recent evidence from panel data. Pakistan Economic and Social Review, 52(2), 99-126.
  • Assefa, T. A. ve Mollick, A. V. (2017). Financial development and economic growth in Africa. Journal of African Business, 18(3), 320-339. https://doi.org/10.1080/15228916.2017.1301162
  • Aydemir, C., Arslan, İ. ve Uncu, F. (2012). Doğrudan yabancı yatırımların Dünya’daki ve Türkiye’deki gelişimi. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, 23, 69-104.
  • Azam, M., Khan, S., Zainal, Z. B., Karuppiah, N. ve Khan, F. (2015). Foreign direct investment and human capital: Evidence from developing countries. Investment Management and Financial Innovations, 12(3), 155-162.
  • Bayar, Y., Remeikiene, R., Androniceanu, A., Gaspareniene, L. ve Jucevicius, R. (2020). The shadow economy, human development and foreign direct investment inflows. Journal of Competitiveness, 12(1), 5-21. https://doi.org/10.7441/joc.2020.01.01
  • Behailu, A. (2023). The impact of trade openness and foreign direct investment on human development in Sub-Saharan African countries: Evidence from panel data. The Ethiopian Journal of Business and Economics, 13(1), 1-33. https://dx.doi.org/10.4314/ejbe/v12i1.1
  • Breitung, J. ve Candelon, B. (2006). Testing for short-and long-run causality: A frequency-domain approach. Journal of Econometrics, 132(2), 363-378. https://doi.org/10.1016/j.jeconom.2005.02.004
  • Bucak, Ç. ve Saygılı, F. (2022). Ticari açıklık, gelir eşitsizliği ve insani gelişme ilişkisi: Panel veri analizi. Ege Stratejik Araştırmalar Dergisi, 13(2), 23-41. https://doi.org/10.18354/esam.1089120
  • Can, B., Ahmed, Z., Ahmad, M. ve Can, M. (2022). Do renewable energy consumption and green trade openness matter for human well-being? Empirical evidence from European Union countries. Social Indicators Research, 164, 1043-1059. https://doi.org/10.1007/s11205-022-02981-y
  • Çoban, M. N. (2019). Ticari dışa açıklığın insani gelişmişlik üzerine etkisi: V4 ülkeleri için panel veri analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 62, 155-169.
  • Dara, B. I. (2019). Can trade openness and global value chains improve real gdp growth and human development index in Sub-Saharan African countries?. Logistics and Global Value Chains in Africa: The Impact on Trade and Development, 297-326. https://doi.org/10.1007/978-3-319-77652-1_10
  • De Mello Jr, L. R. (1999). Foreign direct investment-led growth: Evidence from time series and panel data. Oxford Economic Papers, 51(1), 133-151. https://doi.org/10.1093/oep/51.1.133
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-1072. https://doi.org/10.2307/1912517
  • Djokoto, J. G. ve Wongnaa, C. A. (2023). Does the level of development distinguish the impacts of foreign direct investment on the stages of human development?. Sustainable Futures, 5, 100111. https://doi.org/10.1016/j.sftr.2023.100111
  • Efeoğlu, R. (2021). İnsani gelişmenin finansal gelişme üzerindeki etkisi: APEC ülkeleri üzerine bir uygulama. Gazi İktisat ve İşletme Dergisi, 7(3), 226-236. https://doi.org/10.30855/gjeb.2021.7.3.004
  • Elliott, G., Rothenberg, T. J. ve Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836. https://doi.org/10.3386/t0130
  • Ersungur, Ş. M. ve Doru, Ö. (2014). Türkiye’de dış ticaret ve ekonomik kalkınma ilişkisinin ekonometrik analizi: 1980-2010. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(3), 225-240.
  • Fagbemi, F. ve Osinubi, T. T. (2020). Leveraging foreign direct investment for sustainability: An approach to sustainable human development in Nigeria. Resources, Environment and Sustainability, 2, 100005. https://doi.org/10.1016/j.resenv.2020.100005
  • Geweke, J. (1982). Measurement of linear dependence and feedback between multiple time series. Journal of the American statistical association, 77(378), 304-313. https://doi.org/10.1080/01621459.1982.10477803
  • Gidiglo, F. K., Afrane, A. A., Kofi, A. O., Badu-Prah, C., Srofenyoh, F. ve Djokoto, J. G. (2023). Does foreign direct investment in Ghana promote welfare?. Social Sciences & Humanities Open, 8(1), 100545. https://doi.org/10.1016/j.ssaho.2023.100545
  • Githaiga, P. N. ve Kilong’i, A. W. (2023). Foreign capital flow, institutional quality and human capital development in sub-Saharan Africa. Cogent Economics & Finance, 11(1), 2162689. https://doi.org/10.1080/23322039.2022.2162689
  • Goldsmith, R. W. (1969). Financial structure and development. New Haven, CT: Yale University Press.
  • Gozgor, G. ve Can, M. (2016). Export product diversification and the environmental Kuznets curve: Evidence from Turkey. Environmental Science and Pollution Research, 23, 21594-21603. https://doi.org/10.1007/s11356-016-7403-9
  • Gökmenoğlu, K. K., Apinran, M. O. ve Taşpınar, N. (2018). Impact of foreign direct investment on human development index in Nigeria. Business and Economics Research Journal, 9(1), 1-14. https://doi.org/10.20409/berj.2018.90
  • Gray, H. P. (2002). International trade and economic development or growth: A qualification. The Journal of World Investment & Trade, 3(1), 65-75. https://doi.org/10.1163/221190002X00184
  • Güngör, B. ve Kurt, S. (2007). Dışa açıklık ve kalkınma ilişkisi (1968-2003): Türkiye örneği. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(2), 197-210.
  • Ha, N. M. ve Ngoc, B. H. (2022). The asymmetric effect of financial development on human capital: Evidence from a nonlinear ARDL approach. The Journal of International Trade & Economic Development, 31(6), 936-952. https://doi.org/10.1080/09638199.2022.2043930
  • Hamdi, H. ve Hakimi, A. (2022). Trade openness, foreign direct investment, and human development: A panel cointegration analysis for MENA countries. The International Trade Journal, 36(3), 219-238. https://doi.org/10.1080/08853908.2021.1905115
  • Hatemi-J, A. ve Shamsuddin, M. (2016). The causal interaction between financial development and human development in Bangladesh. Applied Economics Letters, 23(14), 995-998. https://doi.org/10.1080/13504851.2015.1128066
  • Hong Vo, D., Tran, N. P. ve Nguyen, H. M. (2021). Does financial development improve human capital accumulation in the Southeast Asian countries?. Cogent Business & Management, 8(1), 1932245. https://doi.org/10.1080/23311975.2021.1932245
  • Hosoya, Y. (1991). The decomposition and measurement of the interdependency between second-order stationary processes. Probability theory and related fields, 88(4), 429-444. https://doi.org/10.1007/BF01192551
  • Hou, J., Walsh, P. P. ve Zhang, J. (2015). The dynamics of human development index. The Social Science Journal, 52(3), 331-347. https://doi.org/10.1016/j.soscij.2014.07.003
  • Kabadayi, B. (2013). Human development and trade openness: A case study on developing countries. Advances in Management and Applied Economics, 3(3), 193-199.
  • Kaulihowa, T. ve Adjasi, C. (2019). Non-linearity of FDI and human capital development in Africa. Transnational Corporations Review, 11(2), 133-142. https://doi.org/10.1080/19186444.2019.1635734
  • Kaya, A. (2018). Finansal piyasalardaki gelişmelerin insani gelişmişlik üzerine etkisi: Türkiye örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 20, 169-180. https://doi.org/10.18092/ulikidince.298474
  • Li, Y. ve Huang, X. (2023). Research on the impact of institutional environment, FDI and net export on international entrepreneurship. Finance Research Letters, 53, 103653. https://doi.org/10.1016/j.frl.2023.103653
  • Lynch, D. (1996). Measuring financial sector development: A study of selected Asia‐Pacific countries. The Developing Economies, 34(1), 1-27. https://doi.org/10.1111/j.1746-1049.1996.tb00727.x
  • Ma, S., Dai, J. ve Wen, H. (2019). The influence of trade openness on the level of human capital in China: On the basis of environmental regulation. Journal of Cleaner Production, 225, 340-349. https://doi.org/10.1016/j.jclepro.2019.03.238
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of applied econometrics, 11(6), 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T
  • McKinnon, R. (1973). Money and capital in economic development, Brookings Institution, Washington DC.
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17) 1979-1990. https://doi.org/10.1080/00036840500278103
  • Narayan, P. K. ve Smyth, R. (2004). Is South Korea’s stock market efficient?. Applied Econometrics Letters, 11(11), 707-710. https://doi.org/10.1080/1350485042000236566
  • Noorbakhsh, F., Paloni, A. ve Youssef, A. (2001). Human capital and FDI inflows to developing countries: New empirical evidence. World development, 29(9), 1593-1610. https://doi.org/10.1016/S0305-750X(01)00054-7
  • Nzotta, S. M. ve Okereke, E. J. (2009). Financial deepening and economic development of Nigeria: An empirical investigation. African Journal of Accounting, Economics, Finance and Banking Research, 5(5), 52-66.
  • OECD. (2023, 19 Mayıs). FDI flows (indicator). https://doi.org/10.1787/99f6e393-en
  • Outreville, J. F. (1999, Ekim). Financial development, human capital and political stability. United Nations Conference on Trade And Development. http://unctad.org/en/docs/dp_142.en.pdf
  • Pesaran, M. H., Shin, Y. ve Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Rajan, R. G. ve 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
  • Razmi, S. M. J. ve Yavari, Z. (2012). Reviewing the effect of trade openness on human development. Interdisciplinary Journal of Contemporary Research in Business, 4(6), 970-978.
  • Redmond, T. ve Nasir, M. A. (2020). Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66, 101591. https://doi.org/10.1016/j.resourpol.2020.101591
  • Reiter, S. L. ve Steensma, H. K. (2010). Human development and foreign direct investment in developing countries: The influence of FDI policy and corruption. World Development, 38(12), 1678-1691. https://doi.org/10.1016/j.worlddev.2010.04.005
  • Saad, W. (2013). Causal relationship between trade, foreign direct investment and economic growth for Lebanon. International Research Journal of Finance and Economics, 112, 18-29.
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Ayala Pena, D., Bi, R., ... ve Yousefi, S. R. (2015). Rethinking financial deepening: Stability and growth in emerging markets (No. 2015/008). International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
  • Sam, C. Y., McNown, R. ve Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
  • Sehrawat, M. ve Giri, A. K. (2014). The relationship between financial development indicators and human development in India. International Journal of Social Economics. 41(12), 1194-1208. https://doi.org/10.1108/IJSE-11-2013-0268
  • Sharma, B. ve Gani, A. (2004). The effects of foreign direct investment on human development. Global economy journal, 4(2), 1850025. https://doi.org/10.2202/1524-5861.1049
  • Shaw, E. (1973). Financial deepening in economic development. Oxford University Press, New York.
  • Squalli, J. ve Wilson, K. (2011). A new measure of trade openness. The World Economy, 34(10), 1745-1770. https://doi.org/10.1111/j.1467-9701.2011.01404.x
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. International Monetary Fund, IMF Working Papers, (No. 2016/005). https://www.elibrary.imf.org/downloadpdf/journals/001/2016/005/article-A001-en.xml
  • Şenol, Z. (2019). Finansal gelişim ile insani gelişim arasındaki ilişki: Gelişmiş ve gelişmekte olan ülkeler örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(2), 341-358. https://doi.org/10.17130/ijmeb.2019252098
  • UNDP. (1990). Human Development Report 1990, UNDP, New York. https://doi.org/10.18356/7007ef44-en.
  • UNDP. (2022). Human Development Report 2021-2022: Technical Notes. https://hdr.undp.org/sites/default/files/2021-22_HDR/hdr2021-22_technical_notes.pdf
  • Wang, M. (2011). FDI and human capital in the USA: is FDI in different industries created equal?. Applied Economics Letters, 18(2), 163-166. https://doi.org/10.1080/13504850903442962
  • Wen, H. ve Dai, J. (2020). Trade openness, environmental regulation, and human capital in China: Based on ARDL cointegration and Granger causality analysis. Environmental Science and Pollution Research, 27, 1789-1799. https://doi.org/10.1007/s11356-019-06808-1
  • Wood, A. (1994). North-South Trade, Employment, and Inequality: Changing Fortunes in a Skill-Driven World. Oxford: Clarendon Press
  • Wood, A. (1997). Openness and wage inequality in developing countries: The Latin American challenge to East Asian conventional wisdom. The World Bank Economic Review, 11(1), 33-57. https://doi.org/10.1093/wber/11.1.33
  • World Bank, World Development Indicators. (2023, 19 Mayıs). Trade (% of GDP). https://api.worldbank.org/v2/en/indicator/NE.TRD.GNFS.ZS?downloadformat=excel
  • World Bank, World Development Indicators. (2023, 19 Mayıs). Foreign direct investment, net inflows (% of GDP). https://api.worldbank.org/v2/en/indicator/BX.KLT.DINV.WD.GD.ZS?downloadformat=excel
  • Yaman, H. (2021). İnsani Gelişme, ticari dışa açıklık ve ekonomik büyüme dinamikleri: G-20 ülkeleri üzerine bir inceleme. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 69, 121-134. https://doi.org/10.51290/dpusbe.848388
  • Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F. ve Iftikhar, Y. (2019). The impact of globalization, natural resources abundance, and human capital on financial development: Evidence from thirty-one OECD countries. Resources Policy, 64, 101476. https://doi.org/10.1016/j.resourpol.2019.101476
  • Zhuang, H. (2017). The effect of foreign direct investment on human capital development in East Asia. Journal of the Asia Pacific Economy, 22(2), 195-211. https://doi.org/10.1080/13547860.2016.1240321
  • Zivot, E. ve Andrews, D. W. K. (1992). Further evidence on the great crash, the oil price shock, and the unit-root hypothesis. Journal of Business & Economic Statistics, 10(3), 251-270. https://doi.org/10.1198/073500102753410372
There are 76 citations in total.

Details

Primary Language Turkish
Subjects Growth, Development Economics - Macro
Journal Section Research Papers
Authors

Burhan Durgun 0000-0001-7742-6059

Early Pub Date October 25, 2023
Publication Date October 29, 2023
Submission Date August 7, 2023
Published in Issue Year 2023 Volume: 8 Issue: "Cumhuriyet'in 100. Yılında Türkiye'nin Sosyo-Ekonomisi" Özel Sayısı

Cite

APA Durgun, B. (2023). Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı), 1-20. https://doi.org/10.25204/iktisad.1339218
AMA Durgun B. Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı. JEBUPOR. October 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):1-20. doi:10.25204/iktisad.1339218
Chicago Durgun, Burhan. “Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar Ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (October 2023): 1-20. https://doi.org/10.25204/iktisad.1339218.
EndNote Durgun B (October 1, 2023) Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8 "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı 1–20.
IEEE B. Durgun, “Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı”, JEBUPOR, vol. 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, pp. 1–20, 2023, doi: 10.25204/iktisad.1339218.
ISNAD Durgun, Burhan. “Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar Ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8/"Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı (October 2023), 1-20. https://doi.org/10.25204/iktisad.1339218.
JAMA Durgun B. Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı. JEBUPOR. 2023;8:1–20.
MLA Durgun, Burhan. “Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar Ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, vol. 8, no. "Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı, 2023, pp. 1-20, doi:10.25204/iktisad.1339218.
Vancouver Durgun B. Türkiye’de Finansal Gelişme, Doğrudan Yabancı Yatırımlar ve Ticari Açıklığın İnsani Gelişmeye Etkisi: Genişletilmiş ARDL Yaklaşımı. JEBUPOR. 2023;8("Cumhuriyet’in 100. Yılında Türkiye’nin Sosyo-Ekonomisi" Özel Sayısı):1-20.