Finansal Dışa Açıklık ve Kapsayıcı Büyüme İlişkisi: MENA Ülkeleri Örneği

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.

Anahtar Kelimeler:

Finansal Dışa Açıklık, Kapsayıcı Büyüme, Panel Nedensellik, MENA Ülkeleri.

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

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.

Keywords:

Financial Openness, Inclusive Growth, Panel Causality, MENA Countries.,

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