Gelişmekte Olan Ülkelerde İşçi Dövizlerinin Finansal Gelişme Üzerindeki Etkisi: Dinamik Panel Veri Analizi

Çalúmann amac iúçi dövizlerinin finansal geliúme üzerindeki etkisini ölçmektir. Çalúma 44 geliúmekte olan ülkeyi ve 1994-2017 dönemini kapsamaktadr. Analizde ba÷ml de÷iúken olarak finansal geliúmiúlik endeksi kullanlmútr. Ayrca endeksin alt kriterleri olan finansal kurumlar ve finansal piyasalar endeksi verileri de ba÷ml de÷iúken olarak kullanlmútr. Ba÷msz de÷iúken olarak iúçi dövizi gelirleri, kiúi baú GSYH, ticari açklk ve enflasyon verileri kullanlmútr. øki aúamal sistem genelleútirilmiú momentler metodu kullanlarak yaplan analiz sonucuna göre iúçi dövizi gelirleri, kiúi baú GSYH ve ticari açklk finansal geliúmeyi, finansal kurumlar ve finansal piyasalar istatistiksel olarak anlaml ve pozitif etkilerken enflasyon negatif etkilemektedir.

The Effect of Remittances on Financial Development in DevelopingCountries: Dynamic Panel Data Analysis

The aim of the study is to measure the effect of workers’ remittances on financial development. The study on 44 developing countries covers the period 1994-2017. In the empirical analysis of the study, financial development index data was used as the dependent variable. However, financial institutions and financial markets index data, which are the subcriteria of the index, are also used in the study as dependent variables. As independent variables, workers' remittances, GDP per capita, trade openness and inflation data are used. According to the results of the analysis made using the Two-Stage System Generalized Moments Method, workers' remittances, per capita GDP and trade openness, financial development, financial institutions and financial markets are statistically significant and positive, while inflation is negatively.

PDF

___

Aggarwal, R., Demirgüç-Kunt, A. ve Martinez Peria, M.S. (2006), Do Workers' Remittances Promote Financial Development?, The World Bank.
Aggarwal, R., Demirgüç-Kunt, A. ve Martinez Peria, M.S. (2011), Do Remittances Promote Financial Development?, Journal of Development Economics, 96(2), 255-264.
Agir, H., Kar, M. ve Nazlioglu, ù. (2011), Do Remittances Matter for Financial Development in the MENA Region? Panel Cointegration and Causality Analysis, Empirical Economics Letters, 10(5), 449-456.
Ahortor, C.R. ve Adenutsi, D.E. (2008), The Impact of Remittances on Economic Growth in Small-Open Developing Economies, MRPA No.37109.
Arellano, M. ve Bond, S. (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-29
Arellano, M. ve Bover, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, 68, 29-51.
Ar, A. ve Özcan, B. (2011), øúçi Gelirleri ve Ekonomik Büyüme øliúkisi: Dinamik Panel Veri Analizi. Erciyes Üniversitesi øktisadi ve ødari Bilimler Fakültesi Dergisi, (38), 101-117.
Behzadan, N., Chisik, R., Onder, H. ve Battaile, B. (2017), Does Inequality Drive the Dutch Disease? Theory and Evidence, Journal of International Economics, 106, 104-118.
Bhattacharya, M., Inekwe, J. ve Paramati, S.R. (2018), Remittances and Financial Development: Empirical Evidence from Heterogeneous Panel of Countries. Applied Economics, 50(38), 4099-4112.
Biçen, Ö.F. (2017), øúçi Dövizleri, Kurumsal Yap ve Büyüme, Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 15(4), 239-264.
Blundell, R. ve Bond, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87, 115-143.
Burney, N.A. ve Ahmad, M.A. (1987), Workers' Remittances from the Middle East and their Effect on Pakistan's Economy [with Comments], The Pakistan Development Review, 26(4), 745-763.
Catrinescu, N., Leon-Ledesma, M., Piracha, M. ve Quillin, B. (2009), Remittances, Institutions, and Economic Growth. World Development, 37(1), 81-92.
Chami, M.R., Fullenkamp, C. ve Jahjah, M.S. (2003), Are Immigrant Remittance Flows a Source of Capital for Development (No. 3-189), International Monetary Fund.
Chami, R., Fullenkamp, C. ve Jahjah, S. (2005), Are Immigrant Remittance Flows a Source of Capital for Development?. IMF Staff Papers, 52(1), 55-81.
Chowdhury, M.B. (2011), Remittances Flow and Financial Development in Bangladesh, Economic Modelling, 28(6), 2600-2608.
Cooray, A. (2012), The Impact of Migrant Remittances on Economic Growth: Evidence from South Asia, Review of International Economics, 20(5), 985-998.
Fayissa, B. ve Nsiah, C. (2010), Can Remittances Spur Economic Growth and Development?: Evidence from Latin American Countries (LACs), Department of Economics and Finance Working Paper Series.
Fromentin, V. (2018), Remittances and Financial Development in Latin America and the Caribbean Countries: A Dynamic Approach, Review of Development Economics, 22(2), 808-826.
Garcia-Fuentes, P.A. ve Kennedy, P.L. (2009), Remittances and Economic Growth in Latin America and the Caribbean: The Impact of the Human Capital Development (No.1369-2016-108616), Selected Paper Prepared for Presentation at the Southern Agricultural Economics Association Annual Meeting, Atlanta, Georgia, January 31-February 3.
Githaiga, P.N. ve Kabiru, C.G. (2014), Remittances as a Determinant of Financial Sector Development, Journal of Business Economics and Finance, 3(4).
Gupta, S., Pattillo, C.A. ve Wagh, S. (2009), Effect of Remittances on Poverty and Financial Development in Sub-Saharan Africa, World Development, 37(1), 104-115.
Hou, N. ve Chen, B. (2013), Military Expenditure and Economic Growth in Developing Countries: Evidence from System GMM Estimates, Defence and Peace Economics, 24(3), 183-193.
IMF (2019), Financial Development Index Database, https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B (Eriúim Tarihi: 20.11.2019)
Jongwanich, J. ve Kohpaiboon, A. (2019), Workers' Remittances, Capital Inflows, and Economic Growth In Developing Asia and the Pacific, Asian Economic Journal, 33(1), 39-65.
Karikari, N.K., Mensah, S. ve Harvey, S.K. (2016), Do Remittances Promote Financial Development in Africa?, SpringerPlus, 5(1), 1011.
Keho, Y. (2020), Impact of Remittances on Financial Development: Revisiting the Evidence for ECOWAS Coun tries. Theoretical Economics Letters, 10(01), 169.
KNOMAD (2019), Migration and Remittances: Recent Developments and Outlook, Migration and Development Brief 31, April, https://www.knomad.org/sites/default/files/2019- 04/Migrationanddevelopmentbrief31.pdf (Eriúim Tarihi: 20.09.2019)
Levine, R. (2005), Finance and Growth: Theory and Evidence, Handbook of Economic Growth, 1, 865-934.
Masuduzzaman, M. (2014), Workers’ Remittance Inflow, Financial Development and Economic Growth: A Study on Bangladesh, International Journal of Economics and Finance, 6(8), 247-267.
Nyamongo, E.M., Misati, R.N., Kipyegon, L. ve Ndirangu, L. (2012), Remittances, Financial Development and Economic Growth in Africa, Journal of Economics and Business, 64(3), 240-260.
Polat, B. (2018), The Impact of Workers’ Remittances on Financial Market Development: A Case Study for Developing Countries, øúletme Araútrmalar Dergisi, 10(2), 27-36.
Qiang, S., Khurshid, A., Calin, A.C. ve Khan, K. (2019), Do Remittances Contribute to the Development of Financial Institutions? New Evidence from the Developing World, Romanian Journal of Economic Forecasting, 22(2), 78.
Ratha, D. (2007), Leveraging Remittances for Development. Leading Group on Solidarity Levies to Fund Development, Oslo, February 6-7.
Ratha, D. ve Mohapatra, S. (2007), Increasing the Macroeconomic Impact of Remittances on Development. World Bank.
Sahay, R., ýihák, M., N'Diaye, P. ve Barajas, A. (2015), Rethinking Financial Deepening: Stability and Growth in Emerging Markets, Revista de Economía Institucional, 17(33), 73-107.
Shera, A. ve Meyer, D. (2013), Remittances and their Impact on Economic Growth, Periodica Polytechnica Social and Management Sciences, 21(1), 3-19.
Shirazi, N.S., Javed, S.A. ve Ashraf, D. (2018), Remittances, Economic Growth and Poverty: A Case of African OIC Member Countries, The Pakistan Development Review, 57(2), 121-143.
Straubhaar, T. (1985), Migrants' Remittances and Economic Activity, Intereconomics, 20(2), 87-92.
Svirydzenka, K. (2016), Introducing a New Broad-Based Index of Financial Development, International Monetary Fund.
Williams, K. (2016), Remittances and Financial Development: Evidence from Sub�Saharan Africa, African Development Review, 28(3), 357-367.
World Bank (2019), World Development Indicators, https://databank.worldbank.org/source/world-development-indicators (Eriúim Tarihi: 12.11.2019)
Yerdelen Tato÷lu, F. (2013), øleri Panel Veri Analizi Stata Uygulamalar, Beta Yaynevi, 2. Bask, østanbul.