Ekonomik Özgürlükler ve Ekonomik Büyüme İlişkisi: BRICS Ülkeleri Üzerine Ampirik Bir Çalışma

Kurumsal yapı ülke ekonomilerinin makroekonomik performansları üzerinde önemli etkiler meydana getirmektedir. Kurumsal yapı göstergeleri oldukça farklı ve çok sayıdadır. Ekonomik özgürlükler bu göstergelerin biridir. Bu çalışmada kurumsal yapı göstergelerinden ekonomik özgürlükler ile ekonomik büyüme ilişkisi BRICS ülkelerinin 1995-2018 dönemi için panel eşbütünleşme testi ile analiz edilmiştir. Yatay kesit bağımlılığını dikkate alan ve çoklu yapısal kırılmaya olanak veren panel eşbütünleşme testi ile değişkenler arasındaki uzun dönem ilişkisi incelenmiştir. Yapılan analizde ekonomik büyümeyi temsilen kullanılan kişi başına düşen GSYİH miktarı bağımlı değişken ve kurumsal yapıyı temsilen kullanılan ekonomik özgürlükler endeksi ise bağımsız değişkendir. Çalışmanın analiz sonucuna göre ekonomik özgürlükler ile ekonomik büyüme arasında eşbütünleşme ilişkisi tespit edilmiştir. Eşbütünleşme ilişkisinin yönünün ve boyutunun ortaya konulabilmesi için katsayı tahmini yapılmıştır. Katsayı tahminine göre panel genelinde ekonomik özgürlüklerin ekonomik büyümeye etkisi negatif ancak istatistiksel olarak anlamsızdır. Bununla beraber, ekonomik özgürlükler ekonomik büyümeyi BRICS ülkelerinden Çin’de pozitif, Brezilya ve Hindistan’da negatif olarak etkilemektedir. Rusya ve Güney Afrika’da ise ekonomik özgürlüklerin ekonomik büyümeye etkisi istatistiksel olarak anlamsız bulunmuştur.

Anahtar Kelimeler:

Ekonomik Özgürlük, Ekonomik Büyüme, Panel Eşbütünleşme Analizi

The Relationship Between Economic Freedoms and Economic Growth: An Empirical Study on BRICS Countries

The institutional structure has important effects on the macroeconomic performance of the country's economies. Institutional structure indicators are quite different and numerous. Economic freedoms are one of these indicators. In this study, the relationship between economic freedoms and economic growth, which is one of the institutional structure indicators, was analyzed by the panel cointegration test of BRICS countries for the period of 1995-2018. The long-term relationship between the variables was examined with the panel cointegration test, which takes into account the cross-sectional dependence and allows multiple structural breaks. In the analysis, the amount of GDP per capita used to represent economic growth is dependent variable and the index of economic freedom used to represent the institutional structure is independent variable. According to the analysis result of the study, cointegration relationship has been determined between economic freedoms and economic growth. In order to determine the direction and size of the relationship, the cointegration coefficient was estimated. According to the coefficient estimate, the effect of economic freedoms on economic growth across the panel is negatively, but statistically insignificant. However, economic freedoms effect economic growth positively in BRICS countries in China and negatively in Brazil and India. In Russia and South Africa, the effect of economic freedoms on economic growth is statistically insignificant.

Keywords:

Economic Freedom, Economic Growth, Panel Cointegration Analysis,

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