The Impact of Good Governance on Economic Growth: The Case of Central Asian Countries

Year 2024, Volume: 5 Issue: 2, 366 - 382, 30.09.2024

Rabia Efeoğlu

https://doi.org/10.48139/aybukulliye.1403469

Abstract

In the relationship between economic growth and good governance, which began to be examined in the 1990s, good governance was first defined by the World Bank and was measured by six different indicators (political stability, freedom of expression and accountability, effectiveness of the government, absence of crime and violence, rule of law, quality of regulators and corruption). In the study, the effect of good governance on economic growth was examined using the panel data analysis method for the period 2007-2020, specifically for Central Asian countries. A single index was created by averaging six indicators for good governance. In the analysis, the Pedroni cointegration test, which is the first generation panel cointegration test that does not have cross-sectional dependence and is used for heterogeneous panels, was performed. It has been revealed that there is a cointegration relationship between good governance and economic growth in Central Asian countries. Cointegration coefficients were estimated with the Mean Group (MG) estimator. Accordingly, it has been concluded that good governance has a positive and significant effect on economic growth and that good governance increases economic growth.

Keywords

Panel Data Analysis, Good Governance, Economic Growth.

İyi Yönetişimin Ekonomik Büyüme Üzerindeki Etkisi: Orta Asya Ülkeleri Örneği

Abstract

1990’lı yıllarda incelenmeye başlanan ekonomik büyüme ve iyi yönetişim arasındaki ilişkide iyi yönetişim ilk kez Dünya Bankası tarafından tanımlanmış ve altı farklı gösterge (politik istikrar, ifade özgürlüğü ve hesap verebilirlik, hükümetin etkinliği, suç ve şiddetin yokluğu, hukukun üstünlüğü, düzenleyicilerin kalitesi ve yolsuzluğun önlenmesi) ile ölçülmüştür. Çalışmada iyi yönetişimin ekonomik büyüme üzerindeki etkisi Orta Asya ülkeleri özelinde 2007-2020 dönemi için panel veri analiz yöntemiyle incelenmiştir. İyi yönetişim için altı göstergenin ortalaması alınarak tek bir endeks oluşturulmuştur. Analizde yatay kesit bağımlılığının olmadığı ve heterojen paneller için kullanılan birinci kuşak panel eşbütünleşme testi olan Pedroni eşbütünleşme testi gerçekleştirilmiştir. Orta Asya ülkelerinde iyi yönetişim ve ekonomik büyüme arasında eşbütünleşme ilişkisinin olduğu ortaya çıkmıştır. Ortalama Grup tahminci ile eşbütünleşme katsayıları tahmin edilmiştir. Buna göre, iyi yönetişimin ekonomik büyüme üzerinde pozitif ve anlamlı bir etkisinin olduğu, iyi yönetişimin ekonomik büyümeyi artırdığı sonucuna ulaşılmıştır.

Keywords

Panel Veri Analizi, İyi yönetişim, Ekonomik Büyüme.

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