FINANCIAL DEVELOPMENT THE DETERMINANT OF INNOVATION? AN ANALYSIS WITH THE IMF'S NEW FINANCIAL DEVELOPMENT INDEX

Year 2024, , 237 - 249, 30.09.2024

Serap Soydan , Serap Barış

https://doi.org/10.29106/fesa.1431240

Abstract

Innovation is considered one of the most fundamental forces that provides competitive advantage for both companies and countries and supports economic growth in the long term. Therefore, it is important to know the factors that determine innovation. Although the literature points to financial development as one of these factors, there are very few studies that empirically investigate the relationship between financial market development and technological innovation. In this research, the effect of financial development on innovation was tested by panel data analysis for a total of 31 countries, 17 developed and 14 developing, classified by the IMF, whose data were accessible between 1990 and 2019. According to the analysis findings, it has been determined that financial development negatively affects innovation.

Keywords

Financial development, Innovation, IMF, Panel data analysis

FİNANSAL GELİŞME YENİLİĞİN BELİRLEYİCİSİ Mİ? IMF’NİN YENİ FİNANSAL GELİŞMİŞLİK ENDEKSİ İLE BİR ANALİZ

Abstract

Yenilik hem firmalar hem de ülkeler için rekabet avantajı sağlayan ve uzun dönemde ekonomik büyümeyi destekleyen en temel güçlerden biri olarak kabul edilir. Dolayısıyla yeniliği belirleyen faktörlerin bilinmesi önemlidir. Literatür bu faktörlerden biri olarak finansal gelişmeyi işaret etmesine karşın, finansal piyasa gelişimi ile teknolojik yenilik arasındaki ilişkinin ampirik olarak araştırıldığı çalışma sayısı oldukça azdır. Bu araştırmada, 1990 ve 2019 yılları arasında verilerine erişim sağlanabilen IMF tarafından sınıflandırılmış 17 gelişmiş, 14 gelişmekte olan toplam 31 ülke için finansal gelişmenin yenilik üzerindeki etkisi panel veri analizi yapılarak test edilmiştir. Analiz bulgularına göre, finansal gelişmenin yeniliği negatif yönde etkilediği tespit edilmiştir.

Keywords

Finansal gelişme, Yenilik, IMF, Panel veri analizi

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