The Relationship between Governance and Economic Growth: An Application on OECD Countries

Year 2024, Issue: 36, 262 - 281, 31.05.2024

Eray Coşar , Serkan Künü

https://doi.org/10.54600/igdirsosbilder.1432429

Abstract

Economic growth stands out as a fundamental goal for countries. However, the level of economic growth among countries can vary significantly. This variation can be caused by a number of factors, including a country's governance. At a time when countries are striving for sustainable and inclusive development, it is important to understand the impact of governance structures on economic outcomes. Given the importance of the impact of governance indicators on social and economic life, this study examines the impact of governance indicators on economic growth. The variables used to represent governance indicators are government effectiveness, control of corruption, political stability and absence of violence and terrorism, regulatory quality, rule of law, voice and accountability. The study is conducted using panel data methods for 38 OECD member countries with data covering the years 2002-2020. The results of the study show that governance indicators have a significant impact on growth. When the analysis is carried out on the basis of the variables, it is found that the governance indicator with the highest impact on growth is the rule of law. The effects of political stability and absence of violence and terrorism, voice and accountability indicators on economic growth are statistically insignificant.

Keywords

Governance, Economic Growth, Institutional Economics, Driscoll-Kraay Estimator

Yönetişim ve Ekonomik Büyüme Arasındaki İlişki: OECD Ülkeleri Üzerine Bir Uygulama

Abstract

Ekonomik büyüme ülkeler için temel bir hedef olarak öne çıkmaktadır. Bununla birlikte ülkelerin ekonomik büyüme seviyeleri önemli farklılıklar gösterebilmektedir. Bu farklılık, ülkenin yönetişimi de dahil olmak üzere bir dizi faktörden kaynaklanabilmektedir. Ülkelerin sürdürülebilir ve kapsayıcı bir kalkınma hedeflediği bu dönemde, yönetişim yapılarının ekonomik sonuçlar üzerindeki etkilerinin anlaşılması önem arz etmektedir. Yönetişim göstergelerinin sosyal ve ekonomik hayat üzerindeki etkisinin öneminden hareketle ortaya çıkan bu çalışmada, yönetişim göstergelerinin ekonomik büyüme üzerindeki etkisi incelenmiştir. Yönetişim göstergelerini temsilen hükümetin etkinliği, yolsuzluğun kontrolü, politik istikrar ve şiddetin -terörizmin yokluğu, düzenleyici kalite, hukukun üstünlüğü, ifade özgürlüğü ve hesap verebilirlik değişkenlerinin kullanıldığı çalışmada her bir göstergenin etkisi ayrı ayrı araştırılmıştır. Çalışma 2002 – 2020 yılları kapsamındaki veriler ile 38 OECD üyesi ülke için panel veri yöntemleri ile yürütülmüştür. Çalışma sonucunda yönetişim göstergelerinin büyüme üzerinde önemli ölçüde etkili olduğu görülmüştür. Değişkenler bazında incelendiğinde ise büyüme üzerinde etkisi en yüksek olan yönetişim göstergesinin hukukun üstünlüğü olduğu tespit edilmiştir. Politik istikrar ve şiddetin - terörizmin yokluğu ile ifade özgürlüğü ve hesap verebilirlik göstergelerinin ekonomik büyüme üzerindeki etkilerinin ise istatistiki olarak anlamsız olduğu görülmüştür.

Keywords

Yönetişim, Ekonomik Büyüme, Kurumsal Ekonomi, Driscoll-Kraay Tahmincisi

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