ANALYSIS OF THE EFFECT OF FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN GEORGIA IN THE PERIOD 1996-2018 WITH THE BOUND TEST APPROACH

Year 2023, Volume: 22 Issue: 48 - İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, Aralık/Güz 2023, Cilt 22, Sayı 48, 1305 - 1323, 30.12.2023

Rakhshada Murshudova , Naib Alakbarov

https://doi.org/10.46928/iticusbe.1227643

Abstract

Purpose: Investigation of the relationship between financial development and economic growth is one of the topics of interest in the economics literature. These studies analyze the subject from different aspects and reveal different important results. This study analyzes the effect of financial development on economic growth for the period 1996-2018 using annual data on the Georgian economy.
Method: The ARDL approach developed by Pesaran (2001) was used in the study and cointegration analysis was performed.
Findings: The estimated long-term analysis results reveal that the development in the financial field in Georgia will positively affect economic growth. This result shows that the practices for the development of the financial sector for the Georgian economy will have a positive impact on growth.
Originality: This study is thought to be original since there are few studies investigating the impact of financial developments on economic growth in Georgia.

Keywords

Financial Development, Economic Growth, Bound Test, Georgia

1996-2018 DÖNEMİNDE GÜRCİSTAN`DA FİNANSAL GELİŞMENİN EKONOMİK BÜYÜME ÜZERİNE ETKİSİNİN SINIR TESTİ YAKLAŞIMIYLA ANALİZİ

Abstract

Amaç: İktisat literatüründe finansal gelişmenin ekonomik büyüme üzerine etkisine yönelik çok sayıda çalışma vardır. Söz konusu çalışmalar konuyu farklı yönleriyle analiz ederek farklı sonuçlar ortaya koymaktadır. Bu çalışmanın amacı Gürcistan ekonomisine ilişkin yıllık veriler kullanılarak 1996-2018 dönemi için finansal gelişmenin ekonomik büyüme üzerine etkisini analiz etmektedir.
Yöntem: Bu çalışma Pesaran vd.’nin (2001) geliştirdiği ARDL eşbütünleşme sınır testi yaklaşımını kullanarak değişkenler arasındaki ilişkiyi analiz etmiştir.
Bulgular: Tahmin edilen uzun dönem analiz sonuçları Gürcistan’da finansal alandaki gelişmenin ekonomik büyümeyi olumlu şekilde etkileyeceği sonucunu ortaya koymaktadır. Bu sonuç, Gürcistan ekonomisi için finansal sektörün geliştirilmesine yönelik uygulamaların ekonomik büyüme üzerinde pozitif etki yapacağını göstermektedir.
Özgünlük: Gürcistan’da finansal gelişmelerin ekonomik büyüme üzerindeki etkisini araştırmaya yönelik az sayıda çalışma bulunması sebebiyle bu çalışmanın özgün olduğu düşünülmektedir.

Keywords

Finansal Gelişme, Ekonomik Büyüme, Sınır Testi, Gürcüstan

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