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The Impact Of Economic, Social And Political Globalization On Economic Growth: Evidence From BRICS-T Countries*

Yıl 2021, Cilt: 20 Sayı: 1, 57 - 71, 31.01.2021

Murat Tekbaş

https://doi.org/10.21547/jss.796472
Cited By: 5

Öz

The main purpose of this study is to analyse the long-term relationship between economic growth and economic, social and political globalization in BRICS-T countries using panel data analysis methods for the period covering 1990-2014. According to the empirical results of the model established based on the Cobb-Douglas production function, it is seen that economic, social, political globalization and capital accumulation have a positive effect on economic growth. Dumitrescu-Hurlin Panel Granger Causality test results show that there is a two-way causality relationship between capital accumulation and political globalization and economic growth. It has also been found that one-way causality relationship towards economic growth from economic and social globalization.

Anahtar Kelimeler

Economic Globalization Social and Political Globalization Economic Growth

Kaynakça

  • Afzal, M. (2007). The İmpact Of Globalization On Economic Growth Of Pakistan. The Pakistan Development Review, 46(4-2) pp.723-734.
  • Ali, A. and Imai, K. S. (2015). Crises, economic integration and growth collapses in African countries. Journal of African Economies, 24(4) pp. 471-501.
  • Alvarado, R. Iñiguez, M. and Ponce, P. (2017). Foreign direct investment and economic growth in Latin America. Economic Analysis and Policy, 56, pp. 176-187.
  • Breitung, J. and Das, S., 2004. Panel unit root tests under cross sectional dependence. Mimeo, University of Bonn
  • Chang, C. P. and Lee, C. C. (2011). The Effect of Globalization and Political Party On Economic Growth: Panel Data Analysis Of Former Communist Countries And European OECD Members, Eastern European Economics, 49(6), pp. 5-26.
  • Chang, C. P., Berdiev, A. N. and Lee, C. C. (2013). Energy Exports, Globalization And Economic Growth: The Case Of South Caucasus. Economic Modelling, 33, pp. 333-346.
  • Chang, C.P. and Lee, C-C. (2010) Globalization and Economic Growth: A Political Economy Analysis For OECD Countries, Global Economic Review, 39(2) pp. 151.173.
  • Doğan, B. (2017). Relationship Between Economic Globalization and Growth: Toda-Yamamoto Causality Analysis in the Case of Turkey. Journal of Finance-Political & Economic Comments, 54(628), 19-27.
  • Doğan, B. and Can, M. (2016). The Effect of Globalization on Growth: Cointegration Analysis for the Sample of South Korea, Journal of The Faculty of Economics and Administrative Sciences, 6(2), pp. 197-220.
  • Dreher, A. (2006), “Does Globalization Affect Growth? Evidence From A New Index of Globalization”, Applied Economics, C:38, S:10, pp. 1091-1110.
  • Dumitrescu, E. I. and Hurlin C., (2012). Testing for Granger non-causality in heterogeneous panels, Economic Modelling, 29(4), pp. 1450-1460.
  • Eren, M. V. and Ergin, Ü. A. (2019). Analysis of the Relationship between Trade Openness and Economic Growth: Sosyoekonomi, 27.
  • Gövdere, B. and Can, M. (2016). The Effects Of Energy Consumption, Openness, Financial Development, Capital Formation And Foreign Trade On Economic Growth In Turkey: Bounds Testing Approach, Niğde University Journal of The Faculty of Economics and Administrative Sciences, 9(1), pp. 209-228.
  • Gözen, R. (2004). Post-International Relations Pluralism, Globalization and September 11, 1st Edition, Alfa Publications, İstanbul. pp. 71-72.
  • Gözgör, G. and Can, M. (2017). Causal Linkages among the Product Diversification of Exports, Economic Globalization and Economic Growth. Review of Development Economics, 21(3), pp. 888-908.
  • Güney, T. (2017). The Impact Of Economic Freedom On Economic Growth In Turkey And BRICS Countries, İnternational Revıew Of Economıcs and Management, 5(2), pp. 20-38.
  • Im, K. S., Lee, J. and Tieslau, M. (2005). Panel LM unit‐root tests with level shifts. Oxford Bulletin of Economics and Statistics, 67(3), pp. 393-419.
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, pp. 53-74.
  • Kao, C. (1999). “Spurious Regression and Residual–Based Tests for Cointegration in Panel Data”, Journal of Econometrics, 90 (1), pp. 1–44.
  • Kartal, Z. and Acaroğlu, H. (2017). Global Economy and Turkey: The Measurement of the Globalization’s Level, Its Property and Its Effects to the Economic Growth in the Duration of Integration to the Global Economy, 1961-2013. Pamukkale University Journal of Social Sciences Institute, (26), pp. 152-177.
  • Kılıç, C. (2015). Effects of Globalization on Economic Growth: Panel Data Analysis for Developing Countries. Petroleum-Gas University of Ploiesti Bulletin, Technical Series, 67(1), pp. 1-11.
  • Kıran, B. and Güriş, B. (2011). Business And Financial Growth Impact Openness in Turkey: A Study on the 1992-2006 period, Anadolu University Journal of Social Sciences,11(2), pp. 69-80.
  • Levin, A., C.F. Lin and C. Chu, 2002, Unit root test in panel data: Asymptotic and finite sample properties, Journal of Econometrics 108, pp. 1–25.
  • Manwa, F. and Wijeweera, A. (2016). Trade liberalization and economic growth link: The case of Southern African Custom Union countries. Economic Analysis and Policy, 51, pp. 12-21.
  • Midiyanti, R. and Yao, M. H. (2019). The Dynamic Relationship between Globalization and Economic Growth: Its Implication on Business Policy. International Journal of Applied Business Research. 1(2), pp. 100-111.
  • Mutascu, M. and Fleischer, A. M. (2011). Economic Growth And Globalization İn Romania. World Applied Sciences Journal, 12(10), pp. 1691-1697.
  • Neto, D. G. and Veiga, F. J. (2013). Financial Globalization, Convergence and Growth: The Role Of Foreign Direct İnvestment. Journal of International Money and Finance, 37, pp. 161-186.
  • Olimpia, N. and Stela, D. (2017). Impact of Globalization On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 27(1), pp. 29-40.
  • Örgün, B. O. and Pala, A. (2017). The Relationship Between Energy Consumption, Trade Openness and Economic Growth: Panel Granger Causality Analysis for EU-28 Countries. Finance Political & Economic Commentary, 54(623), pp. 9-20.
  • Osterloh, S. (2012). Words Speak Louder Than Actions: The İmpact Of Politics On Economic Performance. Journal of Comparative Economics, 40(3), pp. 318-336.
  • Özcan, C. C., Özmen, İ., & Özcan, G. (2018). Causality Relationship Between Trade Openness and Economic Growth: Emerging Market Economies. Selçuk University Journal of Social Sciences Institute, (40), 60-73.
  • Pedroni, P. (1999). “Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors”, Oxford Bulletin of Economics and Statistics, 61(1), pp. 653- 570.
  • Pedroni, P. (2000). “Fully Modified OLS for Heterogeneous Cointegrated Panels”, in Baltagi, Badi H. (Ed.), Nonstationary Panels, Panel Cointegration and Dynamic Panels (Advances in Econometrics), New York: Elsevier Science Inc. pp. 93–130.
  • Pedroni, P. (2001). “Purchasing Power Parity Tests in Cointegrated Panels”, Review of Economics and Statistics, 83, pp. 727-931.
  • Pedroni, P. (2004). “Panel Cointegration, Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the Purchasing Power Parity Hypothesis”, Econometric Theory, 20(3), pp. 597-625.
  • Rao, B. B. and Vadlamannati, K. C. (2011). Globalization and Growth İn The Low İncome African Countries With The Extreme Bounds Analysis. Economic Modelling, 28(3), pp. 795-805.
  • Sakyi, D. (2011). Economic Globalization, Democracy and Income in Sub-Saharan Africa: A Panel Cointegration Analysis, Proceedings of the German Development Economics Conference, Berlin, 72, pp. 1-34.
  • Swiss Economic Institute, https://www.kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html (Erişim Tarihi: 11.05.2020)
  • Tekbaş, M. (2019). Investigation Of Globalization And Economic Growth Relations With Different Dimensions In BRICS-T Countries, PhD. Thesis, Gaziantep University Institute of Social Sciences, Gaziantep, pp. 136.
  • Topallı, N. (2016). Direct capital investment, the relationship between trade openness and economic growth: the example of Turkey and the BRICS countries. Dogus University Journal, 17(1), pp. 83-95.
  • Türedi S. and Berber M. (2010). Financial Development, Trade Relations Between Openness and Economic Growth: An Analysis on Turkey, Erciyes University Journal of Economics and Administrative Sciences, 302 (35), January-July 2010, pp. 301-316.
  • Ümit, A. Ö. (2016). Trade openness in Turkey, the relationship between financial openness and economic growth: the limit test approach. Journal of Ömer Halisdemir University Faculty of Economics and Administrative Sciences, 9(1), pp. 255-272.
  • Villaverde, J. and Maza, A. (2011). Globalization, Growth And Convergence. The World Economy, 34(6), pp. 952-971. World Bank, (2019). https://data.worldbank.org/indicator (Erişim Tarihi: 11.05.2020).
  • Yapraklı, S. (2007). Openness with Business and Financial Relationship Between Economic Growth: An Application Turkey. Istanbul University Faculty of Economics e-Journal of Econometrics and Statistics, (5), pp. 67-89.
  • Zerrin, K. and Dumrul, Y. (2018). The Impact of Globalization on Economic Growth: Empirical Evidence from the Turkey. International Journal of Economics and Financial Issues, 8(5), pp. 115-123.

Yıl 2021, Cilt: 20 Sayı: 1, 57 - 71, 31.01.2021

Murat Tekbaş

https://doi.org/10.21547/jss.796472
Cited By: 5

Öz

Kaynakça

  • Afzal, M. (2007). The İmpact Of Globalization On Economic Growth Of Pakistan. The Pakistan Development Review, 46(4-2) pp.723-734.
  • Ali, A. and Imai, K. S. (2015). Crises, economic integration and growth collapses in African countries. Journal of African Economies, 24(4) pp. 471-501.
  • Alvarado, R. Iñiguez, M. and Ponce, P. (2017). Foreign direct investment and economic growth in Latin America. Economic Analysis and Policy, 56, pp. 176-187.
  • Breitung, J. and Das, S., 2004. Panel unit root tests under cross sectional dependence. Mimeo, University of Bonn
  • Chang, C. P. and Lee, C. C. (2011). The Effect of Globalization and Political Party On Economic Growth: Panel Data Analysis Of Former Communist Countries And European OECD Members, Eastern European Economics, 49(6), pp. 5-26.
  • Chang, C. P., Berdiev, A. N. and Lee, C. C. (2013). Energy Exports, Globalization And Economic Growth: The Case Of South Caucasus. Economic Modelling, 33, pp. 333-346.
  • Chang, C.P. and Lee, C-C. (2010) Globalization and Economic Growth: A Political Economy Analysis For OECD Countries, Global Economic Review, 39(2) pp. 151.173.
  • Doğan, B. (2017). Relationship Between Economic Globalization and Growth: Toda-Yamamoto Causality Analysis in the Case of Turkey. Journal of Finance-Political & Economic Comments, 54(628), 19-27.
  • Doğan, B. and Can, M. (2016). The Effect of Globalization on Growth: Cointegration Analysis for the Sample of South Korea, Journal of The Faculty of Economics and Administrative Sciences, 6(2), pp. 197-220.
  • Dreher, A. (2006), “Does Globalization Affect Growth? Evidence From A New Index of Globalization”, Applied Economics, C:38, S:10, pp. 1091-1110.
  • Dumitrescu, E. I. and Hurlin C., (2012). Testing for Granger non-causality in heterogeneous panels, Economic Modelling, 29(4), pp. 1450-1460.
  • Eren, M. V. and Ergin, Ü. A. (2019). Analysis of the Relationship between Trade Openness and Economic Growth: Sosyoekonomi, 27.
  • Gövdere, B. and Can, M. (2016). The Effects Of Energy Consumption, Openness, Financial Development, Capital Formation And Foreign Trade On Economic Growth In Turkey: Bounds Testing Approach, Niğde University Journal of The Faculty of Economics and Administrative Sciences, 9(1), pp. 209-228.
  • Gözen, R. (2004). Post-International Relations Pluralism, Globalization and September 11, 1st Edition, Alfa Publications, İstanbul. pp. 71-72.
  • Gözgör, G. and Can, M. (2017). Causal Linkages among the Product Diversification of Exports, Economic Globalization and Economic Growth. Review of Development Economics, 21(3), pp. 888-908.
  • Güney, T. (2017). The Impact Of Economic Freedom On Economic Growth In Turkey And BRICS Countries, İnternational Revıew Of Economıcs and Management, 5(2), pp. 20-38.
  • Im, K. S., Lee, J. and Tieslau, M. (2005). Panel LM unit‐root tests with level shifts. Oxford Bulletin of Economics and Statistics, 67(3), pp. 393-419.
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, pp. 53-74.
  • Kao, C. (1999). “Spurious Regression and Residual–Based Tests for Cointegration in Panel Data”, Journal of Econometrics, 90 (1), pp. 1–44.
  • Kartal, Z. and Acaroğlu, H. (2017). Global Economy and Turkey: The Measurement of the Globalization’s Level, Its Property and Its Effects to the Economic Growth in the Duration of Integration to the Global Economy, 1961-2013. Pamukkale University Journal of Social Sciences Institute, (26), pp. 152-177.
  • Kılıç, C. (2015). Effects of Globalization on Economic Growth: Panel Data Analysis for Developing Countries. Petroleum-Gas University of Ploiesti Bulletin, Technical Series, 67(1), pp. 1-11.
  • Kıran, B. and Güriş, B. (2011). Business And Financial Growth Impact Openness in Turkey: A Study on the 1992-2006 period, Anadolu University Journal of Social Sciences,11(2), pp. 69-80.
  • Levin, A., C.F. Lin and C. Chu, 2002, Unit root test in panel data: Asymptotic and finite sample properties, Journal of Econometrics 108, pp. 1–25.
  • Manwa, F. and Wijeweera, A. (2016). Trade liberalization and economic growth link: The case of Southern African Custom Union countries. Economic Analysis and Policy, 51, pp. 12-21.
  • Midiyanti, R. and Yao, M. H. (2019). The Dynamic Relationship between Globalization and Economic Growth: Its Implication on Business Policy. International Journal of Applied Business Research. 1(2), pp. 100-111.
  • Mutascu, M. and Fleischer, A. M. (2011). Economic Growth And Globalization İn Romania. World Applied Sciences Journal, 12(10), pp. 1691-1697.
  • Neto, D. G. and Veiga, F. J. (2013). Financial Globalization, Convergence and Growth: The Role Of Foreign Direct İnvestment. Journal of International Money and Finance, 37, pp. 161-186.
  • Olimpia, N. and Stela, D. (2017). Impact of Globalization On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 27(1), pp. 29-40.
  • Örgün, B. O. and Pala, A. (2017). The Relationship Between Energy Consumption, Trade Openness and Economic Growth: Panel Granger Causality Analysis for EU-28 Countries. Finance Political & Economic Commentary, 54(623), pp. 9-20.
  • Osterloh, S. (2012). Words Speak Louder Than Actions: The İmpact Of Politics On Economic Performance. Journal of Comparative Economics, 40(3), pp. 318-336.
  • Özcan, C. C., Özmen, İ., & Özcan, G. (2018). Causality Relationship Between Trade Openness and Economic Growth: Emerging Market Economies. Selçuk University Journal of Social Sciences Institute, (40), 60-73.
  • Pedroni, P. (1999). “Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors”, Oxford Bulletin of Economics and Statistics, 61(1), pp. 653- 570.
  • Pedroni, P. (2000). “Fully Modified OLS for Heterogeneous Cointegrated Panels”, in Baltagi, Badi H. (Ed.), Nonstationary Panels, Panel Cointegration and Dynamic Panels (Advances in Econometrics), New York: Elsevier Science Inc. pp. 93–130.
  • Pedroni, P. (2001). “Purchasing Power Parity Tests in Cointegrated Panels”, Review of Economics and Statistics, 83, pp. 727-931.
  • Pedroni, P. (2004). “Panel Cointegration, Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the Purchasing Power Parity Hypothesis”, Econometric Theory, 20(3), pp. 597-625.
  • Rao, B. B. and Vadlamannati, K. C. (2011). Globalization and Growth İn The Low İncome African Countries With The Extreme Bounds Analysis. Economic Modelling, 28(3), pp. 795-805.
  • Sakyi, D. (2011). Economic Globalization, Democracy and Income in Sub-Saharan Africa: A Panel Cointegration Analysis, Proceedings of the German Development Economics Conference, Berlin, 72, pp. 1-34.
  • Swiss Economic Institute, https://www.kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html (Erişim Tarihi: 11.05.2020)
  • Tekbaş, M. (2019). Investigation Of Globalization And Economic Growth Relations With Different Dimensions In BRICS-T Countries, PhD. Thesis, Gaziantep University Institute of Social Sciences, Gaziantep, pp. 136.
  • Topallı, N. (2016). Direct capital investment, the relationship between trade openness and economic growth: the example of Turkey and the BRICS countries. Dogus University Journal, 17(1), pp. 83-95.
  • Türedi S. and Berber M. (2010). Financial Development, Trade Relations Between Openness and Economic Growth: An Analysis on Turkey, Erciyes University Journal of Economics and Administrative Sciences, 302 (35), January-July 2010, pp. 301-316.
  • Ümit, A. Ö. (2016). Trade openness in Turkey, the relationship between financial openness and economic growth: the limit test approach. Journal of Ömer Halisdemir University Faculty of Economics and Administrative Sciences, 9(1), pp. 255-272.
  • Villaverde, J. and Maza, A. (2011). Globalization, Growth And Convergence. The World Economy, 34(6), pp. 952-971. World Bank, (2019). https://data.worldbank.org/indicator (Erişim Tarihi: 11.05.2020).
  • Yapraklı, S. (2007). Openness with Business and Financial Relationship Between Economic Growth: An Application Turkey. Istanbul University Faculty of Economics e-Journal of Econometrics and Statistics, (5), pp. 67-89.
  • Zerrin, K. and Dumrul, Y. (2018). The Impact of Globalization on Economic Growth: Empirical Evidence from the Turkey. International Journal of Economics and Financial Issues, 8(5), pp. 115-123.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm İktisat
Yazarlar

Murat Tekbaş 0000-0003-2589-2482

Yayımlanma Tarihi 31 Ocak 2021
Gönderilme Tarihi 17 Eylül 2020
Kabul Tarihi 11 Ocak 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 20 Sayı: 1

Kaynak Göster

APA Tekbaş, M. (2021). The Impact Of Economic, Social And Political Globalization On Economic Growth: Evidence From BRICS-T Countries*. Gaziantep University Journal of Social Sciences, 20(1), 57-71. https://doi.org/10.21547/jss.796472

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