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The Relations of Financial Inclusion, Loans and Economic Growth: An Empirical Research for Turkey

Year 2022, Volume: 15 Issue: 2, 282 - 296, 31.12.2022
https://doi.org/10.17218/hititsbd.1125713

Abstract

The aim of this research is to examine the relationships between financial inclusion, economic growth and loans in the context of Turkey. Turkey is in the category of developing countries and economic growth is among the important goals of the country. The banking sector is also the locomotive of economic growth with the loans it provides. In addition, providing greater access to loans and financial products is an important issue that should be considered in the deepening of financial markets in Turkey. In this context, determining the relationships between loans, economic growth and financial inclusion is important for Turkey and constitutes the main motivation of the research. In the study, three sub-variables representing the dependent variable of financial inclusion (number of ATMs, number of accounts and number of POS) were transformed into a single variable by using Principal Component Analysis. This is what differentiates our research from other studies. In the study, in which financial inclusion is the dependent variable and loans, economic growth are the independent variables, the relationships between the variables are analyzed with multiple regression models. The results obtained from the research show the existence of significant and positive relationships between loans and financial inclusion, and between economic growth and financial inclusion. In this context, 1% increase in loans increases financial inclusion by 0.86%, while 1% increase in economic growth increases financial inclusion by 0.28%. Accordingly, increases in both loans and economic growth positively affect financial inclusion.

Project Number

Bulunmamaktadır.

References

  • Ali, M., Hashmi, S.H., Nazir, M.R., Bilal, A. ve Nazir, M.I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the IsDB member countries? International Journal of Finance and Economics, 26, 5235-5258. doi:10.1002/ijfe.2063
  • Angadi, V.B. (2003). Financial infrastructure and economic development: Theory, evidence and experience. Reserve Bank of India Occasional Papers, 24 (1/2), 191-223. Erişim adresi: https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/50051.pdf
  • Apaydın, Ş. (2018). Türkiye’de banka kredilerinin ekonomik büyüme üzerindeki etkileri. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(4), 15-28. doi:10.25287/ohuiibf.446129
  • Babajide, A. A., Adegboye, F. B. ve Omankhanlen, A. E. (2015). Financial ınclusion and economic growth in Nigeria. International Journal of Economics and Financial Issues, 5(3), 629–637, Erişim adresi: https://dergipark.org.tr/en/download/article-file/363041
  • Beck, T., Demirguc-Kunt, A. ve Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49. doi:10.1007/s10887-007-9010-6
  • BDDK (2021). Türk Bankacılık Sektörü Temel Göstergeleri Aralık 2021. Erişim adresi: https://www.bddk.org.tr/Veri/EkGetir/8?ekId=81
  • Chatterjee, A. (2020). Financial ınclusion, ınformation and communication technology diffusion, and economic growth: A panel data analysis. Information Technology for Development, 26(3),607-635. doi: 10.1080/02681102.2020.1734770
  • Çakar, R., Karakaş, G. ve Güngör, S. (2018). Türkiye’de geleneksel ve katılım bankalarının toplam kredi hacimleriyle ekonomik büyüme arasındaki ilişkisi. İslam Ekonomisi ve Finansı Dergisi, 4(1), 69-95. Erişim adresi: https://dergipark.org.tr/en/download/article-file/507262
  • Datta, S. K. ve Singh, K. (2019). Variation and determinants of financial inclusion and their association with human development: A cross-country analysis. IIMB Management Review, 31(4), 336-349. doi: 10.1016/j.iimb.2019.07.013
  • Demirgüç-Kunt, A. ve Singer, D. (2017). Financial ınclusion and ınclusive growth: A review of recent empirical evidence. World Bank Policy Research Working Paper No. 8040, Erişim adresi: https://ssrn.com/abstract=2958542
  • Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S. ve Hess, J. (2018). The global findex database 2017: measuring financial inclusion and the fintech revolution. Washington, DC: World Bank.
  • Hao, C. (2006). Development of financial ıntermediation and economic growth: The chinese experience. China Economic Review, 17(4), 347-362. doi: 10.1016/j.chieco.2006.01.001
  • Huang, R., Kale, S., Paramati, S.R. ve Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1-15. doi: 10.1016/j.eap.2020.10.007
  • Iqbal, B.A. ve Sami, S. (2017). Role of banks in financial inclusion in India. Contaduría y Administración, 62, 644–656. doi: 10.1016/j.cya.2017.01.007
  • Joseph, J. ve Varghese, T. (2014). Role of financial inclusion in the development of Indian economy. Journal of Economics and Sustainable Development, 5(11), 6-11. Erişim adresi: https://iiste.org/Journals/index.php/JEDS/article/view/13832/14107
  • Karakuş, R. (2020). Türkiye’de finansal tabana yayılma düzeyi ve belirleyicileri. Business and Economic Research Journal, 11(1), 147-160. doi: 10.20409/berj.2020.241
  • Kim, J.H. (2021). A Study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498-512. doi: 10.1080/1540496X.2016.1110467
  • Kim, D.W., Yu, J.S. ve Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14. doi: 10.1016/j.ribaf.2017.07.178
  • King, R. G. ve Levine, R. (1993). Finance, entrepreneurship, and growth: Theory and Evidence. Journal of Monetary Economics, 32(3), 513–542. doi: 10.1016/0304-3932(93)90028-E
  • Law, S.H., Azman-Saini, W.N.W ve Tan, H.B. (2014), Economic globalization and financial development in East Asia: A panel cointegration and causality analysis. Emerging Markets Finance and Trade, 50(1), 210-225. doi: 10.2753/ree1540-496x500112
  • Lenka, S.K. ve Sharma, R. (2017). Does financial inclusion spur economic growth in India? The Journal of Developing Areas, 51(3), 215-228. Erişim adresi: https://www.jstor.org/stable/26416941#metadata_info_tab_contents
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24. doi: 10.1016/S0304-4076(01)00098-7
  • Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth. 1, Part A, Chapter 12, 865–934. doi: 10.1016/S1574-0684(05)01012-9
  • Pradhan, R.P., Tripathy, S., Chatterjee, D., Zaki, D.B. ve Mukhopadhyay, B. (2014). Development of banking sector and economic growth: The ARF experience. Decision, 41(3), 245-259. doi: 10.1007/s40622-014-0056-y
  • Rajan, R. (2009). A hundred small steps. Report of the Committee on Financial sector reforms (Planning Commission Government of India), 50-53. Erişim adresi: https://faculty.iima.ac.in/~jrvarma/reports/Raghuram-Rajan/cfsr_all.pdf
  • Raza, M.S., Tang, J., Rubab, S. ve Wen, X. (2019). Determining the nexus between financial inclusion and economic development in Pakistan. Journal of Money Laundering, 22(2), 195-209. doi:10.1108/JMLC-12-2017-0068
  • Sarma, M. ve Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23, 613-628. doi:10.1002/jid.1698
  • Schumpeter, J. A. (1912). Theorie derwirt-schaftlichenentwicklung. Leipzig: Dunker & Humblot. Sethi, D. ve Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. doi:10.1108/JFEP-11-2016-0073
  • Sharma, D. (2016). Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy. Journal of Financial Economic Policy, 8(1), 13-36. doi: 10.1108/JFEP-01-2015-0004
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press. TÜİK (2022). Türkiye İstatistik Kurumu Haber Bülteni. Sayı:45500. Erişim adresi: https://data.tuik.gov.tr/Bulten/Index?p=45500
  • Türkoğlu, M. (2016). Türkiye’de finansal gelişmenin ekonomik büyümeye etkileri: Nedensellik analizi. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 6(1). 84-93. Erişim adresi: https://dergipark.org.tr/en/download/article-file/184937

Finansal tabana yayılma, krediler ve ekonomik büyüme ilişkisi: Türkiye için ampirik bir araştırma

Year 2022, Volume: 15 Issue: 2, 282 - 296, 31.12.2022
https://doi.org/10.17218/hititsbd.1125713

Abstract

Bu araştırmanın amacı finansal tabana yayılma, ekonomik büyüme ve krediler arasındaki ilişkileri Türkiye bağlamında incelemektir. Türkiye gelişmekte olan ülkeler kategorisinde olup ekonomik büyüme ülkenin önemli hedefleri arasında yer almaktadır. Bankacılık sektörü de verdiği krediler ile ekonomik büyümenin lokomotifi konumundadır. Bunun yanı sıra kredilere ve finansal ürünlere daha fazla erişimin sağlanması Türkiye’de finansal piyasaların derinleşmesinde dikkate alınması gereken önemli bir husustur. Bu bağlamda krediler, ekonomik büyüme ve finansal tabana yayılma arasındaki ilişkilerin belirlenmesi Türkiye açısından önem arz etmekte ve araştırmanın temel motivasyonunu oluşturmaktadır. Araştırmada finansal tabana yayılma bağımlı değişkenini temsilen üç alt değişken (ATM sayısı, hesap adedi ve POS sayısı) Temel Bileşen Analizi (Principal Component Analysis) kullanılarak tek bir değişkene dönüştürülmüştür. Bu durum araştırmamızı diğer araştırmalardan farklılaştırmaktadır. Finansal tabana yayılmanın bağımlı değişken, krediler ve ekonomik büyümenin ise bağımsız değişken olduğu araştırmada değişkenler arasındaki ilişkiler çoklu regresyon modelleri ile analiz edilmiştir. Araştırmadan elde edilen sonuçlar krediler ile finansal tabana yayılma ve ekonomik büyüme ile finansal tabana yayılma arasında anlamlı ve pozitif yönlü ilişkilerin varlığını göstermektedir. Bu bağlamda kredilerde meydana gelen %1’lik artış finansal tabana yayılmayı %0,86 düzeyinde arttırırken, ekonomik büyümede meydana gelen %1’lik artış finansal tabana yayılmayı %0,28 arttırmaktadır. Buna göre hem kredilerde hem de ekonomik büyümede meydana gelen artışlar finansal tabana yayılmayı pozitif etkilemektedir.

Supporting Institution

Bulunmamaktadır.

Project Number

Bulunmamaktadır.

References

  • Ali, M., Hashmi, S.H., Nazir, M.R., Bilal, A. ve Nazir, M.I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the IsDB member countries? International Journal of Finance and Economics, 26, 5235-5258. doi:10.1002/ijfe.2063
  • Angadi, V.B. (2003). Financial infrastructure and economic development: Theory, evidence and experience. Reserve Bank of India Occasional Papers, 24 (1/2), 191-223. Erişim adresi: https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/50051.pdf
  • Apaydın, Ş. (2018). Türkiye’de banka kredilerinin ekonomik büyüme üzerindeki etkileri. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(4), 15-28. doi:10.25287/ohuiibf.446129
  • Babajide, A. A., Adegboye, F. B. ve Omankhanlen, A. E. (2015). Financial ınclusion and economic growth in Nigeria. International Journal of Economics and Financial Issues, 5(3), 629–637, Erişim adresi: https://dergipark.org.tr/en/download/article-file/363041
  • Beck, T., Demirguc-Kunt, A. ve Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49. doi:10.1007/s10887-007-9010-6
  • BDDK (2021). Türk Bankacılık Sektörü Temel Göstergeleri Aralık 2021. Erişim adresi: https://www.bddk.org.tr/Veri/EkGetir/8?ekId=81
  • Chatterjee, A. (2020). Financial ınclusion, ınformation and communication technology diffusion, and economic growth: A panel data analysis. Information Technology for Development, 26(3),607-635. doi: 10.1080/02681102.2020.1734770
  • Çakar, R., Karakaş, G. ve Güngör, S. (2018). Türkiye’de geleneksel ve katılım bankalarının toplam kredi hacimleriyle ekonomik büyüme arasındaki ilişkisi. İslam Ekonomisi ve Finansı Dergisi, 4(1), 69-95. Erişim adresi: https://dergipark.org.tr/en/download/article-file/507262
  • Datta, S. K. ve Singh, K. (2019). Variation and determinants of financial inclusion and their association with human development: A cross-country analysis. IIMB Management Review, 31(4), 336-349. doi: 10.1016/j.iimb.2019.07.013
  • Demirgüç-Kunt, A. ve Singer, D. (2017). Financial ınclusion and ınclusive growth: A review of recent empirical evidence. World Bank Policy Research Working Paper No. 8040, Erişim adresi: https://ssrn.com/abstract=2958542
  • Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S. ve Hess, J. (2018). The global findex database 2017: measuring financial inclusion and the fintech revolution. Washington, DC: World Bank.
  • Hao, C. (2006). Development of financial ıntermediation and economic growth: The chinese experience. China Economic Review, 17(4), 347-362. doi: 10.1016/j.chieco.2006.01.001
  • Huang, R., Kale, S., Paramati, S.R. ve Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1-15. doi: 10.1016/j.eap.2020.10.007
  • Iqbal, B.A. ve Sami, S. (2017). Role of banks in financial inclusion in India. Contaduría y Administración, 62, 644–656. doi: 10.1016/j.cya.2017.01.007
  • Joseph, J. ve Varghese, T. (2014). Role of financial inclusion in the development of Indian economy. Journal of Economics and Sustainable Development, 5(11), 6-11. Erişim adresi: https://iiste.org/Journals/index.php/JEDS/article/view/13832/14107
  • Karakuş, R. (2020). Türkiye’de finansal tabana yayılma düzeyi ve belirleyicileri. Business and Economic Research Journal, 11(1), 147-160. doi: 10.20409/berj.2020.241
  • Kim, J.H. (2021). A Study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498-512. doi: 10.1080/1540496X.2016.1110467
  • Kim, D.W., Yu, J.S. ve Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14. doi: 10.1016/j.ribaf.2017.07.178
  • King, R. G. ve Levine, R. (1993). Finance, entrepreneurship, and growth: Theory and Evidence. Journal of Monetary Economics, 32(3), 513–542. doi: 10.1016/0304-3932(93)90028-E
  • Law, S.H., Azman-Saini, W.N.W ve Tan, H.B. (2014), Economic globalization and financial development in East Asia: A panel cointegration and causality analysis. Emerging Markets Finance and Trade, 50(1), 210-225. doi: 10.2753/ree1540-496x500112
  • Lenka, S.K. ve Sharma, R. (2017). Does financial inclusion spur economic growth in India? The Journal of Developing Areas, 51(3), 215-228. Erişim adresi: https://www.jstor.org/stable/26416941#metadata_info_tab_contents
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24. doi: 10.1016/S0304-4076(01)00098-7
  • Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth. 1, Part A, Chapter 12, 865–934. doi: 10.1016/S1574-0684(05)01012-9
  • Pradhan, R.P., Tripathy, S., Chatterjee, D., Zaki, D.B. ve Mukhopadhyay, B. (2014). Development of banking sector and economic growth: The ARF experience. Decision, 41(3), 245-259. doi: 10.1007/s40622-014-0056-y
  • Rajan, R. (2009). A hundred small steps. Report of the Committee on Financial sector reforms (Planning Commission Government of India), 50-53. Erişim adresi: https://faculty.iima.ac.in/~jrvarma/reports/Raghuram-Rajan/cfsr_all.pdf
  • Raza, M.S., Tang, J., Rubab, S. ve Wen, X. (2019). Determining the nexus between financial inclusion and economic development in Pakistan. Journal of Money Laundering, 22(2), 195-209. doi:10.1108/JMLC-12-2017-0068
  • Sarma, M. ve Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23, 613-628. doi:10.1002/jid.1698
  • Schumpeter, J. A. (1912). Theorie derwirt-schaftlichenentwicklung. Leipzig: Dunker & Humblot. Sethi, D. ve Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. doi:10.1108/JFEP-11-2016-0073
  • Sharma, D. (2016). Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy. Journal of Financial Economic Policy, 8(1), 13-36. doi: 10.1108/JFEP-01-2015-0004
  • Shaw, E. S. (1973). Financial deepening in economic development. New York: Oxford University Press. TÜİK (2022). Türkiye İstatistik Kurumu Haber Bülteni. Sayı:45500. Erişim adresi: https://data.tuik.gov.tr/Bulten/Index?p=45500
  • Türkoğlu, M. (2016). Türkiye’de finansal gelişmenin ekonomik büyümeye etkileri: Nedensellik analizi. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 6(1). 84-93. Erişim adresi: https://dergipark.org.tr/en/download/article-file/184937
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Mustafa Kevser 0000-0003-0586-1662

Nevzat Çalış 0000-0002-5604-0728

Şakir Sakarya 0000-0003-2510-7384

Project Number Bulunmamaktadır.
Publication Date December 31, 2022
Submission Date June 3, 2022
Published in Issue Year 2022 Volume: 15 Issue: 2

Cite

APA Kevser, M., Çalış, N., & Sakarya, Ş. (2022). Finansal tabana yayılma, krediler ve ekonomik büyüme ilişkisi: Türkiye için ampirik bir araştırma. Hitit Sosyal Bilimler Dergisi, 15(2), 282-296. https://doi.org/10.17218/hititsbd.1125713
Hitit Journal of Social Sciences is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY NC).