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THE RELATIONSHIP BETWEEN DOMESTIC CREDIT PROVIDED TO PRIVATE SECTOR, R&D INVESTMENTS, AND ECONOMIC GROWTH: EVIDENCE FROM CHINA, SOUTH KOREA, AND JAPAN

Year 2024, Volume: 25 Issue: 1, 93 - 114, 20.12.2023
https://doi.org/10.31671/doujournal.1295234

Abstract

The main objective of the present study was to reveal the significance of R&D in order to ensure sustainable economic growth. The present study consists of four main parts. In the first part of the study, the term R&D is defined in detail. The Solow model, which is the theoretical basis of the study, is discussed in the introduction. In the first part of the study, the term ‘economic growth’ is explained, as well. Different definitions of economic growth are given and then the basic resources of the economy, people, nature, funds, technological change, and innovation are examined. Ensuring economic growth and improving the quality of life is desired by all nations and peoples. Therefore, the policies and measures to be determined for this purpose are socrucial. In this sense, innovation-oriented economic models are examined. In addition, in the second part of the study, the academic literature is examined in terms of the relationship between loans provided by financial institutions to the private sector, R&D investments, and economic growth. In the third and final part of the study, the relationship between R&D, domestic credit provided to private sector, and economic growth are examined using multivariate regression, cointegration, FMOLS, DOLS, CCR, and ARDL analyzes for China, South Korea, and Japan fort he period between 1991 and 2020. In the conclusion part, all the results obtained are interpreted and the relationship between domestic credit provided to private sector, R&D, and economic growth are presented in a concrete way in terms of empirical findings.

References

  • Aghion P. ve Howit P. (1998). Endogenous growth theory cambrige: The MIT Press. https://doi.org/10.1057/9780230280823_10
  • Amin, S., Liaqat, M., Safdar, N., ve Iqbal, S. (2022). Spillovers of education and job training in bringing sustainable economic development in Pakistan: The role of research and development revisited. The Journal of Asian Finance, Economics and Business, 9(5), 11-18. https://doi.org/10.13106/jafeb.2022.vol9.no5.0011
  • Bayar, Y. (2014). Financial development and economic growth in emerging Asian countries. Asian Social Science, 10(9), 8-17. https://doi.org/10.5539/ass.v10n9p8
  • Begum, H., Aziz, M., ve Sotto, R. M. (2019). Impact of domestic credit to private sector on gross domestic product in Bangladesh. IOSR Journal of Economics and Finance, 9(6), 14-24. https://doi.org/10.9790/5933-0906041424
  • Beşe, E., ve Kalaycı, S. (2021). Environmental Kuznets curve (ekc): Empirical relationship between economic growth, energy consumption, and co2 emissions: evidence from 3 developed countries. Panoeconomicus, 68(4), 483-506. https://doi.org/10.2298/PAN180503004B
  • Caporale, G. M., Howells, P. G., ve Soliman, A. M. (2004). Stock market development and economic growth: The causal linkage. Journal of Economic Development, 29(1), 33-50. Erişim adresi https://ideas.repec.org/a/jed/journl/v29y2004i1p33-50.html
  • Coulibaly, S. K., Erbao, C., ve Mekongcho, T. M. (2018). Economic globalization, entrepreneurship, and development. Technological Forecasting and Social Change, 127, 271-280. https://doi.org/10.1016/j.techfore.2017.09.028
  • Das, G. G., ve Drine, I. (2020). Distance from the technology frontier: How could Africa catch-up via socio-institutional factors and human capital? Technological Forecasting and Social Change, 150, 119755. https://doi.org/10.1016/j.techfore.2019.119755
  • Dünya Bankası (2023a). Finansal kuruluşların özel sektöre sağladığı krediler. Erişim adresi https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS
  • Dünya Bankası (2023b). Gayri Safi Yurt İçi Hasıla GSYİH–Güney Kore Erişim adresi https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
  • Genç, M. C. ve Tandoğan, D. (2020). Türkiye’de Ar-ge’nin ekonomik büyüme üzerindeki etkisi: Fourier yaklaşımla kalıntı temelli eşbütünleşme testi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(2), 339-348. https://doi.org/10.18026/cbayarsos.709287
  • İğdeli, A. (2019). Ar-ge ve eğitim harcamalarının ekonomik büyüme üzerindeki etkisi: Türkiye örneği. Manas Sosyal Araştırmalar Dergisi, 8(3), 2517-2538. https://doi.org/10.33206/mjss.520848
  • Jones, C. I. (1995). R&D-Based models of economic growth. Journal of Political Economy, 103(4), 759-784. Erişim adresi https://www.jstor.org/stable/2138581
  • Kalaycı, S., ve Özden, C. (2021). The linkage among sea transport, trade liberalization and ındustrial development in the context of co2: An empirical investigation from China. Frontiers in Environmental Science, 9, 633875. https://doi.org/10.3389/fenvs.2021.633875
  • Kalaycı, S. (2017). Dışsal faktörlerin ulaşım sektörüne etkisi: Lojistik firmalarından kanıtlar. Finans Politik ve Ekonomik Yorumlar, 54(633), 41-59 Erişim adresi https://dergipark.org.tr/tr/download/article-file/787521
  • Kalaycı, S., ve Köksal, C. (2015). The relationship between China's airway freight in terms of carbon-dioxide emission and export volume. International Journal of Economic Perspectives, 9(4), 60-68. Erişim adresi https://www.proquest.com/openview/0622feac08cad19ff1f57f222764e8b7/1?cbl=51667&pq-origsite=gscholar
  • Krishnankutty, R. (2011). Role of banks credit in economic growth: A study with special reference to North East India. The Economic Research Guardian, 1(2), 60-71. Erişim adresi https://ideas.repec.org/a/wei/journl/v1y2011i2p60-71.html
  • Kozmenko, S., ve Korneyev, M. (2017). Formalization of the ımpact of ımbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe. Accounting and Financial Control, 1(1), 48-58. http://dx.doi.org/10.21511/afc.01(1).2017.06
  • Majeed, S., ve Iftikhar, S. F. (2020). Modeling the relationship between banking sector credit and economic growth: A sectoral analysis for Pakistan. Journal of Economic Cooperation & Development, 41(1), 145-178. Erişim adresi www.researchgate.net
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
  • OECD (2023). Ar-ge için yapılan yatırımlar–Güney Kore Erişim adresi https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm
  • Özek, Y. (2020). Relation between R&D expenditures and economic growth: Empirical evidence from BRICS-T countries. Journal of Academic Value Studies, 6(3), 311-321. http://dx.doi.org/10.29228/javs.44549
  • Patra, S., ve Dastidar, S. G. (2018). Finance and growth: Evidence from South Asia. Jindal Journal of Business Research, 7(1), 37-60. https://doi.org/10.1177/2278682118761747
  • Pesaran, M. H., Shin, Y., ve Smith, R. J. (2001), Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Phillips, P. C., ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
  • Romer, P.M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102. Erişim adresi https://www.jstor.org/stable/2937632
  • Pradhan, R. P., Nishigaki, Y., ve Hall, J. H. (2017). The multivariate dynamic causal relations between financial depth, ınflation, and economic growth. Philippine Review of Economics, 54(1), 63-93. Erişim adresi https://pre.econ.upd.edu.ph/index.php/pre/article/view/950
  • Rushchyshyn, N., Mulska, O., Vasyltsiv, T., Nikolchuk, Y., ve Rushchyshyn, M. (2021). The ımpact of banking sector development on economic growth: Comparative analysis of Ukraine and some EU countries. Investment Management and Financial Innovations, 18(2), 193-208. https://doi.org/10.21511/imfi.18(2).2021.16
  • Sadraoui, T. ve Zina, N. B. (2009). A dynamic panel data analysis for R&D cooperation and economic growth. International Journal of Foresight and Innovation Policy, 5(4), 218‐233. https://doi.org/10.1504/IJFIP.2009.0264
  • Samimi, A. J. ve Alerasoul, S. M. (2009). R&D and economic growth: New evidence from some developing countries. Australian Journal of Basic and Applied Sciences, 3(4), 3464‐3469. Erişim adresi http://ajbasweb.com/old/ajbas/2010/3086-3091.pdf
  • Serena, N., Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554. https://doi.org/10.1111/1468-0262.00256
  • Shkolnyk, I., Kozmenko, S., Kozmenko, O., ve Mershchii, B. (2019). The ımpact of the economy financialization on the level of economic development of the associate EU member states. Economics & Sociology, 12(4), 43-331. https://doi.org/10.14254/2071-789X.2019/12-4/2
  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
  • Sungur, O., Aydın, H., ve Mehmet, E. (2016). Türkiye’de ar-ge, inovasyon, ihracat ve ekonomik büyüme arasındaki ilişki: Asimetrik nedensellik analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21(1), 173-192. Erişim adresi https://dergipark.org.tr/tr/pub/sduiibfd/issue/20859/223804#article_cite
  • Ülkü, H. (2004). R&D, ınnovation, and economic growth: An empirical analysis. IMF Working Papers, 4, 185. https://doi.org/10.5089/9781451859447.001
  • Vaithilingam, S., Guru, B. K., ve Shanmugam, B. (2003). Bank lending and economic growth in Malaysia. Journal of Asia-Pacific Business, 5(1), 51-69. https://doi.org/10.1300/J098v05n01_05
  • Wesiah, S., ve Onyekwere, S. C. (2021). The relationship between financial development and economic growth in the United Kingdom: A granger causality approach. Quantitative Economics and Management Studies, 2(1), 47-71. https://doi.org/10.35877/454RI.qems258
  • Yazıcı, S. (2022). Investigating the maritime freight-induced EKC hypothesis: The case of Scandinavian countries. Frontiers in Environmental Science, 289, 1-18. https://doi.org/10.3389/fenvs.2022.727830

FİNANSAL KURULUŞLAR TARAFINDAN ÖZEL SEKTÖRE SAĞLANAN KREDİLER, AR&GE YATIRIMLARI VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: ÇİN, GÜNEY KORE VE JAPONYA’DAN KANITLAR

Year 2024, Volume: 25 Issue: 1, 93 - 114, 20.12.2023
https://doi.org/10.31671/doujournal.1295234

Abstract

Bu çalışmanın temel hedefi, sürdürülebilir ekonomik büyümenin sağlanabilmesi için AR&GE yatırımlarının önemini ortaya koymaktır. Bu bağlamda, bu çalışma dört ana bölümden oluşmaktadır. Çalışmanın ilk bölümünde AR&GE kavramı tanımlanmıştır. Çalışmanın teorik altyapısı olan Solow modeli ise makalenin giriş kısmında ele alınmıştır. Çalışmanın ilk bölümünde ekonomik büyüme kavramı açıklanmıştır. Ekonomik büyümenin farklı tanımları verilmiş ve ardından ekonominin temel kaynakları olan insan, doğa, fon, teknolojik değişim ve inovasyon incelenmiştir. Ekonomik büyümenin sağlanması ve yaşam kalitesinin yükseltilmesi tüm uluslar ve insanlar tarafından arzu edilen bir durumdur. Dolayısıyla bu amaçla belirlenecek politikalar ve tedbirler çok önemlidir. Bu bağlamda inovasyon odaklı ekonomik modeller incelenmektedir. Ayrıca, çalışmanın ikinci bölümünde ise akademik literatür, finansal kuruluşlar tarafından özel sektöre sağlanan krediler, AR&GE yatırımları ve ekonomik büyüme arasındaki ilişki açısından araştırılmıştır. Çalışmanın üçüncü ve son bölümünde ise 1991'den 2020'ye kadar Çin, Güney Kore ve Japonya için çoklu regresyon, eş bütünleşme, FMOLS, DOLS, CCR ve ARDL analizleri kullanılarak AR&GE, özel sektöre verilen finansal krediler ve ekonomik büyüme arasındaki ilişki incelenmiştir. Sonuç bölümünde ise elde edilen tüm sonuçlar yorumlanarak özel sektöre verilen finansal krediler, AR&GE ve ekonomik büyüme arasındaki ilişkisi ampirik bulgular açısından somut bir şekilde ortaya konulmuştur.

References

  • Aghion P. ve Howit P. (1998). Endogenous growth theory cambrige: The MIT Press. https://doi.org/10.1057/9780230280823_10
  • Amin, S., Liaqat, M., Safdar, N., ve Iqbal, S. (2022). Spillovers of education and job training in bringing sustainable economic development in Pakistan: The role of research and development revisited. The Journal of Asian Finance, Economics and Business, 9(5), 11-18. https://doi.org/10.13106/jafeb.2022.vol9.no5.0011
  • Bayar, Y. (2014). Financial development and economic growth in emerging Asian countries. Asian Social Science, 10(9), 8-17. https://doi.org/10.5539/ass.v10n9p8
  • Begum, H., Aziz, M., ve Sotto, R. M. (2019). Impact of domestic credit to private sector on gross domestic product in Bangladesh. IOSR Journal of Economics and Finance, 9(6), 14-24. https://doi.org/10.9790/5933-0906041424
  • Beşe, E., ve Kalaycı, S. (2021). Environmental Kuznets curve (ekc): Empirical relationship between economic growth, energy consumption, and co2 emissions: evidence from 3 developed countries. Panoeconomicus, 68(4), 483-506. https://doi.org/10.2298/PAN180503004B
  • Caporale, G. M., Howells, P. G., ve Soliman, A. M. (2004). Stock market development and economic growth: The causal linkage. Journal of Economic Development, 29(1), 33-50. Erişim adresi https://ideas.repec.org/a/jed/journl/v29y2004i1p33-50.html
  • Coulibaly, S. K., Erbao, C., ve Mekongcho, T. M. (2018). Economic globalization, entrepreneurship, and development. Technological Forecasting and Social Change, 127, 271-280. https://doi.org/10.1016/j.techfore.2017.09.028
  • Das, G. G., ve Drine, I. (2020). Distance from the technology frontier: How could Africa catch-up via socio-institutional factors and human capital? Technological Forecasting and Social Change, 150, 119755. https://doi.org/10.1016/j.techfore.2019.119755
  • Dünya Bankası (2023a). Finansal kuruluşların özel sektöre sağladığı krediler. Erişim adresi https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS
  • Dünya Bankası (2023b). Gayri Safi Yurt İçi Hasıla GSYİH–Güney Kore Erişim adresi https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
  • Genç, M. C. ve Tandoğan, D. (2020). Türkiye’de Ar-ge’nin ekonomik büyüme üzerindeki etkisi: Fourier yaklaşımla kalıntı temelli eşbütünleşme testi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(2), 339-348. https://doi.org/10.18026/cbayarsos.709287
  • İğdeli, A. (2019). Ar-ge ve eğitim harcamalarının ekonomik büyüme üzerindeki etkisi: Türkiye örneği. Manas Sosyal Araştırmalar Dergisi, 8(3), 2517-2538. https://doi.org/10.33206/mjss.520848
  • Jones, C. I. (1995). R&D-Based models of economic growth. Journal of Political Economy, 103(4), 759-784. Erişim adresi https://www.jstor.org/stable/2138581
  • Kalaycı, S., ve Özden, C. (2021). The linkage among sea transport, trade liberalization and ındustrial development in the context of co2: An empirical investigation from China. Frontiers in Environmental Science, 9, 633875. https://doi.org/10.3389/fenvs.2021.633875
  • Kalaycı, S. (2017). Dışsal faktörlerin ulaşım sektörüne etkisi: Lojistik firmalarından kanıtlar. Finans Politik ve Ekonomik Yorumlar, 54(633), 41-59 Erişim adresi https://dergipark.org.tr/tr/download/article-file/787521
  • Kalaycı, S., ve Köksal, C. (2015). The relationship between China's airway freight in terms of carbon-dioxide emission and export volume. International Journal of Economic Perspectives, 9(4), 60-68. Erişim adresi https://www.proquest.com/openview/0622feac08cad19ff1f57f222764e8b7/1?cbl=51667&pq-origsite=gscholar
  • Krishnankutty, R. (2011). Role of banks credit in economic growth: A study with special reference to North East India. The Economic Research Guardian, 1(2), 60-71. Erişim adresi https://ideas.repec.org/a/wei/journl/v1y2011i2p60-71.html
  • Kozmenko, S., ve Korneyev, M. (2017). Formalization of the ımpact of ımbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe. Accounting and Financial Control, 1(1), 48-58. http://dx.doi.org/10.21511/afc.01(1).2017.06
  • Majeed, S., ve Iftikhar, S. F. (2020). Modeling the relationship between banking sector credit and economic growth: A sectoral analysis for Pakistan. Journal of Economic Cooperation & Development, 41(1), 145-178. Erişim adresi www.researchgate.net
  • Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
  • OECD (2023). Ar-ge için yapılan yatırımlar–Güney Kore Erişim adresi https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm
  • Özek, Y. (2020). Relation between R&D expenditures and economic growth: Empirical evidence from BRICS-T countries. Journal of Academic Value Studies, 6(3), 311-321. http://dx.doi.org/10.29228/javs.44549
  • Patra, S., ve Dastidar, S. G. (2018). Finance and growth: Evidence from South Asia. Jindal Journal of Business Research, 7(1), 37-60. https://doi.org/10.1177/2278682118761747
  • Pesaran, M. H., Shin, Y., ve Smith, R. J. (2001), Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Phillips, P. C., ve Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
  • Romer, P.M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102. Erişim adresi https://www.jstor.org/stable/2937632
  • Pradhan, R. P., Nishigaki, Y., ve Hall, J. H. (2017). The multivariate dynamic causal relations between financial depth, ınflation, and economic growth. Philippine Review of Economics, 54(1), 63-93. Erişim adresi https://pre.econ.upd.edu.ph/index.php/pre/article/view/950
  • Rushchyshyn, N., Mulska, O., Vasyltsiv, T., Nikolchuk, Y., ve Rushchyshyn, M. (2021). The ımpact of banking sector development on economic growth: Comparative analysis of Ukraine and some EU countries. Investment Management and Financial Innovations, 18(2), 193-208. https://doi.org/10.21511/imfi.18(2).2021.16
  • Sadraoui, T. ve Zina, N. B. (2009). A dynamic panel data analysis for R&D cooperation and economic growth. International Journal of Foresight and Innovation Policy, 5(4), 218‐233. https://doi.org/10.1504/IJFIP.2009.0264
  • Samimi, A. J. ve Alerasoul, S. M. (2009). R&D and economic growth: New evidence from some developing countries. Australian Journal of Basic and Applied Sciences, 3(4), 3464‐3469. Erişim adresi http://ajbasweb.com/old/ajbas/2010/3086-3091.pdf
  • Serena, N., Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554. https://doi.org/10.1111/1468-0262.00256
  • Shkolnyk, I., Kozmenko, S., Kozmenko, O., ve Mershchii, B. (2019). The ımpact of the economy financialization on the level of economic development of the associate EU member states. Economics & Sociology, 12(4), 43-331. https://doi.org/10.14254/2071-789X.2019/12-4/2
  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
  • Sungur, O., Aydın, H., ve Mehmet, E. (2016). Türkiye’de ar-ge, inovasyon, ihracat ve ekonomik büyüme arasındaki ilişki: Asimetrik nedensellik analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21(1), 173-192. Erişim adresi https://dergipark.org.tr/tr/pub/sduiibfd/issue/20859/223804#article_cite
  • Ülkü, H. (2004). R&D, ınnovation, and economic growth: An empirical analysis. IMF Working Papers, 4, 185. https://doi.org/10.5089/9781451859447.001
  • Vaithilingam, S., Guru, B. K., ve Shanmugam, B. (2003). Bank lending and economic growth in Malaysia. Journal of Asia-Pacific Business, 5(1), 51-69. https://doi.org/10.1300/J098v05n01_05
  • Wesiah, S., ve Onyekwere, S. C. (2021). The relationship between financial development and economic growth in the United Kingdom: A granger causality approach. Quantitative Economics and Management Studies, 2(1), 47-71. https://doi.org/10.35877/454RI.qems258
  • Yazıcı, S. (2022). Investigating the maritime freight-induced EKC hypothesis: The case of Scandinavian countries. Frontiers in Environmental Science, 289, 1-18. https://doi.org/10.3389/fenvs.2022.727830
There are 38 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Article
Authors

Recep Alper Çelik 0009-0004-0112-9356

Publication Date December 20, 2023
Submission Date May 10, 2023
Published in Issue Year 2024 Volume: 25 Issue: 1

Cite

APA Çelik, R. A. (2023). FİNANSAL KURULUŞLAR TARAFINDAN ÖZEL SEKTÖRE SAĞLANAN KREDİLER, AR&GE YATIRIMLARI VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: ÇİN, GÜNEY KORE VE JAPONYA’DAN KANITLAR. Doğuş Üniversitesi Dergisi, 25(1), 93-114. https://doi.org/10.31671/doujournal.1295234