Araştırma Makalesi
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The Role of Higher Education and Financial Development on Economic Growth: Evidence on North Cyprus

Yıl 2024, Cilt: 38 Sayı: 2, 76 - 82, 22.04.2024
https://doi.org/10.16951/trendbusecon.1467671

Öz

This research aims to examine the effects of the development in the higher education and financial sector on economic growth in the case of North Cyprus. Findings of time series data show that there is a long-term equilibrium relationship between real income and its elements such as labor, capital, higher education, and financial growth. Results show that both capital and labor have a statistically significant effect on economic growth. Additionally, development in the financial sector is a significant contributor to economic growth, however, higher education shows evidence of greater contribution to economic growth in North Cyprus. It draws attention that the higher education sector has a greater impact on economic development than the financial sector. In this context, government authorities should support both the financial and higher education sectors in order to accelerate their contribution to economic development. Policymakers needed to concentrate more on the higher education sector in Northern Cyprus.

Kaynakça

  • Baykan, H., Altınay, F., Eyüboğlu, Ş. Z., & Altınay, Z. (2018). An evaluation of higher education sector to the economy. Quality & Quantity, 52(1), 59-65.
  • Chen, Q., Zhao, X., & Lynch, J. G. (2010). Truths about Mediation Analysis. Journal of Consumer Research, 37(2), 197-206.
  • Fethi, S., Katircioğlu, S., & Caglar, D. (2013). The role of the financial sector in the Turkish Cypriot economy: evidence from bounds and causality tests. Turkish Studies, 14(3), 540-563.
  • Gyimah-Brempong, K., Paddison, O., & Mitiku, W. (2006). Higher education and economic growth in Africa. The Journal of Development Studies, 42(3), 509-529.
  • Hanushek, E. A. (2016). Will more higher education improve economic growth?. Oxford Review of Economic Policy, 32(4), 538-552.
  • Jenkins, H. P., & Katırcıoglu, S. T. (2010). The bounds test approach for cointegration and causality between financial development, international trade and economic growth: the case of Cyprus. Applied Economics, 42(13), 1699-1707.
  • Katircioglu, S. (2002). Economic Impact Of Higher Education Sector On Economic Growth Of North Cyprus: Evidence From Co-Integration Analysis. Journal of Applied Sciences, 2(2), 125-128.
  • Katırcıoğlu, S. T. (2009). Investigating higher-education-led growth hypothesis in a small Island: Time series evidence from Northern Cyprus. Econ Anadolu, 17-19.
  • Katircioğlu, S. T. (2010). International tourism, higher education and economic growth: The case of North Cyprus. The World Economy, 33(12), 1955-1972.
  • Katircioğlu, S., Fethi, S., & Kilinç, C. (2010). A long run equilibrium relationship between international tourism, higher education, and economic growth in Northern Cyprus. Economic research-Ekonomska istraživanja, 23(1), 86-96.
  • Katircioğlu, S., Fethi, S., & Caner, H. (2014). Testing the higher education-led growth hypothesis in a small island: an empirical investigation from a new version of the Solow growth model. Quality & Quantity, 48(2), 729-744.
  • Keller, K. R. (2006). Investment in primary, secondary, and higher education and the effects on economic growth. Contemporary Economic Policy, 24(1), 18-34.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737.
  • Levine, R. (1999). Financial development and economic growth: views and agenda. The World Bank.
  • Lin, T. C. (2004). The role of higher education in economic development: an empirical study of Taiwan case. Journal of Asian Economics, 15(2), 355-371.
  • McKinnon, R. (1973). Money and Capital in Economic Development (1st ed.). Washington DC: The Brooking Institution.
  • Narayan, P. K., & Smyth, R. (2004). The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing. Applied Economics Letters, 11(5), 287-291.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (1996). Testing for the'Existence of a Long-run Relationship' (No. 9622). Faculty of Economics, University of Cambridge.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326.
  • Resnik, J. (2006). International organizations, the “education–economic growth” black box, and the development of world education culture. Comparative education review, 50(2), 173-195.
  • Schumpeter, Josef A. (1911). Economic Development Theory. 1st edition. Duncker & Humblot, Leipzig.
  • Selçuk, G. N. (2012). Atatürk Üniversitesi öğrencilerinin harcamalarının analizi ve Erzurum ekonomisine katkısı. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(3), 317-330.
  • Türsoy, T., & Faisal, F. (2018). Does financial depth impact economic growth in North Cyprus?. Financial Innovation, 4(1), 12.

Yüksek Öğrenim ve Finansal Gelişmenin Ekonomik Büyüme Üzerindeki Rolü: Kuzey Kıbrıs Üzerine Kanıtlar

Yıl 2024, Cilt: 38 Sayı: 2, 76 - 82, 22.04.2024
https://doi.org/10.16951/trendbusecon.1467671

Öz

Bu araştırmanın amacı, yükseköğretim ve finans sektöründeki gelişmelerin ekonomik büyüme üzerindeki etkilerini Kuzey Kıbrıs örneğinde incelemektir. Zaman serisi verilerinin bulguları, reel gelir ile emek, sermaye, yüksek öğrenim ve finansal büyüme gibi unsurları arasında uzun dönemli bir denge ilişkisi olduğunu göstermektedir. Sonuçlar, hem sermayenin hem de emeğin ekonomik büyüme üzerinde istatistiksel olarak anlamlı bir etkiye sahip olduğunu göstermektedir. Ek olarak, finans sektöründeki gelişme, ekonomik büyümeye önemli bir katkıda bulunur, ancak yüksek öğrenim, Kuzey Kıbrıs'ta ekonomik büyümeye daha fazla katkı sağladığına dair kanıtlar göstermektedir. Yükseköğretim sektörünün ekonomik kalkınma üzerinde finans sektöründen daha büyük bir etkiye sahip olduğuna dikkat çekmektedir. Bu bağlamda hükümet yetkilileri, ekonomik kalkınmaya katkılarını hızlandırmak için hem finansal hem de yükseköğretim sektörlerini desteklemelidir. Politika yapıcıların Kuzey Kıbrıs'taki yüksek öğretim sektörüne daha fazla odaklanması gerekmektedir.

Kaynakça

  • Baykan, H., Altınay, F., Eyüboğlu, Ş. Z., & Altınay, Z. (2018). An evaluation of higher education sector to the economy. Quality & Quantity, 52(1), 59-65.
  • Chen, Q., Zhao, X., & Lynch, J. G. (2010). Truths about Mediation Analysis. Journal of Consumer Research, 37(2), 197-206.
  • Fethi, S., Katircioğlu, S., & Caglar, D. (2013). The role of the financial sector in the Turkish Cypriot economy: evidence from bounds and causality tests. Turkish Studies, 14(3), 540-563.
  • Gyimah-Brempong, K., Paddison, O., & Mitiku, W. (2006). Higher education and economic growth in Africa. The Journal of Development Studies, 42(3), 509-529.
  • Hanushek, E. A. (2016). Will more higher education improve economic growth?. Oxford Review of Economic Policy, 32(4), 538-552.
  • Jenkins, H. P., & Katırcıoglu, S. T. (2010). The bounds test approach for cointegration and causality between financial development, international trade and economic growth: the case of Cyprus. Applied Economics, 42(13), 1699-1707.
  • Katircioglu, S. (2002). Economic Impact Of Higher Education Sector On Economic Growth Of North Cyprus: Evidence From Co-Integration Analysis. Journal of Applied Sciences, 2(2), 125-128.
  • Katırcıoğlu, S. T. (2009). Investigating higher-education-led growth hypothesis in a small Island: Time series evidence from Northern Cyprus. Econ Anadolu, 17-19.
  • Katircioğlu, S. T. (2010). International tourism, higher education and economic growth: The case of North Cyprus. The World Economy, 33(12), 1955-1972.
  • Katircioğlu, S., Fethi, S., & Kilinç, C. (2010). A long run equilibrium relationship between international tourism, higher education, and economic growth in Northern Cyprus. Economic research-Ekonomska istraživanja, 23(1), 86-96.
  • Katircioğlu, S., Fethi, S., & Caner, H. (2014). Testing the higher education-led growth hypothesis in a small island: an empirical investigation from a new version of the Solow growth model. Quality & Quantity, 48(2), 729-744.
  • Keller, K. R. (2006). Investment in primary, secondary, and higher education and the effects on economic growth. Contemporary Economic Policy, 24(1), 18-34.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737.
  • Levine, R. (1999). Financial development and economic growth: views and agenda. The World Bank.
  • Lin, T. C. (2004). The role of higher education in economic development: an empirical study of Taiwan case. Journal of Asian Economics, 15(2), 355-371.
  • McKinnon, R. (1973). Money and Capital in Economic Development (1st ed.). Washington DC: The Brooking Institution.
  • Narayan, P. K., & Smyth, R. (2004). The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing. Applied Economics Letters, 11(5), 287-291.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (1996). Testing for the'Existence of a Long-run Relationship' (No. 9622). Faculty of Economics, University of Cambridge.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326.
  • Resnik, J. (2006). International organizations, the “education–economic growth” black box, and the development of world education culture. Comparative education review, 50(2), 173-195.
  • Schumpeter, Josef A. (1911). Economic Development Theory. 1st edition. Duncker & Humblot, Leipzig.
  • Selçuk, G. N. (2012). Atatürk Üniversitesi öğrencilerinin harcamalarının analizi ve Erzurum ekonomisine katkısı. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(3), 317-330.
  • Türsoy, T., & Faisal, F. (2018). Does financial depth impact economic growth in North Cyprus?. Financial Innovation, 4(1), 12.
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Ekonomi
Bölüm Araştırma Makaleleri
Yazarlar

Hatice İmamoğlu 0000-0002-3299-499X

Behçet Öznacar 0000-0001-6164-1432

Erken Görünüm Tarihi 15 Nisan 2024
Yayımlanma Tarihi 22 Nisan 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 38 Sayı: 2

Kaynak Göster

APA İmamoğlu, H., & Öznacar, B. (2024). The Role of Higher Education and Financial Development on Economic Growth: Evidence on North Cyprus. Trends in Business and Economics, 38(2), 76-82. https://doi.org/10.16951/trendbusecon.1467671

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