The Effect of Remittances on Financial Development in DevelopingCountries: Dynamic Panel Data Analysis

Gelişmekte Olan Ülkelerde İşçi Dövizlerinin Finansal Gelişme Üzerindeki Etkisi: Dinamik Panel Veri Analizi

Abstract

The aim of the study is to measure the effect of workers’ remittances on financial development. The study on 44 developing countries covers the period 1994-2017. In the empirical analysis of the study, financial development index data was used as the dependent variable. However, financial institutions and financial markets index data, which are the subcriteria of the index, are also used in the study as dependent variables. As independent variables, workers' remittances, GDP per capita, trade openness and inflation data are used. According to the results of the analysis made using the Two-Stage System Generalized Moments Method, workers' remittances, per capita GDP and trade openness, financial development, financial institutions and financial markets are statistically significant and positive, while inflation is negatively.

Özet

Çalúmann amac iúçi dövizlerinin finansal geliúme üzerindeki etkisini ölçmektir. Çalúma 44 geliúmekte olan ülkeyi ve 1994-2017 dönemini kapsamaktadr. Analizde ba÷ml de÷iúken olarak finansal geliúmiúlik endeksi kullanlmútr. Ayrca endeksin alt kriterleri olan finansal kurumlar ve finansal piyasalar endeksi verileri de ba÷ml de÷iúken olarak kullanlmútr. Ba÷msz de÷iúken olarak iúçi dövizi gelirleri, kiúi baú GSYH, ticari açklk ve enflasyon verileri kullanlmútr. øki aúamal sistem genelleútirilmiú momentler metodu kullanlarak yaplan analiz sonucuna göre iúçi dövizi gelirleri, kiúi baú GSYH ve ticari açklk finansal geliúmeyi, finansal kurumlar ve finansal piyasalar istatistiksel olarak anlaml ve pozitif etkilerken enflasyon negatif etkilemektedir.