THE MULTIDIMENSIONAL EFFECT OF FINANCIAL DEVELOPMENT ON TOTAL FACTOR PRODUCTIVITY: EVIDENCE FROM CROSS-COUNTRY PANEL DATA

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dc.contributor.authorVisne, Cagatay
dc.contributor.authorEkinci, Ramazan
dc.date.accessioned2026-01-31T15:09:03Z
dc.date.available2026-01-31T15:09:03Z
dc.date.issued2025
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractThis paper estimates the impact of financial development on total factor productivity (TFP) using panel data from 2002 to 2019. Employing the Driscoll-Kraay Standard Error (DKSE) approach, we analyze the relationship between financial development and its components (financial institutions and financial markets) with TFP. The results confirm the existence of a positive and significant relationship between financial development and TFP, suggesting that financial development plays a facilitating role in TFP. It was found that financial institutions have a positive and significant effect on TFP, while financial markets do not have a significant effect on TFP. Moreover, while the effect of financial development on TFP is positive and significant in developing countries, there is no clear evidence of such an effect in developed countries. Among the control variables included in the model, trade openness, foreign direct investment, and economic growth have a positive effect on TFP, while human capital has a negative effect. Furthermore, it is confirmed that institutional quality indicators also have a positive impact on TFP when included in the model. Our results suggest that policies favouring financial development should be pursued further in order to correct the mismatch in resource allocation and thus promote TFP growth.
dc.identifier.doi10.30784/epfad.1626643
dc.identifier.endpage595
dc.identifier.issn2587-151X
dc.identifier.issue2
dc.identifier.startpage568
dc.identifier.trdizinid1323910
dc.identifier.urihttps://doi.org./10.30784/epfad.1626643
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1323910
dc.identifier.urihttps://hdl.handle.net/20.500.12662/10801
dc.identifier.volume10
dc.identifier.wosWOS:001540970900007
dc.identifier.wosqualityQ4
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.publisherEconomic And Financial Research Assoc - Efad
dc.relation.ispartofEkonomi Politika & Finans Arastirmalari Dergisi
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WoS_20260128
dc.subjectFinancial
dc.subjectDevelopment
dc.subjectFinancial Markets
dc.subjectFinancial Institutions
dc.subjectTotal Factor
dc.subjectProductivity
dc.subjectPanel Data
dc.subjectDriscoll Kraay
dc.subjectStandard Error
dc.subjectDeveloping Countries
dc.titleTHE MULTIDIMENSIONAL EFFECT OF FINANCIAL DEVELOPMENT ON TOTAL FACTOR PRODUCTIVITY: EVIDENCE FROM CROSS-COUNTRY PANEL DATA
dc.typeArticle

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