Yıl: 2020 Cilt: 20 Sayı: 2 Sayfa Aralığı: 101 - 124 Metin Dili: İngilizce DOI: 10.21121/eab.729532 İndeks Tarihi: 04-05-2021

Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants

Öz:
This present study explores the drivers affecting the provincial financial inclusion levels by using data belonging to81 Turkish provinces during 2011 – 2016. After computing the index of financial inclusion for each province, we usedspatial regression methods which control for spatial dependences because Moran’s I statistic and Local Indicatorof Spatial Association (LISA) analysis revealed that there are the spatial spillover and heterogeneity in provincialfinancial inclusion. To cope with the possible endogeneity problems, we estimated the spatial models via SystemGMM estimator. The findings show that “unemployment”, “urban”, “tourism”, “married”, “education”, “inflation” and“crime” variables are the determinants of provincial financial inclusion for Turkey. We also detect a convergence infinancial inclusion levels of provinces.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Al-Hussainy, E., Beck, T., Demirguc-Kunt, A., & Zia, B. (2008). Household use of financial services. World Bank Working Paper, 502-516.
  • Andrianaivo, M., & Kpodar, K. (2011). ICT, financial inclusion, and growth evidence from African countries. International Monetary Fund (No. 11-73).
  • Anselin, L., Le Gallo, J., & Jayet, H. (2008). Spatial Panel Econometrics. In L. Mátyás, & P. Sevestre (Eds.), The econometrics of panel data (pp. 625–660). Berlin: Springer-Verlag.
  • Arcuri, G., Brunetto, M., & Levratto, N. (2019). Spatial patterns and determinants of firm exit: an empirical analysis on France. The Annals of Regional Science, 62(1), 99-118.
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of econometrics, 68(1), 29-51.
  • Arora, R.U. (2014). Access to finance: an empirical analysis. The European Journal of Development Research, 26 (5), 798-814.
  • Arun, T., & Kamath, R. (2015). Financial inclusion: Policies and practices. IIMB Management Review, 27(4), 267- 287.
  • Bai, C. E., Ma, H., & Pan, W. (2012). Spatial spillover and regional economic growth in China. China Economic Review, 23(4), 982-990. http://dx.doi.org/10.1016/j. chieco.2012.04.016.
  • Beck, T., Levine, R., & Levkov, A. (2007). Big bad banks? The impact of US branch deregulation on income distribution. The World Bank, NBER Working Paper Series (13299).
  • Belotti, F., Hughes, G., & Mortari, A. P. (2016). Spatial panel data models using Stata. CEIS Research Papers No.373, 14(5), 1-40.
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of econometrics, 87(1), 115-143.
  • Bouayad-Agha, S., & Vedrine, L. (2010). Estimation strategies for a spatial dynamic panel using GMM. A new approach to the convergence issue of European regions. Spatial Economic Analysis, 5(2), 205-227.
  • Bozkurt, I., Karakuş, R., & Yildiz, M. (2018). Spatial Determinants of Financial Inclusion over Time. Journal of International Development, 30(8), 1474-1504.
  • Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence from Mexico. The Journal of Finance, 69(3), 1347-1376.
  • Carrillo-Hidalgo, I., & Pulido-Fernández, J. I. (2019). Is the financing of tourism by international financial institutions inclusive? A proposal for measurement. Current Issues in Tourism, 22(3), 330-356.
  • Caselli, F., Esquivel, G., & Lefort, F. (1996). Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics. Journal of Economic Growth, 1, 363-389.
  • Chattopadhyay, S.K. (2011). Financial Inclusion in India: A case study of West Bengal. RBI Working Paper Series (DEPR), 8/2011.
  • Chithra, N., & Selvam, M. (2013). Determinants of financial inclusion: An empirical study on the inter-state variations in India. Retrieved from, SSRN: http:// dx.doi.org/10.2139/ssrn.2296096
  • Dabla-Norris, M. E., Ji, Y., Townsend, R., & Unsal, D. F. (2015). Identifying constraints to financial inclusion and their impact on GDP and inequality: A structural framework for policy . IMF Working Paper (No. 15-22). International Monetary Fund, Washington.
  • Debarsy, N., Ertur, C., & LeSage, J. P. (2012). Interpreting dynamic space–time panel data models. Statistical Methodology, 9(1-2), 158-171.
  • Demirguc-Kunt, A., Klapper, L., & Randall, D. (2013). Islamic finance and financial inclusion: measuring use of and demand for formal financial services among Muslim adults. (Policy Research Working Paper No. 6642). TheWorld Bank, Washington, DC.
  • Demirgüç-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2015). The Global Findex Database 2014. Measuring Financial Inclusion Around the world (Policy Research Working Paper No. 7255). The World Bank, Washington, DC.
  • Elhorst, J.P. (2010). Spatial panel data models. In Handbook of Applied Spatial Analysis. Edited by Fischer Manfred, and Getis Arthur. New York: Springer.
  • Evans, O., & Adeoye, B. (2016). Determinants of Financial Inclusion in Africa: A Dynamic Panel Data Approach. University of Mauritius Research Journal, 22, 310-336.
  • Fawole, O. I. (2008). Economic violence to women and girls: is it receiving the necessary attention?. Trauma, Violence, & Abuse, 9(3), 167-177.
  • Fingleton, B., & Le Gallo, J. (2008). Estimating spatial models with endogenous variables, a spatial lag and spatially dependent disturbances: Finite sample properties. Papers in Regional Science, 87(3), 319- 339.
  • Fungáčová, Z., & Weill, L. (2015). Understanding financial inclusion in China. China Economic Review, 34, 196-206.
  • Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of financial inclusion index for India. Procedia-Social and Behavioral Sciences, 37, 133-149.
  • Guillain, R., Le Gallo, J., & Boiteux-Orain, C. (2006). Changes in spatial and sectoral patterns of employment in Ile-de-France, 1978-97. Urban studies, 43(11), 2075-2098.http://dx.doi. org/10.1080/00420980600945203.
  • Güngen, A. R. (2018). Financial inclusion and policy-making: Strategy, campaigns and microcredit a la Turca. New Political Economy, 23(3), 331-347.
  • Gürkan, Ö. C., & Coşar, F. (2009). Ekonomik şiddetin kadın yaşamındaki etkileri. Maltepe Üniversitesi Hemşirelik Bilim ve Sanatı Dergisi, 2(3), 124-129.
  • Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32(11), 2493-2500.
  • Kairiza, T., Kiprono, P., & Magadzire, V. (2017). Gender differences in financial inclusion amongst entrepreneurs in Zimbabwe. Small Business Economics, 48(1), 259-272.
  • Kendall, J., Mylenko, N., & Ponce, A. (2010). Measuring Financial Access around the World. Policy Research Working Paper, No 5253 (Washington: World Bank).
  • Kocacik, F., & Dogan, O. (2006). Domestic violence against women in Sivas, Turkey: survey study. Croatian medical journal, 47(5), 742-749.
  • Kumar, N. (2013). Financial inclusion and its determinants: evidence from state level empirical analysis in India. Journal of Financial Economic Policy, 5 (1), 4-19.
  • Lee, L. F., & Yu, J. (2010). Some recent developments in spatial panel data models. Regional Science and Urban Economics, 40(5), 255-271.
  • LeSage, J.P. (1999). Spatial Econometrics: Regional Research Institute. West Virginia University.
  • LeSage, J.P., & Pace, R.K. (2009). Introduction to Spatial Econometrics. Taylor & Francis.
  • Lottmann, F. (2012). Spatial dependencies in German matching functions. Regional Science and Urban Economics, 42 (1–2), 27–41. http://dx.doi.org/10.1016/j. regsciurbeco.2011.04.007.
  • Marr, A., & Schmied, J. (2013) Financial inclusion and poverty: The case of Peru. In: 3rd European Research Conference on Microfinance, 10-12 Jun 2013, University of Agder, Kristiansand, Norway.
  • Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2011). The role of Islamic finance in enhancing financial inclusion in Organization of Islamic Cooperation (OIC) countries. The World Bank, Islamic Economics and Finance Working Group (WPS5920).
  • Moran, P. A. (1950). Notes on continuous stochastic phenomena. Biometrika, 37(1/2), 17-23. http:// dx.doi.org/10.2307/2332142.
  • Nwafor, M. C., & Yomi, A.I. (2018). The Nexus between Financial Inclusion and Economic Growth: Evidence from Nigeria. International Journal of Science and Innovation in Social Science, 2(4), 143-149.
  • Sahay, R., Cihak, M., N’Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Nian Mooi, Y., & Reza Yousefi, S. (2015). Financial inclusion: can it meet multiple macroeconomic goals?. IMF staff discussion note 15/17. International Monetary Fund, Washington.
  • Sahoo, A. K., Pradhan, B. B., & Sahu, N. C. (2017). Determinants of Financial Inclusion in Tribal Districts of Odisha: An Empirical Investigation. Social Change, 47(1), 45-64.
  • Sarma, M. (2008). Index of financial inclusion. Working Paper No.215, Indian Council for Research on International Economic Relations.
  • Setiawan, C., Wati, K., & Putu, N. (2019). Factors Affecting the Performance of Sharia Equity Funds in Indonesia. Iranian Journal of Management Studies, 12(4), 481-508.
  • Schmied, J., & Marr, A. (2017). Financial inclusion and poverty: The case of Peru. Regional and Sectoral Economic Studies, 16(2), 1-26.
  • Siddik, M. N. A., Sun, G., & Kabiraj, S. (2015). Financial inclusion and its determinants: A study of Bangladesh. Indian Journal of Finance, 9(6), 7-29.
  • Swamy, V. (2014). Financial inclusion, gender dimension, and economic impact on poor households. World Development, 56, 1-15.
  • Qiang X, Kan Tao. (2017). The Measurement of China’s Index of Financial Inclusion and Its Relationship with Poverty Aueviation: Analysis Based on Provincial Data. Journal of Central China Normal University 56 (6): 40-51.
  • Uddin, A., Chowdhury, M. A. F., & Islam, M. N. (2017). Determinants Of Financial Inclusion In Bangladesh: Dynamic Gmm & Quantile Regression Approach. The Journal of Developing Areas, 51(2), 221-237.
  • Wang, X., & Guan, J. (2017). Financial inclusion: measurement, spatial effects and influencing factors. Applied Economics, 49(18), 1751-1762.
  • Yadav, P., & Sharma, A. K. (2016). Financial inclusion in India: an application of TOPSIS. Humanomics, 32(3), 328-351.
  • Yorulmaz, R. (2013). Construction of a regional financial inclusion index in Turkey. Journal of BRSA Banking and Financial Markets, 7(1), 79-101.
  • Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46-57.
APA BOZKURT İ, Karakuş R (2020). Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. , 101 - 124. 10.21121/eab.729532
Chicago BOZKURT İbrahim,Karakuş Rıfat Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. (2020): 101 - 124. 10.21121/eab.729532
MLA BOZKURT İbrahim,Karakuş Rıfat Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. , 2020, ss.101 - 124. 10.21121/eab.729532
AMA BOZKURT İ,Karakuş R Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. . 2020; 101 - 124. 10.21121/eab.729532
Vancouver BOZKURT İ,Karakuş R Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. . 2020; 101 - 124. 10.21121/eab.729532
IEEE BOZKURT İ,Karakuş R "Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants." , ss.101 - 124, 2020. 10.21121/eab.729532
ISNAD BOZKURT, İbrahim - Karakuş, Rıfat. "Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants". (2020), 101-124. https://doi.org/10.21121/eab.729532
APA BOZKURT İ, Karakuş R (2020). Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. Ege Akademik Bakış, 20(2), 101 - 124. 10.21121/eab.729532
Chicago BOZKURT İbrahim,Karakuş Rıfat Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. Ege Akademik Bakış 20, no.2 (2020): 101 - 124. 10.21121/eab.729532
MLA BOZKURT İbrahim,Karakuş Rıfat Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. Ege Akademik Bakış, vol.20, no.2, 2020, ss.101 - 124. 10.21121/eab.729532
AMA BOZKURT İ,Karakuş R Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. Ege Akademik Bakış. 2020; 20(2): 101 - 124. 10.21121/eab.729532
Vancouver BOZKURT İ,Karakuş R Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants. Ege Akademik Bakış. 2020; 20(2): 101 - 124. 10.21121/eab.729532
IEEE BOZKURT İ,Karakuş R "Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants." Ege Akademik Bakış, 20, ss.101 - 124, 2020. 10.21121/eab.729532
ISNAD BOZKURT, İbrahim - Karakuş, Rıfat. "Provincial Financial Inclusion in Turkey: Measurement and Its Spatial Determinants". Ege Akademik Bakış 20/2 (2020), 101-124. https://doi.org/10.21121/eab.729532