Demokratik Gelişme, Finansal Gelişme ve İktisadi Büyüme İlişkisi: AB Ülkeleri İçin Dinamik Panel Veri Analizi
The Relationship of Democratic Development, Financial Development and Economic Growth: Dynamic Panel Data Analysis for EU Countries

Summary/Abstract: Whether the democratization process and the development in financial markets support economic growth has always been among the topics discussed. In this context, the study was carried out to analyze the relationship between the level of democratic and financial development and economic growth in European Union (EU) countries. Within the scope of the study, for 27 EU countries; The relationship between the level of democratic development and economic growth was analyzed for the period of 2010-2022, and the relationship between financial development and economic growth was analyzed for the period of 2002-2020. Difference GMM and System GMM methods, which are dynamic panel data analysis methods, are used in the study. According to the analysis findings; There is a negative bidirectional relationship between economic growth and the level of democratic development in the EU. In addition, economic growth affects the level of financial development positively, while financial development affects economic growth negatively.

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