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The Relationship between Commercial, Technological, Research (Multidimensional) Complexity Indices and Financial Development

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  • Tuba Esra Baskak

Abstract

The source of economic growth is the supply-demand balance. Demand refers to consumption and supply refers to production. Producing quality products plays an important role on the production side of this balance. The country, which has a wide range of qualified products called sophisticated products, continues to grow with financial development. The concept of economic complexity refers to product diversity. This concept has taken its place in the literature by being expanded into commercial, technological, and research complexity indices as the content of the multidimensional complexity index. In this study, the relationship between multidimensional complexity indices and financial development indicators of E7 (Emerging) countries (Brazil, China, India, Indonesia, Mexico, Russia, Turkey) is analyzed with Gengenbach, Urbain, and Westerlund Cointegration Test and Mean Group Estimator applied in case of cointegration. It has been determined that these variables are cointegrated, and this relationship between the commercial and technological complexity index and financial development is significant. As a result of the analysis with the mean group estimator, it was concluded that the technological complexity index has a greater impact on financial development than the commercial and research complexity indices.

Suggested Citation

  • Tuba Esra Baskak, 2024. "The Relationship between Commercial, Technological, Research (Multidimensional) Complexity Indices and Financial Development," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 9(2), pages 306-322.
    • Handle: RePEc:ahs:journl:v:9:y:2024:i:2:p:306-322
    DOI: 10.30784/epfad.1428412
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    More about this item

    Keywords

    Economic Growth; Financial Economics; Panel Data Models;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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