The impact of FinTech on economic growth in Türkiye: A novel FinTech index approach
References
- Adaramola, A. O., & Dada, O. (2020). Impact of inflation on economic growth: Evidence from Nigeria. Investment Management & Financial Innovations, 17(2), 1-13. https://doi.org/10.21511/imfi.17(2).2020.01
- Alam, A., Arshad, M. U., & Rajput, W. (2013). Relationship of labor productivity, foreign direct investment and economic growth: Evidence from OECD countries. Journal of Business and Management Sciences, 1(6), 133-138. https://pubs.sciepub.com/jbms/1/6/3/index.html
- Alam, I., & Quazi, R. (2003). Determinants of capital flight: An econometric case study of Bangladesh. International Review of Applied Economics, 17(1), 85-103. https://doi.org/10.1080/713673164
- Alper, F. Ö., & Kök, M. (2023). Türkiye’de Enflasyon-İşsizlik-Ekonomik Büyüme İlişkisi: Ekonometrik Bir Analiz [Inflation-unemployment-economic growth nexus in Türkiye: An econometric analysis]. Niğde Ömer Halisdemir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 5(2), 130-141. https://doi.org/10.56574/nohusosbil.1320149
- Andrés, J., & Hernando, I. (1997). Inflation and economic growth: Some evidence for the OECD countries. In Monetary policy and the inflation process (Conference Papers, Vol. 4, pp. 364-383). Bank for International Settlements. https://www.bis.org/publ/confp04.pdf
- Aprilianto, F., & Muslikhati (2022). The impact of a cashless payment system on inflation. Jurnal Ekonomi Pembangunan, 20(02), 124-136. https://doi.org/10.22219/jep.v21i02.20885
- Arner, D. W., Barberis, J. N., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm? University of Hong Kong Faculty of Law Research Paper, 47, 2016-62. https://doi.org/10.2139/ssrn.2676553
- Arner, D. W., Barberis, J., & Buckley, R. P. (2017). FinTech and RegTech in a nutshell, and the future in a sandbox. CFA Institute Research Foundation. https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/rfbr-v3-n4-1.pdf
- Asbahi, A. A. M. H., Gang, F. Z., Iqbal, W., Abass, Q., Mohsin, M., & Iram, R. (2019). Novel approach of Principal Component Analysis method to assess the national energy performance via Energy Trilemma Index. Energy Reports, 5, 709-713. https://doi.org/10.1016/j.egyr.2019.06.009
- Attari, M. I. J., & Javed, A. Y. (2013). Inflation, economic growth and government expenditure of Pakistan: 1980-2010. Procedia Economics and Finance, 5, 58-67. https://doi.org/10.1016/S2212-5671(13)00010-5
- Bagehot, W. (1873/1920). Lombart street: A description of the money market. E. P. Dutton and Company.
- The Banks Association of Türkiye [BAT]. (2021). Finansal Teknolojilere Yönelik Bankaların Çalışmaları, Öngörüleri ve Önerileri [Banks’ studies, predictions and recommendations on financial technologies]. https://www.tbb.org.tr/faaliyetler/teknoloji-ve-odeme-sistemleri/dijital-bankacilik/pdf/3217
- Bu, Y., Yu, X., & Li, H. (2023). The nonlinear impact of FinTech on the real economic growth: Evidence from China. Economics of Innovation and New Technology, 32(8), 1138-1155. https://doi.org/10.1080/10438599.2022.2095512
- Central Bank of the Republic of Türkiye [CBRT]. (2023). Dijital Türk Lirası Birinci Faz Değerlendirme Raporu [Digital Turkish lira first phase evaluation report]. https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Yayinlar/Raporlar/Dijital+Turk+Lirasi/
- Cevik, S. (2024). Is Schumpeter right? Fintech and economic growth. IMF Working Paper, 020. https://doi.org/10.5089/9798400266324.001
- Debelle, G. (1996). Central bank independence: A free lunch? IMF Working Paper, 001. https://doi.org/10.5089/9781451841589.001
- Dermaku, H., Hajdari, M., Dermaku, K., & Hoti, L. (2023). An empirical analysis of fintech’s impacts on the financial performance of banks in Kosovo. Emerging Science Journal, 7(3), 890-896, https://doi.org/10.28991/ESJ-2023-07-03-016
- Elmasmari, H., & Amaghouss, J. (2024). Analysis of the impact of financial inclusion and FinTech on youth labour force participation in the MENA region. Economics and Business Review, 10(4), 56-79. https://doi.org/10.18559/ebr.2024.4.1668
- Erdoğan, L., Tiryaki, A., & Ceylan, R. (2018). Türkiye’de uzun dönem ekonomik büyümenin belirleyicilerinin ARDL, FMOLS, DOLS ve CCR yöntemleriyle tahmini [Estimation of the determinants of long run economic growth in Türkiye by using the ARDL, FMOLS, DOLS, and CCR approaches]. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 36(4), 39-57. https://doi.org/10.17065/huniibf.336371
- Eşsiz, F. P., & Durucan, A. (2023). Brüt Sabit Sermaye Oluşumunun ve Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkisi: Türkiye Özelinde Ampirik Bir Analiz [The effect of gross fixed capital formation and foreign direct investments on economic growth: An empirical analysis in Türkiye]. İktisadi İdari ve Siyasal Araştırmalar Dergisi, 8(Special Issue), 102-116. https://doi.org/10.25204/iktisad.1345420
- Feng, Y., Cao, Y., & Ni, J. (2024). Does Fintech affect shadow banking of non-financial firms? Evidence from the entrusted loans. International Review of Financial Analysis, 94, 103268. https://doi.org/10.1016/j.irfa.2024.103268
- Goldsmith, R. W. (1969). Financial structure and development. Yale University Press. Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and beyond. The Review of Financial Studies, 32(5), 1647-1661. https://doi.org/10.1093/rfs/hhz025
- Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220-265. https://doi.org/10.1080/07421222.2018.1440766
- Gurley, J. G., & Shaw, E. S. (1955). Financial aspects of economic development. American Economic Review, 45(4), 515-538.
- Hanushek, E. A., & Kim, D. (1995). Schooling, labor force quality, and economic growth (Working Paper, No. 5399). NBER. https://doi.org/10.3386/w5399
- Hicks, J. R. (1969). A theory of economic history. Clarendon Press. International Monetary Fund [IMF]. (2018, October). A decade after the global financial crisis: Are we safer? (Global financial stability report). https://doi.org/10.5089/9781484375594.082
- Islam, K. S., & Biswas, G. K. (2023). Do foreign grants and capital formation indeed impact economic growth? An empirical evidence from Bangladesh. European Journal of Development Studies, 3(3), 139-146. https://doi.org/10.24018/ejdevelop.2023.3.3.280
- Jiang, W., Tang, Y., Xiao, R. J., & Yao, V. (2025). Surviving the FinTech disruption. Journal of Financial Economics, 171, 104071. https://doi.org/10.1016/j.jfineco.2025.104071
- Karaçayır, E., & Afşar, A. (2021). Fintek yatırımlarının belirleyicileri: AB ülkeleri ve Türkiye örneği [Determinants of the Fintech investments: Case of the member countries of the European Union and Türkiye]. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(2), 171-190. https://doi.org/10.33399/biibfad.873252
- Khan, M., & Hanif, W. (2020). Institutional quality and the relationship between inflation and economic growth. Empirical Economics, 58, 627-649. https://doi.org/10.1007/s00181-018-1479-7
- Kocak, S., Cil, D., & Karis, C. (2025). Exploring the impact of economic complexity on youth and gender-specific unemployment in Türkiye: Novel time series results from the ARDL Bounds Test. Gender Issues, 42(2), 1-22. https://doi.org/10.1007/s12147-025-09357-9
- Kömürcüoğlu, E. D., & Artan, S. (2024). Türkiye’de İklim Değişikliğinin Gıda ve Tüketici Enflasyonu Üzerindeki Etkileri: ARDL Sınır Testi Yaklaşımı [The effects of climate change on food and consumer price inflation in Türkiye: ARDL bound test approach]. Uluslararası Ekonomi ve Yenilik Dergisi, 10(2), 421-444. https://doi.org/10.20979/ueyd.1491951
- Kömürcüoğlu, Ö. F., & Akyazi, H. (2024). Novel analysis on the impact of FinTech developments for monetary policy: The case of Türkiye. Ekonomika, 103(3), 70-90. https://doi.org/10.15388/Ekon.2024.103.3.5
- Kömürcüoğlu, Ö. F., & Kömürcüoğlu, E. D. (2025). The impact of FinTech on gender inequality in the labour market: Novel evidence from Turkey. Gender Issues, 42(2), 11. https://doi.org/10.1007/s12147-025-09355-x
- Kredina, A. (2021). Transformation of Fintech: Impact of POS and ATM on non-cash payments. Eurasian Journal of Economic and Business Studies, 60(2), 16-32. https://doi.org/10.47703/ejebs.v2i60.51
- Kripfganz, S., & Schneider, D. C. (2023). ardl: Estimating autoregressive distributed lag and equilibrium correction models. The Stata Journal, 23(4), 983-1019. https://doi.org/10.1177/1536867X231212434
- Kutasi, G., & Marton, Á. (2020). The long-term impact of public expenditures on GDPgrowth. Society and Economy, 42(4), 403-419. https://doi.org/10.1556/204.2020.00018
- Lai, S. L., & Yip, T. M. (2022). The role of older workers in population aging – economic growth nexus: Evidence from developing countries. Economic Change and Restructuring, 55(3), 1875-1912. https://doi.org/10.1007/s10644-021-09370-4
- Lamichhane, S., Eğilmez, G., Gedik, R., Bhutta, M. K. S., & Erenay, B. (2021). Benchmarking OECD countries’ sustainable development performance: A goal-specific principal component analysis approach. Journal of Cleaner Production, 287, 125040. https://doi.org/10.1016/j.jclepro.2020.125040
- Liu, W.-P., & Chu, Y.-C. (2024). FinTech, economic growth, and COVID-19: International evidence. Asia Pacific Management Review, 29(3), 362-367. https://doi.org/10.1016/j.apmrv.2023.12.006
- Mainardes, E. W., Costa, P. M. F., & Nossa, S. N. (2023). Customers’ satisfaction with fintech services: Evidence from Brazil. Journal of Financial Services Marketing, 28(2), 378-395. https://doi.org/10.1057/s41264-022-00156-x
- Mashamba, T., & Gani, S. (2023). Fintech, bank funding, and economic growth in Sub-Saharan Africa. Cogent Economics & Finance, 11(1), 2225916. https://doi.org/10.1080/23322039.2023.2225916
- McKinnon, R. I. (1973). Money and capital in economic development. The Brookings Institution.
- Mert, M., & Çağlar, A. E. (2019). Eviews ve Gauss Uygulamalı Zaman Serileri Analizi [Time series analysis with Eviews and Gauss applied] (1th ed.), Detay Yayıncılık, Ankara.
- Murinde, V., Rizopoulos, E., & Zachariadis, M. (2022). The impact of the FinTech revolution on the future of banking: Opportunities and risks. International Review of Financial Analysis, 81, 102103. https://doi.org/10.1016/j.irfa.2022.102103
- Narayan, S. W. (2019). Does fintech matter for Indonesia’s economic growth? Bulletin of Monetary Economics and Banking, 22(4), 437-456. https://doi.org/10.21098/bemp.v22i4.1237
- Nenavath, S., & Mishra, S. (2023). Impact of green finance and fintech on sustainable economic growth: Empirical evidence from India. Heliyon, 9(5), e16301. https://doi.org/10.1016/j.heliyon.2023.e16301
- Olorogun, L. A. (2024). Modelling financial development in the private sector, FDI, and sustainable economic growth in sub-Saharan Africa: ARDL bound test-FMOLS, DOLS robust analysis. Journal of the Knowledge Economy, 15, 8416-8434. https://doi.org/10.1007/s13132-023-01224-w
- Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340. https://doi.org/10.1016/j.bir.2017.12.003
- Öztürk, S., Han, V., & Özsolak, B. (2023). How do renewable energy, gross capital formation, and natural resource rent affect economic growth in G7 countries? Evidence from the novel GMM-PVAR approach. Environmental Science and Pollution Research, 30(32), 78438-78448. https://doi.org/10.1007/s11356-023-27958-3
- Pandusetya, D. C., Maskie, G., & Muljaningsih, S. (2021). Analysis of the influence of government expenditure, investment, and labor force on economic growth in Malang Regency 2000-2018. International Journal of Business and Law, 24(1), 71-78. https://ijbel.com/wp-content/uploads/2021/02/IJBEL24_527.pdf
- Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica: Journal of the Econometric Society, 60(1), 119-143. https://doi.org/10.2307/2951679
- Pata, U. K., & Aydin, M. (2020). Testing the EKC hypothesis for the top six hydropower energy-consuming countries: Evidence from Fourier Bootstrap ARDL procedure. Journal of Cleaner Production, 264, 121699. https://doi.org/10.1016/j.jclepro.2020.121699
- Pesaran, M. H., & Shin, Y. (1999). An autoregressive distributed lag modelling approach to cointegration analysis. In S. Strøm (Ed.), Econometrics and economic theory in the 20th century: The Ragnar Frisch Centennial Symposium (pp. 371-413). Cambridge University Press.
- Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
- Phillips, P. C. B., & Hansen, B. E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125, https://doi.org/10.2307/2297545
- the Presidency of the Republic of Türkiye Finance Office [CBFO]. (2024). Türkiye Fintek Görünümü [Türkiye FinTech Outlook]. Retrieved December 11, 2024 from https://www.cbfo.gov.tr/sites/default/files/2024-09/fintech-snapshot-v3.7-turkish_0.pdf
- Roh, T., Yang, Y. S., Xiao, S., & Park, B. I. (2024). What makes consumers trust and adopt fintech? An empirical investigation in China. Electronic Commerce Research, 24(1), 3-35. https://doi.org/10.1007/s10660-021-09527-3
- Romdhane, B. Y., Kammoun, S., & Loukil, S. (2023). The impact of Fintech on inflation and unemployment: The case of Asia. Arab Gulf Journal of Scientific Research, 42(1), 161-181. https://doi.org/10.1108/AGJSR-08-2022-0146
- Schumpeter, J. A. (1912). Theory of economic development. Routledge.
- Shaw, E. S. (1973). Financial deepening in economic development. Oxford University Press.
- Soava, G., Mehedintu, A., Sterpu, M., & Raduteanu, M. (2020). Impact of employed labor force, investment, and remittances on economic growth in EU countries. Sustainability, 12(23), 10141. https://doi.org/10.3390/su122310141
- Song, N., & Appiah-Otoo, I. (2022). The impact of fintech on economic growth: Evidence from China. Sustainability, 14(10), 6211. https://doi.org/10.3390/su14106211
- Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61(4), 783-820. https://doi.org/10.2307/2951763
- Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250. https://doi.org/10.1016/0304-4076(94)01616-8
- Varma, P., & Nijjer, S. (2022). Examining the role of FinTech in the future of retail banking. ECS Transactions, 107(1), 9855. https://doi.org/10.1149/10701.9855ecst
- Vives, X. (2019). Digital disruption in banking. Annual Review of Financial Economics, 11(1), 243-272. https://doi.org/10.1146/annurev-financial-100719-120854
- Wang, Q., Li, Y., & Li, R. (2024a). Ecological footprints, carbon emissions, and energy transitions: The impact of artificial intelligence (AI). Humanities and Social Sciences Communications, 11(1), 1043. https://doi.org/10.1057/s41599-024-03520-5
- Wang, Q., Li, Y., & Li, R. (2025a). Integrating artificial intelligence in energy transition: A comprehensive review. Energy Strategy Reviews, 57, 101600. https://doi.org/10.1016/j.esr.2024.101600
- Wang, Q., Sun, T., & Li, R. (2025b). Does Artificial Intelligence (AI) enhance green economy efficiency? The role of green finance, trade openness, and R&D investment. Humanities and Social Sciences Communications, 12(1), 12. https://doi.org/10.1057/s41599-024-04319-0
- Wang, Q., Zhang, F., Li, R., & Sun, J. (2024b). Does artificial intelligence promote energy transition and curb carbon emissions? The role of trade openness. Journal of Cleaner Production, 447, 141298. https://doi.org/10.1016/j.jclepro.2024.141298
- Wasiaturrahma, D., Wahyuningtyas, Y. T., & Ajija, S. R. (2019). Non cash payment and demand for real money in Indonesia. Journal of Economics, Business, and Accountancy, Ventura, 22(1), 1-8. https://doi.org/10.14414/jebav.v22i1.1575
- Wegari, H. L., Whakeshum, S. T., & Mulatu, N. T. (2023). Human capital and its impact on Ethiopian economic growth: ARDL approach to co-integration. Cogent Economics & Finance, 11(1), 2186046. https://doi.org/10.1080/23322039.2023.2186046
- Yilmazkuday, H. (2022). Inflation and growth: The role of institutions. Journal of Economics and Finance, 46(1), 167-187. https://doi.org/10.1007/s12197-021-09563-7
Language: English
Page range: 543 - 568
Submitted on: Jan 22, 2025
Accepted on: Sep 8, 2025
Published on: Oct 13, 2025
Published by: University of Economics in Katowice
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2025 Ömer Faruk Kömürcüoğlu, published by University of Economics in Katowice
This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 License.