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<p>Efficient financial systems play a critical role in enhancing global competitiveness by facilitating resource allocation, supporting innovation, and sustaining productivity. Despite its importance, the specific financial channels through which financial development influences global competitiveness remain insufficiently explored. This study examines the impact of financial development pillars on global competitiveness using the Financial Development Index and the Global Competitiveness Index. A hybrid methodological framework is employed, combining tree augmented Naive Bayes modeling to identify dependency structures among financial components with partial least squares structural equation modeling to assess the strength and significance of these relationships. In addition, importance-performance map analysis is used to identify the most influential financial pillars driving competitiveness. The results indicate that all pillars of financial development positively influence global competitiveness, with Financial Markets Depth, Financial Markets Efficiency, and Financial Institutions Depth emerging as the most critical dimensions. These findings suggest that well-developed financial systems enhance countries’ capacity for innovation, improve productive efficiency, and support integration into the global economy. The study provides empirical insights that contribute to a more nuanced understanding of the financial development–competitiveness nexus and offers policy-relevant implications for strengthening financial systems to improve global competitiveness.</p>

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Understanding the financial drivers of global competitiveness: a hybrid Bayesian network and PLS-SEM approach

  • 期刊论文

  • 发表日期：

    2026年3月10日

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  • Alper Aykut Ekinci

摘要

Efficient financial systems play a critical role in enhancing global competitiveness by facilitating resource allocation, supporting innovation, and sustaining productivity. Despite its importance, the specific financial channels through which financial development influences global competitiveness remain insufficiently explored. This study examines the impact of financial development pillars on global competitiveness using the Financial Development Index and the Global Competitiveness Index. A hybrid methodological framework is employed, combining tree augmented Naive Bayes modeling to identify dependency structures among financial components with partial least squares structural equation modeling to assess the strength and significance of these relationships. In addition, importance-performance map analysis is used to identify the most influential financial pillars driving competitiveness. The results indicate that all pillars of financial development positively influence global competitiveness, with Financial Markets Depth, Financial Markets Efficiency, and Financial Institutions Depth emerging as the most critical dimensions. These findings suggest that well-developed financial systems enhance countries’ capacity for innovation, improve productive efficiency, and support integration into the global economy. The study provides empirical insights that contribute to a more nuanced understanding of the financial development–competitiveness nexus and offers policy-relevant implications for strengthening financial systems to improve global competitiveness.