The dynamic relationships between economic, cultural and political globalization: Econometric analysis

Globalization is a multidimensional concept encompassing economic, cultural and political dimensions. The globalization process is shaped by the intertwined interactions of these dimensions. Therefore, in most studies, it is stated that the dimensions of globalization should be defined and the relationships between these dimensions should be revealed so that the dynamics of the globalization process can be better understood. In this context, the research questions of the study are as follows: "Does globalization represent a holistic process that occurs through the interactions of economic, cultural and political dimensions? If the dimensions of globalization are interrelated, what are the directions and dimensions of these relationships? Do the relationships between the dimensions of globalization and the dynamics of the globalization process change according to the income levels of countries and geographical regions?" Based on the research questions, the main purpose of this study is to analyze the relationships between economic, cultural and political globalization and to investigate how they interact with each other. The study covers the period 1980–2020. In the study, analyses were conducted for country groups consisting of four income levels and seven geographical regions. Long-term relationships between the dimensions of globalization were analyzed with ARDL and Johansen cointegration tests. Long-term coefficient values were estimated using FMOLS, DOLS, and CCR cointegration regressions and ARDL and Johansen methods. Causality relationships between globalization variables were examined with the Toda–Yamamoto causality test. According to the findings obtained from the study, long-term relationships were determined between the dimensions of globalization. Thus, it was determined that the globalization process is a holistic process that occurs as a result of the interactions of the dimensions it contains. It was observed that the direction and dimensions of the relationships between the dimensions of globalization may differ according to the income levels of countries and geographical regions. It was determined that economic and political globalization processes positive affect each other. Similarly, in most country groups, the effects of cultural and political globalization on each other were positive. It was determined that the interactions between economic and cultural globalization differed significantly according to country groups. In general, the findings indicate that political integration promotes globalization processes, while economic and cultural integration processes support political integration.