Abstract:

Education that provides knowledge and acquisition is one of the most important public services expenditure because it plays a major role in society in a social sense. In developed countries, the amount and perspective of education in the budget have been in the forefront of other countries. Important investments and spending in education, which is a major factor in ensuring social, economic, administrative and cultural development, are required. In particular, today education plays an important role in the development of the country’s economies, causing the expenditure for education to increase from day to day. This study analyzed the impact of education spending in the countries on financial development due to the substantial association of the spending made with the country’s budgets and economies. For this purpose, panel time series analyses have been used and the conclusion has been made that the country’s financial development level has increased with the increased investment in education, with the one-way cause from education spending to financial development.

Keywords: