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The Effects of Financial Development on Income Inequality: Is the Financial Kuznets Curve Hypothesis is Valid for Turkey?

Yıl 2020, Cilt: 34 Sayı: 3, 809 - 828, 15.07.2020
https://doi.org/10.16951/atauniiibd.648695

Öz

Financial development
enables individuals to have better access to financial resources. As access to
financial resources increases, income levels also increase. Equal distribution
of the increase in income among individuals is an important research topic.
Income inequality is generally measured by the gini coefficient. This paper aims to investigation of
the relationship between financial development, inflation, urbanization, per
capita gross fixed capital formation and Gini coefficient in case of Turkey,
using Bayer-Hanck combined cointegration test, canonical cointegrating
regression (CCR) and fully modified least square (FMOLS) estimators covering
the period of 1987-2016. The results
from the Bayer-Hanck test revealed that these variables are cointegrated. The estimated long-term coefficients
obtained by the CCR and FMOLS show that inflation and gross fixed capital
formation increases income inequality, whereas urbanization decreases this inequality
in the long-term. In addition, the positive coefficient of financial
development and the negative coefficient of the square of financial development
confirm that the financial Kuznets curve hypothesis is valid for Turkey.

Kaynakça

  • ALTINTAŞ, H., AYRIÇAY, Y. (2010), Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 1987–2007, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10 (2), 71-98.
  • ANG, J. B. (2010), Finance and Inequality: the Case of India, Southern Economic Journal, 76 (3), 738-761.
  • ARGUN, A. İ. (2016), Gelişmekte Olan Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği, İstanbul Üniversitesi Sosyal Bilimler Dergisi, 1, 61-74.
  • ASLAN, Ö., KÜÇÜKAKSOY, İ. (2006), Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama, Ekonometri ve İstatistik E-Dergisi, 4, 25-38.
  • AZAM, M., RAZA, S. A. (2018), Financial Sector Development and Income Inequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?, Global Business and Economics Review, 20 (1), 88–114.
  • BALIGH, N., PIRAEE, K. (2012), Financial Development and Income Inequality Relationship in Iran, Middle-East Journal of Scientific Research, 12 (7), 906–914.
  • BANERJEE, A. V., NEWMAN, A. F. (1993), Occupational Choice and the Process of Development, Journal of Political Economy, 101 (2), 274-298.
  • BANERJEE, A., DOLADO, J., MESTRE, R. (1998), Error‐Correction Mechanism Tests for Cointegration in a Single‐Equation Framework, Journal of Time Series Analysis, 19 (3), 267-283.
  • BATUO, M., MLAMBO, K., GUIDI, F. (2010), Financial Development and Income Inequality: Evidence from African Countries, MPRA Paper No 25658. 10 Kasım 2019 tarihinde http://mpra.ub.uni-muenchen.de/25658 adresinden alındı.
  • BAYER, C., HANCK, C. (2013), Combining Non‐Cointegration Tests, Journal of Time Series Analysis, 34 (1), 83-95.
  • BOSWIJK, H. P. (1994), Testing for an Unstable Root in Conditional and Structural Error Correction Models, Journal of Econometrics, 63 (1), 37-60.
  • CANAVIRE-BACARREZA, G., RIOJA, F. (2008), Financial Development and the Distribution of Income in Latin America and the Caribbean, (No. 3796). IZA Discussion Papers. 10 Kasım 2019 tarihinde https://www.econstor.eu/bitstream/10419/35601/1/584662637.pdf adresinden alındı.
  • CLARKE, G. R., XU, L. C., ZOU, H. F. (2006), Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72 (3), 578-596.
  • COBBINAH, P. B., ERDIAW-KWASIE, M. O., AMOATENG, P. (2015), Rethinking Sustainable Development within the Framework of Poverty and Urbanisation in Developing Countries, Environmental Development, 13, 18-32.
  • DEMIRGUÇ-KUNT, A., Levine, R. (2009), Finance and Inequality: Theory and Evidence, Annual Review of Financial Economics, 1 (1), 287-318.
  • DESTEK, M. A., OKUMUŞ, İ., MANGA, M. (2017), Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi, Doğuş Üniversitesi Dergisi, 18 (2), 153-165.
  • DOGAN, B. (2018), The Financial Kuznets Curve: A Case Study of Argentina, The Empirical Economics Letters, 17 (4), 527-536.
  • DÜNYA BANKASI KALKINMA GÖSTERGELERİ (2019), 10 Kasım 2019 tarihinde https://data.worldbank.org/ country/turkey adresinden alındı
  • ELLIOTT, G., ROTHENBERG, T., STOCK, J. H. (1996), Efficient Tests for an Autoregressive Unit Root, Econometrica, 64, 813–839.
  • ENGLE, R. F., GRANGER, C. W. (1987), Co-integration and Error Correction: Representation, Estimation, and Testing, Econometrica: Journal of the Econometric Society, 55 (2), 251-276.
  • FISHER, R. A. (1932), Statistical Methods for Research Workers, In: Breakthroughs in Statistics, New York: Springer.
  • GALOR, O., ZEIRA, J. (1993), Income Distribution and Macroeconomics, The Review of Economic Studies, 60 (1), 35-52.
  • GREENWOOD, J., JOVANOVIC, B. (1990), Financial Development, Growth, and the Distribution of Income, Journal of Political Economy, 98 (5), 1076-1107.
  • HEPSAĞ, A. (2017), Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği, Sosyal Güvenlik Dergisi, 7 (2), 135-156.
  • HOI, L. Q., HOI, C. M. (2013), Financial Sector Development and Income Inequality in Vietnam: Evidence at the Provincial Level, Journal of Southeast Asian Economies, 30 (3), 263-277.
  • JAUCH, S., WATZKA, S. (2016), Financial Development and Income Inequality: A Panel Data Approach, Empirical Economics, 51, 291-314.
  • JOHANSEN, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics and Control, 12 (2), 231-254.
  • KUZNETS, S. (1955), Economic Growth and Income Inequality, The American Economic Review, 45 (1), 1-28.
  • MACHADO, D. B., RASELLA, D., DOS SANTOS, D. N. (2015), Impact of income Inequality and Other Social Determinants on Suicide Rate in Brazil, PLoS One, 10 (4), e0124934.
  • MOOSA, I. (2016), International Evidence on the Financial Kuznets Curve, International Economics, 69 (4), 361-374.
  • NIKOLOSKI, Z. (2013), Financial Sector Development and Inequality: Is There a Financial Kuznets Curve?, Journal of International Development, 25, 897-911.
  • PANAYOTOU, T. (1993), Empirical Tests and Policy Analysis of Environmental Degradation at Different Stages of Economic Development, ILO, Technology and Employment Programme, Geneva. 10 Kasım 2019 tarihinde https://www.ilo.org/public/libdoc/ilo/1993/93B09_31_engl.pdf adresinden alındı.
  • PARK, J. Y. (1992), Canonical Cointegrating Regressions, Econometrica: Journal of the Econometric Society, 60 (1), 119-143.
  • PATA, U. K., ALPEREN, A. (2018), Finansal Gelişme ve Ekonomik Büyüme Arasındaki Eşbütünleşme ve Nedensellik İlişkisi: Türkiye Örneği, Osmaniye Korkut Ata Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2 (2), 115-128.
  • PHILLIPS, P. C., HANSEN, B. E. (1990), Statistical Inference in Instrumental Variables Regression with I(1) Processes, The Review of Economic Studies, 57 (1), 99-125.
  • REHMAN, H., KHAN, S., AHMED, I. (2008), Income Distribution, Growth and Financial Development: A Cross Countries Analysis, Pakistan Economic and Social Review, 46 (1), 1–16.
  • SATTI, S. L., MAHALIK, M. K., BHATTACHARYA, M., SHAHBAZ, M. (2015), Dynamics of Income Inequality, Finance and Trade in Kazakhstan: Empirical Evidence from a New Transition Economy with Policy Prescriptions, Monash Business School, Department of Economics Discussion Paper, No. 36/15. 10 Kasım 2019 tarihinde https://www.monash.edu/__data/assets/pdf_file/0008/925649/dynamics_of_income_inequality,_finance_and_trade_in_kazakhstan_empirical_evidence_from_a_new_transition_economy_with_policy_prescriptions.pdf adresinden alındı.
  • SEHRAWAT, M., GIRI, A. K. (2015), Financial Development and Income Inequality in India: An Application of ARDL Approach, International Journal of Social Economics, 42 (1), 64-81.
  • SHAHBAZ, M., LOGANATHAN, N., TIWARI, A. K., SHERAFATIAN-JAHROMI, R. (2015), Financial Development and Income Inequality: Is There any Financial Kuznets Curve in Iran?, Social Indicators Research, 124 (2), 357-382.
  • SOLT, F. (2018), The Standardized World Income Inequality Database. Social Science Quarterly. 10 Kasım 2019 tarihinde https://dataverse.harvard.edu/file.xhtml?file Id=3207292&version=20.0 adresinden alındı.
  • TAN, H. B., LAW, S. H. (2012), Nonlinear Dynamics of the Finance-Inequality Nexus in Developing Countries, The Journal of Economic Inequality, 10 (4), 551-563.
  • TIWARI, A. K., SHAHBAZ, M., ISLAM, F. (2013), Does Financial Development Increase Rural-Urban Income Inequality? Cointegration Analysis in the Case of Indian Economy, International Journal of Social Economics, 40 (2), 151-168.
  • TOPUZ, S. G. ve DAĞDEMİR, Ö. (2016), Finansal Gelişme ve Gelir Eşitsizliği: Bir Panel Veri Analizi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(3), 19-34.
  • VAN VELTHOVEN, A., DE HAAN, J., STURM, J. E. (2019), Finance, income inequality and income redistribution, Applied Economics Letters, 26 (14), 1202-1209.
  • YOUNSI, M., BECHTINI, M. (2018), Economic Growth, Financial Development, and Income Inequality in BRICS Countries: Does Kuznets’ Inverted U-Shaped Curve Exist?, Journal of the Knowledge Economy, 1-22. 11 Kasım 2019 tarihinde https://link.springer.com/article/10.1007/s13132-018-0569-2 adresinden alındı.

Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?

Yıl 2020, Cilt: 34 Sayı: 3, 809 - 828, 15.07.2020
https://doi.org/10.16951/atauniiibd.648695

Öz

Finansal gelişme bireylerin finansal
kaynaklara daha iyi bir şekilde erişmesini sağlamaktadır. Finansal kaynaklara erişimin artması ile beraber gelir
düzeylerinde de artış yaşanmaktadır. Gelir düzeyindeki artışın bireyler
arasında eşit olarak paylaştırılması önemli bir araştırma konusudur. Gelir
dağılımındaki eşitsizlik genelde Gini katsayısı ile ölçülmektedir. Bu çalışma
Türkiye’de 1987-2016 döneminde finansal gelişme, enflasyon, kentleşme, kişi
başına düşen gayrisafi sabit sermaye stoku ve Gini katsayısı arasındaki
ilişkileri Bayer-Hanck birleşik eş-bütünleşme testi, kanonik eş-bütünleşme
regresyonu (CCR) ve tam değiştirilmiş
en küçük kareler (FMOLS) tahmincileri ile incelemeyi amaçlamaktadır. Bayer-Hanck
testinin sonuçları bu değişkenlerin eş-bütünleşik olduğunu göstermektedir. CCR
ve FMOLS ile elde edilen uzun dönem katsayıları enflasyon ve sabit sermaye
stokunun gelir dağılımındaki eşitsizliği arttırdığını, kentleşmenin ise bu
eşitsizliği azalttığını belirtmektedir. Ayrıca finansal gelişmenin pozitif
katsayısı ve finansal gelişmenin karesinin negatif olarak belirlenen katsayısı finansal
Kuznets eğrisi hipotezinin geçerli olduğunu doğrulamaktadır.

Kaynakça

  • ALTINTAŞ, H., AYRIÇAY, Y. (2010), Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 1987–2007, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10 (2), 71-98.
  • ANG, J. B. (2010), Finance and Inequality: the Case of India, Southern Economic Journal, 76 (3), 738-761.
  • ARGUN, A. İ. (2016), Gelişmekte Olan Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği, İstanbul Üniversitesi Sosyal Bilimler Dergisi, 1, 61-74.
  • ASLAN, Ö., KÜÇÜKAKSOY, İ. (2006), Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Türkiye Ekonomisi Üzerine Ekonometrik Bir Uygulama, Ekonometri ve İstatistik E-Dergisi, 4, 25-38.
  • AZAM, M., RAZA, S. A. (2018), Financial Sector Development and Income Inequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?, Global Business and Economics Review, 20 (1), 88–114.
  • BALIGH, N., PIRAEE, K. (2012), Financial Development and Income Inequality Relationship in Iran, Middle-East Journal of Scientific Research, 12 (7), 906–914.
  • BANERJEE, A. V., NEWMAN, A. F. (1993), Occupational Choice and the Process of Development, Journal of Political Economy, 101 (2), 274-298.
  • BANERJEE, A., DOLADO, J., MESTRE, R. (1998), Error‐Correction Mechanism Tests for Cointegration in a Single‐Equation Framework, Journal of Time Series Analysis, 19 (3), 267-283.
  • BATUO, M., MLAMBO, K., GUIDI, F. (2010), Financial Development and Income Inequality: Evidence from African Countries, MPRA Paper No 25658. 10 Kasım 2019 tarihinde http://mpra.ub.uni-muenchen.de/25658 adresinden alındı.
  • BAYER, C., HANCK, C. (2013), Combining Non‐Cointegration Tests, Journal of Time Series Analysis, 34 (1), 83-95.
  • BOSWIJK, H. P. (1994), Testing for an Unstable Root in Conditional and Structural Error Correction Models, Journal of Econometrics, 63 (1), 37-60.
  • CANAVIRE-BACARREZA, G., RIOJA, F. (2008), Financial Development and the Distribution of Income in Latin America and the Caribbean, (No. 3796). IZA Discussion Papers. 10 Kasım 2019 tarihinde https://www.econstor.eu/bitstream/10419/35601/1/584662637.pdf adresinden alındı.
  • CLARKE, G. R., XU, L. C., ZOU, H. F. (2006), Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72 (3), 578-596.
  • COBBINAH, P. B., ERDIAW-KWASIE, M. O., AMOATENG, P. (2015), Rethinking Sustainable Development within the Framework of Poverty and Urbanisation in Developing Countries, Environmental Development, 13, 18-32.
  • DEMIRGUÇ-KUNT, A., Levine, R. (2009), Finance and Inequality: Theory and Evidence, Annual Review of Financial Economics, 1 (1), 287-318.
  • DESTEK, M. A., OKUMUŞ, İ., MANGA, M. (2017), Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi, Doğuş Üniversitesi Dergisi, 18 (2), 153-165.
  • DOGAN, B. (2018), The Financial Kuznets Curve: A Case Study of Argentina, The Empirical Economics Letters, 17 (4), 527-536.
  • DÜNYA BANKASI KALKINMA GÖSTERGELERİ (2019), 10 Kasım 2019 tarihinde https://data.worldbank.org/ country/turkey adresinden alındı
  • ELLIOTT, G., ROTHENBERG, T., STOCK, J. H. (1996), Efficient Tests for an Autoregressive Unit Root, Econometrica, 64, 813–839.
  • ENGLE, R. F., GRANGER, C. W. (1987), Co-integration and Error Correction: Representation, Estimation, and Testing, Econometrica: Journal of the Econometric Society, 55 (2), 251-276.
  • FISHER, R. A. (1932), Statistical Methods for Research Workers, In: Breakthroughs in Statistics, New York: Springer.
  • GALOR, O., ZEIRA, J. (1993), Income Distribution and Macroeconomics, The Review of Economic Studies, 60 (1), 35-52.
  • GREENWOOD, J., JOVANOVIC, B. (1990), Financial Development, Growth, and the Distribution of Income, Journal of Political Economy, 98 (5), 1076-1107.
  • HEPSAĞ, A. (2017), Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği, Sosyal Güvenlik Dergisi, 7 (2), 135-156.
  • HOI, L. Q., HOI, C. M. (2013), Financial Sector Development and Income Inequality in Vietnam: Evidence at the Provincial Level, Journal of Southeast Asian Economies, 30 (3), 263-277.
  • JAUCH, S., WATZKA, S. (2016), Financial Development and Income Inequality: A Panel Data Approach, Empirical Economics, 51, 291-314.
  • JOHANSEN, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics and Control, 12 (2), 231-254.
  • KUZNETS, S. (1955), Economic Growth and Income Inequality, The American Economic Review, 45 (1), 1-28.
  • MACHADO, D. B., RASELLA, D., DOS SANTOS, D. N. (2015), Impact of income Inequality and Other Social Determinants on Suicide Rate in Brazil, PLoS One, 10 (4), e0124934.
  • MOOSA, I. (2016), International Evidence on the Financial Kuznets Curve, International Economics, 69 (4), 361-374.
  • NIKOLOSKI, Z. (2013), Financial Sector Development and Inequality: Is There a Financial Kuznets Curve?, Journal of International Development, 25, 897-911.
  • PANAYOTOU, T. (1993), Empirical Tests and Policy Analysis of Environmental Degradation at Different Stages of Economic Development, ILO, Technology and Employment Programme, Geneva. 10 Kasım 2019 tarihinde https://www.ilo.org/public/libdoc/ilo/1993/93B09_31_engl.pdf adresinden alındı.
  • PARK, J. Y. (1992), Canonical Cointegrating Regressions, Econometrica: Journal of the Econometric Society, 60 (1), 119-143.
  • PATA, U. K., ALPEREN, A. (2018), Finansal Gelişme ve Ekonomik Büyüme Arasındaki Eşbütünleşme ve Nedensellik İlişkisi: Türkiye Örneği, Osmaniye Korkut Ata Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2 (2), 115-128.
  • PHILLIPS, P. C., HANSEN, B. E. (1990), Statistical Inference in Instrumental Variables Regression with I(1) Processes, The Review of Economic Studies, 57 (1), 99-125.
  • REHMAN, H., KHAN, S., AHMED, I. (2008), Income Distribution, Growth and Financial Development: A Cross Countries Analysis, Pakistan Economic and Social Review, 46 (1), 1–16.
  • SATTI, S. L., MAHALIK, M. K., BHATTACHARYA, M., SHAHBAZ, M. (2015), Dynamics of Income Inequality, Finance and Trade in Kazakhstan: Empirical Evidence from a New Transition Economy with Policy Prescriptions, Monash Business School, Department of Economics Discussion Paper, No. 36/15. 10 Kasım 2019 tarihinde https://www.monash.edu/__data/assets/pdf_file/0008/925649/dynamics_of_income_inequality,_finance_and_trade_in_kazakhstan_empirical_evidence_from_a_new_transition_economy_with_policy_prescriptions.pdf adresinden alındı.
  • SEHRAWAT, M., GIRI, A. K. (2015), Financial Development and Income Inequality in India: An Application of ARDL Approach, International Journal of Social Economics, 42 (1), 64-81.
  • SHAHBAZ, M., LOGANATHAN, N., TIWARI, A. K., SHERAFATIAN-JAHROMI, R. (2015), Financial Development and Income Inequality: Is There any Financial Kuznets Curve in Iran?, Social Indicators Research, 124 (2), 357-382.
  • SOLT, F. (2018), The Standardized World Income Inequality Database. Social Science Quarterly. 10 Kasım 2019 tarihinde https://dataverse.harvard.edu/file.xhtml?file Id=3207292&version=20.0 adresinden alındı.
  • TAN, H. B., LAW, S. H. (2012), Nonlinear Dynamics of the Finance-Inequality Nexus in Developing Countries, The Journal of Economic Inequality, 10 (4), 551-563.
  • TIWARI, A. K., SHAHBAZ, M., ISLAM, F. (2013), Does Financial Development Increase Rural-Urban Income Inequality? Cointegration Analysis in the Case of Indian Economy, International Journal of Social Economics, 40 (2), 151-168.
  • TOPUZ, S. G. ve DAĞDEMİR, Ö. (2016), Finansal Gelişme ve Gelir Eşitsizliği: Bir Panel Veri Analizi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(3), 19-34.
  • VAN VELTHOVEN, A., DE HAAN, J., STURM, J. E. (2019), Finance, income inequality and income redistribution, Applied Economics Letters, 26 (14), 1202-1209.
  • YOUNSI, M., BECHTINI, M. (2018), Economic Growth, Financial Development, and Income Inequality in BRICS Countries: Does Kuznets’ Inverted U-Shaped Curve Exist?, Journal of the Knowledge Economy, 1-22. 11 Kasım 2019 tarihinde https://link.springer.com/article/10.1007/s13132-018-0569-2 adresinden alındı.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Uğur Korkut Pata 0000-0002-2853-4106

Yayımlanma Tarihi 15 Temmuz 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 34 Sayı: 3

Kaynak Göster

APA Pata, U. K. (2020). Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 34(3), 809-828. https://doi.org/10.16951/atauniiibd.648695

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