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Yükselen Piyasa Ekonomilerinde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi: Yatay Kesit Bağımlılığı Altında Kurumların Moderatör Etkisi Üzerine Heterojen Panel Veri Analizi

Year 2022, Volume: 16 Issue: 1, 107 - 137, 30.03.2022

Fatma Ünlü

https://doi.org/10.46520/bddkdergisi.1095691
Cited By: 1

Abstract

Bu çalışma, yükselen piyasa ekonomileri için finansal gelişme ve gelir eşitsizliği arasındaki ilişkide kurumların moderatör etkisini araştırmayı amaçlamaktadır. Söz konusu ülkelerin 2002-2018 dönemine ait verileri kullanılarak yatay kesit bağımlılığı altında heterojen panel veri analizine ilişkin prosedür takip edilmiştir. CCEMG tahmincisi kullanılarak yapılan analizlerden elde edilen bulgulara göre, uzun dönemde kaliteli kurumların gelir eşitsizliği üzerindeki etkisi pozitif iken, moderatör değişkenin etkisi ise negatiftir. Diğer taraftan, finansal gelişmenin gelir eşitsizliği üzerinde anlamlı bir etkisi bulunmamaktadır. Bu bulgular, finansal gelişmenin sadece kaliteli kurumların varlığı altında gelir eşitsizliğini azaltıcı etkilere sahip olduğunu göstermektedir. Bununla birlikte, Dumitrescu-Hurlin panel nedensellik test sonuçları da analize dahil edilen tüm değişkenler (finansal gelişme, gelir eşitsizliği, yolsuzluk ve moderatör değişken) arasındaki çift yönlü nedensellik ilişkilerini doğrulamaktadır.

Keywords

finansal gelişme gelir eşitsizliği kurumsal kalite yükselen piyasa ekonomileri panel veri analizi

References

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The Relationship between Financial Development and Income Inequality in Emerging Market Economies: Heterogeneous Panel Data Analysis on Moderator Effect of Institutions under Cross-Sectional Dependence

Year 2022, Volume: 16 Issue: 1, 107 - 137, 30.03.2022

Fatma Ünlü

https://doi.org/10.46520/bddkdergisi.1095691
Cited By: 1

Abstract

Bu çalışma, yükselen piyasa ekonomileri için finansal gelişme ve gelir eşitsizliği arasındaki ilişkide kurumların moderatör etkisini araştırmayı amaçlamaktadır. Söz konusu ülkelerin 2002-2018 dönemine ait verileri kullanılarak yatay kesit bağımlılığı altında heterojen panel veri analizine ilişkin prosedür takip edilmiştir. CCEMG tahmincisi kullanılarak yapılan analizlerden elde edilen bulgulara göre, uzun dönemde kaliteli kurumların gelir eşitsizliği üzerindeki etkisi pozitif iken, moderatör değişkenin etkisi ise negatiftir. Diğer taraftan, finansal gelişmenin gelir eşitsizliği üzerinde anlamlı bir etkisi bulunmamaktadır. Bu bulgular, finansal gelişmenin sadece kaliteli kurumların varlığı altında gelir eşitsizliğini azaltıcı etkilere sahip olduğunu göstermektedir. Bununla birlikte, Dumitrescu-Hurlin panel nedensellik test sonuçları da analize dahil edilen tüm değişkenler (finansal gelişme, gelir eşitsizliği, yolsuzluk ve moderatör değişken) arasındaki çift yönlü nedensellik ilişkilerini doğrulamaktadır.

References

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  • 2. Adeleye, B.N., Osabuohien, E. ve Bowale, E. (2017). The Role of Institutions in the Finance-Inequality Nexus in Sub-Saharan Africa, Journal of Contextual Economics, 137, 173-192.
  • 3. Ağır, H., Türkmen, S. ve Özbek, S. (2020). Finansal Kuznets Eğrisi Yaklaşımı Çerçevesinde Finansallaşma ve Gelir Eşitsizliği İlişkisi: E7 Ülkeleri Üzerine Ekonometrik Bir Tahmin. Beyder, 15(2), 71-84.
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  • 5. Altunbaş, Y. ve Thornton, J. (2019). The Impact of Financial Development on Income Inequality: A Quantile Regression Approach. Economics Letters, 175,51–56.
  • 6. Altunöz, U. (2015). Kuznet Eğrisi Bağlamında Türkiye’de FinansalGelişme ve Gelir Eşitsizliği İlişkisinin Analizi. International Conference On Eurasian Economies Bildiriler Kitabı, 871-875.
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  • 8. Azam, M. ve 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.
  • 9. Bai, J. ve Ng, S. (2004). A Panic Attack on Unit Roots and Cointegration. Econometrica, 72(4), 1127-1178.
  • 10. Baiardi, D. ve Moranab, C. (2018). Financial Development and Income Distribution Inequality in the Euro Area. Economic Modelling,70, 40–55.
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  • 17. Çalışır, M. ve Altıntaş, N. (2017). Finansal Gelişme Gelir Eşitsizliği İlişkisi: Saklı Panel Eşbütünleşme İlişkisi. International Journal of Applied Economic and Finance Studies, 2 (2), 9-18.
  • 18. Chen, W. ve Kinkyo, T. (2016). Financial Development and Income Inequality: Long-Run Relationship and Short-Run Heterogeneity. Emerging Markets Finance and Trade, 52 (3), 733-742.
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  • 20. Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • 21. Clarke, G.R.G., Xu, L.C. ve Zou, H.F. (2006). Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72 (3), 578-596.
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  • 23. Destek, M.A., Okumuş, İ. ve Manga, M. (2017). Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi. Doğuş Üniversitesi Dergisi, 18 (2), 153-165.
  • 24. Destek, M.A., Sinha, A. ve Sarkodie, S. A. (2020). The Relationship between Financial Development and Income Inequality in Turkey. Journal of Economic Structures, 9 (11), 1-14.
  • 25. Dickey, D. A. ve Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica: Journal of the Econometric Society, 49 (4),1057-1072.
  • 26. Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29 (4), 1450-1460.
  • 27. Galor, O. ve Zeira, J. (1993). Income Distribution and Macroeconomics. The Review of Economic Studies, 60 (1), 35-52.
  • 28. Gimet, C. ve Lagoarde-Segot, T. L. (2011). A Closer Look at Financial Development and Income Distribution. Journal of Banking & Finance, 35, 1698-1713.
  • 29. Gnangnon, S. K. (2021). Effect of Poverty on Financial Development: Does Trade Openness Matter?. The Quarterly Review of Economics and Finance, 82, 97-112.
  • 30. Greenwood, J. ve Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income. Journal of Political Economy, 98 (5), 1076-1107.
  • 31. Guloglu, B. ve Ivrendi, M. (2008), Output Fluctuations: Transitory or Permanent? The Case of Latin America. Applied Economics Letters, 17(4), 1–6.
  • 32. Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panels. The Econometrics Journal, 3, 148-161.
  • 33. Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor. Economics Letters, 115, 31–34.
  • 34. Hamori, S. ve Hashiguchi, Y. (2012). The Effect of Financial Deepening on Inequality: Some International Evidence. Journal of Asian Economics, 23, 353–359.
  • 35. Harris, R.D.F. ve Tzavalis, E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed. Journal of Econometrics, 91, 201- 226
  • 36. Hepsağ, A. (2017). Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği. Sosyal Güvenlik Dergisi, 7 (2), 135-156.
  • 37. Im, K.S., Pesaran, M.H. ve Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
  • 38. International Monetary Fund-IMF (2021). What is an Emerging Market?. https://www.imf.org. (25.07.2021)
  • 39. Jalil, A. ve Feridun, M. (2011). Long-Run Relationship between Income Inequality and Financial Development in China. Journal of the Asia Pacific Economy, 16 (2), 202-214.
  • 40. Jauch, S. ve Watzka, S. (2016). Financial Development and Income Inequality: A Panel Data Approach. Empir Econ, 51, 291-314.
  • 41. Jung, S. M. ve Vijverberg, C.P.C. (2019). Financial Development and Income Inequality in China-A Spatial Data Analysis. North American Journal of Economics and Finance, 48, 295-320.
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There are 78 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Fatma Ünlü This is me 0000-0003-1822-9965

Publication Date March 30, 2022
Published in Issue Year 2022 Volume: 16 Issue: 1

Cite

APA Ünlü, F. (2022). Yükselen Piyasa Ekonomilerinde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi: Yatay Kesit Bağımlılığı Altında Kurumların Moderatör Etkisi Üzerine Heterojen Panel Veri Analizi. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 16(1), 107-137. https://doi.org/10.46520/bddkdergisi.1095691

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