Analysis of the Relationship between Financialization and Wage Share: The Case of Turkey

Year 2023, Volume: 7 Issue: 3, 2063 - 2089, 18.09.2023

Harun Saraç , Emrullah Özden

https://doi.org/10.25295/fsecon.1285753

Abstract

The concept of financialization expresses the point reached by the financial sector through liberalization with the implementation of neo-liberal policies in the post-1980 period, and it has become a subject of recent studies. Studies focusing on the effect of financialization, especially on the distorting effect of income distribution, reveal that this factor is neglected in mainstream studies. The phenomenon of financialization, which first emerged in developed countries and then emerged in developing countries, changes the behavior patterns of companies, households and the state and plays the role of displacing the dynamics of today's capitalism. In this context, this study investigates the effect of financialization on the wage share in national income in Türkiye in the period of 1988-2019 with the time series analysis. The financialization index, which is used to represent financialization in the analysis, was originally obtained by using Principal Components Analysis within the scope of this study. According to the results of the analysis in which the ARDL cointegration approach is used, financialization in Türkiye plays a role in the erosion of the wage share after technological development and trade openness variables. Thus, according to the results, the transformation of the financial sector, which is largely exempt from regulations to financialization, has a distorting effect on the functional income distribution for the Turkish economy.

Keywords

Financialization, wage share, Türkiye, functional income distribution

Finansallaşma ve Emek Payı Arasındaki İlişkinin Analizi: Türkiye Örneği

Abstract

1980 sonrası süreçte neo-liberal politikaların uygulanmasıyla birlikte serbestleşmeye başlayan finans kesiminin geldiği noktayı ifade eden finansallaşma kavramı son dönem çalışmalara konu olmaktadır. Finansallaşmanın özellikle gelir dağılımını bozucu yöndeki etkisinin mercek altına alındığı çalışmalar bu faktörün ana akım çalışmalarda ihmal edildiğini ortaya koymaktadır. Öncelikle gelişmiş ülkelerde ortaya çıkan ve daha sonra gelişmekte olan ülkelerde belirginleşen finansallaşma olgusu, şirketlerin, hane halklarının ve devletin davranış kalıplarını değiştirmekte ve günümüz kapitalizminin dinamiklerini yerinden oynatma rolünü üstlenmektedir. Bu kapsamda bu çalışmanın amacı 1988-2019 döneminde Türkiye’de finansallaşmanın milli gelir içerisindeki emek payı üzerindeki etkisini zaman serisi analizi ile araştırmaktır. Analizde finansallaşmayı temsilen kullanılan finansallaşma endeksi bu çalışma kapsamında Temel Bileşenler Analizi kullanılarak özgün olarak elde edilmiştir. ARDL eş-bütünleşme yaklaşımının kullanıldığı analiz sonuçlarına göre Türkiye’de finansallaşma, teknolojik gelişme ve dış açıklık değişkenlerinden sonra emek payının aşınmasında rol oynamaktadır. Dolayısıyla çalışma sonuçlarına göre, düzenlemelerden büyük oranda muaf tutulan finansal kesimin finansallaşmaya olan dönüşümü, Türkiye ekonomisi üzerinde fonksiyonel gelir dağılımını bozucu bir etkiye sahiptir.

Keywords

Finansallaşma, emek payı, Türkiye, fonksiyonel gelir dağılımı

Thanks

Değerlendirmeye alan ve inceleyen sekretaryaya, editöre ve hakemlere şimdiden teşekkür ederiz.

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