A Panel Data Analysis of the Relationship between Income Inequality and Financialization: An Application on Different Income Groups

Year 2019, Volume: 8 Issue: 4, 2837 - 2875, 31.12.2019

Onur Özdemir

https://doi.org/10.15869/itobiad.621540

Cited By: 3

Abstract

This study investigates the
financialization-income inequality relationship within the frame of a panel
data analysis for 97 countries including different income groups, in the
1991-2014 period. According to the main interest of the study, the positive
relationship between financialization and income inequality is also statistically
significant on the basis of countries with different income groups in the
long-run. Empirical results show that the change in financialization indicators
has an increasing effect on income inequality. In the article, the scale of this
effect is both examined in the time dimension and analyzed according to income
classification of the countries. Furthermore, the statistical issues lying
behind the positive relationship between income inequality and financialization
are examined based on different analysis methods and they support the arguments
that confirm each other. Thus, in order to examine income inequality
holistically, it is necessary to consider its relationship with
financialization. 

Keywords

Income Inequality, Financialization, Globalization, Financial Sector, Financial Markets

Gelir Eşitsizliği ve Finansallaşma Arasındaki İlişkinin Panel Veri Analizi: Farklı Gelir Grupları Üzerine Bir Uygulama

Abstract

Bu çalışma finansallaşma-gelir eşitsizliği bağıntısını
panel veri analizi çerçevesinde farklı gelir gruplarını içeren 97 ülke için
1991-2014 yılları arasında incelemektedir. Çalışmanın temel önemi açısından
finansallaşma ve gelir eşitsizliği arasındaki pozitif ilişki farklı gelir
gruplarına sahip ülkeler temelinde uzun vade de istatistiksel olarak anlamlı
çıkmaktadır. Ampirik sonuçlar göstermektedir ki, finansallaşma
göstergelerindeki değişim gelir eşitsizliğini artırıcı bir etkiye sahiptir.
Makale içerisinde bu etkinin ölçeği hem zaman boyutunda incelenmekte hem de
ülkelerin gelir sınıflandırmasına göre analiz edilmektedir. Ayrıca, gelir
eşitsizliği ve finansallaşma arasındaki pozitif ilişkinin ardında yatan
istatistiki sorunlar farklı analiz yöntemlerine bağlı olarak incelemeye tabi
tutulmaktadır ve birbirini doğrulayan kanıtları destekler niteliktedir. Bu
nedenle, gelir eşitsizliğinin bütünsel bir incelemeye tabi tutulabilmesi
finansallaşma ile arasındaki ilişkinin göz önünde bulundurulmasını
gerektirmektedir.          

Keywords

Gelir Eşitsizliği, Finansallaşma, Küreselleşme, Finansal Sektör, Finansal Piyasalar

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