TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME

Abstract

Bu çalışma, 1990-2011 arası, Türkiye ekonomisinin finansallaşması sürecinin, Gayri Safi Yurt İçi Hasıla (GSYİH) içinde emek payı üzerindeki etkisini araştırmaktadır. Türkiye’nin 1990 sonrası yükselişe geçen finans sektörünün reel yatırımları olumsuz yönde etkilemesi sonucu sermayenin finansal alana yönlendiği görülmektedir. Birikimin yapısındaki bu değişim özellikle reel kesimde yaşanan durgunluk sonucunda işsizlikte artışa neden olmakta ve işçilerin pazarlık güçlerinde azalışı beraberinde getirmektedir. Bu durum sermayenin GSYİH içerisindeki payını arttırmakla beraber emek payını tam tersi şekilde azaltan bir etki yaratmaktadır. Sıradan En Küçük Kareler (SEKK) yöntemi ile test edilen bu hipotez, Türkiye’nin 1990-2011 arası tam da bu yönde bir seyir izlediğini kanıtlamaktadır. Sonuçlar göstermektedir ki, finansallaşma verisi olarak kullanılan “Hisse Senedi Devir Hızı Rasyosu” ile “Emek Payı” verisi arasında negatif bir ilişki vardır. Ayrıca, istihdam ve gelir yaratabilecek reel faktörlerin emek payını olumlu yönde ve anlamlı bir şekilde etkilediği görülmektedir. Son olarak, pazarlık gücü değişkenleri bakımından işsizlik oranındaki artış emek payını azaltırken, sendikalaşma oranı ve grev sayılarındaki yükseliş emek payını olumlu yönde etkileyerek GSYİH içinde arttırmaktadır. 

Keywords

• Finansallaşma,Emek Payı,Finansal Sektör,Pazarlık Gücü,Türkiye Ekonomisi

The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share

Abstract

This study investigates the effects of financialization process of the Turkish economy on the labor’s share in the Gross Domestic Product (GDP) over the 1990-2011 period. It is seen that the capital was tended towards to financial realms due the negative effects of the financial sector on the real investments of Turkey, which was started to increase after 1990s. This change in the structure of accumulation was especially led to an increase in the unemployment level and thereby a decrease in the bargaining power of labors following the ongoing stagnation process in the real sector. While this case creates positive effects on the share of capital in the GDP, it also causes to a decrease of the labor’s share. This hypothesis, which is tested by the ordinary least square (OLS) method, proves that Turkey follows a very similar pattern in this direction over the 1990-2011 period. The empirical results show that there is a negative relationship between the labor’s share and the stock market turnover ratio, which is used as a financialization indicator. Furthermore, the real based variables that may create more employment and income seem to affect the labor’s share positively and significantly. Finally, while the increase in the unemployment rate in terms of the bargaining power variables diminishes the labor’s share, the increase in the unionization rate and the level of strikes increases the labor’s share in the GDP. 

Keywords

• Financialization,Labor Share,Financial Sector,Bargaining Power,Turkish Economy

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