TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME

Year 2017, Volume: 67 Issue: 1, 57 - 116, 26.07.2017

Halil Tunalı , Onur Özdemir

https://doi.org/10.26560/iuifm.331644

Cited By: 1

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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