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Gelir Dağılımının Tasarruflar Üzerindeki Etkisi: Hanehalkı Düzeyinde Bir Araştırma

Year 2018, Volume: 8 Issue: 1, 181 - 192, 30.03.2018

Abstract

The relationship between saving and income distribution in in the centre of Neo-Keynesian growth models such as Lewis(1954), Kaldor(1957), Pasinetti(1962). These authors mostly focus on functional distribution of income (to the distribution among classes such as workers and capitalists) and state that income distribution is very important factor of savings. Such theories also claim that income inequalities have directly positive impact on savings because according to them, consumption tendency of working class is stronger than saving tendency of bourgeoisie.  For example, Lewis(1954) points out that main problem of economic development is positive correlation between income distribution and saving. Also, he states that only entrepreneurs earning profit can save in society and while the number of entrepreneur is increasing, total saving and investment is also increased, thereby accelerating capital stock and growth. Like Lewis, Kaldor assumes that working class spends all earnings, which means zero saving tendency, however, saving tendency of investors is high. Because of the fact that investors marginal saving rate is higher than that of working class, investors’ profit rate should be higher to increase savings. Therefore, an improvement in price level is necessary. On the other hand, Pasinetti (1962) says that capitalist class is the only investor in society and only earns profit. However, working class obtains profit and salary. Compared to Kaldor’s model, this model argues that the saving tendency of working class is not zero but very low and only factor that affects the saving tendency of working class is the distribution of national income among different classes such as working class and capitalists. In this model, income inequality will be deteriorated on behalf of capitalist class, which has higher saving rate than working class.

 

Latest
researches related to political economics put forwards that income inequality
has negative impacts on total savings by means of investment and economic
growth. There is a high demand for redistribution and taxation in societies
that have high income disparity. High taxation results in decreasing income
from investments. This is because the amount of investments under high taxation
will also decrease. Additionally, social unrest and political instability in
societies cause a decrease in investments and productivity, thereby reducing
saving rate.







As a result, although theoretical literature admits
that the income distribution affects aggregate saving amount, there is no
consensus about the relation between these two variables. It is also same for
empirical studies. In this study, the relation between income distribution and
saving amount has been analyzed for households in Tokat. Considering the
households savings constitutes important part of aggregate savings, saving
propensity would be detected according to occupation type of households with
this study. Besides, determinant factors of saving characteristics (saving
motivation, saving tool preference etc.) and attitudes of households would be
revealed. In accordance with this purpose, research data is compiled through
the survey based on one-to-one interviews with 430 households living in Tokat
city center via simple random sampling method in between 1st of May
and 1st July 2016. The data is analyzed via frequency and binary
logistic regression through SPSS Program. According to results, approximately
60% of households are able to save while 40% is not able or do not prefer to
save. As a major reason of not being able to save, households pointed out
indebtedness. Households who are able to save have pointed out that house or
car demand (51%), wealth outlook and education of children (41%), higher life standard
in the future (35%) and being cautious to contingency (32%) are the major
saving determinants. In terms of saving tools, under-the mattress gold saving
and demand deposits are major saving tools. Thus it can be said that
traditional saving tools are dominant. Logistic regression analysis findings
indicate that one unit increase in income may cause 1.621 fold increase in
saving amount. In this study, the income level is found as an important factor
that increases savings in line with the economic literature. Household’s high
school and college graduation increase saving probability. Similarly,
government employees and company owners are more likely to save than other
occupation types while probability of having a child decreases saving
propensity. Obtained results will guide saving policies as well as contribute
to knowledge in this field.

References

  • Abdelkhalek, T.; Arestoff, F.; de Freitas, N.E.M.; Mage, S. (2010), “A Mıcroeconometrıc analysıs of Household Savings Determinants in Morocco”, African Review of Money Finance and Banking. (1): 7-27.
  • Abdioğlu, Z.; Berber, M. (2007). “Türkiye’de Yurtiçi Tasarruf ve Belirleyicileri”, İkinci Uluslararası İşletme ve Ekonomi Çalıştayı Bildiriler, Özetler ve Pratik Bilgiler Kitabı (ss.228-242), Düzenleyen Giresun Üniversitesi İİBF. Giresun. 28-29 Haziran 2007.
  • Agrawal, P. (2001). “The Relation between Savings and Growth Cointegration and Causality Evidence from Asia”, Applied Economics, 33, 499-513.
  • Aktaş, A.; Güner, D.; Gürsel, S.; Uysal, G. (2010), “Structural Determinants of Household Savings in Turkey: 2003-2008”, BETAM Working Paper Series, No. 007.
  • Alesina, A.; Perotti, R. (1996), “Income distribution, political instability, and investment”, European Economic Review, 40(6), 1203-1228.
  • Alesina, A.; Rodrik, D. (1994), “Distributive politics and economic growth” Quarterly Journal of Economics 108: 465-90.
  • Alvarez-Cuadrado, F.; El-Attar, M. (2012), “Income Inequality and Saving”, IZA Discussion Paper No. 7083, https://ssrn.com/abstract=2196748 (Erişim Tarihi: 12.09.2017).
  • Behringer, J.; Van Treeck, T. (2013), “Income distribution and current account: A sectoral perspective”, IMK Working Paper, No. 125.
  • Bernheim, B. D.; Garrett, D. M. (1996), “The Determinants and Consequences of Financial Education in the Workplace: Education from a Survey of Households”, Working Paper No. 5667. Cambridge, MA: National Bureau of Economic Research.
  • Bofinger, P.; Scheuermeyer, P. (2014), “Income Distribution and Household Saving”, http://www.progressiveeconomy.eu/sites/default/files/papers/BofingerScheuermeyerInequalityandSaving.pdf. (Erişim Tarihi: 08.09.2017).
  • Bofinger, P.; Scheuermeyer, P. (2016), “Income Distribution and Aggregate Saving: A Non-Monotonic Relationship”, CEPR Discussion Paper No. DP11435. Available at SSRN: https://ssrn.com/abstract=2827553 (Erişim Tarihi: 07.09.2017).
  • Bunting, D. (1991). “Savings and the Distribution of Income”, Journal of Post Keynesian Economics, 14(1): 3-22.
  • Carroll, C. D., Weil, D. N. (1994), “Saving and Growth: A Reinterpretation”, Carnegie-Rochester Conference Series on Public Policy. (40): 133-192.
  • Ceritoğlu, E.; Eren, O. (2013), “Türkiye’nin Nüfus ve Sosyal Yapısındaki Değişimlerin Hanehalkı Tasarrufları Üzerindeki Etkileri”, Central Bank of the Republic of Turkey Papers, No. 1324.
  • Cilasun, S. M.; Kırdar, M. G. (2009), “Türkiye’de hanehalklarının gelir, tüketim ve tasarruf davranışlarının yatay kesitlerle bir analizi”, İktisat İsletme ve Finans, 24(280), 9-46.
  • Çolak, Ö. F.; Öztürkler, F. (2012), “Tasarrufun Belirleyicileri: Küresel tasarruf Eğiliminde Değişim ve Türkiye’de Hanehalkı Tasarruf Eğiliminin Analizi”, www.tbb.org.tr/Dosyalar/Arastirma_ve_Raporlar/colak.pdf (Erişim Tarihi: 09.08.2017).
  • Duesenberry, J. (1949), “Income, Saving and the Theory of Consumer Behavior”, Harvard University Press, Cambridge, MA.
  • Dynan, K. E.; Skinner,J.; Zeldes, Z. P. (2004), “Do the Rich Save More?” Journal of Political Economy, 112, (2), 397-444.
  • Hong, K. (1995), “Income Distribution and Aggregate Saving”, Unpublished manuscript, Harvard University, Cambridge, MA.
  • Issahaku, H. (2011), “Determinants of Saving and Investment in Deprived District Capitals in Ghana-A Case Study of Nadowli in the Upper West Region of Ghana”, Continental Journal of Social Sciences. 4(1), 1-12.
  • Kelley, A.C., Williamson, J.G. (1968), “Household Saving Behavior in the Developing Economies: The Indonesian Case”, Economic Development and Cultural Change. 16(3): 385-403.
  • Kaldor, N. (1957), “A Model of Economic Growth”, The Economic Journal, 67(268): 591-624.
  • Karataş, M.; Gavcar, E. (2001), “Bazı Meslek Gruplarının Tasarruf Eğilimlerinin Araştırılması (Muğla İli Örneği)”, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 3(2):38-46.
  • Kelley, A.; Williamson, J. (1968). “Household Saving Behavior in the Developing Economies: The Indonesian Case”, Economic Development and Cultural Change, 16(3): 385-403.
  • Keynes, J. M. (1936), The General Theory of Employment, Interest and Money. (1. Basım). Çev. Uğur Selçuk Akalın, İstanbul: Kalkedon Yayınları.
  • Kibet, L. K.; Mutai, B. K.; Ouma, D. E.; Ouma, S. A.; Owuor, G. (2009), “Determinants of household saving: Case study of smallholder farmers, entrepreneurs and teachers in rural areas of Kenya”, Journal of Development and Agricultural Economics, 1(7), 137-143.
  • Kuznets, S. (1955). “Economic Growth and Income Inequality”, American Economic Review, 45(1): 1-28.
  • Leigh, A.; Posso, A (2009), “Top Incomes and National Savings”, Review of Income and Wealth, 55(1): 57-74.
  • Levine, A. S.; Frank, R. H.; Dijk, O. (2010), “Expenditure cascades”, https://ssrn.com/abstract=1690612 (Erişim Tarihi:10.09.2017).
  • Lewis, A. W. (1954), “Economic Development with Unlimited Supplies of Labour”, Manchester School Of Economics And Social Studies, 22: 139-191.
  • Li, H.; Zou, H. F. (2004). “Savings and Income Distribution”, Annals of Economics and Finance, 5: 245-270.
  • Lim, D. (1980), “Income Distribution, Export Instability and Savings Behavior”, Economic Development and Cultural Change, 26, pp.359-364.
  • Loayza N.; Schmiddt-Hebbel, K; Serven, L .(2000), “Saving in Developing Countries: An Overview”, The World Bank Economic Review, 14(1): 393-414.
  • Musgrove, P. (1980), “Income Distribution and the Aggregate Consumption Function”, Journal of Political Economy, 88(3), 504-525.
  • Oktay, E.; Orçanlı, K. (2014), “Atatürk Üniversitesi’nde İnternet Bankacılığının Kullanımını Etkileyen Faktörlerin Belirlenmesi”, Uşak Üniversitesi Sosyal Bilimler Dergisi, (18): 57-91.
  • Özcan, K. M.; Günay, A; Ertaç, S. (2003), “Determinants of Private Savings Behaviour in Turkey”, Applied Economics, 35, 1405-1416.
  • Pasinetti, L. L. (1962), “Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth”, The Review of Economic Studies, 29(4): 267-279.
  • Rossi, N. (1988), “Government Spending”, The Real Interest Rate and The Behavior of Liquidity-Constrained Consumers in Developing Countries. IMF Staff Papers. 35(1): 104-140.
  • Schmidt-Hebbel, K.; Serven, L. (2000), “Does Income Inequality Raise Aggregate Saving?”, Journal of Development Economics, 61: 417-446.
  • Sekaran, U. (1992), Research Methods For Business, A Skill Building Approach, USA: John Wiley&Sons Inc.
  • Smith, D. (2001), “International Evidence On How Income Inequality and Credit Market Imperfections Affect Private Saving Rates”, Journal of Development Economics, 64 (103-127).
  • Stiglitz, J. E. (1996), “Some Lessons From The East Asian Miracle”, The World Bank Research Observer, 11:2, 151-177.
  • Şengür, M.; Taban, S. (2016), “Gelir Dağılımı-Tasarruf İlişkisi: Türkiye’de Hanehalkı Gelir Türünün Tasarruflar Üzerindeki Etkisi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(1).
  • Tokatlıoğlu, İ.; Atan, M. (2007), “Türkiye'de Bölgeler Arası Gelişmişlik Düzeyi Ve Gelir Dağılımı Eşitsizliği: Kuznets Eğrisi Geçerli Mi?”, Ekonomik Yaklasim, 18(65): 25-58.
  • Uzay, N. (2011), “Gelir Dağılımı-Tasarruf İlişkisi: Kayseri’deki Girişimcilerin Tasarruf Davranışını Belirlemeye Yönelik Bir Uygulama”, içinde Türkiye’de Tasarruflar (Ed. Ercan Uygur), TEK, İmaj Yayınevi, Ankara.
  • Yıldırım, E. (2015), “Gelir Eşitsizliğinin Tasarruflar Üzerindeki Etkisi: Seçilmiş Ülkeler Bazında Bir Analiz”, In EY International Congress on Economics II (EYC2015), November 5-6, 2015, Ankara, Turkey (No. 220). Ekonomik Yaklasim Association.
  • Yükseler, Z.; Türkan, E. (2007), “Türkiye’de Hanehalkı: İşgücü, Gelir, Harcama ve Yoksulluk Açısından Analizi”, Türkiye Ekonomi Kurumu Tartışma Metni 2007/4.
  • Zhu, Q. (2004), “The Impact of Rural Enterprises on Household Savings in China”, Center for Development Research, No.86. https://www.econstor.eu/handle/10419/21842 (Erişim Tarihi: 12.08.2017).
Year 2018, Volume: 8 Issue: 1, 181 - 192, 30.03.2018

Abstract

References

  • Abdelkhalek, T.; Arestoff, F.; de Freitas, N.E.M.; Mage, S. (2010), “A Mıcroeconometrıc analysıs of Household Savings Determinants in Morocco”, African Review of Money Finance and Banking. (1): 7-27.
  • Abdioğlu, Z.; Berber, M. (2007). “Türkiye’de Yurtiçi Tasarruf ve Belirleyicileri”, İkinci Uluslararası İşletme ve Ekonomi Çalıştayı Bildiriler, Özetler ve Pratik Bilgiler Kitabı (ss.228-242), Düzenleyen Giresun Üniversitesi İİBF. Giresun. 28-29 Haziran 2007.
  • Agrawal, P. (2001). “The Relation between Savings and Growth Cointegration and Causality Evidence from Asia”, Applied Economics, 33, 499-513.
  • Aktaş, A.; Güner, D.; Gürsel, S.; Uysal, G. (2010), “Structural Determinants of Household Savings in Turkey: 2003-2008”, BETAM Working Paper Series, No. 007.
  • Alesina, A.; Perotti, R. (1996), “Income distribution, political instability, and investment”, European Economic Review, 40(6), 1203-1228.
  • Alesina, A.; Rodrik, D. (1994), “Distributive politics and economic growth” Quarterly Journal of Economics 108: 465-90.
  • Alvarez-Cuadrado, F.; El-Attar, M. (2012), “Income Inequality and Saving”, IZA Discussion Paper No. 7083, https://ssrn.com/abstract=2196748 (Erişim Tarihi: 12.09.2017).
  • Behringer, J.; Van Treeck, T. (2013), “Income distribution and current account: A sectoral perspective”, IMK Working Paper, No. 125.
  • Bernheim, B. D.; Garrett, D. M. (1996), “The Determinants and Consequences of Financial Education in the Workplace: Education from a Survey of Households”, Working Paper No. 5667. Cambridge, MA: National Bureau of Economic Research.
  • Bofinger, P.; Scheuermeyer, P. (2014), “Income Distribution and Household Saving”, http://www.progressiveeconomy.eu/sites/default/files/papers/BofingerScheuermeyerInequalityandSaving.pdf. (Erişim Tarihi: 08.09.2017).
  • Bofinger, P.; Scheuermeyer, P. (2016), “Income Distribution and Aggregate Saving: A Non-Monotonic Relationship”, CEPR Discussion Paper No. DP11435. Available at SSRN: https://ssrn.com/abstract=2827553 (Erişim Tarihi: 07.09.2017).
  • Bunting, D. (1991). “Savings and the Distribution of Income”, Journal of Post Keynesian Economics, 14(1): 3-22.
  • Carroll, C. D., Weil, D. N. (1994), “Saving and Growth: A Reinterpretation”, Carnegie-Rochester Conference Series on Public Policy. (40): 133-192.
  • Ceritoğlu, E.; Eren, O. (2013), “Türkiye’nin Nüfus ve Sosyal Yapısındaki Değişimlerin Hanehalkı Tasarrufları Üzerindeki Etkileri”, Central Bank of the Republic of Turkey Papers, No. 1324.
  • Cilasun, S. M.; Kırdar, M. G. (2009), “Türkiye’de hanehalklarının gelir, tüketim ve tasarruf davranışlarının yatay kesitlerle bir analizi”, İktisat İsletme ve Finans, 24(280), 9-46.
  • Çolak, Ö. F.; Öztürkler, F. (2012), “Tasarrufun Belirleyicileri: Küresel tasarruf Eğiliminde Değişim ve Türkiye’de Hanehalkı Tasarruf Eğiliminin Analizi”, www.tbb.org.tr/Dosyalar/Arastirma_ve_Raporlar/colak.pdf (Erişim Tarihi: 09.08.2017).
  • Duesenberry, J. (1949), “Income, Saving and the Theory of Consumer Behavior”, Harvard University Press, Cambridge, MA.
  • Dynan, K. E.; Skinner,J.; Zeldes, Z. P. (2004), “Do the Rich Save More?” Journal of Political Economy, 112, (2), 397-444.
  • Hong, K. (1995), “Income Distribution and Aggregate Saving”, Unpublished manuscript, Harvard University, Cambridge, MA.
  • Issahaku, H. (2011), “Determinants of Saving and Investment in Deprived District Capitals in Ghana-A Case Study of Nadowli in the Upper West Region of Ghana”, Continental Journal of Social Sciences. 4(1), 1-12.
  • Kelley, A.C., Williamson, J.G. (1968), “Household Saving Behavior in the Developing Economies: The Indonesian Case”, Economic Development and Cultural Change. 16(3): 385-403.
  • Kaldor, N. (1957), “A Model of Economic Growth”, The Economic Journal, 67(268): 591-624.
  • Karataş, M.; Gavcar, E. (2001), “Bazı Meslek Gruplarının Tasarruf Eğilimlerinin Araştırılması (Muğla İli Örneği)”, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 3(2):38-46.
  • Kelley, A.; Williamson, J. (1968). “Household Saving Behavior in the Developing Economies: The Indonesian Case”, Economic Development and Cultural Change, 16(3): 385-403.
  • Keynes, J. M. (1936), The General Theory of Employment, Interest and Money. (1. Basım). Çev. Uğur Selçuk Akalın, İstanbul: Kalkedon Yayınları.
  • Kibet, L. K.; Mutai, B. K.; Ouma, D. E.; Ouma, S. A.; Owuor, G. (2009), “Determinants of household saving: Case study of smallholder farmers, entrepreneurs and teachers in rural areas of Kenya”, Journal of Development and Agricultural Economics, 1(7), 137-143.
  • Kuznets, S. (1955). “Economic Growth and Income Inequality”, American Economic Review, 45(1): 1-28.
  • Leigh, A.; Posso, A (2009), “Top Incomes and National Savings”, Review of Income and Wealth, 55(1): 57-74.
  • Levine, A. S.; Frank, R. H.; Dijk, O. (2010), “Expenditure cascades”, https://ssrn.com/abstract=1690612 (Erişim Tarihi:10.09.2017).
  • Lewis, A. W. (1954), “Economic Development with Unlimited Supplies of Labour”, Manchester School Of Economics And Social Studies, 22: 139-191.
  • Li, H.; Zou, H. F. (2004). “Savings and Income Distribution”, Annals of Economics and Finance, 5: 245-270.
  • Lim, D. (1980), “Income Distribution, Export Instability and Savings Behavior”, Economic Development and Cultural Change, 26, pp.359-364.
  • Loayza N.; Schmiddt-Hebbel, K; Serven, L .(2000), “Saving in Developing Countries: An Overview”, The World Bank Economic Review, 14(1): 393-414.
  • Musgrove, P. (1980), “Income Distribution and the Aggregate Consumption Function”, Journal of Political Economy, 88(3), 504-525.
  • Oktay, E.; Orçanlı, K. (2014), “Atatürk Üniversitesi’nde İnternet Bankacılığının Kullanımını Etkileyen Faktörlerin Belirlenmesi”, Uşak Üniversitesi Sosyal Bilimler Dergisi, (18): 57-91.
  • Özcan, K. M.; Günay, A; Ertaç, S. (2003), “Determinants of Private Savings Behaviour in Turkey”, Applied Economics, 35, 1405-1416.
  • Pasinetti, L. L. (1962), “Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth”, The Review of Economic Studies, 29(4): 267-279.
  • Rossi, N. (1988), “Government Spending”, The Real Interest Rate and The Behavior of Liquidity-Constrained Consumers in Developing Countries. IMF Staff Papers. 35(1): 104-140.
  • Schmidt-Hebbel, K.; Serven, L. (2000), “Does Income Inequality Raise Aggregate Saving?”, Journal of Development Economics, 61: 417-446.
  • Sekaran, U. (1992), Research Methods For Business, A Skill Building Approach, USA: John Wiley&Sons Inc.
  • Smith, D. (2001), “International Evidence On How Income Inequality and Credit Market Imperfections Affect Private Saving Rates”, Journal of Development Economics, 64 (103-127).
  • Stiglitz, J. E. (1996), “Some Lessons From The East Asian Miracle”, The World Bank Research Observer, 11:2, 151-177.
  • Şengür, M.; Taban, S. (2016), “Gelir Dağılımı-Tasarruf İlişkisi: Türkiye’de Hanehalkı Gelir Türünün Tasarruflar Üzerindeki Etkisi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16(1).
  • Tokatlıoğlu, İ.; Atan, M. (2007), “Türkiye'de Bölgeler Arası Gelişmişlik Düzeyi Ve Gelir Dağılımı Eşitsizliği: Kuznets Eğrisi Geçerli Mi?”, Ekonomik Yaklasim, 18(65): 25-58.
  • Uzay, N. (2011), “Gelir Dağılımı-Tasarruf İlişkisi: Kayseri’deki Girişimcilerin Tasarruf Davranışını Belirlemeye Yönelik Bir Uygulama”, içinde Türkiye’de Tasarruflar (Ed. Ercan Uygur), TEK, İmaj Yayınevi, Ankara.
  • Yıldırım, E. (2015), “Gelir Eşitsizliğinin Tasarruflar Üzerindeki Etkisi: Seçilmiş Ülkeler Bazında Bir Analiz”, In EY International Congress on Economics II (EYC2015), November 5-6, 2015, Ankara, Turkey (No. 220). Ekonomik Yaklasim Association.
  • Yükseler, Z.; Türkan, E. (2007), “Türkiye’de Hanehalkı: İşgücü, Gelir, Harcama ve Yoksulluk Açısından Analizi”, Türkiye Ekonomi Kurumu Tartışma Metni 2007/4.
  • Zhu, Q. (2004), “The Impact of Rural Enterprises on Household Savings in China”, Center for Development Research, No.86. https://www.econstor.eu/handle/10419/21842 (Erişim Tarihi: 12.08.2017).
There are 48 citations in total.

Details

Subjects Business Administration
Journal Section ARTICLE
Authors

Serap Barış 0000-0003-3905-4746

Emre Çiftçi This is me

Publication Date March 30, 2018
Submission Date November 2, 2017
Published in Issue Year 2018 Volume: 8 Issue: 1

Cite

APA Barış, S., & Çiftçi, E. (2018). Gelir Dağılımının Tasarruflar Üzerindeki Etkisi: Hanehalkı Düzeyinde Bir Araştırma. Ordu Üniversitesi Sosyal Bilimler Enstitüsü Sosyal Bilimler Araştırmaları Dergisi, 8(1), 181-192.

Hope to be enlightened in the light of knowledge ....

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