Finansal Kuznets Eğrisi ve Ekonomik Küreselleşme İlişkisi Üzerine: OECD Ülkeleri İçin Gelir Eşitsizliği Temelli Bir Analiz

Year 2021, Volume: 17 Issue: 38, 5271 - 5303, 15.06.2021

Onur Özdemir

https://doi.org/10.26466/opus.748836

Cited By: 3

Abstract

Bu çalışma 1990-2017 dönemi için 27 OECD ülkesi temelinde finansal Kuznets hipotezinin geçerliliğini gelir eşitsizliği ve ekonomik küreselleşme olgularına bağlı olarak araştırmaktadır. İlgili konunun incelenmesinin ardında yatan temel motivasyon ana akım literatürün tersine belirli iktisadi, sosyal ve toplumsal değişkenlerin varlığında ulaşılacak bulguların farklı bir temele sahip olduğunu göstermektir. Diğer bir ifadeyle, finansal gelişme ile gelir eşitsizliği arasında ters U-ilişkili finansal Kuznets hipotezinin geçerli olduğunu belirten geleneksel bakış açısının aksine elde edilen ampirik sonuçlar belirtilen hipotezin U-ilişkili bir yapıya sahip olduğunu göstermektedir. Panel sabit etkiler yöntemi ve iki aşamalı Sistem-GMM yaklaşımı çerçevesinde elde edilen modelleme sonuçları ekonomik gelişme süre-cinin ilk dönemlerinde finansal gelişme düzeyi artışının gelir eşitsizliğini azalttığını ancak ileri dönemlerde alt ve üst gelir gruplarında yer alan hanehalklarının elde ettikleri gelir payı aralığının gelir eşitsizliğinin artışını tetikleyerek arttığını belirtmektedir. Ayrıca ampirik bulgular ekonomik küreselleşmenin ana akım varsayımların aksine gelir eşitsizliğini artırdığını göstermektedir. Son olarak, mevcut çalışma gelir eşitsizliği üzerinde hem ekonomik küreselleşmenin hem de finansal gelişmenin bütünleşik etkisini araştırmak için yeni bir etkileşim değişkeni oluşturmaktadır. Belirtilen değişkene ait katsayılar finansal gelişmenin ekonomik küreselleşme ile sağlanmamasının ekonomik gelişmenin ileri dönem-lerinde gelir eşitsizliğini artıracağını göstermektedir. Bu nedenle hem ekonomik küreselleşme hem de finansal sektör gelişimi arasında gelirin bölüşümü açısından koşullu bir iliş-kinin var olduğu görülmektedir.

Keywords

Finansal Kuznets hipotezi, Gelir eşitsizliği, Ekonomik küreselleşme, Finansal sektör gelişmesi, Ekonomik gelişme

On the Relationship Between Financial Kuznets Hypothesis and Economic Globalization: An Income Inequality Based Analysis for OECD Countries

Abstract

This study examines the validity of the financial Kuznets hypothesis based on income inequality and economic globalization for 27 OECD countries over the 1990-2017 period. The main motivation for doing this study is to show that the findings to be obtained in the pres-ence of certain economic, social, and common variables have a different basis, as opposed to the mainstream literature. In other words, in contrast to the traditional knowledge that the reverse U-related financial Kuznets hypothesis is valid between financial sector development and income inequality, the empirical results imply that the specified hypothesis has a U-related structure. In consideration of panel fixed-effects method and two-step system-GMM approach, the results of modeling structure indicate that the increase in the level of financial development reduces the income inequality in the early periods of the economic development process but the income share gaps of the households in the lower and upper-income groups increase in the later periods by stimulating an increase in income inequality. Moreover, the empirical findings show that unlike the mainstream assumptions about economic globalization, it increases income inequality. Finally, the study originates a new interaction variable to investigate the integrated effect of both economic globalization and financial development on income inequality. The coefficients of given variable indicate that the missing of providing financial development with economic globalization increases in-come inequality in the later periods of economic development. Therefore, it is observed that there a conditional relationship between economic globalization and financial sector development in terms of the income distribution.

Keywords

Financial Kuznets hypothesis, Income inequality, Economic globalization, Financial sector development, Economic development

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