Research Article
PDF Zotero Mendeley EndNote BibTex Cite

The Financial Kuznets Curve Hypothesis: An Empirical Analysis of the Turkish Economy with Structural Breaks Co-integration Tests

Year 2021, Volume 29, Issue 50, 337 - 359, 31.10.2021
https://doi.org/10.17233/sosyoekonomi.2021.04.16

Abstract

Reducing income inequality is vital for sustainable development. Financial development can be an essential policy tool for reducing income inequality. In this study, the effects of financial development on income inequality in the Turkish economy are investigated in the context of the Financial Kuznets Curve Hypothesis. In the empirical part of the study, the series related to the financial development measures developed by the IMF and the series calculated with the University of Texas Inequality Project (UTIP) Data Set for income inequality is used. As a result of econometric analyzes made by considering structural breaks, the existence of a long-term co-integration relationship could not be determined. These findings show that the Financial Kuznets Curve hypothesis is not valid in Turkey in the period under consideration.

References

  • Acar, İ. (2015), “Türkiye’de Gelir Dağılımı”, Hak İş Uluslararası Emek ve Toplum Dergisi, 4(8), 42-59.
  • Akalın, G. vd. (2018), “Türkiye’de Gelir Dağılımı ve Ekonomik Büyüme Arasındaki İlişki: ARDL Sınır Testi Yaklaşımı”, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(4), 59-76.
  • Altınöz, U. (2015), “Kuznet Eğrisi Bağlamında Türkiye’de Finansal Gelişme ve Gelir Eşitsizliği İlişkisinin Analizi”, International Conference on Eurasian Economies, 871-875.
  • Altıntaş, N. & M. Çalışır (2018), “Finansal Gelişmenin Bankacılık ve Sermaye Piyasası Bağlamında Gelir”, Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(1), 81-97.
  • Altunbaş, Y. & J. Thornton (2019), “The impact of financial development on income inequality: A quantile regression approach”, Economics Letters, 175, 51-56.
  • Argun, A.İ. (2017), “Finansal Gelişme ve Gelir Eşitsizliği”, Sosyal Bilimler Dergisi, (1), 61-74.
  • Asteriou, D. & S.G. Hall (2007), Applied Econometrics: A Modern Approach Using EViews And Microfit, New York: Palgrave Macmillan.
  • Aydın, K. (2012), “Türkiye’de Kişisel Gelir Dağılımının Sosyo Ekonomik ve Demografik Belirleyicileri”, Çalışma ve Toplum, (32), 147-166.
  • Azam, M. & S.A. Raza (2018), “Financial Sector Development and Income Inequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?”, Global Business and Economics Review, 20(1), 88-114.
  • Baiardi, D. & C. Morana (2016), “The Financial Kuznets Curve: Evidence for the Euro Area”, Journal of Empirical Finance, 39, 265-269.
  • Baiardi, D. & C. Morana (2018), “Financial Development and Income Distribution Inequality in the Euro Area”, Economic Modelling, 70, 40-55.
  • Banerjee, A.V. & A.F. Newman (1993), “Occupational Choice and the Process of Development”, Journal of Political Economy, 101(2), 274-298.
  • Beck, T. et al. (2007), “Finance, Inequality and the Poor”, Journal of Economic Growth, 12(1), 27-49.
  • Bradford, D.F. et al. (2005), “The Environmental Kuznets Curve: Exploring a Fresh Specification”, Contributions to Economic Analysis & Policy, 4(1), 1-28.
  • Çalışkan, Ş. (2010), “Türkiye’de Gelir Eşitsizliği ve yoksulluk”, Sosyal Siyaset Konferansları Dergisi, (59), 89-132.
  • Çetin, M. & F. Şeker (2016), “Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkisi: Türkiye Ekonomisi için Ampirik Bir Kanıt”, International Anatolia Academic Online Journal Social Sciences Journal, 3(2), 52-63.
  • Chiu, Y.B. & C.C. Lee (2019), “Financial Development, Income Inequality, and Country Risk”, Journal of International Money and Finance, 93, 1-18.
  • Cihak, M. et al. (2012), Benchmarking Financial Systems Around the World (No. WPS6175).
  • Clarke, G.R.G. et al. (2006), “Finance and Income Inequality: What Do the Data Tell Us?”, Southern Economic Journal, 72(3), 596.
  • Çobanoğlu, F. & İ.H. Yılmaz (2019), “Türkiye’de Hanehalkı Sorumlusunun Yıllık Toplam Gelirindeki Eşitsizliğin Ölçülmesi”, Tarım Ekonomisi Araştırmaları Dergisi, 5(1), 25-43.
  • Deidda, L.G. (2006), “Interaction Between Economic and Financial Development”, Journal of Monetary Economics, 53(2), 233-248.
  • Destek, M.A. vd. (2017), “Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi”, Doğuş Üniversitesi Dergisi, 18(2), 153-165.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the Estimators for Autoregressive Time Series With a Unit Root”, Journal of the American Statistical Association, 74(366), 431.
  • Dickey, D.A. & W.A. Fuller (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), 1072.
  • Dickey, D.A. & S.G. Pantula (1987), “Determining the Order of Differencing in Autoregressive Processes”, Journal of Business & Economic Statistics, 5(4), 461.
  • Dumrul, C. (2010), “Finansal Sistemin Gelişimi ve Ekonomik Büyüme: Teori ve Türkiye Uygulaması”, Yayınlanmamış Doktora Tezi, Erciyes Üniversitesi S.B.E.
  • Elveren, A.Y. (2013), “Gelir Dağılımı Çalışmaları İçin Bir Alternatif : Texas Üniversitesi Eşitsizlik Projesi Veri Setleri”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 13(2), 35-42.
  • Enders, W. (1995), Applied Econometric Time Series, New York: Wiley.
  • Galor, O. & O. Moav (2004), “From Physical to Human Capital Accumulation: Inequality and the Process of Development”, Review of Economic Studies, 71(4), 1001-1026.
  • Galor, O. & J. Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, 60(1), 35-42.
  • Greenwood, J. & B. Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Greenwood, J. & B.D. Smith (1997), “Financial Markets in Development, and the Development of Financial Markets” Journal of Economic Dynamics and Control, 21(1), 145-181.
  • Gregory, A.W. & B.E. Hansen (1996), “Residual-Based Tests for Cointegration in Models With Regime Shifts”, Journal of Econometrics, 70(1), 99-126.
  • Günal, M. (2001), Merkez Bankasının Değişen Rolü ve Para Politikası Uygulamaları, İstanbul: İMKB Yayınları.
  • Gunes, S. (2007), “Functional Income Distribution in Turkey: A Cointegration and VECM Analysis”, Journal of Economic and Social Research, 9(2), 23-36.
  • Hatemi-J, A. (2008), “Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration”, Empir Econ, 35, 497-505.
  • Hepsağ, A. (2017), “Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği”, SGD-Sosyal Güvenlik Dergisi, 7(2), 135-156.
  • Hoi, C.M. & L.Q. Hoi (2012), “Financial Development and Income Inequality in Vietnam: An Empirical Analysis”, Journal of Economics and Development, 5(2), 5-25.
  • IMF (2021), Financial Development Index Database, <https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b>, 27.01.2021.
  • Jalil, A. & M. Feridun (2011), “Long-run Relationship Between Income Inequality and Financial Development in China” Journal of the Asia Pacific Economy, 16(2), 202-214.
  • Jauch, S. & S. Watzka (2016), “Financial Development and Income Inequality: A Panel Data Approach” Empirical Economics, 51(1), 291-314.
  • Johnston, J. & J. Dinardo (1997), Econometric Methods (4. Baskı), New York: McGraw-Hill.
  • Kanberoğlu, Z. & M. Arvas (2014), “Finansal Kalkınma ve Gelir Eşitsizliği: Türkiye Örneği, 1980-2012”, Sosyoekonomi, 21(21), 106-122.
  • Kar, M. vd. (2009), Financial Development and Poverty Reduction in Turkey, Department of Economics, Adana, Çukurova University. Turkey.
  • Kar, M. & S. Taş (2004), “İktisadi Kalkınmada Para ve Sermayenin Yeri”, içinde: S. Taban & M. Kar (eds.), Kalkınma Ekonomisi: Seçme Konular, Bursa: Ekin Kitabevi, 159-195.
  • Katircioğlu, S.T. & N. Taşpinar (2017), “Testing the Moderating Role of Financial Development in an Environmental Kuznets Curve: Empirical Evidence from Turkey”, Renewable and Sustainable Energy Reviews, 68, 572-586.
  • Kim, D.H. & S.C. Lin (2011), “Nonlinearity in the Financial Development-Income Inequality Nexus”, Journal of Comparative Economics, 39(3), 310-325.
  • Kuznets, S. (1955), “Economic Growth and Income Inequality”, The American Economic Review, 45(1), 1-28.
  • Lee, J. & M.C. Strazicich (2001), “Break Point Estimation and Spurious Rejections with Endogenous Unit Root Tests”, Oxford Bulletin of Economics and Statistics, 63(5), 535-558.
  • Lee, J. & M.C. Strazicich (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Lee, J. Et al. (2013), “Minimum LM Unit Root Test with One Structural Break”, Economics Bulletin, 33(4), 2483-2492.
  • Mackinnon, J.G. (2010), Critical Values for Cointegration Tests (No. 1227), Kingston (Ontario).
  • Mert, M. & A.E. Çağlar (2019), Eviews ve Gauss Uygulamalı Zaman Serileri Analizi, Ankara: Detay Yayıncılık. Mishkin, F.S. (2007), “Is Financial Globalization Beneficial?”, Journal of Money, Credit and Banking, 39(3), 259-294.
  • Narayan, P.K. & S. Popp (2010), “A New Unit Root Test with Two Structural Breaks in Level and Slope at Unknown Time”, Journal of Applied Statistics, 37(9), 1425-1438.
  • Nikoloski, Z. (2013), “Financial Sector Development and Inequality: Is There a Financial Kuznets Curve?”, Journal of International Development, 25(7), 897-911.
  • Oechslin, M. (2009), “Creditor Protection and the Dynamics of the Distribution in oligarchic Societies”, Journal of Economic Growth, 14(4), 313-344.
  • Oyvat, C. (2011), “Globalization, Wage Shares and Income Distribution in Turkey”, Cambridge Journal of Regions, Economy and Society, 4(1), 123-138.
  • Öz, S. (2019), “Gelir Dağılımında Gini Katsayısı ve P80/P20 Oranı Arasındaki İlişkiler: 2000-2016 Dönemi Türkiye Örneği”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 18(35), 587-605.
  • Palma, J. (2018), Does the Broad Spectrum of Inequality Across the World in the Current Era of Neo-liberal Globalization Reflect a Wide Diversity of Fundamentals, or Just a Multiplicity of Political Settlements and Market Failures?, <https://www.semanticscholar.org/paper/Does-the-broad-spectrum-of-inequality-across-the-in-Palma/8a63846f1ba49616cb11fea247b65b8a1d8e8844>, 26.01.2021.
  • Phillips, P.C.B. & P. Perron (1988), “Testing for a Unit Root in Time Series Regressions”, Biometrika, 75, 335-346.
  • Rehman, H.U. et al. (2008), “Income Distribution, Growth and Financial Development: A Cross Countries Analysis”, Pakistan Economic and Social Review, 46(1), 1-16.
  • Sahay, R. et al. (2015), “Rethinking Financial Deepening: Stability and Growth in Emerging Markets”, Staff Discussion Notes (No. 2015/8), 26.01.2021.
  • Şahin, D. (2018), “Gelişmiş Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi”, Iğdır Üniversitesi Sosyal Bilimler Dergisi, (15), 299-322.
  • Satti, S.L. et al. (2015), Exploring the Linkages between Financial Development and Income Inequality: Does Financial Kuznets Curve Exist in Kazakhstan?, No. 2015-002, Lahore, Pakistan.
  • Sehrawat, M. & A.K. Giri (2016a), “Financial development, poverty and rural-urban income inequality: evidence from south asian countries”, Quality and Quantity, 50(2), 577-590.
  • Sehrawat, M. & A.K. Giri (2016b), “Panel Data Analysis of Financial Development, Economic Growth and Rural-urban Income Inequality Evidence from SAARC Countries”, International Journal of Social Economics, 43(10), 998-1015.
  • Şerbetçi, G. (2014), “Türkiye’de Uygulanan Finansal Politikaların Gelir Dağılımı Üzerindeki Etkisi”, KSÜ İktisadi ve İdari Bilimler Dergisi, 4(1), 93-116.
  • Shahbaz, M. et al. (2015), “Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?”, Social Indicators Research, 124(2), 357-382.
  • Smith, B.D. (2003), “Taking Intermediation Seriously”, Journal of Money, Credit and Banking, 35(6), 1319-1357.
  • Tahsin, E. (2019), “An Investigation of the Palma Ratio for Turkey Both on National and Regional Level”, Sosyoekonomi, 27(41), 151-182.
  • Tan, H.B. & S.H. Law (2012), “Nonlinear Dynamics of the Finance-inequality Nexus in Developing Countries”, The Journal of Economic Inequality, 10(4), 551-563.
  • Taş, H.Y. & S. Özcan (2012), “Türkiye’de ve Dünya’da Yoksulluk Üzerine Bir Araştırma”, International Conference on Eurasian Economies, 423-430.
  • Theil, H. (1972), Statistical Decompostion Analysis: With Applications in the Social and Administrative Sciences, Amsterdam: North-Holland Publishing.
  • Topuz, S.G. & T. Sekmen (2020), “Türkiye’de Gelir Eşitsizliği ve Seçilmiş Hanehalkı Gelir Bileşenlerinin Lorenz ve Yoğunlaşma Eğrileri İle Analiz Edilmesi”, Current Research in Social Sciences, 6(2), 103-124.
  • Townsend, R.M. & K. Ueda (2006), “Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation”, The Review of Economic Studies, 73(1), 251-293.
  • UN (2020), Human Development Data Center, <http://hdr.undp.org/en/data>, 27.01.2021.
  • UTEXAS (2021), University of Texas Inequality Project, <https://utip.lbj.utexas.edu/>, 27.01.2021.
  • Zhang, Q. & R. Chen (2015), “Financial Development and Income Inequality in China: An Application of SVAR Approach”, Procedia Computer Science, 55, 774-781.
  • Zhang, R. & S. Ben Naceur (2019), “Financial Development, Inequality, and Poverty: Some International Evidence”, International Review of Economics and Finance, 61, 1-16.
  • Zivot, E. & D.W.K. Andrews (1992), “Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis”, Journal of Business & Economic Statistics, 10(3), 251-270.

Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz

Year 2021, Volume 29, Issue 50, 337 - 359, 31.10.2021
https://doi.org/10.17233/sosyoekonomi.2021.04.16

Abstract

Sürdürülebilir kalkınma için gelir eşitsizliğinin azaltılması önem arz etmektedir. Gelir eşitsizliği azaltılması için finansal gelişme önemli bir politika aracı olarak kullanılabilir. Bu çalışmada Türk ekonomisinde finansal gelişmenin gelir adaletsizliği üzerindeki etkileri Finansal Kuznets Eğrisi Hipotezi bağlamında araştırılmaktadır. Çalışmanın ampirik bölümünde IMF tarafından geliştirilen finansal gelişme ölçütlerine ilişkin seriler ve gelir adaletsizliği için Texas Üniversitesi Eşitsizlik Projesi (UTIP) Veri Seti ile hesaplanan seriler kullanılmıştır. Yapısal kırılmalar dikkate alınarak yapılan ekonometrik analizler sonucunda, uzun dönemli bir eş-bütünleşme ilişkisi tespit edilememiştir. Bu bulgular ele alınan dönemde Türkiye'de Finansal Kuznets Eğrisi hipotezinin geçerli olmadığını göstermektedir.

References

  • Acar, İ. (2015), “Türkiye’de Gelir Dağılımı”, Hak İş Uluslararası Emek ve Toplum Dergisi, 4(8), 42-59.
  • Akalın, G. vd. (2018), “Türkiye’de Gelir Dağılımı ve Ekonomik Büyüme Arasındaki İlişki: ARDL Sınır Testi Yaklaşımı”, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(4), 59-76.
  • Altınöz, U. (2015), “Kuznet Eğrisi Bağlamında Türkiye’de Finansal Gelişme ve Gelir Eşitsizliği İlişkisinin Analizi”, International Conference on Eurasian Economies, 871-875.
  • Altıntaş, N. & M. Çalışır (2018), “Finansal Gelişmenin Bankacılık ve Sermaye Piyasası Bağlamında Gelir”, Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(1), 81-97.
  • Altunbaş, Y. & J. Thornton (2019), “The impact of financial development on income inequality: A quantile regression approach”, Economics Letters, 175, 51-56.
  • Argun, A.İ. (2017), “Finansal Gelişme ve Gelir Eşitsizliği”, Sosyal Bilimler Dergisi, (1), 61-74.
  • Asteriou, D. & S.G. Hall (2007), Applied Econometrics: A Modern Approach Using EViews And Microfit, New York: Palgrave Macmillan.
  • Aydın, K. (2012), “Türkiye’de Kişisel Gelir Dağılımının Sosyo Ekonomik ve Demografik Belirleyicileri”, Çalışma ve Toplum, (32), 147-166.
  • Azam, M. & S.A. Raza (2018), “Financial Sector Development and Income Inequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?”, Global Business and Economics Review, 20(1), 88-114.
  • Baiardi, D. & C. Morana (2016), “The Financial Kuznets Curve: Evidence for the Euro Area”, Journal of Empirical Finance, 39, 265-269.
  • Baiardi, D. & C. Morana (2018), “Financial Development and Income Distribution Inequality in the Euro Area”, Economic Modelling, 70, 40-55.
  • Banerjee, A.V. & A.F. Newman (1993), “Occupational Choice and the Process of Development”, Journal of Political Economy, 101(2), 274-298.
  • Beck, T. et al. (2007), “Finance, Inequality and the Poor”, Journal of Economic Growth, 12(1), 27-49.
  • Bradford, D.F. et al. (2005), “The Environmental Kuznets Curve: Exploring a Fresh Specification”, Contributions to Economic Analysis & Policy, 4(1), 1-28.
  • Çalışkan, Ş. (2010), “Türkiye’de Gelir Eşitsizliği ve yoksulluk”, Sosyal Siyaset Konferansları Dergisi, (59), 89-132.
  • Çetin, M. & F. Şeker (2016), “Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkisi: Türkiye Ekonomisi için Ampirik Bir Kanıt”, International Anatolia Academic Online Journal Social Sciences Journal, 3(2), 52-63.
  • Chiu, Y.B. & C.C. Lee (2019), “Financial Development, Income Inequality, and Country Risk”, Journal of International Money and Finance, 93, 1-18.
  • Cihak, M. et al. (2012), Benchmarking Financial Systems Around the World (No. WPS6175).
  • Clarke, G.R.G. et al. (2006), “Finance and Income Inequality: What Do the Data Tell Us?”, Southern Economic Journal, 72(3), 596.
  • Çobanoğlu, F. & İ.H. Yılmaz (2019), “Türkiye’de Hanehalkı Sorumlusunun Yıllık Toplam Gelirindeki Eşitsizliğin Ölçülmesi”, Tarım Ekonomisi Araştırmaları Dergisi, 5(1), 25-43.
  • Deidda, L.G. (2006), “Interaction Between Economic and Financial Development”, Journal of Monetary Economics, 53(2), 233-248.
  • Destek, M.A. vd. (2017), “Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi”, Doğuş Üniversitesi Dergisi, 18(2), 153-165.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the Estimators for Autoregressive Time Series With a Unit Root”, Journal of the American Statistical Association, 74(366), 431.
  • Dickey, D.A. & W.A. Fuller (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), 1072.
  • Dickey, D.A. & S.G. Pantula (1987), “Determining the Order of Differencing in Autoregressive Processes”, Journal of Business & Economic Statistics, 5(4), 461.
  • Dumrul, C. (2010), “Finansal Sistemin Gelişimi ve Ekonomik Büyüme: Teori ve Türkiye Uygulaması”, Yayınlanmamış Doktora Tezi, Erciyes Üniversitesi S.B.E.
  • Elveren, A.Y. (2013), “Gelir Dağılımı Çalışmaları İçin Bir Alternatif : Texas Üniversitesi Eşitsizlik Projesi Veri Setleri”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 13(2), 35-42.
  • Enders, W. (1995), Applied Econometric Time Series, New York: Wiley.
  • Galor, O. & O. Moav (2004), “From Physical to Human Capital Accumulation: Inequality and the Process of Development”, Review of Economic Studies, 71(4), 1001-1026.
  • Galor, O. & J. Zeira (1993), “Income Distribution and Macroeconomics”, Review of Economic Studies, 60(1), 35-42.
  • Greenwood, J. & B. Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income”, Journal of Political Economy, 98(5), 1076-1107.
  • Greenwood, J. & B.D. Smith (1997), “Financial Markets in Development, and the Development of Financial Markets” Journal of Economic Dynamics and Control, 21(1), 145-181.
  • Gregory, A.W. & B.E. Hansen (1996), “Residual-Based Tests for Cointegration in Models With Regime Shifts”, Journal of Econometrics, 70(1), 99-126.
  • Günal, M. (2001), Merkez Bankasının Değişen Rolü ve Para Politikası Uygulamaları, İstanbul: İMKB Yayınları.
  • Gunes, S. (2007), “Functional Income Distribution in Turkey: A Cointegration and VECM Analysis”, Journal of Economic and Social Research, 9(2), 23-36.
  • Hatemi-J, A. (2008), “Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration”, Empir Econ, 35, 497-505.
  • Hepsağ, A. (2017), “Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği”, SGD-Sosyal Güvenlik Dergisi, 7(2), 135-156.
  • Hoi, C.M. & L.Q. Hoi (2012), “Financial Development and Income Inequality in Vietnam: An Empirical Analysis”, Journal of Economics and Development, 5(2), 5-25.
  • IMF (2021), Financial Development Index Database, <https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b>, 27.01.2021.
  • Jalil, A. & M. Feridun (2011), “Long-run Relationship Between Income Inequality and Financial Development in China” Journal of the Asia Pacific Economy, 16(2), 202-214.
  • Jauch, S. & S. Watzka (2016), “Financial Development and Income Inequality: A Panel Data Approach” Empirical Economics, 51(1), 291-314.
  • Johnston, J. & J. Dinardo (1997), Econometric Methods (4. Baskı), New York: McGraw-Hill.
  • Kanberoğlu, Z. & M. Arvas (2014), “Finansal Kalkınma ve Gelir Eşitsizliği: Türkiye Örneği, 1980-2012”, Sosyoekonomi, 21(21), 106-122.
  • Kar, M. vd. (2009), Financial Development and Poverty Reduction in Turkey, Department of Economics, Adana, Çukurova University. Turkey.
  • Kar, M. & S. Taş (2004), “İktisadi Kalkınmada Para ve Sermayenin Yeri”, içinde: S. Taban & M. Kar (eds.), Kalkınma Ekonomisi: Seçme Konular, Bursa: Ekin Kitabevi, 159-195.
  • Katircioğlu, S.T. & N. Taşpinar (2017), “Testing the Moderating Role of Financial Development in an Environmental Kuznets Curve: Empirical Evidence from Turkey”, Renewable and Sustainable Energy Reviews, 68, 572-586.
  • Kim, D.H. & S.C. Lin (2011), “Nonlinearity in the Financial Development-Income Inequality Nexus”, Journal of Comparative Economics, 39(3), 310-325.
  • Kuznets, S. (1955), “Economic Growth and Income Inequality”, The American Economic Review, 45(1), 1-28.
  • Lee, J. & M.C. Strazicich (2001), “Break Point Estimation and Spurious Rejections with Endogenous Unit Root Tests”, Oxford Bulletin of Economics and Statistics, 63(5), 535-558.
  • Lee, J. & M.C. Strazicich (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • Lee, J. Et al. (2013), “Minimum LM Unit Root Test with One Structural Break”, Economics Bulletin, 33(4), 2483-2492.
  • Mackinnon, J.G. (2010), Critical Values for Cointegration Tests (No. 1227), Kingston (Ontario).
  • Mert, M. & A.E. Çağlar (2019), Eviews ve Gauss Uygulamalı Zaman Serileri Analizi, Ankara: Detay Yayıncılık. Mishkin, F.S. (2007), “Is Financial Globalization Beneficial?”, Journal of Money, Credit and Banking, 39(3), 259-294.
  • Narayan, P.K. & S. Popp (2010), “A New Unit Root Test with Two Structural Breaks in Level and Slope at Unknown Time”, Journal of Applied Statistics, 37(9), 1425-1438.
  • Nikoloski, Z. (2013), “Financial Sector Development and Inequality: Is There a Financial Kuznets Curve?”, Journal of International Development, 25(7), 897-911.
  • Oechslin, M. (2009), “Creditor Protection and the Dynamics of the Distribution in oligarchic Societies”, Journal of Economic Growth, 14(4), 313-344.
  • Oyvat, C. (2011), “Globalization, Wage Shares and Income Distribution in Turkey”, Cambridge Journal of Regions, Economy and Society, 4(1), 123-138.
  • Öz, S. (2019), “Gelir Dağılımında Gini Katsayısı ve P80/P20 Oranı Arasındaki İlişkiler: 2000-2016 Dönemi Türkiye Örneği”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 18(35), 587-605.
  • Palma, J. (2018), Does the Broad Spectrum of Inequality Across the World in the Current Era of Neo-liberal Globalization Reflect a Wide Diversity of Fundamentals, or Just a Multiplicity of Political Settlements and Market Failures?, <https://www.semanticscholar.org/paper/Does-the-broad-spectrum-of-inequality-across-the-in-Palma/8a63846f1ba49616cb11fea247b65b8a1d8e8844>, 26.01.2021.
  • Phillips, P.C.B. & P. Perron (1988), “Testing for a Unit Root in Time Series Regressions”, Biometrika, 75, 335-346.
  • Rehman, H.U. et al. (2008), “Income Distribution, Growth and Financial Development: A Cross Countries Analysis”, Pakistan Economic and Social Review, 46(1), 1-16.
  • Sahay, R. et al. (2015), “Rethinking Financial Deepening: Stability and Growth in Emerging Markets”, Staff Discussion Notes (No. 2015/8), 26.01.2021.
  • Şahin, D. (2018), “Gelişmiş Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi”, Iğdır Üniversitesi Sosyal Bilimler Dergisi, (15), 299-322.
  • Satti, S.L. et al. (2015), Exploring the Linkages between Financial Development and Income Inequality: Does Financial Kuznets Curve Exist in Kazakhstan?, No. 2015-002, Lahore, Pakistan.
  • Sehrawat, M. & A.K. Giri (2016a), “Financial development, poverty and rural-urban income inequality: evidence from south asian countries”, Quality and Quantity, 50(2), 577-590.
  • Sehrawat, M. & A.K. Giri (2016b), “Panel Data Analysis of Financial Development, Economic Growth and Rural-urban Income Inequality Evidence from SAARC Countries”, International Journal of Social Economics, 43(10), 998-1015.
  • Şerbetçi, G. (2014), “Türkiye’de Uygulanan Finansal Politikaların Gelir Dağılımı Üzerindeki Etkisi”, KSÜ İktisadi ve İdari Bilimler Dergisi, 4(1), 93-116.
  • Shahbaz, M. et al. (2015), “Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?”, Social Indicators Research, 124(2), 357-382.
  • Smith, B.D. (2003), “Taking Intermediation Seriously”, Journal of Money, Credit and Banking, 35(6), 1319-1357.
  • Tahsin, E. (2019), “An Investigation of the Palma Ratio for Turkey Both on National and Regional Level”, Sosyoekonomi, 27(41), 151-182.
  • Tan, H.B. & S.H. Law (2012), “Nonlinear Dynamics of the Finance-inequality Nexus in Developing Countries”, The Journal of Economic Inequality, 10(4), 551-563.
  • Taş, H.Y. & S. Özcan (2012), “Türkiye’de ve Dünya’da Yoksulluk Üzerine Bir Araştırma”, International Conference on Eurasian Economies, 423-430.
  • Theil, H. (1972), Statistical Decompostion Analysis: With Applications in the Social and Administrative Sciences, Amsterdam: North-Holland Publishing.
  • Topuz, S.G. & T. Sekmen (2020), “Türkiye’de Gelir Eşitsizliği ve Seçilmiş Hanehalkı Gelir Bileşenlerinin Lorenz ve Yoğunlaşma Eğrileri İle Analiz Edilmesi”, Current Research in Social Sciences, 6(2), 103-124.
  • Townsend, R.M. & K. Ueda (2006), “Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation”, The Review of Economic Studies, 73(1), 251-293.
  • UN (2020), Human Development Data Center, <http://hdr.undp.org/en/data>, 27.01.2021.
  • UTEXAS (2021), University of Texas Inequality Project, <https://utip.lbj.utexas.edu/>, 27.01.2021.
  • Zhang, Q. & R. Chen (2015), “Financial Development and Income Inequality in China: An Application of SVAR Approach”, Procedia Computer Science, 55, 774-781.
  • Zhang, R. & S. Ben Naceur (2019), “Financial Development, Inequality, and Poverty: Some International Evidence”, International Review of Economics and Finance, 61, 1-16.
  • Zivot, E. & D.W.K. Andrews (1992), “Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis”, Journal of Business & Economic Statistics, 10(3), 251-270.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Cüneyt DUMRUL
ERCİYES ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ
0000-0002-6787-2001
Türkiye


Salih Çağrı İLKAY
ERCİYES ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ
0000-0002-1996-7487
Türkiye


Yasemin DUMRUL (Primary Author)
DEVELİ HÜSEYİN ŞAHİN MESLEK YÜKSEKOKULU
0000-0001-5961-2931
Türkiye

Publication Date October 31, 2021
Published in Issue Year 2021, Volume 29, Issue 50

Cite

Bibtex @research article { sosyoekonomi870362, journal = {Sosyoekonomi}, issn = {1305-5577}, address = {}, publisher = {Sosyoekonomi Society}, year = {2021}, volume = {29}, pages = {337 - 359}, doi = {10.17233/sosyoekonomi.2021.04.16}, title = {Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz}, key = {cite}, author = {Dumrul, Cüneyt and İlkay, Salih Çağrı and Dumrul, Yasemin} }
APA Dumrul, C. , İlkay, S. Ç. & Dumrul, Y. (2021). Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz . Sosyoekonomi , 29 (50) , 337-359 . DOI: 10.17233/sosyoekonomi.2021.04.16
MLA Dumrul, C. , İlkay, S. Ç. , Dumrul, Y. "Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz" . Sosyoekonomi 29 (2021 ): 337-359 <https://dergipark.org.tr/en/pub/sosyoekonomi/issue/65592/870362>
Chicago Dumrul, C. , İlkay, S. Ç. , Dumrul, Y. "Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz". Sosyoekonomi 29 (2021 ): 337-359
RIS TY - JOUR T1 - Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz AU - Cüneyt Dumrul , Salih Çağrı İlkay , Yasemin Dumrul Y1 - 2021 PY - 2021 N1 - doi: 10.17233/sosyoekonomi.2021.04.16 DO - 10.17233/sosyoekonomi.2021.04.16 T2 - Sosyoekonomi JF - Journal JO - JOR SP - 337 EP - 359 VL - 29 IS - 50 SN - 1305-5577- M3 - doi: 10.17233/sosyoekonomi.2021.04.16 UR - https://doi.org/10.17233/sosyoekonomi.2021.04.16 Y2 - 2021 ER -
EndNote %0 Sosyoekonomi Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz %A Cüneyt Dumrul , Salih Çağrı İlkay , Yasemin Dumrul %T Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz %D 2021 %J Sosyoekonomi %P 1305-5577- %V 29 %N 50 %R doi: 10.17233/sosyoekonomi.2021.04.16 %U 10.17233/sosyoekonomi.2021.04.16
ISNAD Dumrul, Cüneyt , İlkay, Salih Çağrı , Dumrul, Yasemin . "Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz". Sosyoekonomi 29 / 50 (October 2021): 337-359 . https://doi.org/10.17233/sosyoekonomi.2021.04.16
AMA Dumrul C. , İlkay S. Ç. , Dumrul Y. Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz. Sosyoekonomi. 2021; 29(50): 337-359.
Vancouver Dumrul C. , İlkay S. Ç. , Dumrul Y. Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz. Sosyoekonomi. 2021; 29(50): 337-359.
IEEE C. Dumrul , S. Ç. İlkay and Y. Dumrul , "Finansal Kuznets Eğrisi Hipotezi: Yapısal Kırılmalı Eş-bütünleşme Testleri ile Türk Ekonomisine İlişkin Ampirik Bir Analiz", Sosyoekonomi, vol. 29, no. 50, pp. 337-359, Oct. 2021, doi:10.17233/sosyoekonomi.2021.04.16