WHAT CAUSES INCOME INEQUALITY: ECONOMIC GROWTH OR FINANCIAL DEVELOPMENT?

Yıl 2020, Cilt: 19 Sayı: 2, 327 - 364, 12.03.2021

Merter Akıncı Gönül Yüce Akıncı Ömer Yılmaz

https://doi.org/10.32450/aacd.886085

Öz

The paper investigates the linkage between growth, finance and inequality in the light of inverted-U hypothesis in the European Union member countries in the
period 1995-2018. The findings of the multiple equations analysis indicate that economic growth and financial development act together, implying that growth
boosts finance and vice versa. In addition, while the paper does not support the Kuznets hypothesis, the findings confirm the Greenwood-Jovanovic hypothesis,
suggesting that the linkage between financial development and inequality is quadratic. That is to say, in the first phase of development, development of the
financial markets is related to income inequality positively, however beyond the threshold level of finance, the linkage between finance and inequality becomes
negative.

Anahtar Kelimeler

Economic Growth, Financial Development, Income Inequality, Inverted-U Hypothesis, Simultaneous Equation System

Gelir Eşitsizliğine Sebep Olan Nedir: Ekonomik Büyüme mi Yoksa Finansal Kalkınma mı?

Öz

Bu çalışma, ters-U hipotezi bağlamında büyüme, finans ve eşitsizlik arasındaki ilişkileri Avrupa Birliği’ne üye ülkeler bağlamında 1995-2018 periyodu itibariyle
araştırmaktadır. Çoklu denklem analiz bulguları, ekonomik büyüme ve finansal kalkınma sürecinin birlikte hareket ettiğini, bir diğer deyişle ekonomik büyümenin
finansal kalkınmayı ve finansal kalkınmanın da büyümeyi hızlandırdığını ortaya koymuştur. İlaveten çalışma, Kuznets hipotezini desteklememekle birlikte, bulgular
finansal kalkınma ve eşitsizlik arasındaki ilişkilerin kuadratik olduğunu öne süren Greenwood-Jovanovic hipotezinin geçerli olduğunu teyit etmiştir. Bir başka şekilde
ifade etmek gerekirse, kalkınma sürecinin ilk safhasında finansal piyasaların gelişim sürecinin gelir eşitsizliği ile pozitif yönlü bir ilişki içinde olduğu, ancak finansal
sistemin belirli bir eşik değerini aşmasını takiben finans ve eşitsizlik arasındaki ilişkilerin negatif olduğu bulunmuştur.

Anahtar Kelimeler

Ekonomik Büyüme, Finansal Kalkınma, Gelir Eşitsizliği, Ters-U Hipotezi, Eşanlı Denklem Sistemi

Kaynakça

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