Is Fueling the Economy with Too Much Finance Good?

Öz

This study provides evidence on the nonlinear effects of financial development on economic development and income inequality in Turkey over the period 2001 and 2010. To document how financialization affects output and income inequality, we estimate dynamic OLS (DOLS) and conduct Toda-Yamamoto Granger causality test. We find evidence of a nonlinear relationship on the financial development and economic development nexus, and financial development and income inequality nexus. In the initial period of financial development, economic development increases and income inequality widens, after a certain threshold economic development decreases and income distribution becomes more equal. We also test causality patterns and find a bilateral causation between financial development and economic development, and a one-way causality from income inequality to finance.

Anahtar Kelimeler

• Financial Development
• Economic Development
• Income Inequality

Is Fueling the Economy with Too Much Finance Good?

Öz

Bu çalışma 2001 ve 2010 dönemlerinde Türkiye'de finansal gelişmenin iktisadi çıktı ve gelir eşitsizliği üzerindeki doğrusal olmayan etkilerine dair kanıtlar sunmaktadır. Finansallaşmanın iktisadi çıktı ve gelir eşitsizliğini nasıl etkilediğini ortaya koymak için dinamik olağan en küçük kareler yöntemini ve Toda-Yamamoto Granger nedensellik testini kullanmaktayız. Finansal gelişme ve ekonomik kalkınma ilişkisi ile finansal gelişme ve gelir eşitsizliği ilişkisinin doğrusal olmadığına dair kanıtlar ortaya koymaktayız. Finansal gelişmenin ilk döneminde, ekonomik gelişmenin arttığını ve gelir eşitsizliğinin daha da bozulduğunu gözlemlerken, belirli bir eşikten sonra ekonomik gelişmenin azaldığını ve gelir dağılımının daha dengeli hale geldiğini bulmaktayız. Ayrıca nedensellik testi ile finansal gelişme ile ekonomik kalkınma arasında iki yönlü bir Granger nedensellik olduğunu bulurken gelir eşitsizliğinden finansal gelişmeye doğru tek yönlü bir Granger nedensellik bulmaktayız.

Anahtar Kelimeler

• Finansal Gelişme
• İktisadi Gelişme
• Gelir Eşitsizliği

Kaynakça

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