The Effects of Financial Development on Income Inequality: Is the Financial Kuznets Curve Hypothesis is Valid for Turkey?

Yıl 2020, Cilt: 34 Sayı: 3, 809 - 828, 15.07.2020

Uğur Korkut Pata

https://doi.org/10.16951/atauniiibd.648695

Cited By: 8

Öz

Financial development
enables individuals to have better access to financial resources. As access to
financial resources increases, income levels also increase. Equal distribution
of the increase in income among individuals is an important research topic.
Income inequality is generally measured by the gini coefficient. This paper aims to investigation of
the relationship between financial development, inflation, urbanization, per
capita gross fixed capital formation and Gini coefficient in case of Turkey,
using Bayer-Hanck combined cointegration test, canonical cointegrating
regression (CCR) and fully modified least square (FMOLS) estimators covering
the period of 1987-2016. The results
from the Bayer-Hanck test revealed that these variables are cointegrated. The estimated long-term coefficients
obtained by the CCR and FMOLS show that inflation and gross fixed capital
formation increases income inequality, whereas urbanization decreases this inequality
in the long-term. In addition, the positive coefficient of financial
development and the negative coefficient of the square of financial development
confirm that the financial Kuznets curve hypothesis is valid for Turkey.

Anahtar Kelimeler

Income Inequality, Inflation, Urbanization, Financial Kuznets Curve

Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?

Öz

Finansal gelişme bireylerin finansal
kaynaklara daha iyi bir şekilde erişmesini sağlamaktadır. Finansal kaynaklara erişimin artması ile beraber gelir
düzeylerinde de artış yaşanmaktadır. Gelir düzeyindeki artışın bireyler
arasında eşit olarak paylaştırılması önemli bir araştırma konusudur. Gelir
dağılımındaki eşitsizlik genelde Gini katsayısı ile ölçülmektedir. Bu çalışma
Türkiye’de 1987-2016 döneminde finansal gelişme, enflasyon, kentleşme, kişi
başına düşen gayrisafi sabit sermaye stoku ve Gini katsayısı arasındaki
ilişkileri Bayer-Hanck birleşik eş-bütünleşme testi, kanonik eş-bütünleşme
regresyonu (CCR) ve tam değiştirilmiş
en küçük kareler (FMOLS) tahmincileri ile incelemeyi amaçlamaktadır. Bayer-Hanck
testinin sonuçları bu değişkenlerin eş-bütünleşik olduğunu göstermektedir. CCR
ve FMOLS ile elde edilen uzun dönem katsayıları enflasyon ve sabit sermaye
stokunun gelir dağılımındaki eşitsizliği arttırdığını, kentleşmenin ise bu
eşitsizliği azalttığını belirtmektedir. Ayrıca finansal gelişmenin pozitif
katsayısı ve finansal gelişmenin karesinin negatif olarak belirlenen katsayısı finansal
Kuznets eğrisi hipotezinin geçerli olduğunu doğrulamaktadır.

Anahtar Kelimeler

Gelir Eşitsizliği, Enflasyon, Kentleşme, Finansal Kuznets Eğrisi

Kaynakça

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