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Yükselen Piyasa Ekonomilerinde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi: Yatay Kesit Bağımlılığı Altında Kurumların Moderatör Etkisi Üzerine Heterojen Panel Veri Analizi

Yıl 2022, Cilt: 16 Sayı: 1, 107 - 137, 30.03.2022
https://doi.org/10.46520/bddkdergisi.1095691

Öz

Bu çalışma, yükselen piyasa ekonomileri için finansal gelişme ve gelir eşitsizliği arasındaki ilişkide kurumların moderatör etkisini araştırmayı amaçlamaktadır. Söz konusu ülkelerin 2002-2018 dönemine ait verileri kullanılarak yatay kesit bağımlılığı altında heterojen panel veri analizine ilişkin prosedür takip edilmiştir. CCEMG tahmincisi kullanılarak yapılan analizlerden elde edilen bulgulara göre, uzun dönemde kaliteli kurumların gelir eşitsizliği üzerindeki etkisi pozitif iken, moderatör değişkenin etkisi ise negatiftir. Diğer taraftan, finansal gelişmenin gelir eşitsizliği üzerinde anlamlı bir etkisi bulunmamaktadır. Bu bulgular, finansal gelişmenin sadece kaliteli kurumların varlığı altında gelir eşitsizliğini azaltıcı etkilere sahip olduğunu göstermektedir. Bununla birlikte, Dumitrescu-Hurlin panel nedensellik test sonuçları da analize dahil edilen tüm değişkenler (finansal gelişme, gelir eşitsizliği, yolsuzluk ve moderatör değişken) arasındaki çift yönlü nedensellik ilişkilerini doğrulamaktadır.

Kaynakça

  • 1. Adams, S. ve Klobodu, E.K.M. (2016). Financial Development, Control of Corruption and Income Inequality. International Review of Applied Economics, 30 (6), 790-808.
  • 2. Adeleye, B.N., Osabuohien, E. ve Bowale, E. (2017). The Role of Institutions in the Finance-Inequality Nexus in Sub-Saharan Africa, Journal of Contextual Economics, 137, 173-192.
  • 3. Ağır, H., Türkmen, S. ve Özbek, S. (2020). Finansal Kuznets Eğrisi Yaklaşımı Çerçevesinde Finansallaşma ve Gelir Eşitsizliği İlişkisi: E7 Ülkeleri Üzerine Ekonometrik Bir Tahmin. Beyder, 15(2), 71-84.
  • 4. Alshubiri, F. (2021). Financial Deepening Indicators and Income Inequality of OECD and ASIAN Countries. The Journal of Economic Asymmetries 24 (2021) e00211.
  • 5. Altunbaş, Y. ve Thornton, J. (2019). The Impact of Financial Development on Income Inequality: A Quantile Regression Approach. Economics Letters, 175,51–56.
  • 6. Altunöz, U. (2015). Kuznet Eğrisi Bağlamında Türkiye’de FinansalGelişme ve Gelir Eşitsizliği İlişkisinin Analizi. International Conference On Eurasian Economies Bildiriler Kitabı, 871-875.
  • 7. Argun, A. İ. (2016). Gelişmekte Olan Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği. İstanbul Üniversitesi Sosyal Bilimler Dergisi, 2016 (1), 61-74.
  • 8. Azam, M. ve Raza, S. A. (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.
  • 9. Bai, J. ve Ng, S. (2004). A Panic Attack on Unit Roots and Cointegration. Econometrica, 72(4), 1127-1178.
  • 10. Baiardi, D. ve Moranab, C. (2018). Financial Development and Income Distribution Inequality in the Euro Area. Economic Modelling,70, 40–55.
  • 11. Banerjee, A.V. ve Newman, A. F. (1993). Occupational Choice and the Process of Development. Journal of Political Economy 101 (2), 274-298.
  • 12. Beck, T., Demirguc-Kunt, A. ve Levine, R. (2004). Finance, Inequality, and Poverty: Cross-Country Evidence. NBER Working Paper Series, No:10979.
  • 13. Bittencourt, M., Chang, S., Gupta, R. ve Miller, S.M. (2019). Does Financial Development Affect Income Inequality in the U.S. States?. Journal of Policy Modeling, 41, 1043-1056.
  • 14. Bozoklu, Ş. ve Yılancı, V. (2013). Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • 15. Breitung, J. (2000). The Local Power of Some Unit Root Tests for Panel Data. in: Advances in Econometrics, Vol. 15: Nonstationary Panels, Panel Cointegration, and Dynamic Panels, JAI.
  • 16. Breusch, T.S. ve Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239-253.
  • 17. Çalışır, M. ve Altıntaş, N. (2017). Finansal Gelişme Gelir Eşitsizliği İlişkisi: Saklı Panel Eşbütünleşme İlişkisi. International Journal of Applied Economic and Finance Studies, 2 (2), 9-18.
  • 18. Chen, W. ve Kinkyo, T. (2016). Financial Development and Income Inequality: Long-Run Relationship and Short-Run Heterogeneity. Emerging Markets Finance and Trade, 52 (3), 733-742.
  • 19. Chiu, Y. B.ve Lee, C.C. (2019). Financial Development, Income Inequality, and Country Risk. Journal of International Money and Finance, 93,1-18.
  • 20. Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • 21. Clarke, G.R.G., Xu, L.C. ve Zou, H.F. (2006). Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72 (3), 578-596.
  • 22. Demirguc-Kunt, A. ve Levine, R. (2009). Finance and Inequality: Theory and Evidence. NBER Working Paper Series, No:15275.
  • 23. Destek, M.A., Okumuş, İ. ve Manga, M. (2017). Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi. Doğuş Üniversitesi Dergisi, 18 (2), 153-165.
  • 24. Destek, M.A., Sinha, A. ve Sarkodie, S. A. (2020). The Relationship between Financial Development and Income Inequality in Turkey. Journal of Economic Structures, 9 (11), 1-14.
  • 25. Dickey, D. A. ve Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica: Journal of the Econometric Society, 49 (4),1057-1072.
  • 26. Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29 (4), 1450-1460.
  • 27. Galor, O. ve Zeira, J. (1993). Income Distribution and Macroeconomics. The Review of Economic Studies, 60 (1), 35-52.
  • 28. Gimet, C. ve Lagoarde-Segot, T. L. (2011). A Closer Look at Financial Development and Income Distribution. Journal of Banking & Finance, 35, 1698-1713.
  • 29. Gnangnon, S. K. (2021). Effect of Poverty on Financial Development: Does Trade Openness Matter?. The Quarterly Review of Economics and Finance, 82, 97-112.
  • 30. Greenwood, J. ve Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income. Journal of Political Economy, 98 (5), 1076-1107.
  • 31. Guloglu, B. ve Ivrendi, M. (2008), Output Fluctuations: Transitory or Permanent? The Case of Latin America. Applied Economics Letters, 17(4), 1–6.
  • 32. Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panels. The Econometrics Journal, 3, 148-161.
  • 33. Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor. Economics Letters, 115, 31–34.
  • 34. Hamori, S. ve Hashiguchi, Y. (2012). The Effect of Financial Deepening on Inequality: Some International Evidence. Journal of Asian Economics, 23, 353–359.
  • 35. Harris, R.D.F. ve Tzavalis, E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed. Journal of Econometrics, 91, 201- 226
  • 36. Hepsağ, A. (2017). Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği. Sosyal Güvenlik Dergisi, 7 (2), 135-156.
  • 37. Im, K.S., Pesaran, M.H. ve Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
  • 38. International Monetary Fund-IMF (2021). What is an Emerging Market?. https://www.imf.org. (25.07.2021)
  • 39. Jalil, A. ve Feridun, M. (2011). Long-Run Relationship between Income Inequality and Financial Development in China. Journal of the Asia Pacific Economy, 16 (2), 202-214.
  • 40. Jauch, S. ve Watzka, S. (2016). Financial Development and Income Inequality: A Panel Data Approach. Empir Econ, 51, 291-314.
  • 41. Jung, S. M. ve Vijverberg, C.P.C. (2019). Financial Development and Income Inequality in China-A Spatial Data Analysis. North American Journal of Economics and Finance, 48, 295-320.
  • 42. Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90(1), 1-44.
  • 43. Kappel, V. (2010). The Effects of Financial Development on Income Inequality and Poverty. Economics Working Paper Series, No: 10/127.
  • 44. Kar, B. B. ve Kar, M. (2019). Finansal Gelişme ve Gelir Eşitsizliği: BRICS Ekonomileri İçin Dinamik Heterojen Bir Yaklaşım. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 19 (1), 27-46.
  • 45. Kavya, T. B. ve Shijin, S. (2020). Economic Development, Financial Development, and Income Inequality Nexus. Borsa Istanbul Review, 20 (1), 80-93.
  • 46. Kim, D. H. ve Lin, S. C. (2011). Nonlinearity in the Financial Development–Income Inequality Nexus. Journal of Comparative Economics, 39, 310-325.
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  • 51. Liu, G., Liu, Y. ve Zhang, C. (2016). Financial Development, Financial Structure and Income Inequality in China. The World Economy, 40 (9), 1890-1917.
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  • 53. Menyah, K., Nazlioglu, S. ve Wolde-Rufael, Y. (2014). Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach. Economic Modelling, 37, 386-394.
  • 54. Nikoloski, Z. (2013). Financial Sector Development and Inequality: Is There A Financial Kuznets Curve?. Journal of International Development, 25, 897-911.
  • 55. Park, D. ve Shin, K. (2017). Economic Growth, Financial Development, and Income Inequality. Emerging Markets Finance and Trade, 53 (12), 2794-2825.
  • 56. Pata, U. K. (2020). Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 34(3), 809-828.
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  • 58. Pesaran, H. M. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge Working Paper, 435, 1-41.
  • 59. Pesaran, H. M. (2007). A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics, 22 (2), 265–312.
  • 60. Pesaran, H. M., Ullah, A. ve Yamagata, R. T. (2008). A Bias Adjusted LM Test of Error Cross Section Independence. The Econometrics Journal, 105-127
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The Relationship between Financial Development and Income Inequality in Emerging Market Economies: Heterogeneous Panel Data Analysis on Moderator Effect of Institutions under Cross-Sectional Dependence

Yıl 2022, Cilt: 16 Sayı: 1, 107 - 137, 30.03.2022
https://doi.org/10.46520/bddkdergisi.1095691

Öz

Bu çalışma, yükselen piyasa ekonomileri için finansal gelişme ve gelir eşitsizliği arasındaki ilişkide kurumların moderatör etkisini araştırmayı amaçlamaktadır. Söz konusu ülkelerin 2002-2018 dönemine ait verileri kullanılarak yatay kesit bağımlılığı altında heterojen panel veri analizine ilişkin prosedür takip edilmiştir. CCEMG tahmincisi kullanılarak yapılan analizlerden elde edilen bulgulara göre, uzun dönemde kaliteli kurumların gelir eşitsizliği üzerindeki etkisi pozitif iken, moderatör değişkenin etkisi ise negatiftir. Diğer taraftan, finansal gelişmenin gelir eşitsizliği üzerinde anlamlı bir etkisi bulunmamaktadır. Bu bulgular, finansal gelişmenin sadece kaliteli kurumların varlığı altında gelir eşitsizliğini azaltıcı etkilere sahip olduğunu göstermektedir. Bununla birlikte, Dumitrescu-Hurlin panel nedensellik test sonuçları da analize dahil edilen tüm değişkenler (finansal gelişme, gelir eşitsizliği, yolsuzluk ve moderatör değişken) arasındaki çift yönlü nedensellik ilişkilerini doğrulamaktadır.

Kaynakça

  • 1. Adams, S. ve Klobodu, E.K.M. (2016). Financial Development, Control of Corruption and Income Inequality. International Review of Applied Economics, 30 (6), 790-808.
  • 2. Adeleye, B.N., Osabuohien, E. ve Bowale, E. (2017). The Role of Institutions in the Finance-Inequality Nexus in Sub-Saharan Africa, Journal of Contextual Economics, 137, 173-192.
  • 3. Ağır, H., Türkmen, S. ve Özbek, S. (2020). Finansal Kuznets Eğrisi Yaklaşımı Çerçevesinde Finansallaşma ve Gelir Eşitsizliği İlişkisi: E7 Ülkeleri Üzerine Ekonometrik Bir Tahmin. Beyder, 15(2), 71-84.
  • 4. Alshubiri, F. (2021). Financial Deepening Indicators and Income Inequality of OECD and ASIAN Countries. The Journal of Economic Asymmetries 24 (2021) e00211.
  • 5. Altunbaş, Y. ve Thornton, J. (2019). The Impact of Financial Development on Income Inequality: A Quantile Regression Approach. Economics Letters, 175,51–56.
  • 6. Altunöz, U. (2015). Kuznet Eğrisi Bağlamında Türkiye’de FinansalGelişme ve Gelir Eşitsizliği İlişkisinin Analizi. International Conference On Eurasian Economies Bildiriler Kitabı, 871-875.
  • 7. Argun, A. İ. (2016). Gelişmekte Olan Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği. İstanbul Üniversitesi Sosyal Bilimler Dergisi, 2016 (1), 61-74.
  • 8. Azam, M. ve Raza, S. A. (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.
  • 9. Bai, J. ve Ng, S. (2004). A Panic Attack on Unit Roots and Cointegration. Econometrica, 72(4), 1127-1178.
  • 10. Baiardi, D. ve Moranab, C. (2018). Financial Development and Income Distribution Inequality in the Euro Area. Economic Modelling,70, 40–55.
  • 11. Banerjee, A.V. ve Newman, A. F. (1993). Occupational Choice and the Process of Development. Journal of Political Economy 101 (2), 274-298.
  • 12. Beck, T., Demirguc-Kunt, A. ve Levine, R. (2004). Finance, Inequality, and Poverty: Cross-Country Evidence. NBER Working Paper Series, No:10979.
  • 13. Bittencourt, M., Chang, S., Gupta, R. ve Miller, S.M. (2019). Does Financial Development Affect Income Inequality in the U.S. States?. Journal of Policy Modeling, 41, 1043-1056.
  • 14. Bozoklu, Ş. ve Yılancı, V. (2013). Finansal Gelişme ve İktisadi Büyüme Arasındaki Nedensellik İlişkisi: Gelişmekte Olan Ekonomiler İçin Analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 161-187.
  • 15. Breitung, J. (2000). The Local Power of Some Unit Root Tests for Panel Data. in: Advances in Econometrics, Vol. 15: Nonstationary Panels, Panel Cointegration, and Dynamic Panels, JAI.
  • 16. Breusch, T.S. ve Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239-253.
  • 17. Çalışır, M. ve Altıntaş, N. (2017). Finansal Gelişme Gelir Eşitsizliği İlişkisi: Saklı Panel Eşbütünleşme İlişkisi. International Journal of Applied Economic and Finance Studies, 2 (2), 9-18.
  • 18. Chen, W. ve Kinkyo, T. (2016). Financial Development and Income Inequality: Long-Run Relationship and Short-Run Heterogeneity. Emerging Markets Finance and Trade, 52 (3), 733-742.
  • 19. Chiu, Y. B.ve Lee, C.C. (2019). Financial Development, Income Inequality, and Country Risk. Journal of International Money and Finance, 93,1-18.
  • 20. Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • 21. Clarke, G.R.G., Xu, L.C. ve Zou, H.F. (2006). Finance and Income Inequality: What Do the Data Tell Us?, Southern Economic Journal, 72 (3), 578-596.
  • 22. Demirguc-Kunt, A. ve Levine, R. (2009). Finance and Inequality: Theory and Evidence. NBER Working Paper Series, No:15275.
  • 23. Destek, M.A., Okumuş, İ. ve Manga, M. (2017). Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi. Doğuş Üniversitesi Dergisi, 18 (2), 153-165.
  • 24. Destek, M.A., Sinha, A. ve Sarkodie, S. A. (2020). The Relationship between Financial Development and Income Inequality in Turkey. Journal of Economic Structures, 9 (11), 1-14.
  • 25. Dickey, D. A. ve Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica: Journal of the Econometric Society, 49 (4),1057-1072.
  • 26. Dumitrescu, E. I. ve Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29 (4), 1450-1460.
  • 27. Galor, O. ve Zeira, J. (1993). Income Distribution and Macroeconomics. The Review of Economic Studies, 60 (1), 35-52.
  • 28. Gimet, C. ve Lagoarde-Segot, T. L. (2011). A Closer Look at Financial Development and Income Distribution. Journal of Banking & Finance, 35, 1698-1713.
  • 29. Gnangnon, S. K. (2021). Effect of Poverty on Financial Development: Does Trade Openness Matter?. The Quarterly Review of Economics and Finance, 82, 97-112.
  • 30. Greenwood, J. ve Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income. Journal of Political Economy, 98 (5), 1076-1107.
  • 31. Guloglu, B. ve Ivrendi, M. (2008), Output Fluctuations: Transitory or Permanent? The Case of Latin America. Applied Economics Letters, 17(4), 1–6.
  • 32. Hadri, K. (2000). Testing for Stationarity in Heterogeneous Panels. The Econometrics Journal, 3, 148-161.
  • 33. Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in the Presence of Serial Correlation and A Common Factor. Economics Letters, 115, 31–34.
  • 34. Hamori, S. ve Hashiguchi, Y. (2012). The Effect of Financial Deepening on Inequality: Some International Evidence. Journal of Asian Economics, 23, 353–359.
  • 35. Harris, R.D.F. ve Tzavalis, E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed. Journal of Econometrics, 91, 201- 226
  • 36. Hepsağ, A. (2017). Finansal Kuznets Eğrisi Hipotezi: G-7 Ülkeleri Örneği. Sosyal Güvenlik Dergisi, 7 (2), 135-156.
  • 37. Im, K.S., Pesaran, M.H. ve Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
  • 38. International Monetary Fund-IMF (2021). What is an Emerging Market?. https://www.imf.org. (25.07.2021)
  • 39. Jalil, A. ve Feridun, M. (2011). Long-Run Relationship between Income Inequality and Financial Development in China. Journal of the Asia Pacific Economy, 16 (2), 202-214.
  • 40. Jauch, S. ve Watzka, S. (2016). Financial Development and Income Inequality: A Panel Data Approach. Empir Econ, 51, 291-314.
  • 41. Jung, S. M. ve Vijverberg, C.P.C. (2019). Financial Development and Income Inequality in China-A Spatial Data Analysis. North American Journal of Economics and Finance, 48, 295-320.
  • 42. Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90(1), 1-44.
  • 43. Kappel, V. (2010). The Effects of Financial Development on Income Inequality and Poverty. Economics Working Paper Series, No: 10/127.
  • 44. Kar, B. B. ve Kar, M. (2019). Finansal Gelişme ve Gelir Eşitsizliği: BRICS Ekonomileri İçin Dinamik Heterojen Bir Yaklaşım. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 19 (1), 27-46.
  • 45. Kavya, T. B. ve Shijin, S. (2020). Economic Development, Financial Development, and Income Inequality Nexus. Borsa Istanbul Review, 20 (1), 80-93.
  • 46. Kim, D. H. ve Lin, S. C. (2011). Nonlinearity in the Financial Development–Income Inequality Nexus. Journal of Comparative Economics, 39, 310-325.
  • 47. Kunieda, T., Okada, K. ve Shibata, A. (2011). Finance and Inequality: How Does Globalization Change Their Relationship?. MPRA Paper, No. 35358.
  • 48. Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, XLV (1), 1-30.
  • 49. Law, S.H., Tan, H. B. ve Azman-Saini W. N. W. (2014). Financial Development and Income Inequality at Different Levels of Institutional Quality. Emerging Markets Finance and Trade, 50 (1), 21-33.
  • 50. Levin, A., Lin, C. F. ve Chu, C.S.J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1), 1-24.
  • 51. Liu, G., Liu, Y. ve Zhang, C. (2016). Financial Development, Financial Structure and Income Inequality in China. The World Economy, 40 (9), 1890-1917.
  • 52. Maddala, G.S. ve Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61(1), 631-652.
  • 53. Menyah, K., Nazlioglu, S. ve Wolde-Rufael, Y. (2014). Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach. Economic Modelling, 37, 386-394.
  • 54. Nikoloski, Z. (2013). Financial Sector Development and Inequality: Is There A Financial Kuznets Curve?. Journal of International Development, 25, 897-911.
  • 55. Park, D. ve Shin, K. (2017). Economic Growth, Financial Development, and Income Inequality. Emerging Markets Finance and Trade, 53 (12), 2794-2825.
  • 56. Pata, U. K. (2020). Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 34(3), 809-828.
  • 57. Perugini C. ve Tekin İ. (2020). Financial Development, Income Inequality and Governance Institutions. Panoeconomicus, Advance online publication, 1-23.
  • 58. Pesaran, H. M. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge Working Paper, 435, 1-41.
  • 59. Pesaran, H. M. (2007). A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics, 22 (2), 265–312.
  • 60. Pesaran, H. M., Ullah, A. ve Yamagata, R. T. (2008). A Bias Adjusted LM Test of Error Cross Section Independence. The Econometrics Journal, 105-127
  • 61. Pesaran, M. H. (2006), Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74 (4), 967-1012.
  • 62. Pesaran, M., Shin, Y. ve Smith, R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94 (446), 621-634. DOI: 10.2307/2670182
  • 63. Rajan, R.G. ve Zingales, L. (2003). The Great Reversals: The Politics of Financial Development in the Twentieth Century. Journal of Financial Economics, 69, 5-50.
  • 64. Sekmen, T. ve Topuz,S. G. (2020). Finansal Gelişme ve Gelir Eşitsizliği İlişkisi: Panel Nedensellik Yaklaşımı. Ekonomi, Politika & Finans Araştırmaları Dergisi,5 (3), 511-536.
  • 65. Sethi, P., Bhattacharjee, S., Chakrabarti, D. ve Tiwari, C. (2021). The Impact of Globalization and Financial Development on India’s Income Inequality.Journal of Policy Modeling, 43, 639-656.
  • 66. Seven, U. ve Coskun, Y. (2016). Does Financial Development Reduce Income Inequality and Poverty? Evidence from Emerging Countries. Emerging Markets Review, 26, 34-63.
  • 67. Shahbaz, M. ve Islam, F. (2011). Financial Development and Income Inequality in Pakistan: An Application of ARDL Approach. MPRA Paper, No. 28222.
  • 68. Shahbaz, M., Loganathan, N., Tiwari, A. K. ve Sherafatian-Jahromi, R. (2015). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?. Soc Indic Res, 124, 357-382.
  • 69. Solt, F. (2020). Measuring Income Inequality Across Countries and Over Time: The Standardized World Income Inequality Database. Social Science Quarterly, 101 (3), 1183-1199.
  • 70. Tan, H. B. ve Law, S. H. (2012). Nonlinear Dynamics of the Finance-Inequality Nexus in Developing Countries. J Econ Inequal, 10, 551-563.
  • 71. Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi. Beta Yayınları. İstanbul.
  • 72. The World Bank-WB (2021). World Governance Indicators. https://info.worldbank.org/governance/wgi/. ((25.07.2021)
  • 73. Topuz, G. S. ve Dağdemir, Ö. (2016). Finansal Gelişme ve Gelir Eşitsizliği: Bir Panel Veri Analizi. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 16 (3), 19-34.
  • 74. Ünlü, F. (2021). Yolsuzluk, İnovasyon ve Ekonomik Büyüme Arasındaki İlişki: OECD Ülkelerinden Ampirik Kanıtlar. 10.Uluslararası Avrasya Ekonomileri Konferansı Bildiriler Kitabı, 33-40.
  • 75. Westerlund, J. (2008). Panel Cointegration Tests of The Fisher Effect, Journal of Applied Econometrics, 23, 193-233.
  • 76. Zaidi, S. ve Saidi, K. (2018). Environmental pollution, health expenditure and economic growth in the Sub-Saharan Africa countries: Panel ARDL approach. Sustainable Cities and Society, 41, 833–840.
  • 77. Zhang, Q. ve Chen, R. (2015). Financial Development and Income Inequality in China: An Application of SVAR Approach. Procedia Computer Science, 55, 774 -781.
  • 78. Zhang, R. ve Naceur, S. B. (2019). Financial Development, Inequality, and Poverty: Some International Evidence. International Review of Economics and Finance, 61, 1-16.
Toplam 78 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Araştırma Makaleleri
Yazarlar

Fatma Ünlü Bu kişi benim 0000-0003-1822-9965

Yayımlanma Tarihi 30 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 16 Sayı: 1

Kaynak Göster

APA Ünlü, F. (2022). Yükselen Piyasa Ekonomilerinde Finansal Gelişme ve Gelir Eşitsizliği İlişkisi: Yatay Kesit Bağımlılığı Altında Kurumların Moderatör Etkisi Üzerine Heterojen Panel Veri Analizi. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 16(1), 107-137. https://doi.org/10.46520/bddkdergisi.1095691