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Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi

Yıl 2017, Cilt: 18 Sayı: 2, 153 - 165, 01.07.2017

Öz

Bu çalışmada, Türkiye’de 1977-2013 dönemi için Finansal Kuznets Eğrisi hipotezi geçerliliğinin incelenmesi amaçlanmıştır. Bu amaç doğrultusunda reel GSYH, finansal gelişim, kamu harcamaları ve enflasyonun Gini katsayısı üzerindeki etkileri ARDL sınır testi yaklaşımı ve VECM Granger nedensellik yöntemi ile incelenmiştir. Çalışmada elde edilen sonuçlara göre kamu harcamalarındaki ve enflasyon oranındaki artışın gelir eşitsizliğini arttırdığı görülmüştür. Buna karşın reel GSYH’daki artışın gelir dağılımını olumlu yönde etkilediği sonucuna ulaşılmıştır. Ayrıca finansal gelişim katsayısının pozitif, finansal gelişimin karesini ifade eden değişken katsayısının negatif işaretli olduğu dolayısıyla ters-U şeklindeki Finansal Kuznets Eğrisi hipotezinin desteklendiği görülmüştür.

Kaynakça

  • Aghion, P., ve Bolton, P. (1997). A theory of trickle-down growth and development. The Review of Economic Studies, 64(2), 151-172.
  • Akbıyık, C. (2012). Cross country evidence on fınancia development-income inequality link (doctoral dissertation, METU).
  • Ang, J.B. (2008). Finance and Inequality: The Case of India, Monash University, Department of Economics, Discussion Paper, No. 8, 1-25
  • Banerjee, A., Dolado, J., ve Mestre, R. 1998. Error‐correction mechanism tests for cointegration in a single‐equation framework. Journal of time series analysis, 19(3), 267-283.
  • Batuo, M.E, F. Guidi ve K. Mlambo (2010). Financial Development and Income Inequality: Evidence from African Countries. MPRA Paper 25658, University Library of Munich, Germany
  • Canavire Bacarreza, G. J.,ve Rioja, F. K. (2008). Financial development and the distribution of income in Latin America and the Caribbean.
  • Clarke, G. R.,Xu, L. C., veZou, H. F. (2006). Finance and income inequality: what do the data tell us?. Southern Economic Journal, 578-596.
  • Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38(10), 1091-1110.
  • Galor, O., veZeira, J. (1993). Income distribution and macroeconomics. The Review of Economi cStudies, 60(1), 35-52.
  • Greenwood, J., ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income (No. w3189). NationalBureau of EconomicResearch.
  • Hoi, C. M., veHoi, L. Q. (2013). Financial Development andIncomeInequality in Vietnam: An Empirical Analysis. Bangladesh Journal of Pharmacology, 8(4), 361-364.
  • Kanberoğlu, Z., veArvas, M. A. (2014). Finansal Kalkınma ve Gelir Eşitsizliği: Türkiye Örneği, 1980-2012. Sosyoekonomi, 21(21).
  • Law, S.H ve Tan, H.Y.B (2009). The Role of Financial Development on IncomeInequality in Malaysia, Journal of Economic Development 34(2), 153- 168.
  • Liang, Z. (2006). Financial development and income distribution: a system GMM panel analysis with application to urban China. Journal of Economic Development, 31(2), 1.
  • Park, D., veShin, K. (2015). Economic Growth, Financial Development, and Income Inequality. Asian Development Bank Economics Working Paper Series, (441).
  • Pesaran, M. H.,Shin Y. ve Smith, R. J. (2001). Bound Testing Approaches to the Analysis of Level Relationship.Journal of Applied Econometrics, 16: 289–326.
  • Pesaran, M.H. ve Shin, Y. (1997) An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis.Cambridge Working Papers in Economics, 9514.
  • Rajan, R. G., ve Zingales, L. (2003). The great reversals: the politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5- 50.
  • Satti, S. L.,Mahalik, M. K., Bhattacharya, M., veShahbaz, M. (2015). Dynamics of Income Inequality, Finance and Trade in Kazakhstan: Empirical Evidence from a New Transition Economy with Policy Prescriptions.
  • Sehrawat, M., veGiri, A. K. (2016). Financial development, povertyandrural-urban incomeinequality: evidencefrom South Asiancountries. Quality&Quantity, 50(2), 577-590.
  • Shahbaz, M. ve F. Islam (2011). “Financial development and income inequality in Pakistan: An application of ARDL approach”. MPRA Paper 28222, University Library of Munich, Germany
  • Shahbaz, M.,Loganathan, N., Tiwari, A. K., ve Sherafatian-Jahromi, R. (2014). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?. Social Indicators Research, 124(2), 357-382.
  • Solt, F. (2016). The standardized World income inequality database. Social Science Quarterly.
  • Townsend, R. M., ve Ueda, K. (2006). Financial deepening, inequality, and growth: a model-based quantitative evaluation. The Review of Economic Studies, 73(1), 251-293.

The Relationship between Financial Development and Income Distribution: Financial Kuznets Curve

Yıl 2017, Cilt: 18 Sayı: 2, 153 - 165, 01.07.2017

Öz

In this paper, it is aimed to investigate the validity of Financial Kuznets Curve hypothesis for the period from 1977 to 2013 in Turkey. For this purpose, the effect of reel GDP, financial development, government expenditures and inflation on Gini coefficient is examined using with ARDL bound test approach and VECM Granger causality approach. The results of the study show that increased government expenditures and inflation rate leads to increase in income inequality. On the other hand, increased reel GDP leads to decrease in income inequality. Furthermore, it is concluded that the coefficient of financial development is positive and the coefficient of the square of financial development is negative. Thus the inverse U-shaped Financial Kuznets Curve hypothesis is supported in Turkey

Kaynakça

  • Aghion, P., ve Bolton, P. (1997). A theory of trickle-down growth and development. The Review of Economic Studies, 64(2), 151-172.
  • Akbıyık, C. (2012). Cross country evidence on fınancia development-income inequality link (doctoral dissertation, METU).
  • Ang, J.B. (2008). Finance and Inequality: The Case of India, Monash University, Department of Economics, Discussion Paper, No. 8, 1-25
  • Banerjee, A., Dolado, J., ve Mestre, R. 1998. Error‐correction mechanism tests for cointegration in a single‐equation framework. Journal of time series analysis, 19(3), 267-283.
  • Batuo, M.E, F. Guidi ve K. Mlambo (2010). Financial Development and Income Inequality: Evidence from African Countries. MPRA Paper 25658, University Library of Munich, Germany
  • Canavire Bacarreza, G. J.,ve Rioja, F. K. (2008). Financial development and the distribution of income in Latin America and the Caribbean.
  • Clarke, G. R.,Xu, L. C., veZou, H. F. (2006). Finance and income inequality: what do the data tell us?. Southern Economic Journal, 578-596.
  • Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38(10), 1091-1110.
  • Galor, O., veZeira, J. (1993). Income distribution and macroeconomics. The Review of Economi cStudies, 60(1), 35-52.
  • Greenwood, J., ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income (No. w3189). NationalBureau of EconomicResearch.
  • Hoi, C. M., veHoi, L. Q. (2013). Financial Development andIncomeInequality in Vietnam: An Empirical Analysis. Bangladesh Journal of Pharmacology, 8(4), 361-364.
  • Kanberoğlu, Z., veArvas, M. A. (2014). Finansal Kalkınma ve Gelir Eşitsizliği: Türkiye Örneği, 1980-2012. Sosyoekonomi, 21(21).
  • Law, S.H ve Tan, H.Y.B (2009). The Role of Financial Development on IncomeInequality in Malaysia, Journal of Economic Development 34(2), 153- 168.
  • Liang, Z. (2006). Financial development and income distribution: a system GMM panel analysis with application to urban China. Journal of Economic Development, 31(2), 1.
  • Park, D., veShin, K. (2015). Economic Growth, Financial Development, and Income Inequality. Asian Development Bank Economics Working Paper Series, (441).
  • Pesaran, M. H.,Shin Y. ve Smith, R. J. (2001). Bound Testing Approaches to the Analysis of Level Relationship.Journal of Applied Econometrics, 16: 289–326.
  • Pesaran, M.H. ve Shin, Y. (1997) An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis.Cambridge Working Papers in Economics, 9514.
  • Rajan, R. G., ve Zingales, L. (2003). The great reversals: the politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5- 50.
  • Satti, S. L.,Mahalik, M. K., Bhattacharya, M., veShahbaz, M. (2015). Dynamics of Income Inequality, Finance and Trade in Kazakhstan: Empirical Evidence from a New Transition Economy with Policy Prescriptions.
  • Sehrawat, M., veGiri, A. K. (2016). Financial development, povertyandrural-urban incomeinequality: evidencefrom South Asiancountries. Quality&Quantity, 50(2), 577-590.
  • Shahbaz, M. ve F. Islam (2011). “Financial development and income inequality in Pakistan: An application of ARDL approach”. MPRA Paper 28222, University Library of Munich, Germany
  • Shahbaz, M.,Loganathan, N., Tiwari, A. K., ve Sherafatian-Jahromi, R. (2014). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?. Social Indicators Research, 124(2), 357-382.
  • Solt, F. (2016). The standardized World income inequality database. Social Science Quarterly.
  • Townsend, R. M., ve Ueda, K. (2006). Financial deepening, inequality, and growth: a model-based quantitative evaluation. The Review of Economic Studies, 73(1), 251-293.
Toplam 24 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makalesi
Yazarlar

Mehmet Akif Destek Bu kişi benim

İlyas Okumuş Bu kişi benim

Müge Manga Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 18 Sayı: 2

Kaynak Göster

APA Destek, M. A., Okumuş, İ., & Manga, M. (2017). Türkiye’de Finansal Gelişim ve Gelir Dağılımı İlişkisi: Finansal Kuznets Eğrisi. Doğuş Üniversitesi Dergisi, 18(2), 153-165.