AB-27 ÜLKELERİNDE FİNANSAL GELİŞME VE GELİR EŞİTSİZLİĞİ: FİNANSAL KUZNETS EĞRİSİ HİPOTEZİ ÜZERİNE PANEL VERİ ANALİZİ

Yıl 2026, Cilt: 22 Sayı: 1, 477 - 497, 26.03.2026

Şebnem Taş

https://doi.org/10.17130/ijmeb.1853788

https://izlik.org/JA73BL94WF

Öz

Bu çalışma, 2009-2022 döneminde Avrupa Birliği’ne üye 27 ülke (AB-27) için finansal gelişme ile gelir eşitsizliği arasındaki ilişkiyi inceleyerek Finansal Kuznets Eğrisi (FKC) hipotezinin geçerliliğini test etmektedir. Çalışmada bağımlı değişken olarak Gini katsayısı, finansal gelişmenin göstergesi olarak özel sektöre verilen kredilerin GSYH’ye oranı ve ekonomik büyümeyi temsilen kişi başına reel GSYH kullanılmıştır. Panel veri setine uygulanan analizlerde, kesit bağımlılığı testleri, birim kök analizleri, panel eşbütünleşme testleri ve uzun dönemli ilişkiyi tahmin etmek üzere AMG (Augmented Mean Group) yöntemi kullanılmıştır. Bu çalışma, AMG tahmincisinin uygulanması yoluyla 2008 küresel kriz sonrası dönemde AB-27 ekonomileri için ülkeye özgü kanıtlar sunarak literatüre katkı sağlamaktadır. Bulgular, FKC hipotezinin Malta, Portekiz ve Slovenya gibi ülkelerde geçerli olduğunu, yani finansal gelişmenin başlangıçta gelir eşitsizliğini artırdığını ancak belirli bir eşiği aştığında eşitsizliği azalttığını göstermektedir. Öte yandan, Avusturya, Kıbrıs, Çekya, Litvanya, Romanya ve Slovakya’da finansal gelişme ile gelir eşitsizliği arasında U-şekilli bir ilişki olduğu görülmektedir; bu durum FKC hipoteziyle çelişmektedir. Diğer ülkelerde ise anlamlı bir ilişki bulunamamıştır. Ayrıca, ekonomik büyümenin gelir dağılımı üzerindeki etkisinin ülkelere göre değiştiği saptanmıştır. Genel olarak bulgular, finansal gelişmenin gelir eşitsizliği üzerindeki etkisinin ülkeye özgü yapısal ve kurumsal özelliklere bağlı olarak değiştiğini göstermekte ve AB-27 genelinde tek tip politika uygulamaları yerine hedeflenmiş finansal kapsayıcılık politikalarına ihtiyaç olduğunu ortaya koymaktadır.

Anahtar Kelimeler

Finansal Gelişme , Gelir Eşitsizliği , Finansal Kuznet Eğrisi , Panel Veri Analizi

FINANCIAL DEVELOPMENT AND INCOME INEQUALITY IN THE EU-27 COUNTRIES: A PANEL DATA ANALYSIS ON THE FINANCIAL KUZNETS CURVE HYPOTHESIS

https://izlik.org/JA73BL94WF

Öz

This study examines the relationship between financial development and income inequality for the 27 member countries of the European Union (EU-27) during the period 2009-2022, thereby testing the validity of the Financial Kuznets Curve (FKC) hypothesis. The dependent variable in the study is the Gini coefficient, the ratio of private sector credit to GDP as an indicator of financial development, and real GDP per capita as a measure of economic growth. The analysis applied to the panel data set includes cross-sectional dependence tests, unit root analyses, panel cointegration tests, and the Augmented Mean Group (AMG) method to estimate the long-term relationship. This study contributes to the literature by providing country-specific evidence for the EU-27 economies in the post-2008 crisis period through the application of the AMG estimator. The findings indicate that the FKC hypothesis holds true in countries such as Malta, Portugal, and Slovenia, meaning that financial development initially increases income inequality but reduces it once a certain threshold is crossed. On the other hand, a U-shaped relationship between financial development and income inequality was observed in Austria, Cyprus, the Czechia, Lithuania, Romania, and Slovakia, which contradicts the FKC hypothesis. No significant relationship was found in other countries. Additionally, it was determined that the impact of economic growth on income distribution varies across countries. Overall, the findings show that the impact of financial development on income inequality varies depending on country-specific structural and institutional characteristics, and reveal that targeted financial inclusion policies are needed across the EU-27 rather than uniform policy approaches.

Anahtar Kelimeler

Financial Development , Income Inequality , Financial Kuznets Curve , Panel Data Analysis

Kaynakça

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