A Panel Data Analysis of the Relationship between Income Inequality and Financialization: An Application on Different Income Groups

Yıl 2019, Cilt: 8 Sayı: 4, 2837 - 2875, 31.12.2019

Onur Özdemir

https://doi.org/10.15869/itobiad.621540

Cited By: 3

Öz

This study investigates the
financialization-income inequality relationship within the frame of a panel
data analysis for 97 countries including different income groups, in the
1991-2014 period. According to the main interest of the study, the positive
relationship between financialization and income inequality is also statistically
significant on the basis of countries with different income groups in the
long-run. Empirical results show that the change in financialization indicators
has an increasing effect on income inequality. In the article, the scale of this
effect is both examined in the time dimension and analyzed according to income
classification of the countries. Furthermore, the statistical issues lying
behind the positive relationship between income inequality and financialization
are examined based on different analysis methods and they support the arguments
that confirm each other. Thus, in order to examine income inequality
holistically, it is necessary to consider its relationship with
financialization. 

Anahtar Kelimeler

Income Inequality, Financialization, Globalization, Financial Sector, Financial Markets

Gelir Eşitsizliği ve Finansallaşma Arasındaki İlişkinin Panel Veri Analizi: Farklı Gelir Grupları Üzerine Bir Uygulama

Öz

Bu çalışma finansallaşma-gelir eşitsizliği bağıntısını
panel veri analizi çerçevesinde farklı gelir gruplarını içeren 97 ülke için
1991-2014 yılları arasında incelemektedir. Çalışmanın temel önemi açısından
finansallaşma ve gelir eşitsizliği arasındaki pozitif ilişki farklı gelir
gruplarına sahip ülkeler temelinde uzun vade de istatistiksel olarak anlamlı
çıkmaktadır. Ampirik sonuçlar göstermektedir ki, finansallaşma
göstergelerindeki değişim gelir eşitsizliğini artırıcı bir etkiye sahiptir.
Makale içerisinde bu etkinin ölçeği hem zaman boyutunda incelenmekte hem de
ülkelerin gelir sınıflandırmasına göre analiz edilmektedir. Ayrıca, gelir
eşitsizliği ve finansallaşma arasındaki pozitif ilişkinin ardında yatan
istatistiki sorunlar farklı analiz yöntemlerine bağlı olarak incelemeye tabi
tutulmaktadır ve birbirini doğrulayan kanıtları destekler niteliktedir. Bu
nedenle, gelir eşitsizliğinin bütünsel bir incelemeye tabi tutulabilmesi
finansallaşma ile arasındaki ilişkinin göz önünde bulundurulmasını
gerektirmektedir.          

Anahtar Kelimeler

Gelir Eşitsizliği, Finansallaşma, Küreselleşme, Finansal Sektör, Finansal Piyasalar

Kaynakça

• Aglietta, M. (2000). Shareholder value and corporate governance: some tricky questions. Economy and Society, 29(1): 146-159.
• Albo, G., Gindin, S., ve Panitch, L. (2010). In and Out of Crisis: The Global Financial Meltdown and Left Alternatives. Oakland: Spectre PM Press.
• Anderson, W. T. ve Hsiao, C. (1982). Formulation and Estimation of Dynamic Models Using Panel Data. Journal of Econometrics, 18(1): 47-82.
• Arellano, M. ve Bond, R. S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58(2): 277-297.
• Arellano, M. ve Bover, O. (1995). Another Look at the Instrumental Variable Estimation of Error-Components Models. Journal of Econometrics, 68(1): 29-51.
• Arrighi, G. [1994] (2010). The Long Twentieth Century: Money, Power, and the Origins of Our Times. London, New York: Verso.
• Baltagi, B. (2005). Econometric Analysis of Panel Data. West Sussex: John Wiley & Sons, Ltd.
• Blundell, R. ve Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87(1): 115-143.
• Boyer, R. (2000). Is a Finance-led growth regime a viable alternative to Fordism? A preliminary analysis. Economy and Society, 29(1): 111-145.
• Cameron, A. C. and Trivedi, K. P. (2005). Microeconometrics: Methods and Applications. New York: Cambridge University Press.
• Crotty, J. (2005). The Neoliberal Paradox: The Impact of Destructive Product Market Competition and ‘Modern’ Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era. Financialization and the World Economy, içinde Gerald Epstein (ed.), ss. 77-110, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
• Dore, R. (2002). Stock Market Capitalism and its Diffusion. New Political Economy, 7(1): 115-121.
• Dos Santos, P. (2009). At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis. Research on Money and Finance, Discussion Paper Series, No: 11.
• Driscoll, C. J. ve Kraay, C. A. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4): 549-560.
• Drukker, M. D. (2008). Econometric Analysis of Dynamic Panel-Data Models Using Stata. Statacorp Summer North American Stata Users Group Meeting, July 24-25, Texas.
• Dumenil, G. ve Lévy, D. (2004a). Capital Resurgent: Roots of the Neoliberal Revolution. Cambridge, Massachusetts and London: Harvard University Press.
• Dumenil, G. ve Lévy, D. (2004b). The Real and Financial Components of Profitability (United States, 1952-2000). Review of Radical Political Economics, 36(1): 82-110.
• Dumenil, G. ve Lévy, D. (2011). The Crisis of Neoliberalism. Cambridge, Massachusetts and London: Harvard University Press.
• Epstein, G. (2001). Financialization, Rentier Interests, and Central Bank Policy. Paper Presented for PERI Conference on “Financialization and the World Economy”, December 7-8, University of Massachusetts, Amherst.
• Epstein, G. (2005). Introduction: Financialization and the World Economy. Financialization and the World Economy, içinde Gerald Epstein (ed.), ss. 3-16, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
• Ergüneş, N. (2009). Global Integration of the Turkish Economy in the Era of Financialisation. Research on Money and Finance, Discussion Paper Series, No: 8.
• Ertürk, I. ve Solari, S. (2007). Banks as Continuous Reinvention. New Political Economy, 12(3): 369-388.
• Fine, B. (2010). Neoliberalism as financialisation. Economic Transitions to Neoliberalism in Middle-income Countries: Policy dilemmas, economic crises, forms of resistance, içinde Alfredo Saad-Filho ve Galip L. Yalman (eds.), ss. 11-23, London and New York: Routledge.
• Foster, J. B. (2007). The Financialization of Capitalism. Monthly Review, 58(11), April.
• Foster, J. B. (2010). The Financialization of Accumulation. Monthly Review, 62(5), October.
• Foster, J. B. (2015), “The New Imperialism of Globalized Monopoly-Finance Capital: An Introduction”, Monthly Review, 67(3), July.
• Froud, J., Haslam, C., Johal, S. ve Williams, K. (2001). Financialisation and the Coupon Pool. Gestao ve Producao, 8(3): 271-288.
• Glyn, A. (2006). Capitalism Unleashed: Finance Globalization and Welfare. Oxford, New York: Oxford University Press.
• Greene, H. W. (2003). Econometric Analysis. Upper Saddle River, New Jersey: Prentice Hall.
• Güngen, A. R. (2010). Finansallaşma: Sorunlu bir Kavram ve Verimli bir Araştırma Gündemi. Praksis, 20: 85-108.
• Husson, M. (2010). Marksist İktisat Teorisi: Çağdaş Kapitalizm ve Kriz. İstanbul: Yazın Yayıncılık.
• Karaçimen, E. (2015). Türkiye’de Finansallaşma: Borç Kıskacında Emek. İstanbul: Sosyal Araştırmalar Vakfı Yayınları.
• Kotz, M. D. (2008). Neoliberalism and Financialization. University of Massachusetts, Department of Economics, Amherst, (https://people.umass.edu/dmkotz/Neolib_and_Fin_08_03.pdf).
• Krippner, R. G. (2004). What Is Financialization? mimeo, Department of Sociology, UCLA.
• Krippner, R. G. (2005). The financialization of the American economy. Socio-Economic Review, 3(2): 173-208.
• Krippner, R. G. (2011). Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, Massachusetts and London: Harvard University Press.
• Langley, P. (2010). The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford, New York: Oxford University Press.
• Lapavitsas, C. (2009a). Financialisation Embroils Developing Countries. Papeles de Europa, 19: 108-139.
• Lapavitsas, C. (2009b). Financialised Capitalism: Crisis and Financial Expropriation. Historical Materialism, 17(2): 114-148.
• Lapavitsas, C. (2009c). Financialisation, or the Search for Profits in the Sphere of Circulation. Research on Money and Finance, Discussion Papers No: 10.
• Lapavitsas C. (2010a). Banks for the People. Redpepper, Issue: 170, February/March.
• Lapavitsas, C. (2010b). Financialisation and Capitalist Accumulation: Structural Accounts of the Crisis of 2007-9. Research on Money and Finance, Discussion Papers No: 16.
• Levitt, K. P. (2008). The Great Financialization. A Speech to the Progressive Economics Forum of Canada, June 8.
• Martin, R. (2002). Financialization of Daily Life. Philadelphia: Temple University Press.
• Milios, J. ve Sotiropoulos, P. D. (2009). Financialization: Market Discipline or Capital Discipline? Rethinking Imperialism: A Study of Capitalist Rule, içinde John Milios ve Dimitris P. Sotiropoulos (eds.), ss. 167-183, London: Palgrave Macmillan.
• Orhangazi, Ö. (2007). Financialization and Capital Accumulation in the Non-Financial Corporate Sector: A Theoretical and Empirical Investigation of the U.S. Economy: 1973-2003. Political Economy Research Institute, Working Paper Series No: 149, University of Massachusetts, Amherst.
• Orhangazi, Ö. (2008). Financialization and the US Economy. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
• Paincheira, J. P. (2009). Finansallaşma Çağında Gelişmekte Olan Ülkeler: Açık Birikiminden Rezerv Birikimine. Maliye ve Finans Yazıları, 1(82).
• Palley, I. T. (2007). Financialization: What It Is and Why It Matters. Economics Working Paper Archive, Working Paper No: 525, Levy Economics Institute.
• Phillips, K. (1993). Boiling Point: Republicans, Democrats, and the Decline of Middle-class Prosperity. New York: Random House.
• Roodman, D. (2006). How to Do xtabond2: An Introduction to “Difference” and “System” GMM in Stata. Center for Global Development, Working Paper Number 103, December.
• Smith, J. (2012). Outsourcing, Financialisation & the Crisis. International Journal of Management Concepts and Philosophy, 6(1/2): 19-44.
• Solt, F. (2009). Standardizing the World Income Inequality Database. Social Science Quarterly, 90(2): 231-242.
• Solt, F. (2016). The Standardized World Income Inequality Database. Social Science Quarterly, 97(5): 1267-1281.
• Stockhammer, E. (2004). Financialisation and the Slowdown of Accumulation. Cambridge Journal of Economics, 28(5): 719-741.
• Sweezy, M. P. (1997). More (or less) on Globalization. Monthly Review, 49(4), September.
• Tatoğlu, Y. F. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı. Ankara: Beta Basım Yayım.
• Wade, H. R. (2005). The March of Neoliberalism and What to Do About It. draft paper for plenary talk at conference Beyond ‘Deregulation’: Finance in the 21st Century, University of Sussex, 26-28 May.
• Wooldridge, M. J. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge: MA: MIT Press.
• Yeldan, E. (2010). Küresel Kriz, İşsizlik ve İş Yaratmayan Büyüme. TİSK İşveren Dergisi, 47(10/11): 21-29, Temmuz-Ağustos.