Finansal Gelişme ve Gelir Eşitsizliği İlişkisinin Finansal Olarak Gelişmiş ve Gelişmemiş Ülkeler Açısından Yeniden Değerlendirilmesi
Yıl 2021,
Cilt: 9 Sayı: 1, 76 - 104, 30.06.2021
Nurullah Altıntaş
,
Ahmet Gökçe Akpolat
Öz
Bu çalışma, için finansal gelişme ve gelir eşitsizliği arasındaki ilişkiyi 2000-2014 döneminde 52 ülke için araştırmaktadır. Demirgüç-Kunt ve Levine (2001) tarafından yapılan sınıflandırmaya göre 32 ülke finansal olarak az gelişmiş, 20 ülke ise finansal olarak gelişmiş olarak belirlenmiştir. Sonuçlara göre, finansal olarak gelişmemiş ülkelerde Greenwood ve Jovanovic (1990) tarafından ortaya konulan ters-U hipotezi doğrulanırken, finansal olarak gelişmiş ülkelerde ise U-biçimli ilişkiye ulaşılmıştır.
Kaynakça
- Altintas, Nurullah. Finansal Gelişmişlik Üzerine Bir İnceleme (in Turkish), DORA Yayınları; An Inquiry on Financial Development, DORA Publications, 2018.
- Anderson, Theodore Wilbur - Hsıao, Cheng. “Estimation of Dynamic Models With Error Components”. Journal of the American statistical Association 76/375 (1981). 598-606.
- Arellano, Manuel - Bond, Stephen. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations”. The Review of Economic Studies 58/2 (1991), 277-297.
- Arellano, Manuel - Bover, Olympia. “Another Look at the İnstrumental Variable Estimation of Error-Components Models”. Journal of Econometrics 68/1 (1995), 29-51.
- Azam, Muhammad - Raza, Syed Ali. “Financial Sector Development and İncome İnequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?”. Global Business and Economics Review 20/1 (2018), 88-114.
- Bahmanı-Oskooee, Mohsen - Gelan, Abera, “Kuznets inverted-U hypothesis revisited: a time-series approach using US data”. Applied Economics Letters 15/9 (2008), 677-681.
- Balestra, Pietro - Nerlove, Marc. “Pooling Cross Section and Time Series Data in The Estimation of a Dynamic Model: The Demand For Natural Gas”. Econometrica (pre-1986) 34/3 (1966), 585.
- Baltagı, Badi H. Econometric Analysis of Panel Data, 3rd edn. John Wiley:New York. (2005).
- Banerjee, Abhijit V. - Newman, Andrew F. “Occupational choice and the process of development”. Journal of Political Economy 101/2 (1993), 274-298.
- Barusman, Adoni Fornio - Barusman, Yusuf Sulfarano. “The impact of international trade on income inequality in the United States since 1970’s”. European Research Studies Journal 20/4A (2017), 35-50.
- Basirat, M., Ahmadi, M., & Mohammadi, M. (2016). “The study of the effect of financial market development on income distribution of selected list of developing countries”. Journal of Fundamental and Applied Sciences, 8, 592-607.
- Batuo, Michael Enowbi vd. Financial development and income inequality: Evidence from African Countries. African Development Bank (2010), 1-27.
- Zhang, Ruixin - Naceur, Sami Ben. “Financial Development, İnequality and Poverty: Some İnternational Evidence”. International Review of Economics & Finance 61 (2016), 1-16.
- Blanco, German - Ram, Rati. “Level of Development and İncome İnequality in The United States: Kuznets Hypothesis Revisited Once Again”. Economic Modelling 80 (2019), 400-406.
- Brei, Michael vd. Financial Structure and İncome İnequality. CEPR Discussion Papers 13330, C.E.P.R. Discussion Papers, (2018).
- Posted: 2018-11
Blundell, Richard - Bond, Stephen, “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”. Journal of Econometrics87/1 (1998), 115-143.
- Bittencourt, Manoel. “Financial development and inequality: Brazil 1985–1994”. Economic Change and Restructuring 43/2 (2010), 113-130.
- Bittencourt, Manoel at. all. “Does Financial Development Affect İncome İnequality in the US States?”. Journal of Policy Modeling 41/6 (2019), 1043-1056.
- Canavıre-Bacarreza, Gustavo J. - Rıoja, Felix K. “Financial Development and the Istribution of Income in Latin America and the Caribbean”. (2008).
- Castelló-Climent, Amparo. “On the Distribution of Education and Democracy”. Journal of Development Economics 87/2 (2008), 179-190.
- Chen, Wang - Kinkyo, Takuji. “Financial Development and Income İnequality: Long-Run Relationship and Short-Run Heterogeneity”. Emerging Markets Finance and Trade 52/3 2016), 733-742.
- Clarke, George R. at all. “Finance and income inequality: what do the data tell us?”. Southern Economic Journal (2006). 578-596.
- Dawson, P. J. “On Testing Kuznets' Economic Growth Hypothesis”. Applied Economics Letters 4/7 (1997), 409-410.
- DE HAAN, Jacob - STURM, Jan-Egbert. “How development and liberalisation of the financial sector is related to income inequality: Some new evidence”. BAFFI CAREFIN Centre Research Paper (2016). (2016-33).
- Demirgüç-Kunt, Aslı - Levine, Ross. (Eds.). Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development. MIT press (2001).
- Denk, Oliver, - Cournède, Boris. “Finance and income inequality in OECD countries”. Available at SSRN 2649944, (2015).
- Faustıno, Horácio C. - Valı, Carim. “The Effects of Globalization on OECD Income Inequality: A Static and Dynamic Analysis” Working paper 12. (2011).
- Galor, Oded - Zeıra, Joseph. “Income distribution and macroeconomics”. The Review of Economic Studies 60/1 (1993), 35-52.
- Georgantopoulos, Andreas G. - Tsamıs, Anastasios. “The İmpact of Globalization on İncome Distribution: The Case Of Hungary”. Research Journal of International Studies 21 (2011), 17-25.
- Greenwood, Jeremy - Jovanovıc, Boyan. “Financial development, growth, and the distribution of income”. Journal of political Economy 98/5, Part 1 (1990), 1076-1107.
- Guillen, Jorge. “Does Financial Openness Matter in the Relationship Between Financial Development and Income Distribution in Latin America?”. Emerging Markets Finance and Trade 52/5 (2016), 1145-1155.
- Hamorı, Shigeyuki - Hashıguchı, Yoshihiro. “The Effect of Financial Deepening on İnequality: Some İnternational Evidence. Journal of Asian Economics 23/4 (2012), 353-359.
- Huang, Hiung-Ju. “Corruption, Economic Growth, and İncome İnequality: Evidence from Ten Countries in Asia”. World Academy of Science, Engineering and TechnolnICRG, 66 (2012), 354-358.
- Kım, Dong-Hyeon - Lın, Shu-Chin. “Nonlinearity in the Financial Development–İncome İnequality Nexus”. Journal of Comparative Economics 39/3 (2011), 310-325.
- Jobarteh, Mustapha - Kaya, Huseyin. “Revisiting financial development and income inequality nexus for Africa”. African Finance Journal 21/1 (2019), 1-22.
- Jauch, Sebastian - Watzka, Sebastian. “Financial Development and İncome İnequality: A Panel Data Approach”. Empirical Economics 51/1 (2016), 291-314.
- Kim, Dong-Hyeon - Lın, Shu-Chin. “Nonlinearity in The Financial Development–İncome İnequality Nexus". Journal of Comparative Economics 39/3 (2011), 310-325.
- Kappel, Viven. “The effects of financial development on income inequality and poverty”. CER-ETH-Center of Economic Research at ETH Zurich, Working Paper, (2010 ), (10/127).
Mansour, Mohamed Salah - Wendel, Miria .”Finance and Inequality Evidence from East Asia”. Eurasian Journal of Economics and Finance 3/3 (2015), 1-16.
- Mıllımet, Daniel L. - Mcdonough, Ian K. “Dynamic Panel Data Models With Irregular Spacing: With an Application to Early Childhood Development”. Journal of Applied Econometrics 32/4 (2017), 725-743.
- Monnin, Pierre. “Inflation and income inequality in developed economies”. CEP Working Paper Series (2014).
- Mookerjee, Rajen - Kalipioni, Paul. “Availability of Financial Services and İncome İnequality: The Evidence from Many Countries”. Emerging Markets Review 11/4 (2010), 404-408.
- Najarzadeh, Reza. at all. “Does the Internet İncrease Labor Productivity? Evidence from a Cross-Country Dynamic Panel”. Journal of Policy Modeling 36/6 (2014), 986-993.
- Nasreddine, Kaide - Mensi, Sami. “Financial Development and Income Inequality: The Linear versus the Nonlinear Hypothesis”. Economics Bulletin 36/2 (2016), 609-626.
- Nikoloski, Zlatko. “Financial sector development and inequality: is there a financial Kuznets curve?”. Journal of International Development, 25/7 (2013), 897-911.
- Paramati, Sudharshan Reddy - Nguyen, Thanh Pham Thien. “Does Financial Market Growth İmprove İncome Distribution? A Comparison of Developed and Emerging Market Economies of the Global Sample”. International Journal of Finance & Economics 24/1(2019), 629-646.
- Park, Donghyun - Shın, Kwanho. “Economic growth, financial development, and income inequality”. Emerging Markets Finance and Trade 53/12 (2017), 2794-2825.
- Roodman, David. “A Note on the Theme of Too Many İnstruments”. Oxford Bulletin of Economics and statistics 71/1 (2009a), 135-158.
- Roodman, David. “How to Do Xtabond2: An İntroduction to Difference and System GMM in Stata”. The Stata Journal 9/1 (2009b), 86-136.
- Sehrawat, Madhu - Giri, Ak. “Financial Development and İncome İnequality in India: An Application of ARDL Approach”. International Journal of Social Economics 42/1 (2015), 64-81.
- Seven, Unal - Coskun, Yener. “Does Financial Development Reduce İncome İnequality and Poverty? Evidence from Emerging Countries”. Emerging Markets Review 26 (2016), 34-63.
- Solt, Frederick. “Measuring Income Inequality Across Countries and Over Time: The Standardized World Income Inequality Database.” SWIID Version 8.1, May 2019.
- Soto, Marcelo. “System GMM Estimation With a Small Sample”. UFAE and IAE Working Papers 780.09 (2009).
- Tian, Xiaofei. at all. “The Impact of Economic Globalization on Income Distribution: Empirical Evidence in China.” Economics Bulletin, 4/35 (2008), 1-8.
- Tıta, Anthanasius Fomum - Azıakpono, Meshach Jesse. “Financial Development and İncome İnequality in Africa: A Panel Heterogeneous Approach”. Cape Town: ERSA Working Paper, 614 (June 2016).
- Thornton, Jhon. “The Kuznets İnverted-U Hypothesis: Panel Data Evidence from 96 Countries”. Applied Economics Letters 8/1 (2001), 15-16.
- Windmeijer, Frank. “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators”. Journal of econometrics 126/1 (2005), 25-51.
Reassessment of Financial Development and Income Inequality Relationship in Terms of Financially Developed and Underdeveloped Countries
Yıl 2021,
Cilt: 9 Sayı: 1, 76 - 104, 30.06.2021
Nurullah Altıntaş
,
Ahmet Gökçe Akpolat
Öz
This paper investigates the relationship between financial development and income inequality for 52 countries over the period 2000-2014. 32 countries are determined as financially underdeveloped while 20 countries are determined as financially developed based on the classification made by Demirguc-Kunt and Levine(2001). According to the results, the inverted-U hypothesis suggested by Greenwood and Jovanovic(1990) is confirmed for financially underdeveloped countries while the U-shaped relationship is true for the case of financially developed countries.
Kaynakça
- Altintas, Nurullah. Finansal Gelişmişlik Üzerine Bir İnceleme (in Turkish), DORA Yayınları; An Inquiry on Financial Development, DORA Publications, 2018.
- Anderson, Theodore Wilbur - Hsıao, Cheng. “Estimation of Dynamic Models With Error Components”. Journal of the American statistical Association 76/375 (1981). 598-606.
- Arellano, Manuel - Bond, Stephen. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations”. The Review of Economic Studies 58/2 (1991), 277-297.
- Arellano, Manuel - Bover, Olympia. “Another Look at the İnstrumental Variable Estimation of Error-Components Models”. Journal of Econometrics 68/1 (1995), 29-51.
- Azam, Muhammad - Raza, Syed Ali. “Financial Sector Development and İncome İnequality in ASEAN-5 Countries: Does Financial Kuznets Curve Exists?”. Global Business and Economics Review 20/1 (2018), 88-114.
- Bahmanı-Oskooee, Mohsen - Gelan, Abera, “Kuznets inverted-U hypothesis revisited: a time-series approach using US data”. Applied Economics Letters 15/9 (2008), 677-681.
- Balestra, Pietro - Nerlove, Marc. “Pooling Cross Section and Time Series Data in The Estimation of a Dynamic Model: The Demand For Natural Gas”. Econometrica (pre-1986) 34/3 (1966), 585.
- Baltagı, Badi H. Econometric Analysis of Panel Data, 3rd edn. John Wiley:New York. (2005).
- Banerjee, Abhijit V. - Newman, Andrew F. “Occupational choice and the process of development”. Journal of Political Economy 101/2 (1993), 274-298.
- Barusman, Adoni Fornio - Barusman, Yusuf Sulfarano. “The impact of international trade on income inequality in the United States since 1970’s”. European Research Studies Journal 20/4A (2017), 35-50.
- Basirat, M., Ahmadi, M., & Mohammadi, M. (2016). “The study of the effect of financial market development on income distribution of selected list of developing countries”. Journal of Fundamental and Applied Sciences, 8, 592-607.
- Batuo, Michael Enowbi vd. Financial development and income inequality: Evidence from African Countries. African Development Bank (2010), 1-27.
- Zhang, Ruixin - Naceur, Sami Ben. “Financial Development, İnequality and Poverty: Some İnternational Evidence”. International Review of Economics & Finance 61 (2016), 1-16.
- Blanco, German - Ram, Rati. “Level of Development and İncome İnequality in The United States: Kuznets Hypothesis Revisited Once Again”. Economic Modelling 80 (2019), 400-406.
- Brei, Michael vd. Financial Structure and İncome İnequality. CEPR Discussion Papers 13330, C.E.P.R. Discussion Papers, (2018).
- Posted: 2018-11
Blundell, Richard - Bond, Stephen, “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”. Journal of Econometrics87/1 (1998), 115-143.
- Bittencourt, Manoel. “Financial development and inequality: Brazil 1985–1994”. Economic Change and Restructuring 43/2 (2010), 113-130.
- Bittencourt, Manoel at. all. “Does Financial Development Affect İncome İnequality in the US States?”. Journal of Policy Modeling 41/6 (2019), 1043-1056.
- Canavıre-Bacarreza, Gustavo J. - Rıoja, Felix K. “Financial Development and the Istribution of Income in Latin America and the Caribbean”. (2008).
- Castelló-Climent, Amparo. “On the Distribution of Education and Democracy”. Journal of Development Economics 87/2 (2008), 179-190.
- Chen, Wang - Kinkyo, Takuji. “Financial Development and Income İnequality: Long-Run Relationship and Short-Run Heterogeneity”. Emerging Markets Finance and Trade 52/3 2016), 733-742.
- Clarke, George R. at all. “Finance and income inequality: what do the data tell us?”. Southern Economic Journal (2006). 578-596.
- Dawson, P. J. “On Testing Kuznets' Economic Growth Hypothesis”. Applied Economics Letters 4/7 (1997), 409-410.
- DE HAAN, Jacob - STURM, Jan-Egbert. “How development and liberalisation of the financial sector is related to income inequality: Some new evidence”. BAFFI CAREFIN Centre Research Paper (2016). (2016-33).
- Demirgüç-Kunt, Aslı - Levine, Ross. (Eds.). Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development. MIT press (2001).
- Denk, Oliver, - Cournède, Boris. “Finance and income inequality in OECD countries”. Available at SSRN 2649944, (2015).
- Faustıno, Horácio C. - Valı, Carim. “The Effects of Globalization on OECD Income Inequality: A Static and Dynamic Analysis” Working paper 12. (2011).
- Galor, Oded - Zeıra, Joseph. “Income distribution and macroeconomics”. The Review of Economic Studies 60/1 (1993), 35-52.
- Georgantopoulos, Andreas G. - Tsamıs, Anastasios. “The İmpact of Globalization on İncome Distribution: The Case Of Hungary”. Research Journal of International Studies 21 (2011), 17-25.
- Greenwood, Jeremy - Jovanovıc, Boyan. “Financial development, growth, and the distribution of income”. Journal of political Economy 98/5, Part 1 (1990), 1076-1107.
- Guillen, Jorge. “Does Financial Openness Matter in the Relationship Between Financial Development and Income Distribution in Latin America?”. Emerging Markets Finance and Trade 52/5 (2016), 1145-1155.
- Hamorı, Shigeyuki - Hashıguchı, Yoshihiro. “The Effect of Financial Deepening on İnequality: Some İnternational Evidence. Journal of Asian Economics 23/4 (2012), 353-359.
- Huang, Hiung-Ju. “Corruption, Economic Growth, and İncome İnequality: Evidence from Ten Countries in Asia”. World Academy of Science, Engineering and TechnolnICRG, 66 (2012), 354-358.
- Kım, Dong-Hyeon - Lın, Shu-Chin. “Nonlinearity in the Financial Development–İncome İnequality Nexus”. Journal of Comparative Economics 39/3 (2011), 310-325.
- Jobarteh, Mustapha - Kaya, Huseyin. “Revisiting financial development and income inequality nexus for Africa”. African Finance Journal 21/1 (2019), 1-22.
- Jauch, Sebastian - Watzka, Sebastian. “Financial Development and İncome İnequality: A Panel Data Approach”. Empirical Economics 51/1 (2016), 291-314.
- Kim, Dong-Hyeon - Lın, Shu-Chin. “Nonlinearity in The Financial Development–İncome İnequality Nexus". Journal of Comparative Economics 39/3 (2011), 310-325.
- Kappel, Viven. “The effects of financial development on income inequality and poverty”. CER-ETH-Center of Economic Research at ETH Zurich, Working Paper, (2010 ), (10/127).
Mansour, Mohamed Salah - Wendel, Miria .”Finance and Inequality Evidence from East Asia”. Eurasian Journal of Economics and Finance 3/3 (2015), 1-16.
- Mıllımet, Daniel L. - Mcdonough, Ian K. “Dynamic Panel Data Models With Irregular Spacing: With an Application to Early Childhood Development”. Journal of Applied Econometrics 32/4 (2017), 725-743.
- Monnin, Pierre. “Inflation and income inequality in developed economies”. CEP Working Paper Series (2014).
- Mookerjee, Rajen - Kalipioni, Paul. “Availability of Financial Services and İncome İnequality: The Evidence from Many Countries”. Emerging Markets Review 11/4 (2010), 404-408.
- Najarzadeh, Reza. at all. “Does the Internet İncrease Labor Productivity? Evidence from a Cross-Country Dynamic Panel”. Journal of Policy Modeling 36/6 (2014), 986-993.
- Nasreddine, Kaide - Mensi, Sami. “Financial Development and Income Inequality: The Linear versus the Nonlinear Hypothesis”. Economics Bulletin 36/2 (2016), 609-626.
- Nikoloski, Zlatko. “Financial sector development and inequality: is there a financial Kuznets curve?”. Journal of International Development, 25/7 (2013), 897-911.
- Paramati, Sudharshan Reddy - Nguyen, Thanh Pham Thien. “Does Financial Market Growth İmprove İncome Distribution? A Comparison of Developed and Emerging Market Economies of the Global Sample”. International Journal of Finance & Economics 24/1(2019), 629-646.
- Park, Donghyun - Shın, Kwanho. “Economic growth, financial development, and income inequality”. Emerging Markets Finance and Trade 53/12 (2017), 2794-2825.
- Roodman, David. “A Note on the Theme of Too Many İnstruments”. Oxford Bulletin of Economics and statistics 71/1 (2009a), 135-158.
- Roodman, David. “How to Do Xtabond2: An İntroduction to Difference and System GMM in Stata”. The Stata Journal 9/1 (2009b), 86-136.
- Sehrawat, Madhu - Giri, Ak. “Financial Development and İncome İnequality in India: An Application of ARDL Approach”. International Journal of Social Economics 42/1 (2015), 64-81.
- Seven, Unal - Coskun, Yener. “Does Financial Development Reduce İncome İnequality and Poverty? Evidence from Emerging Countries”. Emerging Markets Review 26 (2016), 34-63.
- Solt, Frederick. “Measuring Income Inequality Across Countries and Over Time: The Standardized World Income Inequality Database.” SWIID Version 8.1, May 2019.
- Soto, Marcelo. “System GMM Estimation With a Small Sample”. UFAE and IAE Working Papers 780.09 (2009).
- Tian, Xiaofei. at all. “The Impact of Economic Globalization on Income Distribution: Empirical Evidence in China.” Economics Bulletin, 4/35 (2008), 1-8.
- Tıta, Anthanasius Fomum - Azıakpono, Meshach Jesse. “Financial Development and İncome İnequality in Africa: A Panel Heterogeneous Approach”. Cape Town: ERSA Working Paper, 614 (June 2016).
- Thornton, Jhon. “The Kuznets İnverted-U Hypothesis: Panel Data Evidence from 96 Countries”. Applied Economics Letters 8/1 (2001), 15-16.
- Windmeijer, Frank. “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators”. Journal of econometrics 126/1 (2005), 25-51.