Finansallaşmanın Servet Eşitsizliği Üzerindeki Etkisi: OECD Ülkeleri için Ampirik Bir Araştırma

Öz

Servet eşitsizliği, ekonomik eşitsizliğin kalıcı ve yapısal boyutlarından biridir. Gelir eşitsizliği daha çok dönemsel gelir akımlarındaki farklılıkları yansıtırken, servet eşitsizliği geçmiş birikimler, varlık sahipliği ve kuşaklar arası aktarımlar yoluyla daha uzun süreli sonuçlar doğurmaktadır. Son yıllarda servet yoğunlaşmasının artması, finansallaşmanın bu süreçteki rolünü önemli hale getirmiştir. Finansallaşma, finansal faaliyetlerin genişlemesinin yanı sıra varlık fiyatları, finansal getiriler, borçlanma ilişkileri ve hanehalkı bilançoları üzerinden servet dağılımını etkileyen bir süreçtir. Bu çalışmanın amacı, finansallaşmanın servet eşitsizliği üzerindeki etkisini OECD ülkeleri için 1995-2023 dönemi verileriyle analiz etmektir. Çalışmada Arttırılmış Ortalama Grup (AMG) tahmincisi kullanılmıştır. Bulgular, finansallaşmanın etkisinin kullanılan göstergeye göre farklılaştığını göstermektedir. Finans ve sigorta katma değerinin GSYH içindeki payı, Gini endeksiyle ölçülen genel servet eşitsizliğini ve en üst %10’luk kesimin servet payını artırmaktadır. Hanehalkı borçluluğu ise özellikle genel servet dağılımındaki bozulmayı açıklamaktadır. En üst %1’lik kesim üzerindeki etkiler ise anlamlı bulunmamıştır.

Anahtar Kelimeler

• Servet eşitsizliği
• finansallaşma
• hanehalkı borçluluğu
• OECD ülkeleri

The Impact of Financialization on Wealth Inequality: An Empirical Investigation of OECD Countries

Öz

Wealth inequality is one of the persistent and structural dimensions of economic inequality. While income inequality mostly reflects differences in periodic income flows, wealth inequality produces longer-lasting outcomes through past accumulation, asset ownership and intergenerational transfers. In recent years, the rise in wealth concentration has made the role of financialization in this process increasingly important. Financialization refers not only to the expansion of financial activities, but also to a process that affects wealth distribution through asset prices, financial returns, debt relations and household balance sheets. The aim of this study is to analyze the effect of financialization on wealth inequality in OECD countries using data for the period 1995–2023. The Augmented Mean Group (AMG) estimator is employed in the analysis. The findings show that the effect of financialization differs depending on the indicator used. The share of finance and insurance value added in GDP increases overall wealth inequality, measured by the Gini index, and the wealth share of the top 10%. Household debt particularly explains the deterioration in overall wealth distribution. The effects on the top 1% are not statistically significant.

Anahtar Kelimeler

• Wealth inequality
• financialization
• household debt
• OECD countries

Kaynakça

1. Aiyagari, S. R. (1994). Uninsured idiosyncratic risk and aggregate saving. The Quarterly Journal of Economics, 109(3), 659–684.
2. Alexiou, C., Trachanas, E., & Vogiazas, S. (2022). Income inequality and financialization: A not so straightforward relationship. Journal of Economic Studies, 49(1), 95–111. https://doi.org/10.1108/JES-05-2020-0202
3. Ando, A., & Modigliani, F. (1963). The "life cycle" hypothesis of saving: Aggregate implications and tests. The American Economic Review, 53(1), 55–84. https://www.jstor.org/stable/1817129.
4. Angelopoulos, C., & Giannikos, C. (2025). The effect of financial derivatives on wealth inequality. Finance Research Letters, 72, 106587. https://doi.org/10.1016/j.frl.2024.106587
5. Ansari, V. A. (2018). Financialization and inequalities in income and wealth. JKAU: Islamic Econ., 31(1), 129–135. https://doi.org/10.4197/Islec.31-1.8
6. Balestra, C., Caisl, J., & Hermida, L. (2025). Mapping trends and gaps in household wealth across OECD countries (OECD Papers on Well-being and Inequalities, No. 37). OECD Publishing. https://www.oecd.org/wise/
7. Bewley, T. (1977). The permanent income hypothesis: A theoretical formulation. Journal of Economic Theory, 16(2), 252–292.
8. Biondi, Y., & Olla, S. (2020). Financial accumulation implies ever-increasing wealth inequality. Journal of Economic Interaction and Coordination, 15, 943–951. https://doi.org/10.1007/s11403-020-00281-7

9. Breusch, T. S., & 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.
10. Bryant, G., Spies-Butcher, B., & Stebbing, A. (2024). Comparing asset-based welfare capitalism: Wealth inequality, housing finance and household risk. Housing Studies, 39(2), 459–480. https://doi.org/10.1080/02673037.2022.2056150
11. Cagetti, M., & De Nardi, M. (2008). Wealth inequality: Data and models. Macroeconomic Dynamics, 12(Suppl. 2), 285–313. https://doi.org/10.1017/S1365100507070150
12. Cengiz, O., & Manga, M. (2024). The influence of financial development on wealth inequality in capitalism: Fresh evidence from emerging countries. Croatian Economic Survey, 26(2), 5–39. https://doi.org/10.15179/ces.26.2.1
13. Chan, P., & Dalpozzo, E. (2025). Distribution of household wealth in line with national accounts: Methodology and results from the 2025 experimental data collection (OECD Statistics Working Paper No. 2025/04). OECD Publishing. https://doi.org/10.1787/65d3d98c-en
14. Chancel, L., Gómez-Carrera, R., Moshrif, R., & Piketty, T. (2025). World inequality report 2026. World Inequality Lab. https://wir2026.wid.world
15. Causa, O., Woloszko, N., & Leite, D. (2019). Housing, wealth accumulation and wealth distribution: Evidence and stylized facts. OECD Economics Department Working Papers, No. 1588.
16. Chudik, A. ve Pesaran, M. H. (2013). Large Panel Data Models with cross-sectional Dependence: A Survey. CESifo Working Paper Series, No. 4371.
17. De Vita, G., Luo, Y., Kyaw, K. S., & Li, K. (2024). The impact of debt on top wealth concentration. Journal of Economic Studies, 51(9), 338–357. https://doi.org/10.1108/JES-07-2024-0458
18. Doepke, M., & Schneider, M. (2006). Inflation and the redistribution of nominal wealth. Journal of Political Economy, 114(6), 1069-1097.
19. Eberhardt, M., & Bond, S. (2009). Cross-section dependence in nonstationary panel models: a novel estimator. Munich Personal RePEc Archive (MPRA Paper), No. 17692.
20. Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. The Stata Journal, 12(1), 61-71. Ederer, S., & Rehm, M. (2024). On the possibility of an ever-increasing wealth concentration: Pasinetti, dual, and anti-dual equilibria in a Post-Keynesian framework (FMM Working Paper No. 112). Macroeconomic Policy Institute (IMK) at the Hans-Böckler-Foundation. https://www.boeckler.de/de/fmm-working-paper-22457.htm
21. Epstein, G. (2002). Financialization, rentier interests, and central bank policy. Political Economy Research Institute, University of Massachusetts Amherst. https://peri.umass.edu/wp-content/uploads/joomla/images/publication/fin_Epstein.pdf
22. Eroğlu, E. (2014). Financialisation of capitalism: Expansion of indebtness from global level to household level in Turkey. Yönetim Bilimleri Dergisi, 12(24), 101–129
23. Eurofound. (2025). Unequal wealth: Exploring socioeconomic disparities across the EU. Publications Office of the European Union. https://doi.org/10.2806/1920909
24. Garbinti, B., Goupille-Lebret, J., & Piketty, T. (2021). Accounting for wealth-inequality dynamics: Methods, estimates, and simulations for France. Journal of the European Economic Association, 19(1), 620-663.
25. Godechot, O. (2016). Financialization is marketization! A study of the respective impacts of various dimensions of financialization on the increase in global inequality. Sociological Science, 3, 495–519. https://doi.org/10.15195/v3.a22
26. Greenwood, J., & Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5), 1076–1107.
27. Hein, E., & van Treeck, T. (2024). Financialisation and demand and growth regimes: A review of post-Keynesian contributions (ifso Working Paper No. 32). University of Duisburg-Essen, Institute for Socio-Economics
28. Hubmer, J., Krusell, P., & Smith, A. A., Jr. (2016). The historical evolution of the wealth distribution: A quantitative-theoretic investigation (Working Paper No. 23011). National Bureau of Economic Research. http://www.nber.org/papers/w23011
29. Isaac, A. G. (2021). Wealth inequality and the financial accumulation process. Eastern Economic Journal, 47, 430–448. https://doi.org/10.1057/s41302-021-00191-x.
30. Karwowski, E., Shabani, M., & Stockhammer, E. (2019). Dimensions and determinants of financialisation: Comparing OECD countries since 1997. New Political Economy. https://doi.org/10.1080/13563467.2019.1664446
31. Keynes, J. M. (1923). A Tract On Monetary Reform. Macmillan.
32. Knight Frank. (2026). The wealth report 2026: The global perspective on prime property and investment (20th ed.). https://www.knightfrank.com/research
33. Krippner, G. R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), 173–208. https://doi.org/10.1093/SER/mwi008
34. Kus, B. (2012). Financialisation and income inequality in OECD nations: 1995-2007. The Economic and Social Review, 43(4), 477–495.
35. Mankiw, N. G. (2015). Yes, r> g. So what? American Economic Review, 105(5), 43–47. https://doi.org/10.1257/aer.p20151059
36. Minsky, H. P. (1977). The financial instability hypothesis: An interpretation of Keynes and an alternative to "standard" theory. Challenge, 20(1), 20–27. https://www.jstor.org/stable/40719505
37. OECD (2026a). OECD National Accounts Statistics. https://data-explorer.oecd.org/vis?lc=en&df[ds]=DisseminateFinalDMZ&df[id]=DSD_NAMAIN10%40DF_TABLE6&df[ag]=OECD.SDD.NAD&df[vs]=2.0&dq=A.AUS...B1G..K...V..&lom=LASTNPERIODS&lo=5&to[TIME_PERIOD]=false&vw=tb (Erişim tarihi: 11.05.2026).
38. OECD (2026b). OECD National Accounts Statistics. https://www.oecd.org/en/data/indicators/household-debt.html (Erişim tarihi: 11.05.2026).
39. Osakwe, P. N., & Solleder, O. (2023). Wealth distribution, income inequality and financial inclusion: A panel data analysis (Working Paper No. 4). United Nations Conference on Trade and Development (UNCTAD)
40. Oxfam International. (2026). Resisting the rule of the rich: Protecting freedom from billionaire power. https://doi.org/10.21201/2025.000113
41. Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
42. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312.
43. Pesaran, M. H. (2015). Testing weak cross-sectional dependence in large panels. Econometric reviews, 34(6-10), 1089-1117.
44. Pesaran, M. H. (2021). General diagnostic tests for cross-sectional dependence in panels. Empirical Economics, 60(1), 13-50.
45. Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
46. Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
47. Pfeffer, F. T., & Waitkus, N. (2021). The wealth inequality of nations. American Sociological Review, 86(4), 567–602. https://doi.org/10.1177/00031224211027800
48. Piketty, T. (2014). Capital in the twenty-first century (A. Goldhammer, Çev.). The Belknap Press of Harvard University Press.
49. Russo, A. (2025, 3 Ekim). Inequality, financialization, and political disintegration (MPRA Paper No. 126357). Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/126357/
50. Shakhnov, K. (2020, 12 Mart). The allocation of talent: Finance versus entrepreneurship (Discussion Paper No. 04/20). University of Surrey, School of Economics.
51. Shin, H., & Lee, K. (2019). Impact of financialization and financial development on inequality: Panel cointegration results using OECD data. Asian Economic Papers, 18(1), 70–91. https://doi.org/10.1162/ASEP_a_00659
52. Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society, 311-323.
53. Szymborska, H. K. (2022). Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies. Journal of Post Keynesian Economics, 45(1), 24–72. https://doi.org/10.1080/01603477.2021.1969951
54. Tomaskovic-Devey, D., & Lin, K.-H. (2014). Financialization: Causes, inequality consequences, and policy implications. North Carolina Banking Institute, 18, 167-194.
55. UBS. (2025). Global Wealth Report 2025: Crafted wealth intelligence. UBS Switzerland AG. https://www.ubs.com/gwr
56. Walks, A. (2026). The unequal gains of housing financialization and crisis-response policies: Real estate appreciation and rising wealth inequality in Canada and Canada’s largest metropolitan areas 1999–2023. Housing Studies. https://doi.org/10.1080/02673037.2026.2656289
57. WID (2026). World Inequality Database. https://wid.world/ (Erişim tarihi: 11.05.2026).
58. Wolff, E. N. (2024). Inflation, Interest, and the Secular Rise in Wealth Inequality in the United States: Is the Fed Responsible?. Journal of Economic Issues, 58(1), 244-285.
59. World Bank (2026). World Development Indicators. https://databank.worldbank.org/source/world-development-indicators (Erişim tarihi: 11.05.2026)