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Finansal Kuznets Eğrisi ve Ekonomik Küreselleşme İlişkisi Üzerine: OECD Ülkeleri İçin Gelir Eşitsizliği Temelli Bir Analiz

Year 2021, Volume: 17 Issue: 38, 5271 - 5303, 15.06.2021
https://doi.org/10.26466/opus.748836

Abstract

Bu çalışma 1990-2017 dönemi için 27 OECD ülkesi temelinde finansal Kuznets hipotezinin geçerliliğini gelir eşitsizliği ve ekonomik küreselleşme olgularına bağlı olarak araştırmaktadır. İlgili konunun incelenmesinin ardında yatan temel motivasyon ana akım literatürün tersine belirli iktisadi, sosyal ve toplumsal değişkenlerin varlığında ulaşılacak bulguların farklı bir temele sahip olduğunu göstermektir. Diğer bir ifadeyle, finansal gelişme ile gelir eşitsizliği arasında ters U-ilişkili finansal Kuznets hipotezinin geçerli olduğunu belirten geleneksel bakış açısının aksine elde edilen ampirik sonuçlar belirtilen hipotezin U-ilişkili bir yapıya sahip olduğunu göstermektedir. Panel sabit etkiler yöntemi ve iki aşamalı Sistem-GMM yaklaşımı çerçevesinde elde edilen modelleme sonuçları ekonomik gelişme süre-cinin ilk dönemlerinde finansal gelişme düzeyi artışının gelir eşitsizliğini azalttığını ancak ileri dönemlerde alt ve üst gelir gruplarında yer alan hanehalklarının elde ettikleri gelir payı aralığının gelir eşitsizliğinin artışını tetikleyerek arttığını belirtmektedir. Ayrıca ampirik bulgular ekonomik küreselleşmenin ana akım varsayımların aksine gelir eşitsizliğini artırdığını göstermektedir. Son olarak, mevcut çalışma gelir eşitsizliği üzerinde hem ekonomik küreselleşmenin hem de finansal gelişmenin bütünleşik etkisini araştırmak için yeni bir etkileşim değişkeni oluşturmaktadır. Belirtilen değişkene ait katsayılar finansal gelişmenin ekonomik küreselleşme ile sağlanmamasının ekonomik gelişmenin ileri dönem-lerinde gelir eşitsizliğini artıracağını göstermektedir. Bu nedenle hem ekonomik küreselleşme hem de finansal sektör gelişimi arasında gelirin bölüşümü açısından koşullu bir iliş-kinin var olduğu görülmektedir.

References

  • Aizenman, J., Jinjarak, Y. ve Park, D. (2015). Financial development and output growth in developing Asia and Latin America: A comparative sectoral analysis. NBER Working Paper 20917, National Bureau of Economic Research, Cambridge, Massachusetts.
  • Arellano, M. ve Bond, S. R. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M. ve Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Banerjee, A. V. ve Newman, A. F. (1993). Occupational choice and the process of development. Journal of Political Economy, 101, 274-298.
  • Blundell, R. ve Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bumann, S. ve Lensink, R. (2016). Capital account liberalization and income inequality. Journal of International Money and Finance, 61, 143-162.
  • Chinn, M. D. ve Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81, 163-192.
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E. ve Levine, R. (2012). Benchmarking financial development around the world. World Bank Policy Research Working Paper 6175, World Bank, Washington, DC.
  • de Haan, J. ve Sturm, J.-E. (2017). Finance and income inequality: A review and new evidence. European Journal of Political Economy, 50, 171-195.
  • de Haan, J., Pleninger, R. ve Sturm, J.-E. (2018). Does the impact of financial liberalization on income inequality depend on financial development? Some new evidence. Applied Economic Letters, 25, 313-316.
  • Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80, 549-560.
  • Galor, O. ve Zeira, J. (1993). Income distribution and macroeconomics. Review of Economic Studies, 60, 35-52.
  • Greenwood, J. ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98, 1076-1107.
  • Gygli, S., Haelg, F., Potrafke, N. ve Sturm, J-E. (2019). The KOF globalisation index – revisited. The Review of International Organizations, 14, 543-574.
  • Hansen, L. P. (1982). Large sample properties of generalized method of moments estimators. Econometrica, 50, 1029-1054.
  • Jauch, S. ve Watzka, S. (2016). Financial development and income inequality: A panel data approach. Empirical Economics, 51, 291-314.
  • Jaumotte, F., Lall, S. ve Papageorgiou, C. (2008). Rising income inequality: Technology, or trade and financial globalization? IMF Working Paper 08/185, International Monetary Fund.
  • Kappel, V. (2010). The effects of financial development on income inequality and poverty. CER-ETH Economics Working Paper Series 10/127, CER-ETH Center of Economic Research (CER-ETH) at ETH Zurich.
  • Nikoloski, Z. (2012). Financial sector development and inequality: Is there a financial Kuznets curve? Journal of International Development, 25, 897-911.
  • Rajan, R. G. (2010). Fault lines. Princeton: Princeton University Press.
  • 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.
  • Solt, F. (2016). The standardized world income inequality database. Social Science Quarterly, 97(5): 1267-1281.
  • Solt, F. (2020). Measuring income inequality across countries and over time: The standardized world income inequality database. Social Science Quarterly, 101(3): 1183-1199.
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF Working Paper 16/5, International Monetary Fund.
  • Tan, H. B. ve Law, S. H. (2012). Nonlinear dynamics of the finance-inequality nexus in developing countries. Journal of Economic Inequality, 10, 551-563.
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126, 25-51.

On the Relationship Between Financial Kuznets Hypothesis and Economic Globalization: An Income Inequality Based Analysis for OECD Countries

Year 2021, Volume: 17 Issue: 38, 5271 - 5303, 15.06.2021
https://doi.org/10.26466/opus.748836

Abstract

This study examines the validity of the financial Kuznets hypothesis based on income inequality and economic globalization for 27 OECD countries over the 1990-2017 period. The main motivation for doing this study is to show that the findings to be obtained in the pres-ence of certain economic, social, and common variables have a different basis, as opposed to the mainstream literature. In other words, in contrast to the traditional knowledge that the reverse U-related financial Kuznets hypothesis is valid between financial sector development and income inequality, the empirical results imply that the specified hypothesis has a U-related structure. In consideration of panel fixed-effects method and two-step system-GMM approach, the results of modeling structure indicate that the increase in the level of financial development reduces the income inequality in the early periods of the economic development process but the income share gaps of the households in the lower and upper-income groups increase in the later periods by stimulating an increase in income inequality. Moreover, the empirical findings show that unlike the mainstream assumptions about economic globalization, it increases income inequality. Finally, the study originates a new interaction variable to investigate the integrated effect of both economic globalization and financial development on income inequality. The coefficients of given variable indicate that the missing of providing financial development with economic globalization increases in-come inequality in the later periods of economic development. Therefore, it is observed that there a conditional relationship between economic globalization and financial sector development in terms of the income distribution.

References

  • Aizenman, J., Jinjarak, Y. ve Park, D. (2015). Financial development and output growth in developing Asia and Latin America: A comparative sectoral analysis. NBER Working Paper 20917, National Bureau of Economic Research, Cambridge, Massachusetts.
  • Arellano, M. ve Bond, S. R. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M. ve Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Banerjee, A. V. ve Newman, A. F. (1993). Occupational choice and the process of development. Journal of Political Economy, 101, 274-298.
  • Blundell, R. ve Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bumann, S. ve Lensink, R. (2016). Capital account liberalization and income inequality. Journal of International Money and Finance, 61, 143-162.
  • Chinn, M. D. ve Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81, 163-192.
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E. ve Levine, R. (2012). Benchmarking financial development around the world. World Bank Policy Research Working Paper 6175, World Bank, Washington, DC.
  • de Haan, J. ve Sturm, J.-E. (2017). Finance and income inequality: A review and new evidence. European Journal of Political Economy, 50, 171-195.
  • de Haan, J., Pleninger, R. ve Sturm, J.-E. (2018). Does the impact of financial liberalization on income inequality depend on financial development? Some new evidence. Applied Economic Letters, 25, 313-316.
  • Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80, 549-560.
  • Galor, O. ve Zeira, J. (1993). Income distribution and macroeconomics. Review of Economic Studies, 60, 35-52.
  • Greenwood, J. ve Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98, 1076-1107.
  • Gygli, S., Haelg, F., Potrafke, N. ve Sturm, J-E. (2019). The KOF globalisation index – revisited. The Review of International Organizations, 14, 543-574.
  • Hansen, L. P. (1982). Large sample properties of generalized method of moments estimators. Econometrica, 50, 1029-1054.
  • Jauch, S. ve Watzka, S. (2016). Financial development and income inequality: A panel data approach. Empirical Economics, 51, 291-314.
  • Jaumotte, F., Lall, S. ve Papageorgiou, C. (2008). Rising income inequality: Technology, or trade and financial globalization? IMF Working Paper 08/185, International Monetary Fund.
  • Kappel, V. (2010). The effects of financial development on income inequality and poverty. CER-ETH Economics Working Paper Series 10/127, CER-ETH Center of Economic Research (CER-ETH) at ETH Zurich.
  • Nikoloski, Z. (2012). Financial sector development and inequality: Is there a financial Kuznets curve? Journal of International Development, 25, 897-911.
  • Rajan, R. G. (2010). Fault lines. Princeton: Princeton University Press.
  • 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.
  • Solt, F. (2016). The standardized world income inequality database. Social Science Quarterly, 97(5): 1267-1281.
  • Solt, F. (2020). Measuring income inequality across countries and over time: The standardized world income inequality database. Social Science Quarterly, 101(3): 1183-1199.
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF Working Paper 16/5, International Monetary Fund.
  • Tan, H. B. ve Law, S. H. (2012). Nonlinear dynamics of the finance-inequality nexus in developing countries. Journal of Economic Inequality, 10, 551-563.
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126, 25-51.
There are 26 citations in total.

Details

Primary Language Turkish
Subjects Operation
Journal Section Articles
Authors

Onur Özdemir 0000-0002-3804-0062

Publication Date June 15, 2021
Acceptance Date March 11, 2021
Published in Issue Year 2021 Volume: 17 Issue: 38

Cite

APA Özdemir, O. (2021). Finansal Kuznets Eğrisi ve Ekonomik Küreselleşme İlişkisi Üzerine: OECD Ülkeleri İçin Gelir Eşitsizliği Temelli Bir Analiz. OPUS International Journal of Society Researches, 17(38), 5271-5303. https://doi.org/10.26466/opus.748836