Finansal Gelişme ve Gelir Eşitsizliği: BRICS Ekonomileri İçin Dinamik Heterojen Bir Yaklaşım

Bahar Baysal Kar; Mikail Kar

doi:10.18037/ausbd.550242

Research Article

Finansal Gelişme ve Gelir Eşitsizliği: BRICS Ekonomileri İçin Dinamik Heterojen Bir Yaklaşım

Year 2019, Volume: 19 Issue: 1, 27 - 46, 21.03.2019

Bahar Baysal Kar , Mikail Kar

https://doi.org/10.18037/ausbd.550242

Cited By: 7

Abstract

Bu çalışmada, 1990-2014 dönemi boyunca BRICS ekonomilerinde finansal gelişmenin gelir eşitsizliği üzerindeki rolü araştırılmaktadır. İçselliği kontrol etmek için finansal gelişme göstergelerine ek olarak, kişi başına düşen reel GSYH’nın büyüme oranı, beşeri sermaye endeksi ve GSYH içerisinde modern sektörün payı araç değişkeni olarak kullanılmıştır ve gelir eşitsizliği gini katsayısı ile ölçülmüştür. Havuzlanmış ortalama grup (PMG) tahmincisine dayalı ampirik sonuçlar, bu yükselen ekonomilerde finansal gelişmenin düşük gelir gruplarına yarar sağlamadığını ileri süren, gelir eşitsizliğini arttırıcı hipotezi desteklemektedir. Diğer bir ifade ile ampirik bulgular finansal gelişmenin gelir eşitsizliğini uzun dönemde arttırdığını ortaya koymaktadır. Bu çalışmanın politika iması, bu ekonomilerde gelir eşitsizliği ile mücadele etmek için mevcut ekonomi politikalarının finansal erişimin öneminin farkına varması gerektiğidir.

Keywords

Finansal Gelişme, Gelir Eşitsizliği, BRICS

References

Adams, S., Klobodu, E.K.M. (2016). Financial Development, Control of Corruption and Income Inequality. International Review of Applied Economics, 30(6), 790-808.
Acemoğlu, D., Robinson, J. A. (2015). The Rise and Decline of General Laws of Capitalism. Journal of Economic Perspectives, 29(1), 3–28.
Ang, J. B. (2010). Finance and Inequality: The Case of India. Southern Economic Journal, 76(3), 738-761.
Aghion, P., Bolton, P. (1997). A Theory of Trickle-Down Growth and Development. The Review of Economic Studies, 64(2), 151-172.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. Third Edition, John Wiley &Sons: Chichester, England.
Banerjee, A.V., Newman, A. F. (1993). Occupational Choice and the Process of Development. Journal of Political Economy 101 (2), 274-298.
Bank of Russia (BOR) (2016) Guidelines for The Development of the Russian Financial Market in 2016-2018. https://www.cbr.ru/StaticHtml/File/12098/onrfr_2016-18_e.pdf.
Beck, T., Demirgüç-Kunt, A., Levine, R. (2007). Finance, Inequality and the Poor. Journal of Economic Growth, 12, 27–49.
Bittencourt, M. F. (2006). Financial Development: Brazil 1985-1999. Discussion Paper, No. 06/582, 1-24. https://econrsa.org/papers/w_papers/wp86.pdf.
Batuo, M. E., Guidi, F., Mlambo, K. (2010). Financial Development and Income Inequality: Evidence from African Countries, MPRA Paper, No.25658. https://mpra.ub.uni-muenchen.de/25658/1/MPRA_paper_25658.pdf.
Breitung, J. (2001). The Local Power of Some Unit Root Tests for Panel Data. Badi Baltagi, Thomas B. Fomby, R. Carter Hill (Ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics), in (Vol. 15, pp. 161–178). UK: Emerald Group Publishing Limited.
Chittedi, K. R. (2009). Global Stock Markets Development and Integration: With Special Reference to BRIC Countries. MPRA Paper, No. 18602, 1-20. https://mpra.ub.uni-muenchen.de/18602/1/MPRA_paper_18602.pdf.
Claessens, S., Perotti, E. (2007). Finance and Inequality: Channels and Evidence. Journal of Comparative Economics 35, 748–773.
Clarke, G., Xu, L. C., Zou, H. (2006). Finance and Income Inequality: What do the Data Tell Us?. Southern Economic Journal, 72, 578–96.
Feng, E. (2011). The End of Growth With Equity? Economic Growth And Income Inequality In East Asia. Asia Pacific Issues, East-West Center, No. 101, 1-8. https://www.brookings.edu/articles/theend-of-growth-with-equity-economic-growthand-income-inequality-in-east-asia/.
Galor, O., Zeira, J. (1993). Income Distribution and Macroeconomics. Review of Economic Studies, 60(1), 35-52.
Greenwood, J., Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income. Journal of Political Economy, 90 (5), 1076-1107.
Hamori, S., Hashiguchi, Y. (2012). The Effect of Financial Deepening on Inequality: Some International Evidence. Journal of Asian Economics, 23, 353–359.
Herzer, D.,Vollmer, S. (2012). Inequality and Growth: Evidence from Panel Cointegration. Journal of Economic Inequality 10 (4): 489–503.
Hodgson, G. M. (2015). Conceptualizing Capitalism: Institutions, Evolution, Future. London: The University of Chicago Press.
Im, K. S., Pesaran, M. H., Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 1, 53-74.
Jauch, S., Watzka, S. (2016). Financial Development and Income Inequality: A Panel Data Approach. Empirical Economics, 51(1), 291-314.
Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 25: 54-77.
Kim, D., Lin, S., (2011). Nonlinearity in the Financial Development-Income Inequality Nexus. Journal of Comparative Economics, 39 (3), 310-325.
Kuznets, S. (1955). Economic Growth and Income Inequality. American Economic Review, 45 (1), 1-28.
Law, S. H., Tan, H.B., Azman-Saini, W.N.W, (2014). Financial Development and Income Inequality at Different Levels of Institutional Quality. Journal Emerging Markets Finance and Trade , 50 (1), 21-33.
Levine, R., Loayza, N., Beck, T. (2000). Financial Intermediation and Growth: Causality and Causes. Journal of Monetary Economics, 46, 31-77.
Liang, Z. (2006). Financial Development and Income Distribution: A System GMM Panel Analysis with Application to Urban China. Journal of Economic Development, 34 (2), 1-21.
Ljungqvist, L. (1993). Economic Underdevelopment: The Case of a Missing Market for Human Capital. Journal of Development Economics, 40, 219-239.
Maddala, G.S., Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics. 61 (S1), special issue, 631- 652.
May, C., Nölke, A. (2014). Capitalism in Large Emerging Economies and the New Global Trade Order. David Desse (ed.) Handbook of the International Political Economy of Trade. Cheltenham: Edward Elgar.
McNally, C. A. (2013a). The Challenge of Refurbished State Capitalism: Implications for the Global Political Economic Order. Recht and Management, 6, 33-48. http://www.budrich-journals.de/index.php/dms/article/view/13109/11407.
McNally, C.A. (2013b). How Emerging Forms of Capitalism Are Changing the Global Economic Order. East-West Center, No.107, 1-8. https://www.eastwestcenter.org/sites/default/files/private/api107.pdf.
Mensi, W., Hammoudeh, S., Reboredo J. C., Nguyen, D. K. (2014). Do Global Factors Impact BRICS Stock Markets? A Quantile Regression Approach, Emerging Markets Review, 19, 1-17.
Novokmet, F., Piketty, T., Zucman G. (2017). From Soviets to Oligarchs: Inequality and Property in Russia 1905-2016. World Working Paper Series, No. 2017/09. http://piketty.pse.ens.fr/files/NPZ2017WIDworld.pdf.
Nölke, A., Claar, S. (2013). Varieties of Capitalism in Emerging Countries. Transformation, 81/82, 33-54.
Nölke, A., Vliegenthart, A. (2009). Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies is East Central Europe. World Politics, 61(4), 670-702.
O’ Neill, J. (2001). Building Better Global Economic BRICS. Goldman Sachs: http://www.goldmansachs.com/our-thinking/ archive/archive-pdfs/brics-book/brics-full-book.pdf.
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61 (Special Issue), 653-670.
Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with Application to the PPP Hypothesis. Econometric Theory, 20(3), 597-625.
Pesaran, M. H., Smith, R.P. (1995). Estimating Long-run Relationships From Dynamic Heterogeneous Panels. Journal of Econometrics, 68 (1): 79–113.
Pesaran, M. H., Shin, Y., Smith, R.P. (1997). Pooled Estimation of Long-Run Relationships in Dynamic Heterogeneous Panels: University of Cambridge, Department of Applied Economics.
Pesaran, M. H., Shin, Y., Smith, R.P. (1999) Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94 (446): 621–634.
Pradhan, R. P., Dasgupta, P., Bele, S. (2013). Finance, Development and Economic Growth in BRICS: A Panel Data Analysis. Journal of Quantitative Economics, 11, (1&2), 308-322.
Prasad, E. S. (2016). China`s Economy and Financial Markets: Reforms and Markets, U.S–China Economic and Security Review Commission, Hearing on China`s 13th Five Year Plan, 1-16. https://www.brookings.edu/wp-content/uploads/2016/07/USCESRCTestimony27Apr16.pdf.
Rajan, R. G., Zingales, L. (2003). Saving Capitalism From The Capitalist. New Jersey: Princeton University Press.
Schultz, T. W. (1961). Investment in Human Capital. The American Economic Review, 51 (1), 1. 1-17.
Sehrawat, M., Giri, A. (2015). Financial Development and Income Inequality in India: An Application of ARDL Approach. International Journal of Social Economics, 42 (1), 64-81.
Shah, A., Patnaik, I. (2011), India’s Financial Globalisation, IMF Working Paper, WP/11/7. https://www. imf.org/en/Publications/WP/Issues/2016/12/31/India-s-Financial-Globalisation-24558.
Solt, F. (2016). The Standardized World Income Inequality Database. Social Sciences Quarterly. 97(5), 1267-1281.
Stiglitz, J. E. (2012). The Price of Inequality: How Today’s Divided Society Endangers Our Future. USA:W.W. Norton&Company Inc.
Şenses, F., Öniş Z., Bakır, C. (2013). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen. İstanbul: İletişim Yayınları.
Ünay, S., Kayıkçı, F. (2013). Çok Kutuplu Küresel Ekonomik Düzen ve BRICS: Kriz Sonrası Sistematik Dönüşüm. Fikret Şenses, Ziya Öniş Ziya, Caner Bakır (Ed.). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen, içinde (s.259-283). İstanbul: İletişim Yayınları.
Wiltse, E.Ç. (2013). Küresel Ekonomik Kriz Sonrasında Yeni Dünya Düzeni: 2008 Krizi, Brezilya ve Yeni Sosyal Demokrat Kalkınmacı Model Tartışmaları. Fikret Şenses, Ziya Öniş Ziya, Caner Bakır (Ed.). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen, içinde (s.311-333), İstanbul: İletişim Yayınları.

Year 2019, Volume: 19 Issue: 1, 27 - 46, 21.03.2019

Bahar Baysal Kar , Mikail Kar

https://doi.org/10.18037/ausbd.550242

Cited By: 7

Abstract

References

Adams, S., Klobodu, E.K.M. (2016). Financial Development, Control of Corruption and Income Inequality. International Review of Applied Economics, 30(6), 790-808.
Acemoğlu, D., Robinson, J. A. (2015). The Rise and Decline of General Laws of Capitalism. Journal of Economic Perspectives, 29(1), 3–28.
Ang, J. B. (2010). Finance and Inequality: The Case of India. Southern Economic Journal, 76(3), 738-761.
Aghion, P., Bolton, P. (1997). A Theory of Trickle-Down Growth and Development. The Review of Economic Studies, 64(2), 151-172.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. Third Edition, John Wiley &Sons: Chichester, England.
Banerjee, A.V., Newman, A. F. (1993). Occupational Choice and the Process of Development. Journal of Political Economy 101 (2), 274-298.
Bank of Russia (BOR) (2016) Guidelines for The Development of the Russian Financial Market in 2016-2018. https://www.cbr.ru/StaticHtml/File/12098/onrfr_2016-18_e.pdf.
Beck, T., Demirgüç-Kunt, A., Levine, R. (2007). Finance, Inequality and the Poor. Journal of Economic Growth, 12, 27–49.
Bittencourt, M. F. (2006). Financial Development: Brazil 1985-1999. Discussion Paper, No. 06/582, 1-24. https://econrsa.org/papers/w_papers/wp86.pdf.
Batuo, M. E., Guidi, F., Mlambo, K. (2010). Financial Development and Income Inequality: Evidence from African Countries, MPRA Paper, No.25658. https://mpra.ub.uni-muenchen.de/25658/1/MPRA_paper_25658.pdf.
Breitung, J. (2001). The Local Power of Some Unit Root Tests for Panel Data. Badi Baltagi, Thomas B. Fomby, R. Carter Hill (Ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics), in (Vol. 15, pp. 161–178). UK: Emerald Group Publishing Limited.
Chittedi, K. R. (2009). Global Stock Markets Development and Integration: With Special Reference to BRIC Countries. MPRA Paper, No. 18602, 1-20. https://mpra.ub.uni-muenchen.de/18602/1/MPRA_paper_18602.pdf.
Claessens, S., Perotti, E. (2007). Finance and Inequality: Channels and Evidence. Journal of Comparative Economics 35, 748–773.
Clarke, G., Xu, L. C., Zou, H. (2006). Finance and Income Inequality: What do the Data Tell Us?. Southern Economic Journal, 72, 578–96.
Feng, E. (2011). The End of Growth With Equity? Economic Growth And Income Inequality In East Asia. Asia Pacific Issues, East-West Center, No. 101, 1-8. https://www.brookings.edu/articles/theend-of-growth-with-equity-economic-growthand-income-inequality-in-east-asia/.
Galor, O., Zeira, J. (1993). Income Distribution and Macroeconomics. Review of Economic Studies, 60(1), 35-52.
Greenwood, J., Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income. Journal of Political Economy, 90 (5), 1076-1107.
Hamori, S., Hashiguchi, Y. (2012). The Effect of Financial Deepening on Inequality: Some International Evidence. Journal of Asian Economics, 23, 353–359.
Herzer, D.,Vollmer, S. (2012). Inequality and Growth: Evidence from Panel Cointegration. Journal of Economic Inequality 10 (4): 489–503.
Hodgson, G. M. (2015). Conceptualizing Capitalism: Institutions, Evolution, Future. London: The University of Chicago Press.
Im, K. S., Pesaran, M. H., Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115, 1, 53-74.
Jauch, S., Watzka, S. (2016). Financial Development and Income Inequality: A Panel Data Approach. Empirical Economics, 51(1), 291-314.
Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics, 25: 54-77.
Kim, D., Lin, S., (2011). Nonlinearity in the Financial Development-Income Inequality Nexus. Journal of Comparative Economics, 39 (3), 310-325.
Kuznets, S. (1955). Economic Growth and Income Inequality. American Economic Review, 45 (1), 1-28.
Law, S. H., Tan, H.B., Azman-Saini, W.N.W, (2014). Financial Development and Income Inequality at Different Levels of Institutional Quality. Journal Emerging Markets Finance and Trade , 50 (1), 21-33.
Levine, R., Loayza, N., Beck, T. (2000). Financial Intermediation and Growth: Causality and Causes. Journal of Monetary Economics, 46, 31-77.
Liang, Z. (2006). Financial Development and Income Distribution: A System GMM Panel Analysis with Application to Urban China. Journal of Economic Development, 34 (2), 1-21.
Ljungqvist, L. (1993). Economic Underdevelopment: The Case of a Missing Market for Human Capital. Journal of Development Economics, 40, 219-239.
Maddala, G.S., Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics. 61 (S1), special issue, 631- 652.
May, C., Nölke, A. (2014). Capitalism in Large Emerging Economies and the New Global Trade Order. David Desse (ed.) Handbook of the International Political Economy of Trade. Cheltenham: Edward Elgar.
McNally, C. A. (2013a). The Challenge of Refurbished State Capitalism: Implications for the Global Political Economic Order. Recht and Management, 6, 33-48. http://www.budrich-journals.de/index.php/dms/article/view/13109/11407.
McNally, C.A. (2013b). How Emerging Forms of Capitalism Are Changing the Global Economic Order. East-West Center, No.107, 1-8. https://www.eastwestcenter.org/sites/default/files/private/api107.pdf.
Mensi, W., Hammoudeh, S., Reboredo J. C., Nguyen, D. K. (2014). Do Global Factors Impact BRICS Stock Markets? A Quantile Regression Approach, Emerging Markets Review, 19, 1-17.
Novokmet, F., Piketty, T., Zucman G. (2017). From Soviets to Oligarchs: Inequality and Property in Russia 1905-2016. World Working Paper Series, No. 2017/09. http://piketty.pse.ens.fr/files/NPZ2017WIDworld.pdf.
Nölke, A., Claar, S. (2013). Varieties of Capitalism in Emerging Countries. Transformation, 81/82, 33-54.
Nölke, A., Vliegenthart, A. (2009). Enlarging the Varieties of Capitalism: The Emergence of Dependent Market Economies is East Central Europe. World Politics, 61(4), 670-702.
O’ Neill, J. (2001). Building Better Global Economic BRICS. Goldman Sachs: http://www.goldmansachs.com/our-thinking/ archive/archive-pdfs/brics-book/brics-full-book.pdf.
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics, 61 (Special Issue), 653-670.
Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with Application to the PPP Hypothesis. Econometric Theory, 20(3), 597-625.
Pesaran, M. H., Smith, R.P. (1995). Estimating Long-run Relationships From Dynamic Heterogeneous Panels. Journal of Econometrics, 68 (1): 79–113.
Pesaran, M. H., Shin, Y., Smith, R.P. (1997). Pooled Estimation of Long-Run Relationships in Dynamic Heterogeneous Panels: University of Cambridge, Department of Applied Economics.
Pesaran, M. H., Shin, Y., Smith, R.P. (1999) Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94 (446): 621–634.
Pradhan, R. P., Dasgupta, P., Bele, S. (2013). Finance, Development and Economic Growth in BRICS: A Panel Data Analysis. Journal of Quantitative Economics, 11, (1&2), 308-322.
Prasad, E. S. (2016). China`s Economy and Financial Markets: Reforms and Markets, U.S–China Economic and Security Review Commission, Hearing on China`s 13th Five Year Plan, 1-16. https://www.brookings.edu/wp-content/uploads/2016/07/USCESRCTestimony27Apr16.pdf.
Rajan, R. G., Zingales, L. (2003). Saving Capitalism From The Capitalist. New Jersey: Princeton University Press.
Schultz, T. W. (1961). Investment in Human Capital. The American Economic Review, 51 (1), 1. 1-17.
Sehrawat, M., Giri, A. (2015). Financial Development and Income Inequality in India: An Application of ARDL Approach. International Journal of Social Economics, 42 (1), 64-81.
Shah, A., Patnaik, I. (2011), India’s Financial Globalisation, IMF Working Paper, WP/11/7. https://www. imf.org/en/Publications/WP/Issues/2016/12/31/India-s-Financial-Globalisation-24558.
Solt, F. (2016). The Standardized World Income Inequality Database. Social Sciences Quarterly. 97(5), 1267-1281.
Stiglitz, J. E. (2012). The Price of Inequality: How Today’s Divided Society Endangers Our Future. USA:W.W. Norton&Company Inc.
Şenses, F., Öniş Z., Bakır, C. (2013). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen. İstanbul: İletişim Yayınları.
Ünay, S., Kayıkçı, F. (2013). Çok Kutuplu Küresel Ekonomik Düzen ve BRICS: Kriz Sonrası Sistematik Dönüşüm. Fikret Şenses, Ziya Öniş Ziya, Caner Bakır (Ed.). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen, içinde (s.259-283). İstanbul: İletişim Yayınları.
Wiltse, E.Ç. (2013). Küresel Ekonomik Kriz Sonrasında Yeni Dünya Düzeni: 2008 Krizi, Brezilya ve Yeni Sosyal Demokrat Kalkınmacı Model Tartışmaları. Fikret Şenses, Ziya Öniş Ziya, Caner Bakır (Ed.). Ülke Deneyimleri Işığında Küresel Kriz ve Yeni Ekonomik Düzen, içinde (s.311-333), İstanbul: İletişim Yayınları.

There are 54 citations in total.

Details

Primary Language	Turkish
Journal Section	Articles
Authors	Bahar Baysal Kar Mikail Kar
Publication Date	March 21, 2019
Submission Date	March 13, 2018
Published in Issue	Year 2019 Volume: 19 Issue: 1

Cite

APA	Kar, B. B., & Kar, M. (2019). Finansal Gelişme ve Gelir Eşitsizliği: BRICS Ekonomileri İçin Dinamik Heterojen Bir Yaklaşım. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 19(1), 27-46. https://doi.org/10.18037/ausbd.550242