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Ticari Açıklık, Finansal Gelişme ve Ekonomik Büyüme ile Gelir Dağılımı Adaletsizliği İlişkisi: Kuznets ve Finansal Kuznets Hipotezi ile Stolper-Samuelson Hipotezinin Testi

Year 2024, Volume: 11 Issue: 1, 1 - 18, 16.02.2024
https://doi.org/10.26650/JEPR1299562

Abstract

Bu çalışmada, iktisat literatüründe önemli bir yere sahip olan Kuznets ve Finansal Kuznets ve Stolper-Samuelson hipotezleri kapsamında, ekonomik büyüme, finansal gelişme ve ticari açıklık ile gelir dağılımı eşitsizliği arasındaki ilişkinin farklı gelişmişlik seviyelerine sahip ülke ekonomileri için araştırılması ve ifade edilen hipotezlerin test edilmesi amaçlanmıştır. Buna göre 2002-2019 dönemi için gelişmekte olan 19 ülke ekonomisi ve gelişmiş 22 ülke ekonomisi için ticari açıklık, finansal gelişme ve ekonomik büyüme ile gelir dağılımı adaletsizliği arasındaki ilişki panel veri analiziyle araştırılmıştır. Analiz sonuçlarına göre 19 gelişmekte olan ülkede ticari açıklık %1 arttığında gelir dağılımı adaletsizliğini temsilen modelde kullanılan gini endeksi %0.13; finansal gelişmişlik %1 arttığında gini endeksi %0.27; ekonomik büyüme %1 arttığında ise gini endeksi %0.08 oranında artmaktadır. 22 gelişmiş ülkede ise ticari açıklık %1 arttığında gini endeksi %0.02; finansal gelişme %1 arttığında gini endeksi %0.05 azalmakta ve ekonomik büyüme %1 arttığında gini endeksi %0.001 oranında artmaktadır. Bu sonuçlar belirli bir gelişmişlik seviyesine kadar ekonomik büyüme ve finansal gelişmedeki artışların gelir dağılımı adaletsizliğini arttırdığını fakat belirli bir gelişmişlik seviyesinden sonra bu artışların gelir dağılımı adaletsizliğini azalttığını ifade eden Kuznets ve Finansal Kuznets hipotezlerini doğrular niteliktedir. Fakat çalışmada varılan sonuçlar, gelişmiş ülkeler için Stolper-Samuelson hipotezini doğrulamasına rağmen gelişmekte olan ülkeler için Stolper-Samuelson hipotezi için uyuşmayan bulgular içermektedir.

Jel Sınıflaması: C12, C23, E10

References

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  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, 45, 1-28. google scholar
  • List, J. A. & Gallet, C. A. (1999). The Kuznets Curve: What Happens After the Inverted-U?. Review of development economics, 3(2), 200-206. google scholar
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  • http://www.accessecon.com (Er. Tar: 04.08.2022). google scholar
  • Matyas, L., Konya L. & Macquarie L. (1998). The Kuznets U-curve hypothesis: some panel data evidence. Applied Economics Letters, 5(11), 693-697. google scholar
  • Nikoloski, Z. (2013). Financial Sector Development and Inequality: Is There A Financial Kuznets Curve?. Journal of International Development, 25, 897- 911 google scholar
  • Ogwang, T. (1995). The Economic Development-Income Inequality Nexus. American Journal of Economics and Sociology, 54(2), 217-229. google scholar
  • Papanek, G. F. & Kyn O. (1986). The effect on income distribution of development, the growth rate and economic strategy. Journal of Development Economics, 23(1), 55-65. google scholar
  • Park, D. & Shin, K. (2015). Economic Growth, Financial Development, and Income Inequality. Asian Development Bank Economics Working google scholar
  • Paper Series, (441). Economic Growth, Financial Development, and Income Inequality (adb.org) (Er. Tar: 02.08.2022). google scholar
  • Pata, U. K. (2020). Finansal Gelismenin Gelir Esitsizligi Uzerindeki Etkileri: Finansal Kuznets Egrisi Hipotezi Turkiye Icin Gecerli mi?. Ataturk Üniversitesi iktisadi ve Idari Bilimler Dergisi, 34(3), 809-828. google scholar
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  • 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. google scholar
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  • Xu, C., Han, M., Dossou, T.A.M. & Bekun, F.V. (2021). Trade openness, FDI, and income inequality: Evidence from Sub-Saharan Africa. African Development, 33(1), 193-203. https://doi.org/10.1111/1467-8268.12511 (Er. Tar: 02.08.2022). google scholar
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The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses

Year 2024, Volume: 11 Issue: 1, 1 - 18, 16.02.2024
https://doi.org/10.26650/JEPR1299562

Abstract

This study investigates the complexities of the Kuznets, Financial Kuznets, and Stolper-Samuelson hypotheses, all of which hold fundamental positions in the literature. The primary objective is to scrutinize the intricate interplay among economic growth, financial development, trade openness, and income distribution inequality across nations and characterized by varying developmental stages. This analytical framework seeks to empirically evaluate the aforementioned hypotheses, specifically within the context of diverse clusters of countries. In this vein, a comprehensive investigation of the nexus connecting economic growth, financial development, trade openness, and income distribution inequality unfolds across a dataset encompassing 19 developing economies and 22 developed counterparts over the 2002-2019 period. The empirical assessment has been accomplished through a panel data analysis. The empirical findings shed light on distinctive patterns in the relationship between the specified economic factors and income inequality for the two distinct groups of countries. These empirical insights strengthen the validity of both the Kuznets and financial Kuznets hypotheses. However, the outcomes also exhibit a nuanced complexion in relation to the Stolper-Samuelson hypothesis. While the empirical underpinning within developed countries aligns with the Stolper-Samuelson premise, the observed outcomes in developing nations diverge from the tenets of the Stolper-Samuelson hypothesis, thereby introducing a layer of complexity to the overall findings.

JEL Classification : C12 , C23 , E10

References

  • Abdioğlu, Z., Yamak, N. & Yamak, R. (2019). Türkiye’de gelir eşitsizligi ve ekonomik gelişme arasındaki uzun dönem ilişkisi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(3), 721-735. google scholar
  • Ahluwalia, M.S. (1976). Inequality, poverty and development. Journal of Development Economics, 3, 307-342. google scholar
  • Ahmed, A. & Masih M. (2017). What is the Link Between Financial Development and Income Inequality? Evidence from Malaysia. MPRA, No: 79416, 1-27 google scholar
  • Akbıyık, C. (2012). Cross-Country Evidence On Financial Development-Income Inequality Link. Yayınlanmamıs Yuksek Lisans Tezi, ODTU. google scholar
  • Altunöz, U. (2015). Kuznet Eğrisi Bağlamında Türkiye’de Finansal Gelişme ve Gelir Eşitsizliği İliskisinin Analizi. International Conference On Eurasian Economies Bildiriler Kitabı, 871-875. google scholar
  • Argun, A. I. (2006). Gelişmekte Olan Ülkelerde Finansal Gelişme ve Gelir Eşitsizliği, İstanbul Üniversitesi Sosyal Bilimler Dergisi, (2016/1), 61-74. google scholar
  • Barro, R. J. (2000). Inequality and Growth in a Panel of Countries. Journal of economic growth, 5(1): 5-32. google scholar
  • Batuo, M., Guidi, F. & Mlambo, K. (2010). Financial Development and Income Inequality: Evidence from African Countries. MPRA, 1-27. google scholar
  • Breush, 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. google scholar
  • Calderon, C. & Chong, A. (2001). External sector and income inequality in interdependent economies using a dynamic panel data approach. Economics Letters, 71(2), 225-231. https://doi.org/10.1016/S0165- 1765(01)00374-3 (Er. Tar: 25.09.2022). google scholar
  • Cengiz, V. & D. Sedanur (2023). Trade Openness, Financial Openness and Income Inequalty: Empirical Evidence for MIST Countries. International Journal of Economics, Business and Politics, 7(1), 16-27. google scholar
  • Clarke, G., Xu, L. C. & Zou H. (2003). Finance and Income Inequality Test of Alternative Theories. The World Bank Development Research Group Investment Climate, 1, 1-24. Finance and Income Inequality: Test of Alternative Theories (findevgateway.org) (Er. Tar: 02.09.2022). google scholar
  • Cakmak, A. I. & Tosun, B. (2017). Ekonomik buyume-gelir dagılımı iliskisi: Kuznets hipotezinin secilmis ulkeler uzerine arastırılması. Kosbed, 33, 33-44. google scholar
  • Deger, M. K. (2006). Ticari Liberalizasyon ve Gelir Dağılımı: Gelişmekte Olan Ülkeler Uzerine Bir Analiz. Ankara Üniversitesi SBF Dergisi, 61(2), 63-87. google scholar
  • Disbudak, C. Suslu B. (2009). Kalkinma Ve Bireysel Gelir Dagilimi: Kuznets Hipotezi Turkiye Icin Gecerli Mi?. Akdeniz University Faculty of Economics & Administrative Sciences Faculty Journal/Akdeniz Universitesi google scholar
  • Dorn, F., Fuest, C. & Potrafke, N. (2022). Trade openness and income inequality: New empirical evidence. Economic Inquiry, 60(1), 202-223. https://doi.org/10.1111/ecin.13018 (Er. Tar: 04.08.2022). google scholar
  • Dunya Bankası, 2021, https://datatopics.worldbank.org/world-development-indicators/the-world-by-income-and- region.html (Er. Tar: 26.08.2023). google scholar Eberhart, M. & Bond, S. R. (2009). Cross-sectional Dependence in Non-stationary Panel Models: A Novel Estimator. MPRA Paper, University Library of Munich, Germany. google scholar
  • Galor, O., & Zeira, J. (1993). Income Distribution and Macroeconomics. The Review of Economic Studies, 60(1), 35-52. google scholar
  • Gökalp, M. F., Baldemir, E. & Akgun, G. (2011). Tükiye Ekonomisinde Dışa Açılma ve Gelir Eşitsizlikleri İlişkisi. Yönetim ve Ekonomi, 18(1), 87-104. google scholar
  • Hepsag, A. (2017). Finansal Kuznets Egrisi Hipotezi: G-7 Ulkeleri Ornegi. Sosyal Guvenlik Dergisi, 7(2), 135-156. google scholar
  • Huang, H. C., Yi-Chen L. & Chih-Chuan Y. (2012). An appropriate test of the Kuznets hypothesis. Applied Economics Letters, 19(1), 47-51. google scholar
  • Jauch, S. & Watzka S. (2012). Finance and Income Inequality: A Panel Data Approach. 3687, Cesifo Working Papers, 1-47. Microsoft Word -JauchWatzka_Financial Development and Income Inequality_Aug2012_v10 (free.fr) (Er. Tar: 02.08.2022). google scholar
  • Jha, S. K. (1996). The Kuznets curve: A reassessment. World Development, 24(4), 773-780. google scholar
  • Kar, B. B. & Kar, M. (2019). Finansal Gelisme ve Gelir Esitsizligi: BRICS Ekonomileri Icin Dinamik Heterojen Bir Yaklasım. Anadolu Universitesi Sosyal Bilimler Dergisi, 19(1), 27-46. google scholar
  • Khan, I. & Nawaz, Z. (2019). Trade, FDI and Income Inequality: Empirical Evidence from CIS. International Journal of Development Issues, 18(1), 88-108. google scholar
  • Khan, I., Nawaz, Z. & Saeed, B. B. (2020). Does trade openness and FDI reduce inequality? Evidence from South Asia. International Journal of Finance & Economics, 1-12. google scholar
  • Kiatrungwilaikun, N. & Suriya, K. (2015). Rethinking inequality and growth: The Kuznets curve after the Millennium. International Journal of Intelligent Technologies and Applied Statistics, 8(2), 159-169. google scholar
  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, 45, 1-28. google scholar
  • List, J. A. & Gallet, C. A. (1999). The Kuznets Curve: What Happens After the Inverted-U?. Review of development economics, 3(2), 200-206. google scholar
  • Mahesh, M. (2016). The effects of trade openness on income inequality-evidence from BRIC countries. Economics Bulletin, 36(3), 1751-1761. google scholar
  • http://www.accessecon.com (Er. Tar: 04.08.2022). google scholar
  • Matyas, L., Konya L. & Macquarie L. (1998). The Kuznets U-curve hypothesis: some panel data evidence. Applied Economics Letters, 5(11), 693-697. google scholar
  • Nikoloski, Z. (2013). Financial Sector Development and Inequality: Is There A Financial Kuznets Curve?. Journal of International Development, 25, 897- 911 google scholar
  • Ogwang, T. (1995). The Economic Development-Income Inequality Nexus. American Journal of Economics and Sociology, 54(2), 217-229. google scholar
  • Papanek, G. F. & Kyn O. (1986). The effect on income distribution of development, the growth rate and economic strategy. Journal of Development Economics, 23(1), 55-65. google scholar
  • Park, D. & Shin, K. (2015). Economic Growth, Financial Development, and Income Inequality. Asian Development Bank Economics Working google scholar
  • Paper Series, (441). Economic Growth, Financial Development, and Income Inequality (adb.org) (Er. Tar: 02.08.2022). google scholar
  • Pata, U. K. (2020). Finansal Gelismenin Gelir Esitsizligi Uzerindeki Etkileri: Finansal Kuznets Egrisi Hipotezi Turkiye Icin Gecerli mi?. Ataturk Üniversitesi iktisadi ve Idari Bilimler Dergisi, 34(3), 809-828. google scholar
  • Paukert, F. (1973). Income Distribution at Different Levels of Development: A Survey of Evidence. International Labour Review 108, 97-125. google scholar
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper, No. 1229. google scholar
  • 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. google scholar
  • Thornton, J. (2001). The Kuznets inverted-U hypothesis: panel data evidence from 96 countries. Applied Economics Letters, 8(1), 15-16. google scholar Satti, S., Mahalik, M., Bhattacharya, M. & Shahbaz, M. (2015). Dynamics of Income Inequality, Finance and Trade in Kazakhstan: Empirical Evidence from a New Transition Economy with Policy Prescriptions. Monash Business School, 36(15), 1-40. google scholar
  • Sehrawat, M., & Giri, A. K. (2016). Financial development, povertyandrural-urban incomeinequality: evidencefrom South Asian countries. Quality&Quantity, 50(2), 577-590. google scholar
  • Shahbaz, M. & Islam, F. (2011). Financial Development and Income Inequality in Pakistan: An Application of ARDL Approach. MPRA, No: 28222, 1-20. google scholar
  • Spilimbergo, A., Londono, J. L. & Szekely, M. (1999). Income Distribution, Factor Endowments, and Trade Openness. Journal of Development Economics, 59, 77-101. google scholar
  • Stolper, W. & P. Samuelson (1941). Protection and Real Wages. The Review of Economic Studies, 9(1), 58-73 | 10.2307/2967638 (Er. Tar: 11.10.2022). google scholar
  • Sengur, M. (2020). Gelir esitsizligi ve ekonomik buyume iliskisi: Gecis ekonomileri uzerine panel veri analizi. Eskisehir Osmangazi Universitesi IIBF Dergisi, 15(1), 331-346. google scholar
  • Topuz, S. G. (2013). Finansal gelisme surecinde gelir esitsizligi: Bir panel veri analizi (Yayımlanmamıs Yuksek Lisans Tezi). Eskisehir Osmangazi Univeristesi, Sosyal Bilimler Enstitusu. google scholar
  • Topuz, S. G. & Dagdemir, O. (2016). Ekonomik buyume ve gelir esitsizligi iliskisi: Kuznets ters-u hipotezi’nin gecerliligi. Eskisehir Osmangazi Universitesi IIBF Dergisi, 11(13), 115-130. google scholar
  • Wang, M., Park, N. & Choi, C. H. (2020). The nexus between international trade, FDI and income inequality. Journal of Korea Trade, 24(4), 18-33. https://doi.org/10.35611/jkt.2020.24.4.18 (Er. Tar: 01.08.2022). google scholar
  • WB, (2022). World Bank Indicator, https://data.worldbank.org/, (Er. Tar: 12.08.2022). google scholar
  • Weil, D. (2016). Economic Growth. International Edition: Routledge google scholar
  • Westerlund, J. ve Edgerton D. L. (2007). A Panel Bootstrap Cointegration Test. Economics Letters, 97(3), 185-190. google scholar
  • Xu, C., Han, M., Dossou, T.A.M. & Bekun, F.V. (2021). Trade openness, FDI, and income inequality: Evidence from Sub-Saharan Africa. African Development, 33(1), 193-203. https://doi.org/10.1111/1467-8268.12511 (Er. Tar: 02.08.2022). google scholar
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  • Younsi, M. & Bechtini, M. (2018). Economic Growth, Financial Development and Income Inequality in BRICS Countries: Evidence from Panel Granger Causality Tests. MPRA, 1-15. google scholar
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There are 58 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section RESEARCH ARTICLE
Authors

İsmail Hakkı İşcan 0000-0003-2786-4928

Tuğba Demirel 0000-0003-2168-6497

Publication Date February 16, 2024
Submission Date May 19, 2023
Published in Issue Year 2024 Volume: 11 Issue: 1

Cite

APA İşcan, İ. H., & Demirel, T. (2024). The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses. İktisat Politikası Araştırmaları Dergisi, 11(1), 1-18. https://doi.org/10.26650/JEPR1299562
AMA İşcan İH, Demirel T. The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses. JEPR. February 2024;11(1):1-18. doi:10.26650/JEPR1299562
Chicago İşcan, İsmail Hakkı, and Tuğba Demirel. “The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses”. İktisat Politikası Araştırmaları Dergisi 11, no. 1 (February 2024): 1-18. https://doi.org/10.26650/JEPR1299562.
EndNote İşcan İH, Demirel T (February 1, 2024) The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses. İktisat Politikası Araştırmaları Dergisi 11 1 1–18.
IEEE İ. H. İşcan and T. Demirel, “The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses”, JEPR, vol. 11, no. 1, pp. 1–18, 2024, doi: 10.26650/JEPR1299562.
ISNAD İşcan, İsmail Hakkı - Demirel, Tuğba. “The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses”. İktisat Politikası Araştırmaları Dergisi 11/1 (February 2024), 1-18. https://doi.org/10.26650/JEPR1299562.
JAMA İşcan İH, Demirel T. The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses. JEPR. 2024;11:1–18.
MLA İşcan, İsmail Hakkı and Tuğba Demirel. “The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses”. İktisat Politikası Araştırmaları Dergisi, vol. 11, no. 1, 2024, pp. 1-18, doi:10.26650/JEPR1299562.
Vancouver İşcan İH, Demirel T. The Relationship Among Trade Openness, Financial Development and Economic Growth Indicators and Income Distribution Inequality: Testing the Kuznets, Financial Kuznets, and Stolper-Samuelson Hypotheses. JEPR. 2024;11(1):1-18.