AZALAN EMEK PAYININ POTANSİYEL BELİRLEYİCİLERİNİN TARTIŞILMASI: OECD VE OECD-DIŞI ÜLKELER İÇİN BETİMSEL BİR ARAŞTIRMA
Pek
çok çalışma azalan emek gelir payının ardındaki nedenleri ampirik olarak analiz
etmiştir, ancak sadece birkaçı bütüncül ekonomik yapı durumunda ortak bir
açıklama bulmuştur. Bu çalışmada, emek gelir payını etkileyebilecek potansiyel belirleyicilerin
başlıca bağlantısı betimsel olarak incelenmektedir: bölüşüm/dağılım bağlantısı.
Bu bağlamda, çalışmanın temel özelliği öncelikli olarak ticaret rejiminin ve
finansal sektörün açıklık ölçütlerine odaklanmasıdır. Ayrıca, finansın kurumsal
yanı, hem piyasaların hem de kurumların finansal veri setlerinden oluşan
finansal gelişme endeksi yönünden çalışmaya dahil edilmektedir. Bu göstergeler
çalışmanın ana gövdesini oluştururken, diğer değişkenler de aynı zamanda
betimsel analize dahil edilmektedir. Dahası, bu stilize olguların bazıları, özellikle
IMF, Dünya Bankası ve Uluslararası Ödemeler Bankası gibi tanınmış kurumların
liberalleşme politikalarını uyguladıkları her bir örnek ülkeyi zaman içinde az
çok etkilemesi nedeniyle temel yapıya entegre edilmektedir. Bu makale,
bölüşümsel farklılaşmaların sadece tek bir değişkenin kısmi etkisine bağlı
kalmadığını, aynı zamanda birbirleriyle etkileşimlerine de bağlı olduğunu öne
sürmektedir. Bu nedenle, gelir dağılımının kapsamlı analizi, 1980’lerin
başlarında artmaya başlayan emeğin pazarlık gücündeki zayıflama kadar bazı
kritik öneme sahip belirleyenleri de dikkate almalıdır.
DISCUSSING THE POTENTIAL DETERMINANTS OF DECLINING LABOR’S SHARE: A DESCRIPTIVE RESEARCH FOR OECD AND NON-OECD COUNTRIES
Numerous studies have empirically analyzed the reasons
for the declining labor share of income, but only a few have found a common explanation in case of an aggregate
economic structure. In this study, a
major channel through which potential determinants may affect labor share of
income is descriptively examined: the distribution/allocation channel. In this
regard, the main feature of this study is to focus
primarily on openness measures of trade regime and the financial sector. In
addition, the institutional side of finance is included in the study in terms of financial development index comprising of
both markets and institutions dataset of finance. While these indicators
constitute the major body of the study, the other variables are added into the
descriptive analysis. Moreover, some of these stylized facts are integrated
into the basic framework as they, more or less, affect each sample country over
time, especially under the use of liberalization policies imposed by recognized
institutions such as IMF, World Bank, and Bank for International Settlements. This
article suggests that the distributional variances not only depend on partial effect of a single indicator but also on
their interactions with each other.
Therefore, the comprehensive analysis of income distribution should consider
the interaction terms of some crucial determinants as well as the weakened
bargaining power of workers which have started to exaggerate in the early
1980s.
___
- Acemoğlu, D. (2008). Introduction to Modern Economic Growth. Princeton University
Press.
- Ahsan, R. N., and Mitra, D. (2014). “Trade liberalization and labor’s slice of the pie:
Evidence from Indian firms”, Journal of Development Economics, Volume: 108, pp.
1-16.
- Alcala, F. and Ciccone, A. (2004). “Trade and Productivity”, The Quarterly Journal of
Economics, Volume: 119, No: 2, pp. 613-646.
- Arestis, P. and Caner, A. (2009). “Capital account liberalisation and poverty: how close
is the link?”, The Cambridge Journal of Economics, Volume: 34, No: 2, pp. 295-
323.
- Atiyas, I. (2009). “Recent Privatization Experience of Turkey: A Reappraisal”, Turkey
and the Global Economy: Neo-liberal Restructuring and Integration in the PostCrisis
Era, in Ziya Öniş and Fikret Şenses (eds.), pp. 101-123, London and New
York: Routledge.
- Azmat, G., Manning, A. and Reenen, J. V. (2012). “Privatization and the Decline of
Labour’s Share: International Evidence from Network Industries”, Economica,
Volume: 79, Issue: 315, pp. 470-492.
- Barro, R. and Sala-i Martin, J. X. (2003). Economic Growth. 2nd edition, The MIT Press.
Bentolila, S. and Saint-Paul, G. (2003). “Explaining Movements in the Labor Share”,
Contributions in Macroeconomics, Volume: 3, Issue: 1, ISSN (Online) 1534-6005.
- Blanchard, O. and Giavazzi, F. (2001). “Macroeconomic Effects of Regulation and
Deregulation in Goods and Labor Markets”, National Bureau of Economic
Research, NBER Working Paper Series No: 8120, February.
- Blaug, M. (1996). Economic Theory in Retrospect. 5th edition, Cambridge: Cambridge
University Press.
- Bluestone, B. (1995). “The Inequality Express”, The American Prospect, Winter.
Boggio, L., Dall’Aglio, V. and Magnani, M. (2010). “On Labour Shares in Recent
Decades: A Survey”, Rivista Internazionale di Scienze Sociali, Volume: 118, No:
3, pp. 283-333.
- Boulhol, H. (2009). “Do Capital Market and Trade Liberalization Trigger Labor Market
Deregulation?”, Journal of International Economics, Volume: 77, pp. 223-233.
- Cassette, A., Fleury, N. and Petit, S. (2012). “Income Inequalities and International Trade
in Goods and Services: short- and Long-run Evidence”, The International Trade
Journal, Volume: 26, Issue: 3, pp. 223-254.
- Chinn, M. D. and Ito, H. (2006). “What Matters for Financial Development? Capital
Controls, İnstitutions, and İnteractions”, Journal of Development Economics,
Volume: 81, Issue: 1, pp. 163-192.
- Chinn, M. D. and Ito, H. (2008). “A New Measure of Financial Openness”, Journal of
Comparative Policy Analysis: Research and Practice, Volume: 10, Issue: 3, pp.
309-322.
- Cho, T., Hwang, S. and Schreyer, P. (2017). “Has the Labour Share Declined?: It
Depends”, OECD Statistics Working Papers, 2017/01, OECD Publishing, Paris.
- Cobb, C. W. and Douglas, P. H. (1928). “A Theory of Production”, The American
Economic Review, Volume: 18, No: 1, Supplement, Papers and Proceedings of the
Fortieth Annual Meeting of the American Economic Association, pp. 139-165.
- Crinò, R. and Epifani, P. (2014). “Trade Imbalances, Export Structure and Wage
Inequality”, The Economic Journal, Volume: 124, Issue: 576, pp. 507-539.
- Daudey, E. and Garcia-Penalosa, C. (2007). “The personal and the Factor Distributions
of İncome in a Cross-Section of Countries”, The Journal of Development Studies,
Volume: 43, No: 5, pp. 812-829.
- Diwan, I. (2001). “Debt as Sweat: Labor, Financial Crises, and the Globalization of
Capital”, 1st Draft, Washington DC: The World Bank.
- Dollar, D. and Kraay, A. (2003). “Institutions, Trade, and Growth”, Journal of Monetary
Economics, Volume: 50, Issue: 1, pp. 133-162.
- Dumenil, G. and Lévy, D. (2001). “Costs and Benefits of Neoliberalism: A Class
Analysis”, Review of International Political Economy, Volume: 8, No: 4, pp. 578-
607.
- Dunning, J. H. (1998). Explaining International Production. London: Unwin Hyman.
- Dünhaupt, P. (2013). “Determinants of Functional Income Distribution: Theory and
Empirical Evidence”, International Labour Organization, Global Labour
University Working Paper No: 18, November.
- Edison, H. J., Klein, M., Ricci, L. and Sløk, T. (2002). “Capital Account Liberalization
and Economic Performance: Survey and Synthesis”, International Monetary Fund,
IMF Working Paper WP/02/120.
- Edwards, S. (1999). “How Effective are Capital Controls?”, The Journal of Economic
Perspectives, Volume: 13, No: 4, pp. 65-84.
- Edwards, S. (2001). “Capital Mobility and Economic Performance: Are Emerging
Economies Different?”, National Bureau of Economic Research, NBER Working
Paper No: 8076, January.
- Elsby, M. W. L, Hobijn, B. and Şahin, A. (2013). “The Decline of the U.S. Labor Share”,
Brookings Papers on Economic Activity, pp. 1-52.
- Epstein, G. (2005). Financialization and the World Economy. Gerald Epstein (ed.),
Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
- Esquivel, G. and Rodríguez-López, J. A. (2003). “Technology, Trade, and Wage
İnequality in Mexico Before and After NAFTA”, Journal of Development
Economics, Volume: 72, Issue: 2, pp. 543-565.
- European Commission (2007). “The Labour Income Share in the European Union”,
Employment in Europe, Chapter 5, pp. 237-272.
- Feenstra, R. C., Inklaar, R. and Timmer, M. P. (2015), “The Next Generation of the Penn
World Table”, American Economic Review, Volume: 105, No: 10, pp. 3150-3182.
- Ferreira, F. H. G., Leite, P. G. and Wai-Poi, M. (2007). “Trade Liberalization,
Employment Flows and Wage Inequality in Brazil”, World Bank, World Bank
Policy Research Working Paper 4108, January.
- Foster, J. B. (2006). “Monopoly-Finance Capital”, Monthly Review, Volume: 58, Issue:
07, December.
- Foster, J. B. (2007). “The Financialization of Capitalism”, Monthly Review, Volume: 58,
Issue: 11, April.
- Foster, J. B. (2008). “The Financialization of Capital and the Crisis”, Monthly Review,
Volume: 59, Issue: 11, April.
- Foster, J. B. (2010). “The Financialization of Accumulation”, Monthly Review, Volume:
62, Issue: 05, October.
- Foster, J. B. and McChesney, R. W. (2009). “Monopoly-Finance Capital and the Paradox
of Accumulation”, Monthly Review, Volume: 61, Issue: 05, October.
- Fülberth, G. (2011). Kapitalizmin Ksa Tarihi. 1st edition, Translated by Sadık Usta,
Istanbul: Yordam Book.
- Galiani, S. and Sanguinetti, P. (2003). “The İmpact of Trade Liberalization on Wage
İnequality: Evidence from Argentina”, Journal of Development Economics,
Volume: 72, Issue: 2, pp. 497-513.
- Ghazali, M. (2011). “Trade Liberalization, Rent Sharing and Wage Inequality in Tunisia,
1998-2002”, International Economics, Volume: 125, pp. 5-39.
- Goldberg, P. K. and Pavcnik, N. (2004). “Trade, Inequality, and Poverty: What Do We
Know? Evidence from Recent Trade Liberalization Episodes in Developing
Countries”, National Bureau of Economic Research, NBER Working Paper No:
10593, June.
- Gollin, D. (2002). “Getting Income Shares Right”, Journal of Political Economy,
Volume: 110, No: 2, pp. 458-474.
- Guerriero, M. (2012). “The Labour Share of Income around the World: Evidence from a
Panel Dataset”, Institute for Development Policy and Management (IDPM),
Development Economics and Public Policy Working Paper Series No: 32.
- Guscina, A. (2006). “Effects of Globalization on Labor’s Share in National Income”,
International Monetary Fund, IMF Working Paper WP/06/294.
- Harrison, A. (2005). “Has Globalization Eroded Labor’s Share? Some Cross-Country
Evidence”, Munich Personal RePEc Archive, MPRA Paper No: 39649, April.
- Heckscher, E. [1919] (1949). The Effect of Foreign Trade on the Distribution of Income.
Ekonomisk Tidskrift, pp. 497-512. Reprinted as Chapter 13 in A.E.A. (1949),
- Readings in the Theory of International Trade, pp. 272-300, Philadelphia: Blakiston
Co.
Herzer, D. (2013). “Cross-Country Heterogeneity and the Trade-Income Relationship”,
World Development, Volume: 44, pp. 194-211.
- Herzer, D. (2016). “Unions and Income Inequality: A Heterogeneous Panel Cointegration
and Causality Analysis”, Labour, Volume: 30, Issue: 3, pp. 318-346.
- ILO (2008). World of Work Report 2008: Income Inequalities in the Age of Financial
Globalization. Geneva: ILO.
- ILO (2011). World of Work Report 2011: Making Markets Work for Jobs. Geneva: ILO.
International Monetary Fund (2007). “The Globalization of Labor”, World Economic
Outlook, Chapter 5, April Washington D.C.: IMF.
- Jayadev, A. (2007). “Capital Account Openness and the Labour Share of İncome”,
Cambridge Journal of Economics, Volume: 31, Issue: 3, pp. 423-443.
- Jayadev, A. and Epstein, G. (2007). “The Correlates of Rentier Returns in OECD
Countries”, Political Economy Research Institute, Working Paper Series No: 123,
University of Massachusetts, Amherst.
- Jaumotte, F. and Tytell, I. (2007). “How Has the Globalization of Labor Affected the
Labor Income Share in Advanced Countries?”, International Monetary Fund, IMF
Working Paper WP/07/298.
- Jaumotte, F., Lall, S. and Papageorgiou, C. (2008). “Rising Income Inequality:
Technology, or Trade and Financial Globalization?”, International Monetary Fund,
IMF Working Paper WP/08/185.
- Kamal, F., Lovely, M. E. and Mitra, D. (2015). “Trade Liberalization and Labor Shares
in China”, mimeo, Syracuse University.
- Karabarbounis, L. and Neiman, B. (2013). “The Global Decline of the Labor Share”,
National Bureau of Economic Research, NBER Working Paper No: 19136, June.
- Kehoe, T. J., Gibson, M. J., Ruhl, K. J. and Bajona, C. (2008). “Trade Liberalization,
Growth, and Productivity”, Federal Reserve Bank of Minneapolis, Minneapolis:
University of Minnesota.
- Klein, M. and Olivei, G. (1999). “Capital Account Liberalization, Financial Depth, and
Economic Growth”, National Bureau of Economic Research, NBER Working
Paper No: 7384, October.
- Kose, M. A., Prasad, E. Rogoff, K. and Wei, S. J. (2006). “Financial Globalization: A
Reappraisal”, National Bureau of Economic Research, NBER Working Paper No:
12484, August.
- Kraay, A. (1998). “In Search of the Macroeconomic Effects of Capital Account
Liberalization”, The World Bank. Unpublished Paper (October).
- Krueger, A. B. (1999). “Measuring Labor’s Share”, National Bureau of Economic
Research, NBER Working Paper No: 7006, March.
- Lapavitsas, C. and Mendieta-Muñoz, I. (2016). “The Profits of Financialization”, Monthly
Review, Volume: 68, Issue: 03, July-August.
- Lee, K-k. and Jayadev, A. (2005). “Capital Account Liberalization, Growth and the Labor
Share of Income: Reviewing and Extending the Cross-country Evidence”, Capital
Flight and Capital Controls in Developing Countries, in Gerald Epstein (ed.), pp.
15-57, Chapter 2, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
- Limam, Y. R. and Miller, S. M. (2004). “Explaining Economic Growth: Factor
Accumulation, Total Factor Productivity Growth, and Product, on Efficiency
Improvement”, Working papers 2004-20, University of Connecticut, Department of
Economics.
- Macor, C. F., Perticarari, N. and Beltrán, C. (2011). “The Impact of International Trade
on Wage Inequality: Recent Evidence from Argentina”, Rev. De Economía Política
De Bs. As., Volume: 9, No: 10, pp. 145-179.
- McKinnon, R. I. (1973). Money and Capital in Economic Development. Washington: The
Brookings Institution.
- Meschi, E. and Vivarelli, M. (2009). “Trade and İncome İnequality in Developing
Countries”, World Development, Volume: 37, Issue: 2, pp. 287-302.
- Milanovic, B. and Squire, L. (2005). “Does Tariff Liberalization Increase Wage
Inequality? Some Empirical Evidence”, National Bureau of Economic Research,
NBER Working Paper No: 11046.
- Ohlin, B. (1933). Interregional and International Trade. Cambridge, Massachusetts and
London: Harvard University Press.
- Onaran, Ö. (2007). “Wage Share, Globalization, and Crisis: The Case of the
Manufacturing Industry in Korea, Mexico, and Turkey”, Political Economy
Research Institute, Working Paper Series No: 132, University of Massachusetts,
Amherst.
- Ortega, D. and Rodriguez, F. (2001). “Openness and Factor Shares”, mimeo, Office of
Economic and Financial Advisors, Venezuela.
- Otsubo, S. (1996). “Globalization: A New Role for Developing Countries in an
Integrating World”, The World Bank, Policy Research Working Paper No: 1628.
- Özdemir, O. (2017). Explaining the Labor Share of Income: A Synthetic Analysis with
Capital Account Openness and Financial Development, OECD and Non-OECD
Countries 1995-2015. Unpublished PhD Dissertation, Kadir Has University,
Department of Economics, May 2017.
- Pantuosco, L., Parker, D. and Stone, G. (2001). “The Effect of Unions on Labor Markets
and Economic Growth: An Analysis of State Data”, Journal of Labor Research,
22:1, pp. 195-205.
- Power, D., Epstein, G. and Abrena, M. (2003). “Trends in the Rentier Income Share in
OECD Countries, 1960-2000”, Political Economy Research Institute, Working
Paper Series No: 58a, University of Massachusetts, Amherst.
- Quinn, D. (1997). “The Correlates of Change in International Financial Regulation”, The
American Political Science Review, Volume: 91, No: 3, pp. 531-551.
- Rajan, R. S. (2003). “Financial Integration in ASEAN and Beyond: Implications for
Regional Monetary Integration” Presented at the ASEAN Roundtable 2003:
- “Roadmap to an ASEAN Economic Community”, Organized by the Institute of
Southeast Asian Studies (Singapore: August 20-21).
- Reinhart, C. M. and Reinhart, V. R. (2008). “Capital Flow Bonanzas: An Encompassing
View of the Past and Present”, National Bureau of Economic Research, NBER
Working Paper No: 14321, September.
- Rodrik, D. (1997). Has Globalization Gone too Far? Washington, D.C.: Institute for
International Economics.
- Rodrik, D. (1998). “Who Needs Capital-Account Convertibility?” Should the IMF Pursue
Capital-Account Convertibility?, in Peter B. Kenen (ed.), pp. 55-65, Essays in
International Finance No. 207, Princeton, N.J.: Princeton University Press.
- Rodrik, D. (2002). “Globalization for Whom?”, Harvard Magazine, pp. 29-31, JulyAugust.
- Rodrik, D., Subramanian, A. and Trebbi, F. (2002). “Institutions Rule: The Primacy of
Institutions over Geography and Integration in Economic Development”, National
Bureau of Economic Research, NBER Working Paper No: 9305, October.
- Rosenfeld, J. (2014). What Unions No Longer Do. Cambridge, Massachusetts and
London: Harvard University Press.
- Ryan, P. (1996). “Factor Shares and Inequality in the UK”, Oxford Review of Economic
Policy, Volume: 12, No: 1, pp. 106-126.
- Shaw, E. S. (1973). Financial Deepening in Economic Development. Oxford, New York:
Oxford University Press.
- Solow, R. M. (1957). “Technical Change and the Aggregate Production Function”, The
Review of Economics and Statistics, Volume: 39, No: 3, pp. 312-320.
- Stiglitz, J. E. (2013). The Price of Inequality. New York and London: W. W. Norton &
Company.
- Stockhammer, E. (2009). “Determinants of functional income distribution in OECD
countries”, Macroeconomic Policy Institute Studies, 5/2009, September.
- Stockhammer, E. (2010a). “Financialization and the Global Economy”, Political
Economy Research Institute, Working Paper Series No: 240, University of
Massachusetts, Amherst.
- Stockhammer, E. (2010b). “Neoliberalism, Income Distribution and the Causes of the
Crisis”, Research on Money and Finance, Discussion Paper No: 19.
- Sweezy, P. M. (1997). “More (or less) on Globalization”, Monthly Review, Volume: 49,
Issue: 4, September.
- Svirydzenka, K. (2016). “Introducing a New Broad-based Index of Financial
Development”, International Monetary Fund, IMF Working Paper WP/16/5,
January.
- Volscho, T. W. and Kelly, N. J. (2012). “The Rise of the Super-Rich: Power Resources,
Taxes, Financial Markets, and the Dynamics of the Top 1 Percent, 1949 to 2008”,
American Sociological Review, Volume: 77, Issue:5, pp. 679-699.
- Williamson, J. (1990). Latin American Adjustment: How Much Has Happened?
Washington, DC: Institute for International Economics.
- Williamson, J. (2002). “Did the Washington Consensus Fail?” Remarks to the Center for
Strategic and International Studies, Washington DC, November 6.
- Williamson, J. (2004-5). “The Strange History of the Washington Consensus.” Journal
of Post Keynesian Economics, Winter, Volume: 27, Issue: 2, pp. 195-206.
- Williamson, J. and Mahar, M. (1998). “A Survey of Financial Liberalization”, Essays in
International Finance, No. 211, International Finance Section, Department of
Economics, Princeton University, November.
- Wolff, E. N. and Zacharias, A. (2007). “Class Structure and Economic Inequality”, Levy
Economics Institute, Working Paper No: 487, January.
- Xu, Y. and Ouyang, A. Y. (2015). “China Wage İnequality: the Role of Trade and
Technology”, Applied Economics, Volume: 47, No: 47, pp. 5057-5071.
- Yankkaya, H. (2003). “Trade Openness and Economic Growth: a Cross-Country
Empirical İnvestigation”, Journal of Development Economics, Volume: 72, Issue:
1, pp. 57-89.
- Yeldan, E. (2009). The Economics of Growth and Distribution. 1st edition, Ankara:
Eflatun Publishing House.
- Young, A. (1995). The Tyranny of Numbers: Confronting the Statistical Realities of the
East Asian Growth Experience. Quarterly Journal of Economics, Volume: 110, pp.
641-680.