FINANCIAL KUZNETS CURVE, GLOBALISATION AND INCOME DISTRIBUTION: THE ELEMENTS OF TRIPARTITE RELATIONSHIP

This paper reexamines the empirical validity of financial Kuznets hypothesis in terms of looking for functional income distribution and economic globalisation for OECD countries over the 1980-2017 period. In doing so, the current study applies the panel fixedeffects and the system-GMM approaches to show that the estimates are complemented with the traditional assumptions on the financial Kuznets hypothesis. From a functional income distribution perspective, the empirical findings highlight the importance of financial sector development in reducing the income distribution between labor and capital. Also, the paper then provides new evidence on economic globalisation dynamics in exacerbating a more uneven distribution of income. Finally, the empirical findings imply that if any economic unit opens its borders without developing its financial sector, the labor’s share accruing in national income would be narrowed on behalf of capital over time.

FİNANSAL KUZNETS EĞRİSİ, KÜRESELLEŞME VE GELİR DAĞILIMI: ÜÇ PARÇALI İLİŞKİNİN ÖĞELERİ

Bu çalışma, 1980-2017 döneminde OECD ülkeleri için fonksiyonel gelir dağılımı ve ekonomik küreselleşme açısından Finansal Kuznets hipotezinin ampirik geçerliliğini tekrar araştırmaktadır. Bu çerçevede mevcut çalışma, ampirik tahminlerinin, panel sabit etkiler ve sistem-GMM yaklaşımlarını Finansal Kuznets hipotezinin geleneksel varsayımları ile uyum içinde olduğunu göstermek adına uygulamaktadır. Fonksiyonel gelir dağılımı perspektifinden yola çıkarak ampirik bulgular emek ve sermaye arasındaki gelir farkını azaltmada finansal sektör gelişiminin önemine dikkat çekmektedir. Ayrıca çalışma eşit olmayan gelir dağılımını artırmada ekonomik küreselleşme dinamikleri ile ilgili yeni kanıtlar sunmaktadır. Son olarak, ampirik bulgular herhangi bir ekonomik birim finans sektörü gelişimini sağlamadan sınırlarını açarsa emeğin ulusal gelirden elde ettiği payın zaman içerisinde sermaye lehine daralacağını göstermektedir.

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