Kapitalizmin Finansallaşma Sürecinde Önemli Bir Sorun Olarak İşsizlik: Tartışma ve Analiz

Bu çalışmanın amacı, 1980’li yıllarla birlikte etkisini önemli ölçüde artıran finansallaşma olgusu ve işsizlik arasındaki ilişkinin belirlenmesidir. Bu çerçevede öncelikle finansallaşmanın hangi kanallar üzerinden işsizliği etkileyebileceği tartışmasına yer verilmiş ve iki değişken arasındaki potansiyel bağlantılar aydınlatılmaya çalışılmıştır. Bu bağlamda verisi elde edilen 9 gelişmiş OECD ülkesinin 1980-2015 dönemine ait yıllık verileri kullanılarak ampirik analiz gerçekleştirilmiştir. Ampirik analiz çerçevesinde öncelikle delta testi ile değişkenlerin eğim katsayısının homojenliği test edilmiş, sonrasında yatay kesit bağımlılık sınaması gerçekleştirilmiştir. Uygun birim kök testi ile serilerin durağanlık mertebesinin belirlenmesinin ardından Westerlund eşbütünleşme ve Dumitrescu ve Hurlin nedensellik analizleriyle değişkenler arasındaki uzun dönemli ilişki ve nedensellik araştırılmıştır. Elde edilen bulgulara göre, finansallaşma ve işsizlik oranı arasında uzun dönemli bir eşbütünleşme ilişkisi ve çift yönlü bir nedenselliğin olduğu tespit edilmiştir. Böylece finansal faaliyetlerin boyutu işsizliği, işsizlikteki değişimler de finansal kanallara olan bağımlılığı etkilemektedir.

Unemployment as a Significant Problem in the Process of Finance-dominated Capitalism: Debate and Analysis

This study aims at revealing the relationship between unemployment and the phenomenon of financialization which has significantly increased its impact of the 1980s. Within this framework, firstly, the ways which financialization may affect unemployment was discussed and the potential relationship between these two variables was tried to be elicited. In this context, the empirical analysis was conducted by using annual data, obtained confidently, for 1980-2015 period of nine developed OECD countries. Within the scope of the empirical analysis, the homogeneity of slope coefficient of the variables was tested on the basis of delta test, and then cross-sectional dependency test was carried out. After the determination of the order of stationarity of the series by employing unit root-test, the long-term relationship and the causality between the variables was investigated by Westerlund co-integration and Dumitrescu and Hurlin causality analyses. According to the results obtained, there is a long-term co-integration and bi-directional causality between financialization and unemployment. Thus, size of financial activity effects unemployment and changes in unemployment also effects the dependency on financial channels

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