Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkileri: Finansal Kuznets Eğrisi Hipotezi Türkiye İçin Geçerli mi?

Finansal gelişme bireylerin finansal kaynaklara daha iyi bir şekilde erişmesini sağlamaktadır. Finansal kaynaklara erişimin artması ile beraber gelir düzeylerinde de artış yaşanmaktadır. Gelir düzeyindeki artışın bireyler arasında eşit olarak paylaştırılması önemli bir araştırma konusudur. Gelir dağılımındaki eşitsizlik genelde Gini katsayısı ile ölçülmektedir. Bu çalışma Türkiye’de 1987-2016 döneminde finansal gelişme, enflasyon, kentleşme, kişi başına düşen gayrisafi sabit sermaye stoku ve Gini katsayısı arasındaki ilişkileri Bayer-Hanck birleşik eş-bütünleşme testi, kanonik eş-bütünleşme regresyonu (CCR) ve tam değiştirilmiş en küçük kareler (FMOLS) tahmincileri ile incelemeyi amaçlamaktadır. Bayer-Hanck testinin sonuçları bu değişkenlerin eş-bütünleşik olduğunu göstermektedir. CCR ve FMOLS ile elde edilen uzun dönem katsayıları enflasyon ve sabit sermaye stokunun gelir dağılımındaki eşitsizliği arttırdığını, kentleşmenin ise bu eşitsizliği azalttığını belirtmektedir. Ayrıca finansal gelişmenin pozitif katsayısı ve finansal gelişmenin karesinin negatif olarak belirlenen katsayısı finansal Kuznets eğrisi hipotezinin geçerli olduğunu doğrulamaktadır.

Anahtar Kelimeler:

Gelir Eşitsizliği, Enflasyon, Kentleşme, Finansal Kuznets Eğrisi

The Effects of Financial Development on Income Inequality: Is the Financial Kuznets Curve Hypothesis is Valid for Turkey?

Financial development enables individuals to have better access to financial resources. As access to financial resources increases, income levels also increase. Equal distribution of the increase in income among individuals is an important research topic. Income inequality is generally measured by the gini coefficient. This paper aims to investigation of the relationship between financial development, inflation, urbanization, per capita gross fixed capital formation and Gini coefficient in case of Turkey, using Bayer-Hanck combined cointegration test, canonical cointegrating regression (CCR) and fully modified least square (FMOLS) estimators covering the period of 1987-2016. The results from the Bayer-Hanck test revealed that these variables are cointegrated. The estimated long-term coefficients obtained by the CCR and FMOLS show that inflation and gross fixed capital formation increases income inequality, whereas urbanization decreases this inequality in the long-term. In addition, the positive coefficient of financial development and the negative coefficient of the square of financial development confirm that the financial Kuznets curve hypothesis is valid for Turkey.

Keywords:

Income Inequality, Inflation, Urbanization, Financial Kuznets Curve,

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