Trade Openness, Financial Openness and Income Inequality: Empirical Evidence for MIST Countries/ Ticari Açıklık, Finansal Açıklık ve Gelir Eşitsizliği İlişkisi: MIST Ülkeleri için Ampirik Bulgular

1980'lerden sonra hem gelişmiş hem de gelişmekte olan ülkelerde gelir eşitsizliği belirgin bir artış göstermiştir. Gelir eşitsizliğindeki bu artışı çeşitli şekillerde açıklayan çalışmalar da bunun üzerine literatürdeki yerini almıştır. Bu çalışma sorunun ekonomik küreselleşme yönü üzerinde durmakta, uluslararası ticaret ve finans alanlarında serbestleştirme yönünde atılan adımların gelir eşitsizliğini nasıl etkilediğini incelemektedir. Literatürde birbiriyle çelişen bulguların olması nedeniyle küreselleşme ve eşitsizlik arasındaki bağlantının yönü ve boyutu hakkında belirsizlik büyük ölçüde devam etmektedir. Bu çalışma, MIST ülkeleri üzerine 1987-2019 dönemini kapsayan verilerle ampirik analiz yaparak literatüre katkıda bulunmayı amaçlamaktadır. Panel veri analizi yönteminin uygulandığı çalışmanın sonuçları, incelenen dönem içerisinde MIST ülkeleri için ticari ve finansal açıklığın gelir eşitsizliğini azaltan, doğrudan yabancı yatırımların ise gelir eşitsizliğini artıran unsurlar olduğunu göstermiştir. Sonuçlar ayrıca finansal açıklığın gelir eşitsizliği üzerindeki etkisinin ticari açıklığın etkisinden daha büyük olduğunu göstermektedir. Ayrıca kişi başına düşen gelirdeki büyüme oranının gelir eşitsizliği üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı tespit edilmiştir.

Anahtar Kelimeler:

Ticari Açıklık, Finansal Açıklık, Gelir Eşitsizliği, MIST Ülkeleri, Panel Veri Analizi

Trade Openness, Financial Openness and Income Inequality: Empirical Evidence for MIST Countries/ Ticari Açıklık, Finansal Açıklık ve Gelir Eşitsizliği İlişkisi: MIST Ülkeleri için Ampirik Bulgular

Since the 1980s, income inequality has increased significantly in developed and developing countries. The literature has also seen studies that attempt to explain this rising trend in income inequality. Some studies explaining the increase in income inequality in various ways have focused on economic globalization. Questions on how the steps taken towards liberalization in international trade and finance and increasing market integration affect income inequality have been at the center of the discussions in these studies. Uncertainty about the direction and extent of the link between globalization and inequality persists primarily because of the conflicting empirical findings in the literature. This study aims to contribute to the literature by conducting an empirical analysis of MIST countries with data covering 1987-2019. The study's findings, which used panel data analysis to assess the data, showed that while trade and financial openness reduce income inequality for MIST countries over the analyzed period, foreign direct investments do the opposite. The results also showed that the effect of financial openness on income inequality is greater than the effect of trade openness. It is also discovered that the rate of per capita income increase has no statistically significant impact on income inequality.

Keywords:

Trade Openness, Financial Openness, Income Inequality, MIST Countries, Panel Data Analysis,

PDF

___

Agusalim, L. and Pohan, F. S. (2018). Trade Openness Effect on Income Inequality: Empirical Evidence from Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 7 (1), 1-14.
Akbakay, Z. and Barak, D. (2020). Yükselen Piyasalarda Ekonomik Küreselleşme ve Gelir Eşitsizliği İlişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 16(1), 17-34.
Bahadır, B. and Dereli, B. E. (2021). Globalization and Income Inequality: Evidence from BRICS-T Countries. Econder International Academic Journal, 5(2), 189-203.
Baltagi, B.H. and Wu P.X. (1999). Unequally Spaced Panel Data Regressions with AR(1) Disturbances. Econometric Theory, 15(6), 814–823.
Beck, T. Kunt, A. D. and Levine, R. (2007). Finance Inequality and the Poor. Journal of Economic Growth, 12(1), 27-49.
Beji, S. (2019). Financial Openness and Income Inequality: Do Institutions matter for Africa?. Economics Bulletin, 39(1), 104-114.
Brady, D. Beckfield, J. and Seeleib-Kaiser, M. (2005). Economic Globalization and the Welfare State in Affluent Democracies 1975-2001. American Sociological Review, 70(6), 921-948.
Breusch, T. S. and Pagan, A. R. (1980). The Lagrange Multiplier test and its application to model specifications in econometrics. Review of Economic Studies. 47(1), 239–253.
Bumann, S. and Lensink, R. (2016). Capital account liberalization and income inequality. Journal of International Money and Finance, 61, 143-162.
Chinn, M.D. and Ito, H. (2006). What Matters for Financial Development? Capital Controls, Institutions, and Interactions. Journal of Development Economics, 81(1), 163-192.
Dabla-Norris, E. Kochhar, K., Suphaphiphat, N. Ricka, F. and Tsounta, E. (2015). Causes and Consequences of Income Inequality: A Global Perspective. IMF Staff Discussion Note, No: 15/13.
Delis, M.D. Hasan, I. and Kazakis, P. (2014). Bank Regulations and Income Inequality: Empirical Evidence. Review of Finance, 18(5), 1811-1846.
De Haan, J. and Sturm, J. (2017). Finance and income inequality: A review and new evidence. European Journal of Political Economy, 50, 171-195.
Dinler, Z. (2016). İktisada Giriş. Bursa: Ekin Yayınları.
Dollar, D. and Kraay, A. (2004). Trade Growth and Poverty. The Economic Journal, 114(493), 22-49.
Driscoll, J.C., and Kraay, A.C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. The Review of Economics and Statistics, 80(4), 549–560.
Faustino, H.C. and Vali, C. (2013). The Effects of Globalization and Economic Growth of Income Inequality: Evidence for 24 OECD Countries. Argumenta Oeconomica, 1(30), 13-31.
Friedman M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance. Journal of the American Statistical Association, 32(200), 675-701.
Gourdon, J. Maystre, N. and De Melo, J. (2008). Openness inequality and poverty: Endowments matter. The Journal of International Trade and Economic Development, 17(3), 343-378.
Gygli, S. Haelg, F. Potrafke, N. and Sturm, J. (2019). The KOF Globalisation Index Revisited. The Review of International Organisations, 14, 543-574.
Heimberger, P. (2019). Beinflusst die Ökonomische Globalisierung die Einkommensungleichheit? Eine Meta-Analyse. Wirtschaft und Gesellschaft, 45(4), 497-529.
ILO. (2008). World of Work Report 2008: Income Inequalities in the Age of Financial Globalization, Geneva: International Institute for Labour Studies. Jaumotte, F. Lall, S. and Papageorgiou, C. (2013). Rising Income Inequality: Technology, or Trade and Financial Globalization?. IMF Economic Review, 61(2), 271-309.
Levine, R. (2005). Finance and Growth: Theory and Evidence. P. Aghion and S.N. Durlauf (Ed.), Handbook of Economic Growth, Volume 1 A (s.865-934) içinde. North Holland.
Li, X. and Su, D. (2021). Does Capital Account Liberalization Affect Income Inequality?. Oxford Bulletin of Economics and Statistics, 83(2), 377-410.
Meschi, E. and Vivarelli, M. (2009). Trade and Income Inequality in Developing Countries. World Development, 7(2), 287-302.
Özdemir, M. Ç. (2017). Gelir Eşitsizliği Ölçüm Yöntemleri. E. İslamoğlu and M. Ç. Özdemir(Ed.), Gelir Dağılımı ve Yoksulluk (s. 78-110) içinde. Ankara: Seçkin Yayıncılık.
Öztürk, N. (2009). İktisatta Bölüşüm. Ankara: Palme Yayıncılık.
Perera, S. Siriwardana, M. and Mounter, S. (2014). Reducing poverty and income inequality in Sri Lanka: does trade liberalisation help?. Journal of the Asia Pacific Economy, 19(4), 629-655.
Solt, F. (2020). Measuring Income Inequality Across Countries and Over Time: The Standardized World Income Inequality Database. Social Science Quarterly, 101(3), 1183-1199.
Stolper, W.F. and Samuelson, P.A. (1941). Protection and Real Wages. The Review of Economic Studies, 9(1), 58-73.
Ullah, I. Tunio, F.H. Ulllah, Z. and Nabi, A.A. (2022). The Impact of Capital Account Openness on Income Inequality: Empirical Evidence from Asia. Journal of Asian Finance, Economics and Business, 9(2), 49-59.
Tatoğlu F Y. 2012. Panel Veri Ekonometrisi. İstanbul: Beta Yayınevi.
UNDP (United Nations Development Programme). (2013). Humanity Divided: Confronting Inequality in Developing Countries. Erişim adresi: https://www.undp.org/sites/g/files/zskgke326/files/publications/HumanityDivided_Full-Report.pdf.
Villaverde, J. and Maza, A. (2011). Globalisation Growth and Convergence. The World Economy, 34(6), 952-971.
World Bank (2022). World Development Indicators/ Data Bank. Erişim Adresi: https://databank.worldbank.org/source/world-development-indicators
Zakaria, M. and Fida, B.A. (2016). Trade openness and income inequality in China and the SAARC Region. Asian-Pacific Economic Literature, 30(2), 33-44.