Relationship between Financial Development and Income Inequality for Turkey and Selected Countries with Similar Economy
Zuleyha ARATa*, Adalet HAZARb ,Senol BABUSCUb
a Baskent University, Department of Banking and Finance, Social Sciences Institute, Turkey
b Baskent University, Department of International Finance and Banking, Faculty of Commercial Sciences, Turkey
|A B S T R A C T||A R T I C L E I N F O|
|Purpose: The study’s primary purpose is to investigate the validity of the Financial Kuznets Curve hypothesis for 15 selected upper and middle-income countries in terms of middle and upper-income group countries. In this context: Income inequality using annual data for the period 2002-2018 of 15 countries, including Turkey, Brazil, Belarus, Armenia, Ecuador, Colombia, Costa Rica, Dominican Republic, Georgia, Mexico, Kazakhstan, Paraguay, Peru, Russian Federation and Thailand.
Methodology: The relationship between income inequality and financial development was examined by panel data analysis. At the same time, as in similar studies in the literature, growth, inflation and foreign trade variables, which are among the main variables related to the subject, were also included in the research.
Findings: As a result of the findings, results were obtained that support the inverted-U hypothesis between income inequality and financial development.
Income Inequality, Financial Development, Panel Data Analysis, Financial Kuznets Curve, Income inequality
Received : 10.12.2021
Revised : 05.01.2022
Accepted : 21.03.2022
Cite Article (APA): ARAT Zuleyha, HAZAR Adalet and BABUSCU Senol. 2021. Relationship between Financial Development and Income Inequality for Turkey and Selected Countries with Similar Economy. The Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM).2021, Volume 9, Series 1, Pages 1-12