Özet:

The oil crisis, which exploded in 1974, has led to severe reductions in global investment and total demand. In order to tackle the consequences of this crisis, a new process in the global economy has been launched firstly under the leadership of developed countries such as the United States, Japan, Germany. In this process, when the headquarters of the neoliberal economic policies began to be felt, when economies opened and deregulation policies were implemented in labour, goods and capital markets, both the production of new goods and services and the financing of this new production process became a new agenda. This new process has begun to be managed in order to establish new economic unions. One of these new alliances is the BRICS countries. The process called “globalization” has also affected the financial markets. During this period, the variety of financial instruments increased, the use was widespread and the financial markets deepened. One of the major areas affected by the increasing impact on the global economy, the financial deepening, which has many economic aspects, from employment to payment balance, from monetary policies to financial policies, is the income distribution. The impact of the financial deepening on the income distribution has been reflected in the BRICS-T particular. Panel data analysis has been applied to our study and the economic data of the BRICS-T countries (Brazil, Russia, India, China, South Africa and Turkey) has been used. The time size of the study with the size of 6 units covers the period 1993-2015 and the data is yearly. According to the results of the econometric model, an increase of 1% in domestic loans from financial deepening indicators reduces the Gini rate by approximately 0.068%; an increase of 1% in stock exchange increases the Gini rate by approximately 0.011% and an increase of 1% in the financial system deposits increases the Gini rate by approximately 0.061%. That is, financial deepening affects the income distribution in a positive, in a negative way. Therefore, the study’s empirical findings in literature can be said to support both the Unfairness Suppressive Hypothesis and the Unfairness Extended Hypothesis.

Özet:

The Oil Crisis erupted in 1974 has caused severe contractions in global investment and aggregate demand. In order to combat the consequences of this crisis, a new process has been initiated in the global economy under the leadership of developed countries such as the USA, Japan and Germany. This process dominated by neo-liberal economic policies has included opening up economies to foreign markets, and initiating deregulation policies in domestic labour, goods and capital markets. Since then, the production of new goods and services and their financing has become a new global agenda. In order to manage this new process, new economic associations have started to be established. One of these new associations is the BRICS countries. This process, called “globalization”, has also affected financial markets. In this period, the types of financial instruments have increased, their usage has become widespread and financial markets have deepened. One of the most important areas affected by financial deepening, which has an increasing impact on the global economy, and has many economic impacts ranging from employment to balance of payments, from monetary policies to fiscal policies, is the distribution of income. In the present study, the effect of financial deepening on income distribution is examined for BRICS-T (Brazil, Russia, India, China, South Africa and Turkey). The study utilizes annual panel data for the period of 1993-2015. According to the results of the econometric analyses, an increase of 1% in domestic credits, which is one of the financial deepening indicators, decreases the Gini coefficient by about 0.068%, an increase of 1% in the stock exchange value increases the Gini coefficient by approximately 0.011%, and an increase of 1% in the financial system deposits increases the Gini coefficient by about 0.061%. In other words, financial deepening affects income distribution positively in one aspect and negatively in other. Therefore, it can be said that the empirical findings of the study support both the Inequality-Narrowing Hypothesis and the Inequality-Extending Hypothesis in the literature.

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