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Financial Development, Technological Innovation and Income Inequality: Time Series Evidence from Turkey
Social Indicators Research ( IF 2.8 ) Pub Date : 2021-03-01 , DOI: 10.1007/s11205-021-02641-7
Murat Cetin , Harun Demir , Selin Saygin

The main aim of the study is to analyze the link between technological innovation and income inequality for Turkey in terms of financial Kuznets curve (FKC) hypothesis. The study uses time-series data from 1987 to 2018. We employ the Hatemi-J cointegration, ARDL bounds test and VECM Granger causality techniques to investigate the relations between the variables. We also employ the DOLS, FMOLS and CCR approaches to estimate the long-run parameters. The results reveal that the series are cointegrated under the structural breaks. The results also reveal that the FKC is valid for Turkish economy in the long run. Technological innovation positively affects income inequality while economic growth is negatively linked with income inequality. There exists a bi-directional causal linkage between financial development and income inequality. Technological innovation and income inequality cause each other. In addition, economic growth causes income inequality. Empirical results suggest a twofold policy implication: i) improvement of the financial system and ii) to eliminate the adverse effects of technological innovations on income distribution.



中文翻译:

金融发展,技术创新和收入不平等:来自土耳其的时间序列证据

该研究的主要目的是根据金融库兹涅茨曲线(FKC)假设分析土耳其的技术创新与收入不平等之间的联系。该研究使用了1987年至2018年的时间序列数据。我们采用了Hatemi-J协整,ARDL边界检验和VECM Granger因果关系技术来研究变量之间的关系。我们还采用了DOLS,FMOLS和CCR方法来估算长期参数。结果表明,该序列在结构断裂下是协整的。结果还显示,从长远来看,FKC对土耳其经济有效。技术创新对收入不平等产生积极影响,而经济增长与收入不平等存在负相关关系。金融发展与收入不平等之间存在双向因果关系。技术创新和收入不平等是相互影响的。此外,经济增长导致收入不平等。实证结果表明存在双重政策含义:i)改善金融体系,ii)消除技术创新对收入分配的不利影响。

更新日期:2021-03-01
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