2023-09-28 14:46:10 +00:00
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abstract: 'The Oil Crisis erupted in 1974 has caused severe contractions in global
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investment and aggregate demand. In order to combat the consequences of
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this crisis, a new process has been initiated in the global economy
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under the leadership of developed countries such as the USA, Japan and
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Germany. This process dominated by neo-liberal economic policies has
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included opening up economies to foreign markets, and initiating
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deregulation policies in domestic labour, goods and capital markets.
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Since then, the production of new goods and services and their financing
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has become a new global agenda. In order to manage this new process, new
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economic associations have started to be established. One of these new
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associations is the BRICS countries. This process, called
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``globalization{''''}, has also affected financial markets. In this
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period, the types of financial instruments have increased, their usage
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has become widespread and financial markets have deepened. One of the
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most important areas affected by financial deepening, which has an
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increasing impact on the global economy, and has many economic impacts
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ranging from employment to balance of payments, from monetary policies
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to fiscal policies, is the distribution of income. In the present study,
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the effect of financial deepening on income distribution is examined for
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BRICS-T (Brazil, Russia, India, China, South Africa and Turkey). The
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study utilizes annual panel data for the period of 1993-2015. According
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to the results of the econometric analyses, an increase of 1\% in
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domestic credits, which is one of the financial deepening indicators,
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decreases the Gini coefficient by about 0.068\%, an increase of 1\% in
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the stock exchange value increases the Gini coefficient by approximately
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0.011\%, and an increase of 1\% in the financial system deposits
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increases the Gini coefficient by about 0.061\%. In other words,
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financial deepening affects income distribution positively in one aspect
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and negatively in other. Therefore, it can be said that the empirical
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findings of the study support both the Inequality-Narrowing Hypothesis
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and the Inequality-Extending Hypothesis in the literature.'
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affiliation: 'Bukey, AM (Corresponding Author), Istanbul Univ, Dept Econ, Istanbul,
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Turkey.
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Bukey, Abdullah Mirac, Istanbul Univ, Dept Econ, Istanbul, Turkey.
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Akgul, Osman, Istanbul Univ, Dept Lab Econ \& Ind Relat, Istanbul, Turkey.'
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author: Bukey, Abdullah Mirac and Akgul, Osman
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author-email: 'abdullahmiracbukey1@istanbul.edu.tr
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osman.akgul@istanbul.edu.tr'
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author_list:
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- family: Bukey
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given: Abdullah Mirac
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- family: Akgul
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given: Osman
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da: '2023-09-28'
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doi: 10.17233/sosyoekonomi.2021.01.15
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files: []
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issn: 1305-5577
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journal: SOSYOEKONOMI
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keywords: 'Financial Deepening; Financial Development; BRICS; BRICS-T; Turkey;
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Income Distribution; Panel Data Analysis'
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keywords-plus: INEQUALITY
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language: Turkish
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month: JAN
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number: '47'
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number-of-cited-references: '45'
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orcid-numbers: Bükey, Abdullah Miraç/0000-0002-5483-9077
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pages: 301-318
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papis_id: 01ad105b20465a9d3e00d4991effb322
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ref: Bukey2021effectfinancial
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researcherid-numbers: Bükey, Abdullah Miraç/AAT-3134-2020
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times-cited: '0'
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title: 'The Effect of Financial Deepening on Income Distribution: The Case of BRICS-T'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000613906500015
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usage-count-last-180-days: '1'
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usage-count-since-2013: '2'
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volume: '29'
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web-of-science-categories: Economics
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year: '2021'
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