abstract: '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.'
affiliation: 'Bukey, AM (Corresponding Author), Istanbul Univ, Dept Econ, Istanbul,
  Turkey.

  Bukey, Abdullah Mirac, Istanbul Univ, Dept Econ, Istanbul, Turkey.

  Akgul, Osman, Istanbul Univ, Dept Lab Econ \& Ind Relat, Istanbul, Turkey.'
author: Bukey, Abdullah Mirac and Akgul, Osman
author-email: 'abdullahmiracbukey1@istanbul.edu.tr

  osman.akgul@istanbul.edu.tr'
author_list:
- family: Bukey
  given: Abdullah Mirac
- family: Akgul
  given: Osman
da: '2023-09-28'
doi: 10.17233/sosyoekonomi.2021.01.15
files: []
issn: 1305-5577
journal: SOSYOEKONOMI
keywords: 'Financial Deepening; Financial Development; BRICS; BRICS-T; Turkey;

  Income Distribution; Panel Data Analysis'
keywords-plus: INEQUALITY
language: Turkish
month: JAN
number: '47'
number-of-cited-references: '45'
orcid-numbers: Bükey, Abdullah Miraç/0000-0002-5483-9077
pages: 301-318
papis_id: 01ad105b20465a9d3e00d4991effb322
ref: Bukey2021effectfinancial
researcherid-numbers: Bükey, Abdullah Miraç/AAT-3134-2020
times-cited: '0'
title: 'The Effect of Financial Deepening on Income Distribution: The Case of BRICS-T'
type: article
unique-id: WOS:000613906500015
usage-count-last-180-days: '1'
usage-count-since-2013: '2'
volume: '29'
web-of-science-categories: Economics
year: '2021'