Cilt 67, Sayı 1, Sayfalar 57 - 116 2017-07-26

The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share
TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME

Doç.Dr. Halil TUNALI [1] , Yrd.Doç.Dr. Onur ÖZDEMİR [2]

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This study investigates the effects of financialization process of the Turkish economy on the labor’s share in the Gross Domestic Product (GDP) over the 1990-2011 period. It is seen that the capital was tended towards to financial realms due the negative effects of the financial sector on the real investments of Turkey, which was started to increase after 1990s. This change in the structure of accumulation was especially led to an increase in the unemployment level and thereby a decrease in the bargaining power of labors following the ongoing stagnation process in the real sector. While this case creates positive effects on the share of capital in the GDP, it also causes to a decrease of the labor’s share. This hypothesis, which is tested by the ordinary least square (OLS) method, proves that Turkey follows a very similar pattern in this direction over the 1990-2011 period. The empirical results show that there is a negative relationship between the labor’s share and the stock market turnover ratio, which is used as a financialization indicator. Furthermore, the real based variables that may create more employment and income seem to affect the labor’s share positively and significantly. Finally, while the increase in the unemployment rate in terms of the bargaining power variables diminishes the labor’s share, the increase in the unionization rate and the level of strikes increases the labor’s share in the GDP. 

Bu çalışma, 1990-2011 arası, Türkiye ekonomisinin finansallaşması sürecinin, Gayri Safi Yurt İçi Hasıla (GSYİH) içinde emek payı üzerindeki etkisini araştırmaktadır. Türkiye’nin 1990 sonrası yükselişe geçen finans sektörünün reel yatırımları olumsuz yönde etkilemesi sonucu sermayenin finansal alana yönlendiği görülmektedir. Birikimin yapısındaki bu değişim özellikle reel kesimde yaşanan durgunluk sonucunda işsizlikte artışa neden olmakta ve işçilerin pazarlık güçlerinde azalışı beraberinde getirmektedir. Bu durum sermayenin GSYİH içerisindeki payını arttırmakla beraber emek payını tam tersi şekilde azaltan bir etki yaratmaktadır. Sıradan En Küçük Kareler (SEKK) yöntemi ile test edilen bu hipotez, Türkiye’nin 1990-2011 arası tam da bu yönde bir seyir izlediğini kanıtlamaktadır. Sonuçlar göstermektedir ki, finansallaşma verisi olarak kullanılan “Hisse Senedi Devir Hızı Rasyosu” ile “Emek Payı” verisi arasında negatif bir ilişki vardır. Ayrıca, istihdam ve gelir yaratabilecek reel faktörlerin emek payını olumlu yönde ve anlamlı bir şekilde etkilediği görülmektedir. Son olarak, pazarlık gücü değişkenleri bakımından işsizlik oranındaki artış emek payını azaltırken, sendikalaşma oranı ve grev sayılarındaki yükseliş emek payını olumlu yönde etkileyerek GSYİH içinde arttırmaktadır. 

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Konular Ekonomi ve İşletme ,Sosyal Bilimler (Genel)
Dergi Bölümü Makaleler
Yazarlar

Yazar: Doç.Dr. Halil TUNALI
E-posta: htunali@istanbul.edu.tr
Kurum: İstanbul Üniversitesi, İktisat Fakültesi

Yazar: Yrd.Doç.Dr. Onur ÖZDEMİR
E-posta: onozdemir@gelisim.edu.tr
Kurum: İstanbul Gelişim Üniversitesi, Uluslararası Ticaret (İng.)

Bibtex @araştırma makalesi { iuifm331644, journal = {İstanbul Üniversitesi İktisat Fakültesi Mecmuası}, issn = {1304-0235}, address = {İstanbul Üniversitesi}, year = {2017}, volume = {67}, pages = {57 - 116}, doi = {10.26560/iuifm.331644}, title = {The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share}, language = {en}, key = {cite}, author = {ÖZDEMİR, Onur and TUNALI, Halil} } @araştırma makalesi { iuifm331644, journal = {İstanbul Üniversitesi İktisat Fakültesi Mecmuası}, issn = {1304-0235}, address = {İstanbul Üniversitesi}, year = {2017}, volume = {67}, pages = {57 - 116}, doi = {10.26560/iuifm.331644}, title = {TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME}, language = {tr}, key = {cite}, author = {ÖZDEMİR, Onur and TUNALI, Halil} }
APA TUNALI, H , ÖZDEMİR, O . (2017). The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 67 (1), 57-116. DOI: 10.26560/iuifm.331644
MLA TUNALI, H , ÖZDEMİR, O . "The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share". İstanbul Üniversitesi İktisat Fakültesi Mecmuası 67 (2017): 57-116 <http://dergipark.gov.tr/iuifm/issue/30663/331644>
Chicago TUNALI, H , ÖZDEMİR, O . "The Effects Of Financialization Process Of The Turkish Economy On The Labor’s Share". İstanbul Üniversitesi İktisat Fakültesi Mecmuası 67 (2017): 57-116
RIS TY - JOUR T1 - TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME AU - Doç.Dr. Halil TUNALI , Yrd.Doç.Dr. Onur ÖZDEMİR Y1 - 2017 PY - 2017 N1 - doi: 10.26560/iuifm.331644 DO - 10.26560/iuifm.331644 T2 - İstanbul Üniversitesi İktisat Fakültesi Mecmuası JF - Journal JO - JOR SP - 57 EP - 116 VL - 67 IS - 1 SN - 1304-0235- M3 - doi: 10.26560/iuifm.331644 UR - http://dx.doi.org/10.26560/iuifm.331644 Y2 - 2017 ER -
EndNote %0 İstanbul Üniversitesi İktisat Fakültesi Mecmuası TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME %A Doç.Dr. Halil TUNALI , Yrd.Doç.Dr. Onur ÖZDEMİR %T TÜRKİYE’DE FİNANSALLAŞMANIN EMEK PAYI ÜZERİNDEKİ ETKİSİ ÜSTÜNE BİR DENEME %D 2017 %J İstanbul Üniversitesi İktisat Fakültesi Mecmuası %P 1304-0235- %V 67 %N 1 %R doi: 10.26560/iuifm.331644 %U 10.26560/iuifm.331644