TÜRKİYE’DEKİ SUKUK İHRAÇLARI EKONOMİK BÜYÜMEYİ ETKİLİYOR MU?

Year 2023, Volume: 32 Issue: 3 - Cumhuriyetimiz 100 Yaşında Özel Sayısı, 152 - 166, 30.12.2023

Aydın Gürbüz Emre Tatlıyer Meltem Kılıç

https://doi.org/10.35379/cusosbil.1329519

Abstract

Bu çalışma, Türkiye’deki katılım bankaları ve devlet tarafından ihraç edilen sukuk/kira sertifikalarının ekonomik büyüme üzerindeki etkisini incelemektedir. Bu doğrultuda Johansen eşbütünleşme ve VECM Granger nedensellik testleri kullanılarak 2013Q1-2022Q4 dönemleri arası ekonometrik analize tabi tutulmuştur. Bulgularımız, sukuk ihracı ile ekonomik büyümenin uzun dönemde birlikte hareket ettiğini göstermektedir. Ardından, uzun dönem katsayı sonuçlarına göre katılım bankalarınca ihraç edilen sukukların ekonomik büyüme üzerindeki etkisi pozitif ve anlamlı bulunurken, devlet tarafından ihraç edilen sukukların ise ekonomik büyüme üzerinde anlamlı bir etkisine ulaşılamamıştır. Ayrıca, Granger nedensellik testi sonuçlarına göre GSYH’den katılım sukuk ihracına doğru tek yönlü nedensellik ilişkisinin olduğu tespit edilmiştir. Elde ettiğimiz sonuçlarımız gösteriyor ki, sukuk ihracı hem ekonomik büyümeye katkı sağlarken hem de ekonomik büyümeden istifade etmektedir.

Keywords

Katılım Bankası, Ekonomik Büyüme, İslami Finans, Sukuk

DOES THE SUKUK ISSUANCE IN TURKIYE IMPACT ON ECONOMIC GROWTH?

Abstract

This study examines the impact of sukuk issued by participation banks and the state on economic growth in Türkiye. In this direction, econometric analysis was conducted between 2013Q1-2022Q4 using Johansen cointegration and VECM Granger causality tests. Our findings show that sukuk issuance and economic growth move together in the long run. Subsequently, according to the long-term coefficient results, the effect of sukuk issued by participation banks on economic growth was found to be positive and significant, while the sukuk issued by the state did not have a significant effect on economic growth. In addition, according to the Granger causality test results, it was determined that there is a one-way causality relationship from GDP to participation banks’ sukuk issuance. Our results show that the issuance of sukuk both contributes to and benefits from economic growth.

Keywords

Sukuk, Participation Bank, Economic Growth, Islamic Finance

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