THE FINANCIAL AND NON-FINANCIAL CONTRIBUTION OF BANKING SECTOR ON FOREIGN TRADE OF COUNTRIES: COINTEGRATION ANALYSIS AND TEB BUSINESS CASE

Year 2019, Volume: 8 Issue: 4, 247 - 258, 30.12.2019

Ebru Gul Yilmaz

Abstract

Purpose- Turkey, along with the economic decisions of January 24 in 1980, has begun to apply liberal trade policies. After 1980s foreign trade volumes and capital movements has begun to experience severe accelerations. The banking system has become the major mediator of this period. The banks have very important roles, such as brokering foreign trade transactions, following export commitments, allocating loans to exporters, opening letters of credit, informing companies of the legislative point of view as well as providing consultancy services; in other words, they continue to fulfill the functions that do not generate income by non-financial means. The aim of this research is to analyze the contribution of the banking system on foreign trade of the countries with the help of taking Türk Ekonomi Bankası (TEB) as a business case and search the cointegration between Eximbank loans (exports supporting product) and letter of credit and bank acceptance (imports supporting product) and volume of foreign trade for Turkey
Methodology- ARDL, FMOLS and DOLS methods for the period 2001-2018 are used for the empirical analysis, before cointegration analysis Zivot Adrews, ADF (Augmented Dickey Fuller), PP (Phillip Perron), KPSS are used as unit root tests, CUSUM and CUSUM square tests are used for determining the stability of the coefficients and taking Türk Ekonomi Bankası a business case for analyzing the non-financial contribution of the sector on foreign trade
Findings- It was concluded that a 1% increase in the credit volume in the long term caused an increase in the foreign trade volume between 0.88% and 95%.
Conclusion- It was concluded that a 1% increase in the credit volume in the long term caused an increase in the foreign trade volume between 0.88% and 95%. Especially result gained on empirical part of the paper shows us once again how important it is for banks, one of the most important actors in the financial systems of the countries, to continue their activities effectively.

Keywords

International trade, foreign trade, banking sector, cointegration, ARDL, FMOLS, DOLS

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