Payment Systems and Financial Stability Relationship: The Case of G-20 Countries

Abstract

Both in the definitions of central banks regarding financial stability and in the literature, the "resilience of payment systems" is expressed as a component of "financial stability." Based on this, the study aims to determine whether there is a significant relationship between the resilience of payment systems and financial stability. In this regard, a Payment Systems Resilience Index (Index) was created using data from 17 countries, including Turkey, which are part of the G20 and also members of the Bank for International Settlements (BIS). The relationship between the "Index" and "Financial Stability" was tested using the Panel Ordinary Least Squares (OLS) model, in line with the dataset. It was found that the "Index" has a positive and statistically significant relationship with "Financial Stability," and there is a causal relationship from the resilience of payment systems to financial stability. Consequently, the results of our study clearly support the view in the literature and central bank definitions that the resilience of payment systems is a component of financial stability.

Keywords

• Payment Systems
• Financial Stability
• G-20
• CPMI
• IOSCO

Ödeme Sistemleri ve Finansal İstikrar İlişkisi: G-20 Ülkeleri Örneği

Abstract

Hem merkez bankalarının finansal istikrar tanımlarında hem de literatürde "ödeme sistemleri sağlamlığı", "finansal istikrar" için bir bileşen olarak ifade edilmektedir. Buradan hareketle, çalışmada ödeme sistemleri sağlamlığı ile finansal istikrar arasında anlamlı bir ilişki olup olmadığının tespiti amaçlanmıştır. Bu minvalde, ödeme sistemleri sağlamlığını temsil etmek üzere Türkiye'nin de içinde bulunduğu G20 ülkeleri arasında bulunan ve aynı zamanda Uluslararası Ödemeler Bankası'na (Bank for International Settlements-BIS) üye olan 17 ülke üzerinden Ödeme Sistemleri Sağlamlık Endeksi (Endeks) oluşturulmuştur. “Endeks”in "Finansal İstikrar" ile olan ilişkisi veri setine uygun olarak Panel Sıradan En Küçük Kareler (Panel Ordinary Least Squares-OLS) modeli ile test edilmiştir. “Endeks”in, "Finansal İstikrar" ile pozitif yönlü ve istatistiksel olarak anlamlı bir ilişki içinde olduğu, ödeme sistemleri sağlamlığından finansal istikrara doğru bir nedensellik ilişkisinin bulunduğu tespit edilmiştir. Netice itibarıyla, çalışmamızın sonuçları, ödeme sistemleri sağlamlığının literatür ve merkez bankası tanımlarında finansal istikrarın bir bileşeni olduğu yönündeki görüşleri açıkça desteklemektedir.

Keywords

• Ödeme Sistemleri
• Finansal İstikrar
• G-20
• CPMI
• IOSCO

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