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İkili Bankacılık Sisteminde İslami Bankacılık ve Ekonomik Büyüme

Year 2021, Volume: 8 Issue: 1, 183 - 196, 15.01.2021
https://doi.org/10.17541/optimum.821478

Abstract

Bu çalışma Türkiye’de İslami bankacılığın ekonomik büyüme üzerindeki etkilerini, geleneksel bankacılık ile karşılaştırarak belirlemeyi amaçlamaktadır. Bu çalışmada 2005Q4 ve 2018Q4 arası dönemi kapsayan çeyreklik verilerve Pesaran, Shin ve Smith (2001) tarafından geliştirilen Gecikmesi dağıtılmış Otoregresif Model (ARDL) kullanılmaktadır. ARDL modelinden elde edilen uzun dönem katsayı tahminlerine göre GSYH’nin geleneksel bankacılık kredilerine ve İslami bankacılık kredilerine göre esnekliği sırasıyla %0.106 ve %0.016’ya eşittir. Model tahminleri Türkiye’de geleneksel bankacılığın İslami bankacılığa göre ekonomik büyümeye daha fazla katkıda bulunduğunu onaylamaktadır. Ancak İslami bankacılık Türkiye’de hala finansal sistemin oldukça küçük bir parçasını oluşturmaktadır. Dolayısıyla daha fazla islami finansal aracın geliştirilmesi ve teşvik edilmesi, islami finansın finansal sistem içindeki payını artırırken islami finans ve ekonomik büyüme arasındaki ilişkiyi de güçlendirebilir.

References

  • Abduh, M., & Omar, M. A. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35-47.
  • Ali, M., & Azmi, W. (2017). Impact of Islamic banking on economic growth and volatility: evidence from the OIC Member Countries. In Islamic Banking (pp. 15-32). Palgrave Macmillan, Cham.
  • Atıcı, G. (2018). Islamic (Participation) banking and economic growth: empirical focus on Turkey. Asian Economic and Financial Review, 8(11), 1354-1364.
  • BDDK. (2020). Türkiye Bankacılık Sektörü Temel Göstergeleri, Mart 2020
  • Bilman, M. E. (2020). Türkiye’de islami bankacılık, finansal gelişme ve ekonomik büyüme arasındaki nedensellik ilişkilerinin doğrusal ve doğrusal olmayan yöntemlerle analizi. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(Temmuz 2020 (Özel Ek)), 353-369.
  • Boukhatem, J., & Moussa, F. B. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected MENA countries. Borsa Istanbul Review, 18(3), 231-247.
  • Bozkurt, M., Altıntaş, N., & Yardımcıoğlu, F. (2020). Katılım bankacılığı ve konvansiyonel bankacılığın ekonomik büyüme üzerindeki etkileri: türkiye üzerine bir inceleme. Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 6(1), 95-114.
  • ÇAKAR, R., GÜNGÖR, S., & KARAKAŞ, G. (2018). Türkiye’de geleneksel ve katilim bankalarinin toplam kredi hacimleriyle ekonomik büyüme arasindaki ilişkisi. İslam Ekonomisi ve Finansı Dergisi (İEFD), 4(1), 69-95.
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59-74.
  • Gurley J., & Shaw E. (1955). Financial aspect of economic development. American Economic Review, 45(4), 515-538.
  • Imam, P., & Kpodar, K. (2016). Islamic banking: Good for growth?. Economic Modelling, 59, 387-401. Jobarteh, M., & Ergec, E. H. (2017). Islamic finance development and economic growth: Empirical evidence from turkey. Turkish Journal of Islamic Economics, 4(1), 31-47.
  • Kalim, R., Mushtaq, A., & Arshed, N. (2016). Islamic banking and economic growth: Case of Pakistan. Islamic Banking and Finance Review, 3(1), 14-28.
  • Kandemir, T., Arifoğlu, A., & Canbaz, M. (2018). Sektörel krediler ve ekonomik büyüme arasındaki nedensellik ilişkisi: Türkiye katılım bankaları birliği. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2), 19-30.
  • Kassim, S. (2016). Islamic finance and economic growth: The Malaysian experience. Global Finance Journal, 30, 66-76.
  • Khaliq, A., & Thaker, H. M. T. (2017). Dynamic causal relationship between Islamic banking and economic growth: Malaysian evidence. European Journal of Islamic Finance, 8, 1-10.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
  • Koçak, E. (2018). İslami finans ve ekonomik büyüme: Türkiye üzerine ekonometrik bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (51), 67-91.
  • Lebdaoui, H., & Wild, J. (2016). Islamic banking presence and economic growth in Southeast Asia. International Journal of Islamic and Middle Eastern Finance and Management, 9(4), 551-569.
  • Levine, R. (1997). Financial sector development and economic growth. Journal of Economic Literature, 35(2).
  • Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
  • McKinnon, R. I. (1973). Money and capital in economic development (Washington, DC: Brookings Institution, 1973); and Edward S. Shaw. Financial Deepening in Economic Development.
  • Mensi, W., Hammoudeh, S., Tiwari, A. K., & Al-Yahyaee, K. H. (2020). Impact of Islamic banking development and major macroeconomic variables on economic growth for Islamic countries: Evidence from panel smooth transition models. Economic Systems, 44(1), 100739.
  • Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, XIV(2), 174–189
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Rajan, R., & Zingales, L. (1998). Financial development and growth. American Economic Review, 88(3), 559-586.
  • Robinson, J. (1952). The generalisation of the general theory, in the rate of interest, and other essays (2nd ed.). London: Macmillan.
  • Sassi, S., & Goaied, M. (2011). Financial development, Islamic banking and economic growth evidence from MENA region. International Journal of Business and Management Science, 4(2), 105.
  • Schumpeter, J. A. (1911). Theory of economic development: An inquiry into profits, capital, credit, interest and the business cycle. New Brunswick, USA: Transaction books
  • Shaw, E.S. (1973). Financial deepening in economic development. New York : Oxford University Press.
  • Tabash, M. I., & Dhankar, R. S. (2014). Islamic banking and economic growth: An empirical evidence from Qatar. Journal of Applied Economics and Business, 2(1), 51-67.
  • Thomson Reuters. (2018). Islamic Finance Development Report 2018: Building Momentum.
  • Tunay, K. B. (2016). İslami bankacilik ile ekonomik büyüme arasinda nedensellik iliskileri/Causality relations between islamic banking and economic growth. Yonetim ve Ekonomi, 23(2), 485.
  • Yüksel, S., & Canöz, İ. (2017). Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey. Ikonomika, 2(1), 93-102.
  • Yusof, R. M., & Bahlous, M. (2013). Islamic banking and economic growth in GCC & East Asia countries: A panel cointegration analysis. Journal of Islamic Accounting and Business Research, 4(2), 151-172.
  • Zirek, D., Boz, F. C., & Hassan, M. K. (2016). The Islamic banking and economic growth nexus: a panel VAR analysis for Organization of Islamic Cooperation (OIC) countries. Journal of Economic Cooperation and Development, 37(1), 69-100.

Islamic Banking and Economic Growth in the Dual Banking System

Year 2021, Volume: 8 Issue: 1, 183 - 196, 15.01.2021
https://doi.org/10.17541/optimum.821478

Abstract

This study aims to determine the effect of Islamic banking on economic growth in Turkey by comparing it with conventional banking. In the study, the quarterly time series covering the period 2005Q4 to 2018Q4 and the Autoregressive Distributed Lag Model (ARDL) developed by Pesaran, Shin and Smith (2001) are used. According to the estimated long-run coefficients from ARDL model, the elasticity of the GDP with respect to the conventional banking credit and Islamic banking credit is equal to 0.106 % and 0.016 %, respectively. The estimates of the model confirm that conventional banks provide more contribution than Islamic banks to economic growth in Turkey. However, Islamic banking has still a very small part of the financial system in Turkey.Therefore, the development and encouragementof more Islamic financial instruments can strengthen relationship between Islamic finance and economic growth while increasing the share of Islamic finance in the financial system.

References

  • Abduh, M., & Omar, M. A. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35-47.
  • Ali, M., & Azmi, W. (2017). Impact of Islamic banking on economic growth and volatility: evidence from the OIC Member Countries. In Islamic Banking (pp. 15-32). Palgrave Macmillan, Cham.
  • Atıcı, G. (2018). Islamic (Participation) banking and economic growth: empirical focus on Turkey. Asian Economic and Financial Review, 8(11), 1354-1364.
  • BDDK. (2020). Türkiye Bankacılık Sektörü Temel Göstergeleri, Mart 2020
  • Bilman, M. E. (2020). Türkiye’de islami bankacılık, finansal gelişme ve ekonomik büyüme arasındaki nedensellik ilişkilerinin doğrusal ve doğrusal olmayan yöntemlerle analizi. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(Temmuz 2020 (Özel Ek)), 353-369.
  • Boukhatem, J., & Moussa, F. B. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected MENA countries. Borsa Istanbul Review, 18(3), 231-247.
  • Bozkurt, M., Altıntaş, N., & Yardımcıoğlu, F. (2020). Katılım bankacılığı ve konvansiyonel bankacılığın ekonomik büyüme üzerindeki etkileri: türkiye üzerine bir inceleme. Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 6(1), 95-114.
  • ÇAKAR, R., GÜNGÖR, S., & KARAKAŞ, G. (2018). Türkiye’de geleneksel ve katilim bankalarinin toplam kredi hacimleriyle ekonomik büyüme arasindaki ilişkisi. İslam Ekonomisi ve Finansı Dergisi (İEFD), 4(1), 69-95.
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59-74.
  • Gurley J., & Shaw E. (1955). Financial aspect of economic development. American Economic Review, 45(4), 515-538.
  • Imam, P., & Kpodar, K. (2016). Islamic banking: Good for growth?. Economic Modelling, 59, 387-401. Jobarteh, M., & Ergec, E. H. (2017). Islamic finance development and economic growth: Empirical evidence from turkey. Turkish Journal of Islamic Economics, 4(1), 31-47.
  • Kalim, R., Mushtaq, A., & Arshed, N. (2016). Islamic banking and economic growth: Case of Pakistan. Islamic Banking and Finance Review, 3(1), 14-28.
  • Kandemir, T., Arifoğlu, A., & Canbaz, M. (2018). Sektörel krediler ve ekonomik büyüme arasındaki nedensellik ilişkisi: Türkiye katılım bankaları birliği. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2), 19-30.
  • Kassim, S. (2016). Islamic finance and economic growth: The Malaysian experience. Global Finance Journal, 30, 66-76.
  • Khaliq, A., & Thaker, H. M. T. (2017). Dynamic causal relationship between Islamic banking and economic growth: Malaysian evidence. European Journal of Islamic Finance, 8, 1-10.
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
  • Koçak, E. (2018). İslami finans ve ekonomik büyüme: Türkiye üzerine ekonometrik bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (51), 67-91.
  • Lebdaoui, H., & Wild, J. (2016). Islamic banking presence and economic growth in Southeast Asia. International Journal of Islamic and Middle Eastern Finance and Management, 9(4), 551-569.
  • Levine, R. (1997). Financial sector development and economic growth. Journal of Economic Literature, 35(2).
  • Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
  • McKinnon, R. I. (1973). Money and capital in economic development (Washington, DC: Brookings Institution, 1973); and Edward S. Shaw. Financial Deepening in Economic Development.
  • Mensi, W., Hammoudeh, S., Tiwari, A. K., & Al-Yahyaee, K. H. (2020). Impact of Islamic banking development and major macroeconomic variables on economic growth for Islamic countries: Evidence from panel smooth transition models. Economic Systems, 44(1), 100739.
  • Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, XIV(2), 174–189
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Rajan, R., & Zingales, L. (1998). Financial development and growth. American Economic Review, 88(3), 559-586.
  • Robinson, J. (1952). The generalisation of the general theory, in the rate of interest, and other essays (2nd ed.). London: Macmillan.
  • Sassi, S., & Goaied, M. (2011). Financial development, Islamic banking and economic growth evidence from MENA region. International Journal of Business and Management Science, 4(2), 105.
  • Schumpeter, J. A. (1911). Theory of economic development: An inquiry into profits, capital, credit, interest and the business cycle. New Brunswick, USA: Transaction books
  • Shaw, E.S. (1973). Financial deepening in economic development. New York : Oxford University Press.
  • Tabash, M. I., & Dhankar, R. S. (2014). Islamic banking and economic growth: An empirical evidence from Qatar. Journal of Applied Economics and Business, 2(1), 51-67.
  • Thomson Reuters. (2018). Islamic Finance Development Report 2018: Building Momentum.
  • Tunay, K. B. (2016). İslami bankacilik ile ekonomik büyüme arasinda nedensellik iliskileri/Causality relations between islamic banking and economic growth. Yonetim ve Ekonomi, 23(2), 485.
  • Yüksel, S., & Canöz, İ. (2017). Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey. Ikonomika, 2(1), 93-102.
  • Yusof, R. M., & Bahlous, M. (2013). Islamic banking and economic growth in GCC & East Asia countries: A panel cointegration analysis. Journal of Islamic Accounting and Business Research, 4(2), 151-172.
  • Zirek, D., Boz, F. C., & Hassan, M. K. (2016). The Islamic banking and economic growth nexus: a panel VAR analysis for Organization of Islamic Cooperation (OIC) countries. Journal of Economic Cooperation and Development, 37(1), 69-100.
There are 35 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Taner Sekmen 0000-0002-0363-3765

Publication Date January 15, 2021
Submission Date November 4, 2020
Published in Issue Year 2021 Volume: 8 Issue: 1

Cite

APA Sekmen, T. (2021). Islamic Banking and Economic Growth in the Dual Banking System. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, 8(1), 183-196. https://doi.org/10.17541/optimum.821478
AMA Sekmen T. Islamic Banking and Economic Growth in the Dual Banking System. OJEMS. January 2021;8(1):183-196. doi:10.17541/optimum.821478
Chicago Sekmen, Taner. “Islamic Banking and Economic Growth in the Dual Banking System”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi 8, no. 1 (January 2021): 183-96. https://doi.org/10.17541/optimum.821478.
EndNote Sekmen T (January 1, 2021) Islamic Banking and Economic Growth in the Dual Banking System. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 8 1 183–196.
IEEE T. Sekmen, “Islamic Banking and Economic Growth in the Dual Banking System”, OJEMS, vol. 8, no. 1, pp. 183–196, 2021, doi: 10.17541/optimum.821478.
ISNAD Sekmen, Taner. “Islamic Banking and Economic Growth in the Dual Banking System”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 8/1 (January 2021), 183-196. https://doi.org/10.17541/optimum.821478.
JAMA Sekmen T. Islamic Banking and Economic Growth in the Dual Banking System. OJEMS. 2021;8:183–196.
MLA Sekmen, Taner. “Islamic Banking and Economic Growth in the Dual Banking System”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, vol. 8, no. 1, 2021, pp. 183-96, doi:10.17541/optimum.821478.
Vancouver Sekmen T. Islamic Banking and Economic Growth in the Dual Banking System. OJEMS. 2021;8(1):183-96.

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