Araştırma Makalesi
BibTex RIS Kaynak Göster

Do participation banks contribute to economic growth? Time-series evidence from Turkey

Yıl 2020, Cilt: 2020 Sayı: 42, 155 - 180, 30.10.2020

Ali Gökhan Yücel Ahmet Köseoğlu

https://doi.org/10.28949/bilimname.811760
Cited By: 5

Öz

One of the most important goals of developing nations is to achieve rapid economic growth. There is a consensus in the literature of economics that a well-developed financial sector will accelerate economic growth. However, few studies have examined the link between participation banks and economic growth. To contribute to the literature, this study aims to analyze the relationship between participation banks and economic growth for the case of Turkey. To reach this purpose, we established a neoclassical growth model by employing gross domestic product, total credits given by participation banks, gross fixed capital formation and the number of employed persons using time series data covering the period of 2005Q4-2020Q2. We conducted a battery of unit root tests, co-integration, and causality tests. The results reveal that there is a long run stable relationship among the variables. As for the long-run estimators, a 1% increase in gross fixed capital formation, employment and credits given by participation banks will lead to 0.715%, 0.422% and 0.021% increase in economic growth in Turkey. These findings suggest that participation banks, as well as capital and labor, have a statistically significant impact on the economic growth of Turkey. The causality test results show that there is a one-way causal relationship from participation banks’ funds to economic growth both in the short and long run but not vice versa. Two important policy implications emerge from this study. Firstly, participation banks may play an essential role in bringing idle funds to the banking system in Turkey. Therefore, participation banks should be seen as complementary to conventional banks rather than a substitute. Secondly, participation banks should diversify their products by introducing new financial products and services to unleash their untapped potential.

Anahtar Kelimeler

participation banks economic growth unit root structural break cointegration

Kaynakça

  • Abduh, M., & Azmi Omar, M. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35–47. https://doi.org/10.1108/17538391211216811
  • Abdul Manap, T. A., Abduh, M., & Omar, M. A. (2012). Islamic banking-growth nexus: Evidence from Toda-Yamamoto and bootstrap Granger causality test. Journal of Islamic Finance, 1(1), 59–66.
  • Aghion, P., Comin, D., Howitt, P., & Tecu, I. (2016). When does domestic savings matter for economic growth? IMF Economic Review, 64(3), 381–407. https://doi.org/10.1057/imfer.2015.41
  • Al-Oqool, M. A., Okab, R., & Bashayreh, M. (2014). Financial Islamic banking development and economic growth: A case study of Jordan. International Journal of Economics and Finance, 6(3), 72–79.
  • Bai, J., & Perron, P. (1998). Estimating and testing linear models with multiple structural changes. Econometrica, 66(1), 47-78. https://doi.org/10.2307/2998540
  • Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18(1), 1–22. https://doi.org/10.1002/jae.659
  • Carrion-i-Silvestre, J. L., Kim, D., & Perron, P. (2009). GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25(6), 1754–1792. https://doi.org/10.1017/S0266466609990326
  • Carrion-i-Silvestre, J. L., & Sansó, A. (2007). The KPSS test with two structural breaks. Spanish Economic Review, 9(2), 105–127. https://doi.org/10.1007/s10108-006-9017-8
  • Central Bank of the Republic of Turkey. (2018). Financial stability report (Vol 26), Retrieved May, 14, 2020 from https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Reports/Financial+Stability+Report/2018/Financial+Stability+Report+-+May+2018%2C+Volume+26
  • Çetin, G., Yıldırım, H. H., Koy, A., & Köksal, C. (2018). Defense expenditures and economic growth relationship: A panel data approach for NATO. In H. Dincer, Ü. Hacioglu, & S. Yüksel (Eds.), Contributions to Economics (pp. 131–149). Springer. https://doi.org/10.1007/978-3-319-78494-6_6
  • Cetin, M., Ecevit, E., & Yucel, A. G. (2018). Structural breaks, urbanization and co2 emissions: Evidence from Turkey. Journal of Applied Economics and Business Research, 8(2), 122–139.
  • Daly, S., & Frikha, M. (2016). Banks and economic growth in developing countries: What about Islamic banks? Cogent Economics & Finance, 4(1), 1168728. https://doi.org/10.1080/23322039.2016.1168728
  • Dar, H. (2013). Turkey’s potential role as a global leader in Islamic banking and finance, Afro Eurasian Studies, 2(1-2), 315-319.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072.
  • Ecevit, E., Yücel, A. G., & Yücel, Ö. (2016). Are some taxes better than others for economic growth? An ARDL approach for Turkey. The Empirical Economics Letters, 15(11), 1129–1136.
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836. https://doi.org/10.2307/2171846
  • Erdem, E., Koseoglu, A., & Yucel, A. G. (2016a). Testing the validity of the Feldstein-Horioka puzzle: New evidence from structural breaks for Turkey. Theoretical and Applied Economics, 23(2), 17–26.
  • Erdem, E., Yücel, A. G., & Köseoğlu, A. (2016b). Female labour force participation and economic growth: Theoretical and empirical evidence. The Empirical Economics Letters, 15(10), 985–991.
  • Ernst and Young. (2016). World Islamic banking competitiveness report 2016, Retrieved May, 24, 2020 from www.ey.com/Publication/vwLUAssets/ey-world-Islamic-banking-competitiveness-report-2016/$FILE/ey-world-islamic-banking-competitiveness-report-2016.pdf
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59–74.
  • Goaied, M., & Sassi, S. (2011). Financial development and economic growth in the MENA region: What about Islamic banking development. International Journal of Business and Management Science, 4(2), 105–128.
  • Granger, C. W. J., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111–120. https://doi.org/10.1016/0304-4076(74)90034-7
  • Gregory, A. W., Nason, J. M., & Watt, D. G. (1996). Testing for structural breaks in cointegrated relationships. Journal of Econometrics, 71(1–2), 321–341. https://doi.org/10.1016/0304-4076(96)84508-8
  • Gudarzi Farahani, Y., & Dastan, M. (2013). Analysis of Islamic banks’ financing and economic growth: A panel cointegration approach. International Journal of Islamic and Middle Eastern Finance and Management, 6(2), 156–172. https://doi.org/10.1108/17538391311329842
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447–456. https://doi.org/10.1007/s00181-011-0484-x
  • Islam, N. (1995). Growth empirics: A panel data approach. The Quarterly Journal of Economics, 110(4), 1127–1170.
  • 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.
  • Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration--with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210.
  • Kalayci, S., & Tekin, B. E. (2016). Interactions between economic growth, FDI and Islamic banking development in Turkey. International Journal of Business and Management, 11(8), 230-240.
  • Kapetanios, G. (2005). Unit-root testing against the alternative hypothesis of up to m structural breaks. Journal of Time Series Analysis, 26(1), 123–133. https://doi.org/10.1111/j.1467-9892.2005.00393.x
  • Kettell, B. (2011). Introduction to Islamic banking and finance. Wiley.
  • Koçak, E. (2018). İslami finans ve ekonomik büyüme: Türkiye üzerine ekonometrik bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 51, 67–91. https://doi.org/10.18070/erciyesiibd.440612
  • Köksal, C., Işik, M., & Katircioglu, S. (2020). The role of shadow economies in ecological footprint quality: empirical evidence from Turkey. Environmental Science and Pollution Research, 27(12), 13457–13466. https://doi.org/10.1007/s11356-020-07956-5
  • Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root. How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1–3), 159–178.
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85(4), 1082–1089. https://doi.org/10.1162/003465303772815961
  • Lee, J., & Strazicich, M. C. (2013). Minimum LM unit root test with one structural break. Economics Bulletin, 33(4), 2483–2492.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011–2015. https://doi.org/10.1016/j.econmod.2012.04.022
  • Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407–437.
  • Narayan, P. K., & Popp, S. (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425–1438. https://doi.org/10.1080/02664760903039883
  • Nelson, C. R., & Plosser, C. R. (1982). Trends and random walks in macroeconmic time series. Journal of Monetary Economics, 10(2), 139–162. https://doi.org/10.1016/0304-3932(82)90012-5
  • Ng, S., & Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519–1554. https://doi.org/10.1111/1468-0262.00256
  • Participation Banks Association of Turkey. (2020). Participation banks 2019. Retrieved May, 30, 2020 from https://www.tkbb.org.tr/Documents/Yonetmelikler/Participation-Banks-2019-Sector-Report-.pdf
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica, 57(6), 1361-1401. https://doi.org/10.2307/1913712
  • Perron, P., & Rodríguez, G. (2003). GLS detrending, efficient unit root tests and structural change. Journal of Econometrics, 115(1), 1–27. https://doi.org/10.1016/S0304-4076(03)00090-3
  • Stock, J. H. (1999). A class of tests for integration and cointegration. In R. Engle & H. White (Eds.), Cointegration, causality and forecasting: A festschrift for Clive W.J. Granger. (pp. 135–167). Oxford University Press.
  • Tabash, I. M., & Dhankar, S. R. (2013). An Empirical analysis of the flow of Islamic banking and economic growth in Bahrain. International Journal of Management Sciences and Business Research, 3(1), 96–103.
  • Westerlund, J., & Edgerton, D. L. (2006). New improved tests for cointegration with structural breaks. Journal of Time Series Analysis, 28(2), 188–224. https://doi.org/10.1111/j.1467-9892.2006.00504.x
  • Yucel, A. G. (2020). Are shocks to tourist arrivals permanent or transitory? A comprehensive analysis on the top 20 most-visited countries. Current Issues in Tourism, 1–18. https://doi.org/10.1080/13683500.2020.1828311.

Katılım bankaları ekonomik büyümeye katkı sağlıyor mu? Türkiye için zaman serisi analizi

Yıl 2020, Cilt: 2020 Sayı: 42, 155 - 180, 30.10.2020

Ali Gökhan Yücel Ahmet Köseoğlu

https://doi.org/10.28949/bilimname.811760
Cited By: 5

Öz

“Ribâ” kelimesi Arapça mastar olup, sözcüğün kökeninde “mutlak çoğalma” anlamı vardır. İslami terminolojide riba, çaba sarf edilmeden elde edilen kazanç anlamına gelir. Finansal işlemler söz konusu olduğunda Müslümanların temel sorumluluklarından biri, ribadan kaçınmaktır. Hz. Peygamber bir hadisi şerifinde şöyle buyurmuştur: “İnsanlar öyle bir devre ulaşacak ki, o zamanda riba yemeyen kalmayacak”. Bu hadisi şerif Müslümanları kişisel veya ticari işlemlerinde hangi finansal yöntemleri kullanacaklarına karar vermeden önce daha dikkatli olmaya çağırmaktadır (Kettell, 2011, s. 51).
İslam’da ribanın haram olduğuna dair pek çok delil vardır. Kuran'da riba ile ilgili on iki ayet vardır ve riba kelimesi sekiz defa geçmektedir. Şu ayet ribayı açık bir şekilde yasaklamaktadır: “… Allah ticareti helal, ribayı ise haram kılmıştır” (Bakara 2/275). İslam alimleri, ribanın yasaklanmasının arkasında beş neden öne sürmüşlerdir (Kettell 2011, s. 53): “Adaletsizdir, toplumu yozlaştırır, diğer insanların mallarına uygunsuz bir şekilde el konulmasına sebep olur, negatif ekonomik büyümeye neden olur ve insan kişiliğine zarar verir.
Türkiye'deki bankacılık sistemi mevduat bankaları (geleneksel bankalar), kalkınma ve yatırım bankaları ve faizsiz bankalar veya İslami bankalar olarak da adlandırılan katılım bankalarından oluşmaktadır. Katılım bankalarının Türk finansal sistemindeki geçmişi, 1983 yılında “Özel Finans Kurumları” kurulmasına dayanır. Türkiye'de faizsiz bankacılığın ilk uygulaması, faiz hassasiyeti nedeniyle geleneksel bankalardan uzak durmayı tercih eden müşterilere kapılarını açan Albaraka Türk’ün ve Faysal Finans'ın 1985 yılında kurulması olmuştur.

Türk sermaye sahipleri, 1991 yılında ilk yerli katılım bankası kurulana kadar katılım bankalarına mesafeli durmuştur. Yıllar geçtikçe Türkiye'deki katılım bankaları, müşterilerin faiz ödememe ve İslami öğretilerde haram sayılan mal veya hizmetleri satan firmalara yatırım yapmama tercihlerini karşıladıkları için kayda değer bir büyüme göstermiştir. 2005 yılında 5411 sayılı Bankacılık Kanunu'nda katılım bankalarının “özel finans kurumu” yerine “katılım bankası” adını alarak banka statüsü kazanmaları, Türkiye'de İslami bankacılık için bir dönüm noktası olmuştur. Ayrıca, tüm katılım bankaları, Türkiye'de faaliyet gösteren katılım bankalarının çatı kuruluşu olan Türkiye Katılım Bankaları Birliği'ne (TKKB) üye olmuştur.
Türkiye'de 2020 yılı itibarıyla üç özel ve üç kamu iştiraki banka -Albaraka, Kuveyt Türk, Türkiye Finans, Ziraat Katılım, Vakıf Katılım ve Emlak Katılım faaliyetlerini sürdürmektedir. Katılım bankaları, Türkiye'deki diğer tüm bankalar gibi, BDDK tarafından düzenlenen ve denetlenen Türk Bankacılık Kanunu'na göre faaliyet göstermektedir. Katılım bankalarının işlevselliği geleneksel bankalara benzemekte ancak fon toplama ve ödünç verme yöntemlerinde farklılık göstermektedirler.
Türkiye'nin 2000'li yıllardan itibaren yaşadığı hızlı ekonomik büyümeye paralel olarak katılım bankacılığı sektörü önemli bir gelişme kaydetmiştir. Türkiye'deki katılım bankalarının toplam varlıkları 2001'de 2,3 milyar TL iken 2019'da 284 milyar TL'ye ulaşmıştır. Ayrıca katılım bankalarının şube sayısı 2003'te 188 iken 2019'da 1,179'a yükselmiştir (TKKB, 2020). Katılım bankalarının son dönemde topladıkları toplam fon miktarı 215 milyar TL'yi aşarken, tahsis edilen fonlar yaklaşık 150 milyar TL'ye ulaşmıştır. 2001 yılında katılım bankaları aktif hacmi açısından Türk bankacılık sektörünün sadece %1,08'ini oluştururken, 2019'da paylarını %6,3'e kadar artırmayı başarmışlardır.
Bu başarıların ışığında, Türkiye’nin 30 yılı aşkın katılım bankacılığı deneyimi, ülkenin katılım bankaları konusunda ne kadar iddialı olduğunu ortaya koymaktadır. Ancak, özellikle son on yılda katılım bankacılığında kaydedilen önemli ilerlemeye rağmen, katılım bankalarının pazar payı hala diğer Müslüman ülkelerin oldukça gerisindedir. Ernst & Young'ın Dünya İslami Bankacılık Rekabet Edebilirlik Raporu'na (2016) göre katılım bankacılığının pazar payı Suudi Arabistan'da %48,9, Kuveyt'te %45,2, Bahreyn'de %29,3, Katar'da %25,8, Birleşik Arap Emirlikleri'nde %21,6 ve Malezya'da %21,3 oranındadır.
Gelişmiş bir finans sektörünün ekonomik büyümeyi hızlandıracağı konusunda iktisat literatüründe bir uzlaşı vardır. Ancak Türkiye örneğinde katılım bankaları ile ekonomik büyüme arasındaki ilişkiyi inceleyen az sayıda çalışma vardır. Bu çalışma, Türkiye'deki katılım bankaları ile ekonomik büyüme arasındaki ilişkiyi ileri zaman serileri analizi kullanarak araştırmak suretiyle literatüre katkıda bulunmayı amaçlamaktadır. Araştırma kapsamında Türkiye örnekleminde gayrisafi yurtiçi hasıla (GSYİH), brüt sabit sermaye oluşumu, istihdam edilen kişi sayısı ve katılım bankaları tarafından verilen toplam krediler kullanılarak neo-klasik bir üretim fonksiyonu oluşturulmuştur. 

Anahtar Kelimeler

katılım bankaları ekonomik büyüme birim kök yapısal kırılma eşbütünleşme

Kaynakça

  • Abduh, M., & Azmi Omar, M. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35–47. https://doi.org/10.1108/17538391211216811
  • Abdul Manap, T. A., Abduh, M., & Omar, M. A. (2012). Islamic banking-growth nexus: Evidence from Toda-Yamamoto and bootstrap Granger causality test. Journal of Islamic Finance, 1(1), 59–66.
  • Aghion, P., Comin, D., Howitt, P., & Tecu, I. (2016). When does domestic savings matter for economic growth? IMF Economic Review, 64(3), 381–407. https://doi.org/10.1057/imfer.2015.41
  • Al-Oqool, M. A., Okab, R., & Bashayreh, M. (2014). Financial Islamic banking development and economic growth: A case study of Jordan. International Journal of Economics and Finance, 6(3), 72–79.
  • Bai, J., & Perron, P. (1998). Estimating and testing linear models with multiple structural changes. Econometrica, 66(1), 47-78. https://doi.org/10.2307/2998540
  • Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18(1), 1–22. https://doi.org/10.1002/jae.659
  • Carrion-i-Silvestre, J. L., Kim, D., & Perron, P. (2009). GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25(6), 1754–1792. https://doi.org/10.1017/S0266466609990326
  • Carrion-i-Silvestre, J. L., & Sansó, A. (2007). The KPSS test with two structural breaks. Spanish Economic Review, 9(2), 105–127. https://doi.org/10.1007/s10108-006-9017-8
  • Central Bank of the Republic of Turkey. (2018). Financial stability report (Vol 26), Retrieved May, 14, 2020 from https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Reports/Financial+Stability+Report/2018/Financial+Stability+Report+-+May+2018%2C+Volume+26
  • Çetin, G., Yıldırım, H. H., Koy, A., & Köksal, C. (2018). Defense expenditures and economic growth relationship: A panel data approach for NATO. In H. Dincer, Ü. Hacioglu, & S. Yüksel (Eds.), Contributions to Economics (pp. 131–149). Springer. https://doi.org/10.1007/978-3-319-78494-6_6
  • Cetin, M., Ecevit, E., & Yucel, A. G. (2018). Structural breaks, urbanization and co2 emissions: Evidence from Turkey. Journal of Applied Economics and Business Research, 8(2), 122–139.
  • Daly, S., & Frikha, M. (2016). Banks and economic growth in developing countries: What about Islamic banks? Cogent Economics & Finance, 4(1), 1168728. https://doi.org/10.1080/23322039.2016.1168728
  • Dar, H. (2013). Turkey’s potential role as a global leader in Islamic banking and finance, Afro Eurasian Studies, 2(1-2), 315-319.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072.
  • Ecevit, E., Yücel, A. G., & Yücel, Ö. (2016). Are some taxes better than others for economic growth? An ARDL approach for Turkey. The Empirical Economics Letters, 15(11), 1129–1136.
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836. https://doi.org/10.2307/2171846
  • Erdem, E., Koseoglu, A., & Yucel, A. G. (2016a). Testing the validity of the Feldstein-Horioka puzzle: New evidence from structural breaks for Turkey. Theoretical and Applied Economics, 23(2), 17–26.
  • Erdem, E., Yücel, A. G., & Köseoğlu, A. (2016b). Female labour force participation and economic growth: Theoretical and empirical evidence. The Empirical Economics Letters, 15(10), 985–991.
  • Ernst and Young. (2016). World Islamic banking competitiveness report 2016, Retrieved May, 24, 2020 from www.ey.com/Publication/vwLUAssets/ey-world-Islamic-banking-competitiveness-report-2016/$FILE/ey-world-islamic-banking-competitiveness-report-2016.pdf
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59–74.
  • Goaied, M., & Sassi, S. (2011). Financial development and economic growth in the MENA region: What about Islamic banking development. International Journal of Business and Management Science, 4(2), 105–128.
  • Granger, C. W. J., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111–120. https://doi.org/10.1016/0304-4076(74)90034-7
  • Gregory, A. W., Nason, J. M., & Watt, D. G. (1996). Testing for structural breaks in cointegrated relationships. Journal of Econometrics, 71(1–2), 321–341. https://doi.org/10.1016/0304-4076(96)84508-8
  • Gudarzi Farahani, Y., & Dastan, M. (2013). Analysis of Islamic banks’ financing and economic growth: A panel cointegration approach. International Journal of Islamic and Middle Eastern Finance and Management, 6(2), 156–172. https://doi.org/10.1108/17538391311329842
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447–456. https://doi.org/10.1007/s00181-011-0484-x
  • Islam, N. (1995). Growth empirics: A panel data approach. The Quarterly Journal of Economics, 110(4), 1127–1170.
  • 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.
  • Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration--with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210.
  • Kalayci, S., & Tekin, B. E. (2016). Interactions between economic growth, FDI and Islamic banking development in Turkey. International Journal of Business and Management, 11(8), 230-240.
  • Kapetanios, G. (2005). Unit-root testing against the alternative hypothesis of up to m structural breaks. Journal of Time Series Analysis, 26(1), 123–133. https://doi.org/10.1111/j.1467-9892.2005.00393.x
  • Kettell, B. (2011). Introduction to Islamic banking and finance. Wiley.
  • Koçak, E. (2018). İslami finans ve ekonomik büyüme: Türkiye üzerine ekonometrik bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 51, 67–91. https://doi.org/10.18070/erciyesiibd.440612
  • Köksal, C., Işik, M., & Katircioglu, S. (2020). The role of shadow economies in ecological footprint quality: empirical evidence from Turkey. Environmental Science and Pollution Research, 27(12), 13457–13466. https://doi.org/10.1007/s11356-020-07956-5
  • Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root. How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1–3), 159–178.
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85(4), 1082–1089. https://doi.org/10.1162/003465303772815961
  • Lee, J., & Strazicich, M. C. (2013). Minimum LM unit root test with one structural break. Economics Bulletin, 33(4), 2483–2492.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011–2015. https://doi.org/10.1016/j.econmod.2012.04.022
  • Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407–437.
  • Narayan, P. K., & Popp, S. (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425–1438. https://doi.org/10.1080/02664760903039883
  • Nelson, C. R., & Plosser, C. R. (1982). Trends and random walks in macroeconmic time series. Journal of Monetary Economics, 10(2), 139–162. https://doi.org/10.1016/0304-3932(82)90012-5
  • Ng, S., & Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69(6), 1519–1554. https://doi.org/10.1111/1468-0262.00256
  • Participation Banks Association of Turkey. (2020). Participation banks 2019. Retrieved May, 30, 2020 from https://www.tkbb.org.tr/Documents/Yonetmelikler/Participation-Banks-2019-Sector-Report-.pdf
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica, 57(6), 1361-1401. https://doi.org/10.2307/1913712
  • Perron, P., & Rodríguez, G. (2003). GLS detrending, efficient unit root tests and structural change. Journal of Econometrics, 115(1), 1–27. https://doi.org/10.1016/S0304-4076(03)00090-3
  • Stock, J. H. (1999). A class of tests for integration and cointegration. In R. Engle & H. White (Eds.), Cointegration, causality and forecasting: A festschrift for Clive W.J. Granger. (pp. 135–167). Oxford University Press.
  • Tabash, I. M., & Dhankar, S. R. (2013). An Empirical analysis of the flow of Islamic banking and economic growth in Bahrain. International Journal of Management Sciences and Business Research, 3(1), 96–103.
  • Westerlund, J., & Edgerton, D. L. (2006). New improved tests for cointegration with structural breaks. Journal of Time Series Analysis, 28(2), 188–224. https://doi.org/10.1111/j.1467-9892.2006.00504.x
  • Yucel, A. G. (2020). Are shocks to tourist arrivals permanent or transitory? A comprehensive analysis on the top 20 most-visited countries. Current Issues in Tourism, 1–18. https://doi.org/10.1080/13683500.2020.1828311.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Ali Gökhan Yücel 0000-0001-7509-7693

Ahmet Köseoğlu 0000-0001-5602-9388

Yayımlanma Tarihi 30 Ekim 2020
Gönderilme Tarihi 19 Haziran 2020
Kabul Tarihi 20 Ekim 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 2020 Sayı: 42

Kaynak Göster

APA Yücel, A. G., & Köseoğlu, A. (2020). Do participation banks contribute to economic growth? Time-series evidence from Turkey. Bilimname, 2020(42), 155-180. https://doi.org/10.28949/bilimname.811760

Cited By

Testing adaptive market hypothesis in global islamic stock markets: evidence from markov-switching adf test
Bilimname
https://doi.org/10.28949/bilimname.866724
Fama French 5 Factor Model Versus Alternative Fama French 5 Factor Model: Evidence from Selected Islamic Countries
Bilimname
https://doi.org/10.28949/bilimname.952079
Türkiye’deki Katılım Bankalarında Asimetrik Bilgi Sorununun Makroekonomik Değişkenler Çerçevesinde İncelenmesi
İktisadi İdari ve Siyasal Araştırmalar Dergisi
https://doi.org/10.25204/iktisad.904823
Covid 19’un yarattığı ekonomik etkilerle mücadelede felsefesi, araçları ve karakteristik özellikleriyle islami finansman modelinin rolü
Bilimname
https://doi.org/10.28949/bilimname.861879
THE IMPACTS OF PARTICIPATION BANKS ON REAL ECONOMY: A CASE OF TURKEY
Abant Sosyal Bilimler Dergisi
https://doi.org/10.11616/asbi.1098355
 Kapak Resmi İndir