Araştırma Makalesi
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Türkiye'de İkili Bankacılık Sistemi Kredileri ile Sanayi Üretimi Arasındaki Bağın Ampirik Yansımaları: Eşbütünleşme ve Nedensellik Analizleri

Yıl 2021, , 595 - 623, 26.12.2021
https://doi.org/10.18074/ckuiibfd.896603

Öz

Bir ekonomideki tasarrufların ekonomiye etkili bir şekilde yönlendirilmesi gelişmiş bir finansal sistemin varlığına bağlıdır. Finansal sistemlerin ve bankacılık sektörünün ülke ekonomisi üzerindeki etkileri literatürde sıklıkla incelenen bir konudur. Bu çalışmada, Türkiye'de bankacılık sektörü finansmanının sanayi üretimi üzerindeki etkinliğinin değerlendirilmesi amaçlanmıştır. Bugün, birçok ülkede olduğu gibi Türkiye'de de bankacılık sektörü konvansiyonel ve İslami bankalar olmak üzere ikili bankacılık sistemi üzerinden faaliyet göstermektedir. Bu çalışmada, İslami bankalar ve konvansiyonel bankaların reel sektöre sağladığı finansman ile endüstriyel üretim değişkenleri arasındaki eşbütünleşme ve nedensellik ilişkileri araştırılmıştır. Johansen eşbütünleşme testi sonuçlarına göre sanayi üretimi ile konvansiyonel ve İslami bankaların reel sektöre sağladığı finansman değişkenleri arasında uzun vadede birlikte hareket söz konusudur. VECM hata düzeltme modeline dayalı olarak gerçekleştirilen nedensellik analizine göre ise banka kredilerinden sanayi üretimine doğru uzun vadeli bir nedensellik ilişkisinden bahsedilebilmektedir.

Kaynakça

  • Abduh, M., & Omar, M. A. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and middle eastern finance and management.
  • Abduh, M., Brahim, S., & Omar, M. A. (2012). A study on finance-growth nexus in dual financial system countries: Evidence from Bahrain. World Applied Sciences Journal, 20(8), 1166-1174.
  • Abedifar, P., Molyneux, P., & Tarazi, A. (2013). Risk in Islamic banking. Review of Finance, 17(6), 2035-2096.
  • Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. The quarterly journal of economics, 120(1), 173-222.
  • AizenmAn, J., JinJArAk, Y., & PArk, D. (2015). Financial Development and Output Growth in Developing Asia and Latin America. From Stress to Growth, 135.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics, 64, 89–112
  • Andabai, P.W. & Eze, G.P. (2018). Bank credit and manufacturing sector growth in Nigeria: A causality investigation. International Journal of Economics, Commerce and Management, 6(3), 326
  • Ariffin, N. M., Archer, S., & Karim, R. A. A. (2009). Risks in Islamic banks: Evidence from empirical research. Journal of Banking Regulation, 10(2), 153-163.
  • Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). 16 Macroeconomic shocks and Islamic bank behavior in Turkey. Handbook of Empirical Research on Islam and Economic Life, 375.
  • Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). Is small the new big? Islamic banking for SMEs in Turkey. Economic Modelling, 54, 187-194..
  • Aysan, A. F., Dolgun, M. H., & Turhan, M. I. (2013). Assessment of the participation banks and their role in financial inclusion in Turkey. Emerging Markets Finance and Trade, 49(sup5), 99-111.
  • Barajas, M. A., Chami, M. R., & Yousefi, M. R. (2013). The finance and growth nexus re-examined: Do all countries benefit equally? (No. 13-130). International Monetary Fund.
  • Beck, T. and Levine, R. (2004), “Stock markets, banks, and growth: panel evidence” Journal of Banking and Finance, Vol. 28 No. 3, pp. 423-442.
  • Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433-447
  • Beck, T., Levine, R. and Loayza, N., 2000. Finance and the source of growth. J. Financ. Econ. 58, 261–300
  • Bencivenga, V. R., & Smith, B. D. (1991). Financial intermediation and endogenous growth. The review of economic studies, 58(2), 195-209.
  • Benes, J. Kumhof, M.(2012): The Chicago Plan Revisited. Vol. 12. No. 202. IMF Working Paper, 2012.
  • King, R. G., & Levine, R. (1993). Finance, entrepreneurship and growth. Journal of Monetary economics, 32(3), 513-542.
  • Koenker, R., Hallock, K., 2001. Quantile regression: an introduction. J. Econ. Perspect. 15 (4), 43–56.
  • Kolçak, M , Kalabak, A , Boran, H . (2017). Kamu Harcamaları Büyüme Üzerinde BirPolitika Aracı Olarak Kullanılmalı mı? VECM Analizi ve Yapısal Kırılma Testleri ile Ampirik Bir Analiz: 1984-2014 Türkiye Örneği. Ankara Üniversitesi SBF Dergisi, 72 (2), 467-486.
  • Korkmaz, S. (2015). Impact of bank credits on economic growth and inflation. Journal of Applied Finance and Banking, 5(1), 51.
  • Lai, J. (2015). Industrial policy and Islamic finance. New Political Economy, 20(2), 178-198.
  • Leon, F., & Weill, L. (2017). Islamic banking development and access to credit. Pacific-Basin Finance Journal.
  • Levine, R., 1997. Financial development and economic growth: views and agenda. J. Econ. Lit. 35, 688–726
  • Levine, R., 2005. Finance and growth: theory and evidence. In: Aghion, P., Durlaff, S. (Eds.), Handbook of Economic Growth. Elsevier Science, The Netherlands, pp. 866–934
  • Levine, R., and S. Zevros (1998), Stock Markets, Banks, and Economic Growth, American Economic Review, Vol. 88, pp. 537-558
  • Lin, V. L. (1981). The impact of the financial sector on economic development: some cross-section evidence. Studies in Comparative International Development, 16(1), 44-52.
  • Mabid Ali Al-Jarhi, (2017) "An economic theory of Islamic finance", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.117-132, https://doi.org/10.1108/IJIF-07-2017-0007
  • Mansoor Khan, M., & Ishaq Bhatti, M. (2008). Development in Islamic banking: a financial risk-allocation approach. The Journal of Risk Finance, 9(1), 40-51.
  • Masuduzzaman, M., Parveen, F., Islam, M. S., & Dipty, S. I. (2020). Role of Bank Loans for Increasing the Productivity of Small and Medium Sized Enterprises (SMEs) in Bangladesh. Australian Academy of Accounting and Finance Review, 5(2), 85-93.
  • 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.
  • Meslier, C., Risfandy, T., & Tarazi, A. (2017). Dual market competition and deposit rate setting in Islamic and conventional banks. Economic Modelling, 63, 318-333. Mills, P., & Presley, J. (1999). Islamic finance: Theory and practice. Springer.
  • Moore, C. H. (1990). Islamic banks and competitive politics in the Arab world and Turkey. Middle East Journal, 44(2), 234-255.
  • Muchingami, L., Monametsi, G. L., & Paradza, I. (2017). Bank Lending and Manufacturing Sector Growth in Zimbabwe. International Journal of Innovative Research in Science, Engineering and Technology, 6(4).
  • Odedokun, M. O. (1996). Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs. Journal of development economics, 50(1), 119-146.
  • Ogunmuyiwa, M. S., Okuneye, B. A., & Amaefule, J. N. (2017). Bank credit and growth of the manufacturing sector nexus in Nigeria: An ARDL approach. EuroEconomica, 36(2).
  • Pakravan, K. (2011). Banking 3.0—Designing financial regulation systems: The case for simple rules. Global Finance Journal, 22(3), 232-237.
  • Rajan, R. G. & Zingales, L., 1998. Financial Dependence and Growth. The American Economic Review, 88(3), 559-586
  • Rioja, F., & Valev, N. (2004). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127-140.
  • Rondorf, U. (2012). Are bank loans important for output growth?: A panel analysis of the euro area. Journal of International Financial Markets, Institutions and Money, 22(1), 103-119.
  • Rousseau, P.L., Sylla, R., 1999. Emerging Financial Markets and Early US Growth. National Bureau of Economic Research Working Paper No. 7448
  • Schmidt, R. H., & Hryckiewicz, A. (2006). Financial systems-importance, differences and convergence (No. 4). IMFS Working Paper Series.
  • Schumpeter, J.A. (1912), “Theorie der Wirtschaftlichen Entwicklung. Leipzig: Dunker and Humblot, in translated by Opie, R.”, The Theory of Economic Development, 1912, Harvard University Press, Cambridge, MA, 1934
  • Setiawan, I. (2020). Analisis Peran Perbankan Terhadap Pertumbuhan Ekonomi di Indonesia: Bank Syariah Versus Bank Konvensional. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 8(1), 52-60.
  • Shanmugam, B., Zahari, Z.R., 2009. A primer on Islamic finance. Research Foundation Publications of CFA Institute, Charlottesville. Tripp, C. (2006). Islam and the moral economy: The challenge of capitalism. Cambridge University Press.
  • Swamy, V. (2014). Testing the interrelatedness of banking stability measures. Journal of Financial Economic Policy.
  • Vestmann, A., & Viebrock, J. (2018). The Influence of Credit Growth on Output Growth in Iceland: A VEC Model Approach.
  • Wolf, M. (2014). The shifts and the shocks: What we’ve learned–and have still to learn–from the financial crisis. Penguin UK.
  • Xiao, J., Hu, C., Ouyang, G., & Wen, F. (2019). Impacts of oil implied volatility shocks on stock implied volatility in China: Empirical evidence from a quantile regression approach. Energy Economics, 80, 297-309.
  • Zarrouk, H., El Ghak, T., & Abu Al Haija, E. (2017). Financial development, Islamic finance and economic growth: evidence of the UAE. Journal of Islamic Accounting and Business Research, 8(1), 2-22.

Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis

Yıl 2021, , 595 - 623, 26.12.2021
https://doi.org/10.18074/ckuiibfd.896603

Öz

The existence of a developed financial system is essential for directing savings to the economy. The effects of the financial system and banks on the economy have been frequently investigated in the literature. This study aims to evaluate the efficiency of banking sector financing to produce output in Turkey. Today, as in many countries the banking sector has been operating out of a dual banking system including Islamic and conventional banks in Turkey. In this study, the cointegration and causality relationships between the financing provided by Islamic banks and conventional banks to the real sector and industrial production variables were investigated. According to the Johansen cointegration test results, the financing series provided by industrial production and conventional and Islamic banks to the real sector move together in the long run. According to the VECM causality analysis, a long-term causality relationship between the series from bank loans to industrial production can be mentioned.

Kaynakça

  • Abduh, M., & Omar, M. A. (2012). Islamic banking and economic growth: the Indonesian experience. International Journal of Islamic and middle eastern finance and management.
  • Abduh, M., Brahim, S., & Omar, M. A. (2012). A study on finance-growth nexus in dual financial system countries: Evidence from Bahrain. World Applied Sciences Journal, 20(8), 1166-1174.
  • Abedifar, P., Molyneux, P., & Tarazi, A. (2013). Risk in Islamic banking. Review of Finance, 17(6), 2035-2096.
  • Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. The quarterly journal of economics, 120(1), 173-222.
  • AizenmAn, J., JinJArAk, Y., & PArk, D. (2015). Financial Development and Output Growth in Developing Asia and Latin America. From Stress to Growth, 135.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics, 64, 89–112
  • Andabai, P.W. & Eze, G.P. (2018). Bank credit and manufacturing sector growth in Nigeria: A causality investigation. International Journal of Economics, Commerce and Management, 6(3), 326
  • Ariffin, N. M., Archer, S., & Karim, R. A. A. (2009). Risks in Islamic banks: Evidence from empirical research. Journal of Banking Regulation, 10(2), 153-163.
  • Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). 16 Macroeconomic shocks and Islamic bank behavior in Turkey. Handbook of Empirical Research on Islam and Economic Life, 375.
  • Aysan, A. F., Disli, M., Ng, A., & Ozturk, H. (2016). Is small the new big? Islamic banking for SMEs in Turkey. Economic Modelling, 54, 187-194..
  • Aysan, A. F., Dolgun, M. H., & Turhan, M. I. (2013). Assessment of the participation banks and their role in financial inclusion in Turkey. Emerging Markets Finance and Trade, 49(sup5), 99-111.
  • Barajas, M. A., Chami, M. R., & Yousefi, M. R. (2013). The finance and growth nexus re-examined: Do all countries benefit equally? (No. 13-130). International Monetary Fund.
  • Beck, T. and Levine, R. (2004), “Stock markets, banks, and growth: panel evidence” Journal of Banking and Finance, Vol. 28 No. 3, pp. 423-442.
  • Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433-447
  • Beck, T., Levine, R. and Loayza, N., 2000. Finance and the source of growth. J. Financ. Econ. 58, 261–300
  • Bencivenga, V. R., & Smith, B. D. (1991). Financial intermediation and endogenous growth. The review of economic studies, 58(2), 195-209.
  • Benes, J. Kumhof, M.(2012): The Chicago Plan Revisited. Vol. 12. No. 202. IMF Working Paper, 2012.
  • King, R. G., & Levine, R. (1993). Finance, entrepreneurship and growth. Journal of Monetary economics, 32(3), 513-542.
  • Koenker, R., Hallock, K., 2001. Quantile regression: an introduction. J. Econ. Perspect. 15 (4), 43–56.
  • Kolçak, M , Kalabak, A , Boran, H . (2017). Kamu Harcamaları Büyüme Üzerinde BirPolitika Aracı Olarak Kullanılmalı mı? VECM Analizi ve Yapısal Kırılma Testleri ile Ampirik Bir Analiz: 1984-2014 Türkiye Örneği. Ankara Üniversitesi SBF Dergisi, 72 (2), 467-486.
  • Korkmaz, S. (2015). Impact of bank credits on economic growth and inflation. Journal of Applied Finance and Banking, 5(1), 51.
  • Lai, J. (2015). Industrial policy and Islamic finance. New Political Economy, 20(2), 178-198.
  • Leon, F., & Weill, L. (2017). Islamic banking development and access to credit. Pacific-Basin Finance Journal.
  • Levine, R., 1997. Financial development and economic growth: views and agenda. J. Econ. Lit. 35, 688–726
  • Levine, R., 2005. Finance and growth: theory and evidence. In: Aghion, P., Durlaff, S. (Eds.), Handbook of Economic Growth. Elsevier Science, The Netherlands, pp. 866–934
  • Levine, R., and S. Zevros (1998), Stock Markets, Banks, and Economic Growth, American Economic Review, Vol. 88, pp. 537-558
  • Lin, V. L. (1981). The impact of the financial sector on economic development: some cross-section evidence. Studies in Comparative International Development, 16(1), 44-52.
  • Mabid Ali Al-Jarhi, (2017) "An economic theory of Islamic finance", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.117-132, https://doi.org/10.1108/IJIF-07-2017-0007
  • Mansoor Khan, M., & Ishaq Bhatti, M. (2008). Development in Islamic banking: a financial risk-allocation approach. The Journal of Risk Finance, 9(1), 40-51.
  • Masuduzzaman, M., Parveen, F., Islam, M. S., & Dipty, S. I. (2020). Role of Bank Loans for Increasing the Productivity of Small and Medium Sized Enterprises (SMEs) in Bangladesh. Australian Academy of Accounting and Finance Review, 5(2), 85-93.
  • 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.
  • Meslier, C., Risfandy, T., & Tarazi, A. (2017). Dual market competition and deposit rate setting in Islamic and conventional banks. Economic Modelling, 63, 318-333. Mills, P., & Presley, J. (1999). Islamic finance: Theory and practice. Springer.
  • Moore, C. H. (1990). Islamic banks and competitive politics in the Arab world and Turkey. Middle East Journal, 44(2), 234-255.
  • Muchingami, L., Monametsi, G. L., & Paradza, I. (2017). Bank Lending and Manufacturing Sector Growth in Zimbabwe. International Journal of Innovative Research in Science, Engineering and Technology, 6(4).
  • Odedokun, M. O. (1996). Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs. Journal of development economics, 50(1), 119-146.
  • Ogunmuyiwa, M. S., Okuneye, B. A., & Amaefule, J. N. (2017). Bank credit and growth of the manufacturing sector nexus in Nigeria: An ARDL approach. EuroEconomica, 36(2).
  • Pakravan, K. (2011). Banking 3.0—Designing financial regulation systems: The case for simple rules. Global Finance Journal, 22(3), 232-237.
  • Rajan, R. G. & Zingales, L., 1998. Financial Dependence and Growth. The American Economic Review, 88(3), 559-586
  • Rioja, F., & Valev, N. (2004). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127-140.
  • Rondorf, U. (2012). Are bank loans important for output growth?: A panel analysis of the euro area. Journal of International Financial Markets, Institutions and Money, 22(1), 103-119.
  • Rousseau, P.L., Sylla, R., 1999. Emerging Financial Markets and Early US Growth. National Bureau of Economic Research Working Paper No. 7448
  • Schmidt, R. H., & Hryckiewicz, A. (2006). Financial systems-importance, differences and convergence (No. 4). IMFS Working Paper Series.
  • Schumpeter, J.A. (1912), “Theorie der Wirtschaftlichen Entwicklung. Leipzig: Dunker and Humblot, in translated by Opie, R.”, The Theory of Economic Development, 1912, Harvard University Press, Cambridge, MA, 1934
  • Setiawan, I. (2020). Analisis Peran Perbankan Terhadap Pertumbuhan Ekonomi di Indonesia: Bank Syariah Versus Bank Konvensional. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 8(1), 52-60.
  • Shanmugam, B., Zahari, Z.R., 2009. A primer on Islamic finance. Research Foundation Publications of CFA Institute, Charlottesville. Tripp, C. (2006). Islam and the moral economy: The challenge of capitalism. Cambridge University Press.
  • Swamy, V. (2014). Testing the interrelatedness of banking stability measures. Journal of Financial Economic Policy.
  • Vestmann, A., & Viebrock, J. (2018). The Influence of Credit Growth on Output Growth in Iceland: A VEC Model Approach.
  • Wolf, M. (2014). The shifts and the shocks: What we’ve learned–and have still to learn–from the financial crisis. Penguin UK.
  • Xiao, J., Hu, C., Ouyang, G., & Wen, F. (2019). Impacts of oil implied volatility shocks on stock implied volatility in China: Empirical evidence from a quantile regression approach. Energy Economics, 80, 297-309.
  • Zarrouk, H., El Ghak, T., & Abu Al Haija, E. (2017). Financial development, Islamic finance and economic growth: evidence of the UAE. Journal of Islamic Accounting and Business Research, 8(1), 2-22.
Toplam 50 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Bilgehan Tekin 0000-0002-4926-3317

Yayımlanma Tarihi 26 Aralık 2021
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Tekin, B. (2021). Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 11(2), 595-623. https://doi.org/10.18074/ckuiibfd.896603
AMA Tekin B. Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Aralık 2021;11(2):595-623. doi:10.18074/ckuiibfd.896603
Chicago Tekin, Bilgehan. “Empirical Reflections of the Nexus Between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 11, sy. 2 (Aralık 2021): 595-623. https://doi.org/10.18074/ckuiibfd.896603.
EndNote Tekin B (01 Aralık 2021) Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 11 2 595–623.
IEEE B. Tekin, “Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 11, sy. 2, ss. 595–623, 2021, doi: 10.18074/ckuiibfd.896603.
ISNAD Tekin, Bilgehan. “Empirical Reflections of the Nexus Between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 11/2 (Aralık 2021), 595-623. https://doi.org/10.18074/ckuiibfd.896603.
JAMA Tekin B. Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;11:595–623.
MLA Tekin, Bilgehan. “Empirical Reflections of the Nexus Between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 11, sy. 2, 2021, ss. 595-23, doi:10.18074/ckuiibfd.896603.
Vancouver Tekin B. Empirical Reflections of the Nexus between Dual Banking System Credits and Industry Production in Turkey: Cointegration and Causality Analysis. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;11(2):595-623.