Araştırma Makalesi
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Türkiye’de Ticari Kredi Kanalı İşliyor mu? TCMB Sektör İstatistikleri ile Bir Analiz

Yıl 2019, Cilt 19, Sayı 4, 437 - 455, 26.10.2019
https://doi.org/10.21121/eab.486249

Öz

Bu çalışma, Türkiye Cumhuriyet Merkez Bankası (TCMB) istatistiklerinin toplam hesaplarından elde edilen iki sektör düzeyinde veri setini kullanarak, 2008'den 2016'ya kadar olan süreçte Türkiye'de ticari kredi kanalını test etmeyi amaçlamaktadır. İlk örneklem 7 ana sektörden ve diğer örneklem 12 imalat alt sektöründen oluşmaktadır. Ticari kredilerin parasal ve parasal olmayan faktörlerinin hem brüt hem de net ticari kredi durumu üzerinde bir etkisi olup olmadığını test etmek için dinamik panel veri yöntemleri uygulanmıştır. Alınan ticaret kredisi (brüt) ile ilgili analiz sonuçlarına göre, para politikası kısıtlamaları küçük firma sınıflarının ticari kredi kullanımını artırmıştır. Net ticaret kredisi (net) için bulgular, ana sektör KOBİ ölçekli firma gruplarının net ticari kredi alıcısı olduğunu, büyük ölçekli firma grubunun net ticaret kredi sağlayıcısı olduğunu ve imalat alt sektörlerinde ise KOBİ'lerin net ticari kredi sağlayıcısı olduğunu göstermiştir. Bu bulgulardan elde edilen üç ana sonuç; i) Ticari kredi kanalı, en güçlü etkisi küçük firmalar üzerinde olmak üzere, faaliyet göstermiştir. ii) Ticari krediler, imalat sanayindeki KOBİ'lerden tüm sektörlerdeki KOBİ'lere akma eğilimindedir. iii) Tüm sektörler genelinde, büyük firmalar ticari krediler yoluyla KOBİ'lere fon aktarmaya meyillidir.  

Kaynakça

  • Arslan, B. T., & Ergeç, E. T. (2011). Türkiye ekonomisinde para politikasının sektörel etkileri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 11 (1), 89-103.
  • Atanasova, C. V., & Wilson, N. (2003). Bank borrowing constraints and the demand for trade credit: Evidence from panel data. Managerial and Decision Economics, 24, 503–514.
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd edition). Chichester: Wiley. ISBN: 13-978-0-470-01456-1.
  • Bernanke, B.S., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspective, 9(4), 27-48.
  • Brechling, F. P. R., & Lipsey, R. G. (1963). Trade credit and monetary policy. The Economic Journal, 73(292), 618-641.
  • Carbo-Valverde, S., Mansilla-Fernandez, J. M., & Rodriguez-Fernandez, F. (2017). Monetary policy, implicit interest rate, and relative net trade credit. Revista De Economia Aplicada, 25(73), 21-54.
  • Chiplin, B., & Wright, M. (1985). Inter-industry differences in the response of trade credit to changes in monetary policy. Journal of Business Finance & Accounting, 12(2), 221-248.
  • Choi, W.G., & Kim, Y. (2003). Trade credit and the effects of macro-financial shocks: Evidence from US panel data. International Monetary Fund Working Paper No. 03/127.
  • Dai, B., & Yang, F. (2015). Monetary policy, accounting conservatism and trade credit. China Journal of Accounting Research, 8, 295-313.
  • De Blasio (2003). Does trade credit substitute for bank credit? Evidence from firm-level data. International Monetary Fund Working Paper No. 03/166.
  • Demirgunes, K. (2016). Determinants of access to trade credit for small and medium sized enterprises in Turkey after the 2008 global crisis. Journal of Economics, Finance and Accounting, 4(3), 266-284.
  • Eroğlu, N. (2009). Türkiye’de 1990’lı ve 2000’li yıllarda para politikaları. Marmara Üniversitesi, İ.İ.B.F Dergisi, 26(1), 23-42.
  • Fisman, R., & Love, I. (2003). Trade credit, financial intermediary development and industry growth. Journal of Finance 58, 353–374.
  • Gaiotti, E., & Generale, A. (2002). Does monetary policy have asymmetric effects? A Look at the investment decision of Italian firms. Giornale degli Economisti e Annali di Economia, 61 (1), 29-59.
  • Gama, M., Paula, A., & Van Auken, H. (2015). The interdependence between trade credit and bank lending: Commitment in intermediary firm relationships. Journal of Small Business Management, 53(4), 886–904.
  • Gertler, M.& Gilchrist, S. (1993). The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence. The Scandinavian Journal of Economics, (1), 43-64.
  • Gertler, M.& Gilchrist, S. (1994). Monetary policy, business cycles, and the behaviour of small manufacturing firms. The Quarterly Journal of Economics, (2), 309-340.
  • Guariglia, A., & Mateut, S. (2006). Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms. Journal of Banking & Finance, 30(10), 2835–2856.
  • Herbst, F. (1974). Some empirical evidence on the determinants of trade credit at the industry level of aggregation, Journal of Financial and Quantitative Analysis, 377–394.
  • Hong, B.P. (2017). The impact of monetary policy on bank credit and trade credit for the UK’s SMEs: A disequilibrium model of credit rationing. PhD Dissertation. The University of Leeds.
  • Kohler, M., Britton, E., & Yates, T. (2000). Trade credit and the monetary transmission mechanism. Discussion Paper, Bank of England.
  • Laffer, A. B. (1970). Trade credit and the money market. Journal of Political Economy, (2), 239-267.
  • Marotta (1997), Does trade credit redistribution thwart monetary policy? Evidence from Italy, Applied Economics, 29(12), 1619–1629.
  • Mateut, S., & Mizen, P. (2003). Trade credit and bank lending: An investigation into the determinants of UK manufacturing firms' access to trade credit. EUI Working Paper ECO, No. 2003/3.
  • Mateut, S., Bougheas, S., & Mizen, P. (2006). Trade credit, bank lending and monetary policy transmission. European Economic Review, 50 (3), 603-629.
  • Meltzer, A.H. (1960). Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics, (4), 429-437.
  • Nadiri, M. I. (1969). The determinants of trade credit in the U.S. Total manufacturing sector. Econometrica, (3), 408-423.
  • Ng, C.K., Smith, J.K & Smith, R.L. (1999). Evidence on the determinants of credit terms used in interfirm trade, The Journal of Finance, 54 (3), 1109-1129.
  • Nilsen, J. H. (2002). Trade credit and the bank lending channel. Journal of Money, Credit and Banking, 34(1), 226–253.
  • Petersen, M. A., & Rajan, R.G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, (3), 661-691.
  • Reilly, D., & Sarte, P. G. (2010). Changes in monetary policy and the variation in interest rate changes across credit markets. Economic Quarterly (10697225), 96(2), 201-229.
  • Romer, C.D. & Romer, D.H. (1993). Credit channel or credit actions? An Interpretation of the Postwar Transmission Mechanism. NBER Working Paper No. 4485.
  • Saiz, C.M., Azofra, S.S., Olmo, B.T, & Gutierrez, C.L. (2017). Trade credit, sovereign risk and monetary policy in Europe. International Review of Economics & Finance, 52, 39-54.
  • Şahin A. (2018). Firmalar arası ticari alacak kredisini açıklayan teoriler: Borsa İstanbul’da bir uygulama, Maliye ve Finans Yazıları, 110, 37-70.
  • Schwartz, Robert A. (1974). An economic model of trade credit. The Journal of Financial and Quantitative Analysis, (4), 643-657.
  • Tatoğlu, F. Y. (2012). İleri panel veri analizi (1. basım). İstanbul: Beta Basım A.Ş. ISBN: 978-605-377-721-2.
  • Özlü, P. & Yalçın, C. (2012). The trade credit channel of monetary policy transmission: Evidence from nonfinancial manufacturing firms in Turkey. Emerging Markets Finance & Trade, 48(4), 102–117.
  • Walker, D. A. (1985). Trade credit supply for small businesses. American Journal of Small Business, 9(3), 30-40.
  • http://www.tcmb.gov.tr (04.04.2018 - 10.11.2018)
  • http://www3.tcmb.gov.tr (04.11.2018- 17.11.2018)

Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics

Yıl 2019, Cilt 19, Sayı 4, 437 - 455, 26.10.2019
https://doi.org/10.21121/eab.486249

Öz

This paper aims to test trade credit channel in Turkey over the period from 2008 to 2016 using two sector level data sets obtained from the aggregated accounts of Central Bank of the Republic of Turkey (CBRT) statistics. First sample consists of 7 main sectors and other sample involves 12 manufacturing-sub sectors. Dynamic panel data methods were applied to test whether monetary and nonmonetary factors of trade credit have an impact on both gross and net trade credit status.  According to analysis results about trade credit received (gross), monetary policy restrictions has increased the trade credit usage of small firm classes. Findings for net trade credit (net) showed that main-sectors SME sized firm groups became net trade credit receiver while large sized firm group was net trade credit extender and in manufacturing sub-sectors, SMEs samples were net trade credit extender. Three main conclusions derived from these findings are; i) Trade credit channel has operated with the strongest effects on small firms. ii) Trade credits tend to flow from SMEs in manufacturing industry to the SMEs in all sectors. iii) Across all sectors, large firms tend to transfers funds to SMEs through trade credit.

Kaynakça

  • Arslan, B. T., & Ergeç, E. T. (2011). Türkiye ekonomisinde para politikasının sektörel etkileri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 11 (1), 89-103.
  • Atanasova, C. V., & Wilson, N. (2003). Bank borrowing constraints and the demand for trade credit: Evidence from panel data. Managerial and Decision Economics, 24, 503–514.
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd edition). Chichester: Wiley. ISBN: 13-978-0-470-01456-1.
  • Bernanke, B.S., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspective, 9(4), 27-48.
  • Brechling, F. P. R., & Lipsey, R. G. (1963). Trade credit and monetary policy. The Economic Journal, 73(292), 618-641.
  • Carbo-Valverde, S., Mansilla-Fernandez, J. M., & Rodriguez-Fernandez, F. (2017). Monetary policy, implicit interest rate, and relative net trade credit. Revista De Economia Aplicada, 25(73), 21-54.
  • Chiplin, B., & Wright, M. (1985). Inter-industry differences in the response of trade credit to changes in monetary policy. Journal of Business Finance & Accounting, 12(2), 221-248.
  • Choi, W.G., & Kim, Y. (2003). Trade credit and the effects of macro-financial shocks: Evidence from US panel data. International Monetary Fund Working Paper No. 03/127.
  • Dai, B., & Yang, F. (2015). Monetary policy, accounting conservatism and trade credit. China Journal of Accounting Research, 8, 295-313.
  • De Blasio (2003). Does trade credit substitute for bank credit? Evidence from firm-level data. International Monetary Fund Working Paper No. 03/166.
  • Demirgunes, K. (2016). Determinants of access to trade credit for small and medium sized enterprises in Turkey after the 2008 global crisis. Journal of Economics, Finance and Accounting, 4(3), 266-284.
  • Eroğlu, N. (2009). Türkiye’de 1990’lı ve 2000’li yıllarda para politikaları. Marmara Üniversitesi, İ.İ.B.F Dergisi, 26(1), 23-42.
  • Fisman, R., & Love, I. (2003). Trade credit, financial intermediary development and industry growth. Journal of Finance 58, 353–374.
  • Gaiotti, E., & Generale, A. (2002). Does monetary policy have asymmetric effects? A Look at the investment decision of Italian firms. Giornale degli Economisti e Annali di Economia, 61 (1), 29-59.
  • Gama, M., Paula, A., & Van Auken, H. (2015). The interdependence between trade credit and bank lending: Commitment in intermediary firm relationships. Journal of Small Business Management, 53(4), 886–904.
  • Gertler, M.& Gilchrist, S. (1993). The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence. The Scandinavian Journal of Economics, (1), 43-64.
  • Gertler, M.& Gilchrist, S. (1994). Monetary policy, business cycles, and the behaviour of small manufacturing firms. The Quarterly Journal of Economics, (2), 309-340.
  • Guariglia, A., & Mateut, S. (2006). Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms. Journal of Banking & Finance, 30(10), 2835–2856.
  • Herbst, F. (1974). Some empirical evidence on the determinants of trade credit at the industry level of aggregation, Journal of Financial and Quantitative Analysis, 377–394.
  • Hong, B.P. (2017). The impact of monetary policy on bank credit and trade credit for the UK’s SMEs: A disequilibrium model of credit rationing. PhD Dissertation. The University of Leeds.
  • Kohler, M., Britton, E., & Yates, T. (2000). Trade credit and the monetary transmission mechanism. Discussion Paper, Bank of England.
  • Laffer, A. B. (1970). Trade credit and the money market. Journal of Political Economy, (2), 239-267.
  • Marotta (1997), Does trade credit redistribution thwart monetary policy? Evidence from Italy, Applied Economics, 29(12), 1619–1629.
  • Mateut, S., & Mizen, P. (2003). Trade credit and bank lending: An investigation into the determinants of UK manufacturing firms' access to trade credit. EUI Working Paper ECO, No. 2003/3.
  • Mateut, S., Bougheas, S., & Mizen, P. (2006). Trade credit, bank lending and monetary policy transmission. European Economic Review, 50 (3), 603-629.
  • Meltzer, A.H. (1960). Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics, (4), 429-437.
  • Nadiri, M. I. (1969). The determinants of trade credit in the U.S. Total manufacturing sector. Econometrica, (3), 408-423.
  • Ng, C.K., Smith, J.K & Smith, R.L. (1999). Evidence on the determinants of credit terms used in interfirm trade, The Journal of Finance, 54 (3), 1109-1129.
  • Nilsen, J. H. (2002). Trade credit and the bank lending channel. Journal of Money, Credit and Banking, 34(1), 226–253.
  • Petersen, M. A., & Rajan, R.G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, (3), 661-691.
  • Reilly, D., & Sarte, P. G. (2010). Changes in monetary policy and the variation in interest rate changes across credit markets. Economic Quarterly (10697225), 96(2), 201-229.
  • Romer, C.D. & Romer, D.H. (1993). Credit channel or credit actions? An Interpretation of the Postwar Transmission Mechanism. NBER Working Paper No. 4485.
  • Saiz, C.M., Azofra, S.S., Olmo, B.T, & Gutierrez, C.L. (2017). Trade credit, sovereign risk and monetary policy in Europe. International Review of Economics & Finance, 52, 39-54.
  • Şahin A. (2018). Firmalar arası ticari alacak kredisini açıklayan teoriler: Borsa İstanbul’da bir uygulama, Maliye ve Finans Yazıları, 110, 37-70.
  • Schwartz, Robert A. (1974). An economic model of trade credit. The Journal of Financial and Quantitative Analysis, (4), 643-657.
  • Tatoğlu, F. Y. (2012). İleri panel veri analizi (1. basım). İstanbul: Beta Basım A.Ş. ISBN: 978-605-377-721-2.
  • Özlü, P. & Yalçın, C. (2012). The trade credit channel of monetary policy transmission: Evidence from nonfinancial manufacturing firms in Turkey. Emerging Markets Finance & Trade, 48(4), 102–117.
  • Walker, D. A. (1985). Trade credit supply for small businesses. American Journal of Small Business, 9(3), 30-40.
  • http://www.tcmb.gov.tr (04.04.2018 - 10.11.2018)
  • http://www3.tcmb.gov.tr (04.11.2018- 17.11.2018)

Ayrıntılar

Birincil Dil İngilizce
Konular İktisat, İşletme
Bölüm Araştırma Makalesi
Yazarlar

Arzu ŞAHİN> (Sorumlu Yazar)
ADANA SCIENCE AND TECHNOLOGY UNIVERSITY
0000-0002-9944-1791
Türkiye

Yayımlanma Tarihi 26 Ekim 2019
Yayınlandığı Sayı Yıl 2019, Cilt 19, Sayı 4

Kaynak Göster

Bibtex @araştırma makalesi { eab486249, journal = {Ege Academic Review}, issn = {1303-099X}, address = {EGE AKADEMİK BAKIŞ DERGİSİ EGE ÜNİVERSİTESİ İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ BORNOVA İZMİR}, publisher = {Ege Üniversitesi}, year = {2019}, volume = {19}, number = {4}, pages = {437 - 455}, doi = {10.21121/eab.486249}, title = {Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics}, key = {cite}, author = {Şahin, Arzu} }
APA Şahin, A. (2019). Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics . Ege Academic Review , 19 (4) , 437-455 . DOI: 10.21121/eab.486249
MLA Şahin, A. "Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics" . Ege Academic Review 19 (2019 ): 437-455 <https://dergipark.org.tr/tr/pub/eab/issue/49778/486249>
Chicago Şahin, A. "Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics". Ege Academic Review 19 (2019 ): 437-455
RIS TY - JOUR T1 - Türkiye’de Ticari Kredi Kanalı İşliyor mu? TCMB Sektör İstatistikleri ile Bir Analiz AU - ArzuŞahin Y1 - 2019 PY - 2019 N1 - doi: 10.21121/eab.486249 DO - 10.21121/eab.486249 T2 - Ege Academic Review JF - Journal JO - JOR SP - 437 EP - 455 VL - 19 IS - 4 SN - 1303-099X- M3 - doi: 10.21121/eab.486249 UR - https://doi.org/10.21121/eab.486249 Y2 - 2019 ER -
EndNote %0 Ege Akademik Bakış Dergisi Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics %A Arzu Şahin %T Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics %D 2019 %J Ege Academic Review %P 1303-099X- %V 19 %N 4 %R doi: 10.21121/eab.486249 %U 10.21121/eab.486249
ISNAD Şahin, Arzu . "Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics". Ege Academic Review 19 / 4 (Ekim 2019): 437-455 . https://doi.org/10.21121/eab.486249
AMA Şahin A. Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics. eab. 2019; 19(4): 437-455.
Vancouver Şahin A. Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics. Ege Academic Review. 2019; 19(4): 437-455.
IEEE A. Şahin , "Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics", Ege Academic Review, c. 19, sayı. 4, ss. 437-455, Eki. 2019, doi:10.21121/eab.486249