Araştırma Makalesi
PDF Zotero Mendeley EndNote BibTex Kaynak Göster

The Effect of the Global Financial Crisis on the Market Structure: The Case of the Turkish Banking Sector

Yıl 2021, Cilt 6, Sayı 2, 289 - 303, 27.08.2021
https://doi.org/10.30784/epfad.885778

Öz

In this study, the market structure and competition level of the Turkish banking sector are investigated by employing a dynamic panel data method and using the data of the 2003-2018 period. For this purpose, within the framework of the non-structural Panzar-Rosse model, H statistical values were calculated for the period 2003-2018 and sub-periods 2003-2009 and 2010-2018 to investigate the effects of the Global Financial Crisis. According to the findings, the Turkish banking sector has a monopolistic competitive structure in the period of 2003-2018, in accordance with the classification in the literature. However, considering the structure of the Turkish banking sector, it can be stated that the sector has an oligopolistic structure. H statistical values also calculated for the 2003-2009 and 2010-2018 sub-periods that the level of competition in the sector is notably low, although the oligopolistic structure is maintained. Also, it is observed that the competition level of the sector decreased after the Global Financial Crisis, when the H statistics calculated for the two sub-periods are compared.

Kaynakça

  • Abbasoglu, O. F., Aysan, A. F. and Gunes, A. (2007). Concentration, competition, efficiency and profitability of the Turkish banking sector in the post-crises period. Banks & Bank Systems, 2(3), 106-115. Retrieved from https://core.ac.uk/
  • Aktan, B. and Masood, O. (2010). The state of competition of the Turkish banking industry: An application of the Panzar-Rosse model. Journal of Business Economics and Management, 11(1), 131-145. https://doi.org/10.3846/jbem.2010.07
  • Anderson, T. W. and Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76(375), 598-606. Retrieved from https://www.tandfonline.com/
  • Arellano, M. and Bond, S. (1991). Some tests of specificaiton for panel data: Monte Carlo evidence and an applicationto employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Baltagi, B. H. (2005). Econometric analysis for panel data (3rd Ed.). London: John Wiley and Sons.
  • Bikker, J. A. and Groeneveld, J. M. (1998). Competition and concentration in the EU banking industry. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.493.5081&rep=rep1& type=pdf
  • Bikker, J. A. and Haaf, K. (2002a). Measures of competition and concentration in the banking industry: A review of the literature. Economic & Financial Modelling, 9(2), 53-98. Retrieved from https://www.sid.ir/en/journal/ Bikker, J. A. and Haaf, K. (2002b). Competition, concentration and their relationship: An empirical analysis of the banking industry. Journal of Banking & Finance, 26(11), 2191-2214. https://doi.org/10.1016/S0378-4266(02)00205-4
  • Bikker, J. A., Spierdijk, L. and Finnie, P. (2006). Misspecification of the Panzar-Rosse Model: Assessing competition in the banking industry (DNB Working Papers No. 114). Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.474.8065&rep=rep1&type=pdf
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bresnahan, T. F. (1982). The oligopoly solution concept is identified. Economics Letters, 10(1-2), 87-92. https://doi.org/10.1016/0165-1765(82)90121-5
  • Cameron, A. C. and Trivedi, P. K. (2005). Microeconometrics: methods and applications. UK: Cambridge University Press.
  • Celik, T. and Citak, L. (2016). Banking competition, financial liberalization and economic growth: Evidence from Turkish economy during the 19890-2014 period. International Journal of Economics and Financial Issues, 6(4), 1750-1755. Retrieved from https://www.econjournals.com/
  • Claessens, S. and Leven, L. (2003). What drives bank competition? Some international evidence. Journal of Money, Credit and Banking, 36(3), 563-583. Retrieved from https://www.jstor.org/
  • De Bandt, O. and Davis, E. P. (2000). Competition, contestability and market structure in European Banking sectors on the eve of EMU. Journal of Banking & Finance, 24(6), 1045-1066. https://doi.org/10.1016/S0378-4266(99)00117-X
  • Greene, W. H. (2000). Econometric analysis. New Jersey: Prentice Hall.
  • Günalp, B. and Çelik, T. (2006). Competition in the Turkish banking industry. Applied Economics, 38(11), 1335-1342. https://doi.org/10.1080/00036840500405656
  • Iwata, G. (1974). Measurement of conjectural variation in oligopoly. Econometrica Journal of the Econometric Society, 42(5), 947-966. https://doi.org/10.2307/1913800
  • Karabay, M. E. and Okay, P. (2012). An empirical study of the measurement of the level of competition in the Turkish banking system using Panzar - Rosse methodology. Rekabet Dergisi, 13(1), 3-49. Retrieved from https://www.rekabet.gov.tr/
  • Kasman, A. (2001). Competitive conditions in the Turkish banking industry. Ege Academic Review, 1(2), 72-82. Retrieved from https://core.ac.uk/
  • Kocabay, S. (2009). Bank competition and banking system stability: evidence from Turkey (Master Thesis). Retrieved from https://open.metu.edu.tr/bitstream/handle/11511/18927/index. pdf?sequence=1
  • Lau, L J. (1982). On identifying the degree of competitiveness from industry price and output data. Economic Letters, 10(1-2), 93-99. https://doi.org/10.1016/0165-1765(82)90122-7
  • Macit, F. (2012). Recent evidence on concentration and competition in Turkish banking sector. Theoretical and Applied Economics, 19(8), 19-28. Retrieved from http://www.ectap.ro/
  • Molyneux, P., Lloyd-Williams, D. M. and Thornton, J. (1994). Competitive conditions in European banking. Journal of Banking & Finance, 18(3), 445-459. https://doi.org/10.1016/0378-4266(94)90003-5
  • Mustafa, A. and Toçi, V. (2017). Estimation of the banking sector competition in the CEE Countries: The Panzar-Rosse approach. Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis za Ekonomsku Teoriju i Praksu, 35(2), 459-485. https://doi.org/10.18045/zbefri.2017.2.459
  • Nathan, A. and Neave, E. H. (1989). Competition and contestability in Canada's financial system: Empirical results. The Canadian Journal of Economics, 22(3), 576-594. https://doi.org/10.2307/135541
  • Panzar, J. C. and Rosse, J. N. (1987). Testing for "monopoly" equilibrium. The Journal of Industrial Economics, 35(4), 443-456. https://doi.org/10.2307/2098582
  • Repková, I. and Stavárek, D. (2014). Concentration and competition in the banking sector of Turkey. Amfiteatru Economic, 16(36), 625. Retrieved from https://www.amfiteatrueconomic.ro/
  • Shaffer, S. (1982). Nonstructural test for competition in financial markets. Federal Reserve Bank of Chicago, 225-243.
  • Shaffer, S. (2004). Patterns of competition in banking Journal of Economics and Business, 56(4), 287-313. https://doi.org/10.1016/j.jeconbus.2003.10.003
  • Świtała, F., Olszak M. and Kowalska, I. (2013). Competition in commercial banks in Poland - analysis of Panzar-Rosse H-Statistics (UW Faculty of Management Working Paper Series 4). Retrieved from http://www.wz.uw.edu.pl/portaleFiles/5630-Faculty%20of%20M/WP/WPS42013SwitalaOlszak Kowalska.pdf
  • Türkiye Bankalar Birliği. (2019). 60. yılında Türkiye Bankalar Birliği ve Türkiye'de bankacılık sistemi 1958-2018. İstanbul: Türkiye Bankalar Birliği.
  • Vesala, J. (1995). Testing for competition in banking: Behavioral evidence from Finland. Helsinki: Bank of Finland Studies.

Küresel Finans Krizi’nin Türk Bankacılık Sektörü Piyasa Yapısı Üzerine Etkisi

Yıl 2021, Cilt 6, Sayı 2, 289 - 303, 27.08.2021
https://doi.org/10.30784/epfad.885778

Öz

Bu çalışmada Türk bankacılık sektörünün piyasa yapısı ve rekabet düzeyi, 2003-2018 verileri kullanılarak dinamik panel veri yöntemiyle araştırılmaktadır. Bu amaçla yapısal olmayan Panzar-Rosse modeli çerçevesinde önce 2003-2018 dönemi için, daha sonra Küresel Finans Krizinin etkilerini görebilmek amacıyla 2003-2009 ve 2010-2018 alt dönemleri için rekabet derecesini gösteren H istatistik değerleri hesaplanmıştır. Elde edilen bulgular Türk bankacılık sektörünün 2003-2018 döneminde, literatürde yer alan tasnife uygun olarak monopolcü rekabet yapısına sahip olduğu söylenebilirse de, sektörün oligopolistik bir yapıda olduğu rahatlıkla ifade edilebilir. 2003-2009 ve 2010-2018 alt dönemleri itibariyle hesaplanan H istatistik değerleri ise sektörün oligopol piyasa yapısını korumakla beraber ilgili dönemlerde rekabet düzeyinin ciddi derecede düşük olduğunu ortaya koymaktadır. Ayrıca iki alt dönem için hesaplanan H istatistik değeri karşılaştırıldığında, Küresel Finans Krizi sonrasında sektörün rekabet düzeyinin azaldığı gözlenmiştir.

Kaynakça

  • Abbasoglu, O. F., Aysan, A. F. and Gunes, A. (2007). Concentration, competition, efficiency and profitability of the Turkish banking sector in the post-crises period. Banks & Bank Systems, 2(3), 106-115. Retrieved from https://core.ac.uk/
  • Aktan, B. and Masood, O. (2010). The state of competition of the Turkish banking industry: An application of the Panzar-Rosse model. Journal of Business Economics and Management, 11(1), 131-145. https://doi.org/10.3846/jbem.2010.07
  • Anderson, T. W. and Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76(375), 598-606. Retrieved from https://www.tandfonline.com/
  • Arellano, M. and Bond, S. (1991). Some tests of specificaiton for panel data: Monte Carlo evidence and an applicationto employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Baltagi, B. H. (2005). Econometric analysis for panel data (3rd Ed.). London: John Wiley and Sons.
  • Bikker, J. A. and Groeneveld, J. M. (1998). Competition and concentration in the EU banking industry. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.493.5081&rep=rep1& type=pdf
  • Bikker, J. A. and Haaf, K. (2002a). Measures of competition and concentration in the banking industry: A review of the literature. Economic & Financial Modelling, 9(2), 53-98. Retrieved from https://www.sid.ir/en/journal/ Bikker, J. A. and Haaf, K. (2002b). Competition, concentration and their relationship: An empirical analysis of the banking industry. Journal of Banking & Finance, 26(11), 2191-2214. https://doi.org/10.1016/S0378-4266(02)00205-4
  • Bikker, J. A., Spierdijk, L. and Finnie, P. (2006). Misspecification of the Panzar-Rosse Model: Assessing competition in the banking industry (DNB Working Papers No. 114). Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.474.8065&rep=rep1&type=pdf
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bresnahan, T. F. (1982). The oligopoly solution concept is identified. Economics Letters, 10(1-2), 87-92. https://doi.org/10.1016/0165-1765(82)90121-5
  • Cameron, A. C. and Trivedi, P. K. (2005). Microeconometrics: methods and applications. UK: Cambridge University Press.
  • Celik, T. and Citak, L. (2016). Banking competition, financial liberalization and economic growth: Evidence from Turkish economy during the 19890-2014 period. International Journal of Economics and Financial Issues, 6(4), 1750-1755. Retrieved from https://www.econjournals.com/
  • Claessens, S. and Leven, L. (2003). What drives bank competition? Some international evidence. Journal of Money, Credit and Banking, 36(3), 563-583. Retrieved from https://www.jstor.org/
  • De Bandt, O. and Davis, E. P. (2000). Competition, contestability and market structure in European Banking sectors on the eve of EMU. Journal of Banking & Finance, 24(6), 1045-1066. https://doi.org/10.1016/S0378-4266(99)00117-X
  • Greene, W. H. (2000). Econometric analysis. New Jersey: Prentice Hall.
  • Günalp, B. and Çelik, T. (2006). Competition in the Turkish banking industry. Applied Economics, 38(11), 1335-1342. https://doi.org/10.1080/00036840500405656
  • Iwata, G. (1974). Measurement of conjectural variation in oligopoly. Econometrica Journal of the Econometric Society, 42(5), 947-966. https://doi.org/10.2307/1913800
  • Karabay, M. E. and Okay, P. (2012). An empirical study of the measurement of the level of competition in the Turkish banking system using Panzar - Rosse methodology. Rekabet Dergisi, 13(1), 3-49. Retrieved from https://www.rekabet.gov.tr/
  • Kasman, A. (2001). Competitive conditions in the Turkish banking industry. Ege Academic Review, 1(2), 72-82. Retrieved from https://core.ac.uk/
  • Kocabay, S. (2009). Bank competition and banking system stability: evidence from Turkey (Master Thesis). Retrieved from https://open.metu.edu.tr/bitstream/handle/11511/18927/index. pdf?sequence=1
  • Lau, L J. (1982). On identifying the degree of competitiveness from industry price and output data. Economic Letters, 10(1-2), 93-99. https://doi.org/10.1016/0165-1765(82)90122-7
  • Macit, F. (2012). Recent evidence on concentration and competition in Turkish banking sector. Theoretical and Applied Economics, 19(8), 19-28. Retrieved from http://www.ectap.ro/
  • Molyneux, P., Lloyd-Williams, D. M. and Thornton, J. (1994). Competitive conditions in European banking. Journal of Banking & Finance, 18(3), 445-459. https://doi.org/10.1016/0378-4266(94)90003-5
  • Mustafa, A. and Toçi, V. (2017). Estimation of the banking sector competition in the CEE Countries: The Panzar-Rosse approach. Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis za Ekonomsku Teoriju i Praksu, 35(2), 459-485. https://doi.org/10.18045/zbefri.2017.2.459
  • Nathan, A. and Neave, E. H. (1989). Competition and contestability in Canada's financial system: Empirical results. The Canadian Journal of Economics, 22(3), 576-594. https://doi.org/10.2307/135541
  • Panzar, J. C. and Rosse, J. N. (1987). Testing for "monopoly" equilibrium. The Journal of Industrial Economics, 35(4), 443-456. https://doi.org/10.2307/2098582
  • Repková, I. and Stavárek, D. (2014). Concentration and competition in the banking sector of Turkey. Amfiteatru Economic, 16(36), 625. Retrieved from https://www.amfiteatrueconomic.ro/
  • Shaffer, S. (1982). Nonstructural test for competition in financial markets. Federal Reserve Bank of Chicago, 225-243.
  • Shaffer, S. (2004). Patterns of competition in banking Journal of Economics and Business, 56(4), 287-313. https://doi.org/10.1016/j.jeconbus.2003.10.003
  • Świtała, F., Olszak M. and Kowalska, I. (2013). Competition in commercial banks in Poland - analysis of Panzar-Rosse H-Statistics (UW Faculty of Management Working Paper Series 4). Retrieved from http://www.wz.uw.edu.pl/portaleFiles/5630-Faculty%20of%20M/WP/WPS42013SwitalaOlszak Kowalska.pdf
  • Türkiye Bankalar Birliği. (2019). 60. yılında Türkiye Bankalar Birliği ve Türkiye'de bankacılık sistemi 1958-2018. İstanbul: Türkiye Bankalar Birliği.
  • Vesala, J. (1995). Testing for competition in banking: Behavioral evidence from Finland. Helsinki: Bank of Finland Studies.

Ayrıntılar

Birincil Dil İngilizce
Konular İktisat
Yayınlanma Tarihi Ağustos 2021
Bölüm Makaleler
Yazarlar

Mustafa ILDIRAR
CUKUROVA UNIVERSITY
0000-0001-6945-3364
Türkiye


İbrahim BAŞARAN (Sorumlu Yazar)
TURKISH - GERMAN UNIVERSITY
0000-0003-3211-0223
Türkiye

Yayımlanma Tarihi 27 Ağustos 2021
Yayınlandığı Sayı Yıl 2021, Cilt 6, Sayı 2

Kaynak Göster

APA Ildırar, M. & Başaran, İ. (2021). The Effect of the Global Financial Crisis on the Market Structure: The Case of the Turkish Banking Sector . Ekonomi Politika ve Finans Araştırmaları Dergisi , 6 (2) , 289-303 . DOI: 10.30784/epfad.885778

    19095   19096   19094   19097   19099    19098   19102   19100    19101