REFLEXES OF TURKISH CONSTRUCTION INDUSTRY AGAINST FINANCIAL CRISES AND MORTGAGE

Yıl 2023, Cilt: 7 Sayı: 1, 155 - 182, 30.06.2023

Ömer Emre Karaaslan , Uğur Özcan

Öz

The developing and growing construction sector has provided the development and development process of the necessary investment programs in our country, with rapid population growth and urbanization, and especially with the increase in public investment expenditures. Adopted neoliberal policies have brought with them a capitalcentered transformation in cities, and have been the locomotive source of economic growth in Turkey since the 1980s. The economic crisis that started in the United States of America in 2008 affected all other sectors, directly or indirectly, the real estate and banking sector, all over the worldIn the markets, largescale capital movements were transferred to developing countries. From the financial sector to the real sector, the impact of the global crisis was felt. There have been financial and bank institution bankruptcies. There have been serious decreases in the housing price index and global growth rates in the world. As of 2005, the data of the real estate sector, which draws a constantly rising curve in Turkey, entered a period of stagnation and then recession with the global crisis. The sector has an accelerating effect on the growth and contraction of economies. For this reason, it was desired to take advantage of the accelerating effect of economic growth by being active in the sector with the power of the state. The constructionreal estate sector in Turkey is predominantly residential. The housing constructions produced have created a new climate for the sector, especially for middle income groups, especially TOKI, due to reasons such as high quality, cheap and low bank loan interest rates such as TOKI etc. Therefore, its activities have increased after the 2000s. The steps taken and the instruments used must be effective towards ensuring financial stability. Basically, the Central Bank of the Republic of Turkey divides it into functional tools and monitoring tools. In general, identification and monitoring tools are used to monitor and prioritize systematic risks. They try to support their decisions by revealing the risks to the policy makers in time and crosssection. They use market conditions indicators, risk indicators in the system, fundamental imbalance indicators and macro stress tests. In general, the purpose of functional tools is to prevent systemic risk. As a result of this situation, the effect of housing demand and construction investments according to expectations has become very important to the country's economy and operating banks.

Anahtar Kelimeler

Construction & Management, Construction Risk-Crisis, Economy-Finance, Sustainable Strategies, Construction R&D & Innovation

Kaynakça

• Abacı B., (2012), Küreselleşme Sürecinde Neoliberal Politikaların Kalkınma Üzerindeki Etkileri:Türkiye Örneği, Unpublished Master's Thesis, Dokuz Eylül University Institute of Social Sciences, İzmir
• Abdioğlu Z., Albayrak N., (2017), İstihdam Yaratmayan Büyüme: Alt Sektörler Bazında Bir Araştırma, KTU, Institute of Social Sciences, Journal of Social Sciences, June 2017, 13, p: 21-228
• Akay A., Akgün F. K., (2014), Türkiye’de Planlamada Dönüşüm Süreci: Çevre ve Koruma mı? Kentleşme ve Yapılaşma mı? Journal of Amme Admin-istration, December 2014, 47, p: 93-115
• Alkışer Y., Yürekli H., (2004), Türkiye’de Devlet Konutunun Dünü, Bugünü, Yarını”, Journal of Istanbul Technical University, Volume 3, No 1, March 2004, p: 63-74.
• Ateş A. T., (2011), Türkiye'de İnşaat Sektörünün Ekonomik Büyümeye ve İstihdama Katkısının Ampirik Analizi, Unpublished Master's Thesis, Çanak-kale On Sekiz Mart University, Institute of Social Sciences
• Babu S.S., Sudhakar B., (2016), Construction Project management dur-ing eco-nomic crisis,International Journal of Management, 7(7), p: 370-381.
• Balaban O., (2017), İnşaat Sektörü Neyin Lokomotifi? ,İnşaat Ya Re-sulullah, İstanbul: İletişim Publications, 3.Edition, p: 17-32
• Bayraktar C., (2012), Keynes ve Refah Devleti, CBU Journal of Social Sciences, 10, p: 247- 261
• Berberoğlu M. Gökşin,Teker S., (2005), Konut Finansmanı ve Türki-ye’ye Uygun Bir Model yayın Önerisi, İstanbul Technical University Journal of Social Sciences, Volume 2, No 1, December, p: 58-68.
• Candemir B., Beyhan B., Karaata S., (2012), İnşaat Sektöründe Sürdürülebilir: Yeşil Binalar ve Nanoteknoloji Stratejileri, İstanbul: TÜSİAD and İMSAD.
• Cansızlar D., (2008), Küresel Krizin Türkiye Ekonomisine ve Piyasalara Etkisi İşveren, March 2008, p: 45–47
• CIC (Construction Intelligence Center), (2017), Retrieved from
• Demirkaya H., Aydın A., (2010), The Strategic Management and Reor-ganization of Human Resource Management in Crisis Process,
• Duygu A., (2003), Gelişmekte Olan Ülkelerdeki Finansal Krizler ve Bankacılık Sektörünün Rolü: Türkiye Örneği, Unpublished Master's Thesis, Dokuz Eylül University Institute of Social Sciences, İzmir
• World Bank, (2019), PPI Database Global Report
• World Construction Spending, (Global Construction Handbook), (2016), Aecom oxford, Channel:Ayşe Özden and Meral Haçikoğlu, İnşaat Sektörü, A&T Bank, 2017, p: 6
• Dzikeviciusi, Zamzickas A., (2009), An Overview of Financial Crises in U.S., Economics & Management, Vol. 14
• EKGYO, (2018), 3. Quarter Annual Report
• EPEC (EPEC Data Portal), (2019), European Investment Bank
• Ercan F., (2013), Toplumlar ve Ekonomiler, 7.Edition, İstanbul: Bağlam Publications
• Erol I., Ünal U., (2015), Role of Construction Sector in Economic Growth: New Evidence from Turkey. Munich Personal RePEc Archive
• Eşkinat R., (2012), Türk İnşaat Sektöründe Toki'nin Yeri ve Etkisi, Dumlupınar University, Journal of Social Sciences, p: 159-172
• Eşkinat R., Tepecik F., (2012), İnşaat Sektörüne Küresel Bakış, Afyon Kocatepe University, Journal of Faculty of Economics and Administrative Sci-ences, 14, p:25-41.
• George S., (2010), Finansal Piyasalar İçin yeni Paradigma, İnkılap Bookstore; ISBN:978-975- 10-2812-9; September, 2010
• Gürçay M., (2015), 2008 Küresel Krizinin Gelişmekte Olan Ülkelerde Bankacılık Sektörüne Etkisi, Master’s Thesis, İstanbul Ticaret University, Insti-tute of Social Sciences, International Banking and Finance Department, Zongul-dak
• Hällgren M., Wilson T.L. (2007), The nature and management of crises in construction projects: Projects-as-practice observations, International Journal of Project Management, 26, p: 830-838
• Harvey, D. (2015), Neoliberalizmin Kısa Tarihi, (translator; A. Onacak), İstanbul: Sel Publications.
• Harvey, D., (2012), Sermayenin hareketliliği konusunda, for review: Limits of Capital, (translator;Utku Balaban), 1.Edition, Ankara: Tan Bookstore Publications
• Hillson, D. (2004), Effective Opportunity Management for Projects: Ex-ploiting Positive Risk, New York, NY.: Marcel Dekker
• Işık, Evren (2011), 2008 Küresel Finansal Krizin İşletmelerin Çalışma Sermayeleri Üzerindeki Etkilerinin Oranlar Aracılığı ile Tespiti, İMKB’ de bir araştırma, Eskişehir Osmangazi University, Master’s Thesis
• Kaya V., Yalçınkaya Ö., Hüseyni İ., (2013), Ekonomik Büyümede İnşaat Sektörünün Rolü: Türkiye Örneği (1987-2010), Ataturk University Jour-nal of Economics and Administrative Sciences, 27(4), p: 148-167
• Kildiene S, Kaklausas A., Zavadskas E K, (2011), Copras based compar-ative analysis of the european country management capabilities within the con-struction sector in the time of crisis, Jour. of Bus. Eco. and Man., 12: p: 417-434.
• I.angford, D., (2000), The influence of culture on the internationalization of construction. 2nd International Conference on Construction in Developing Countries: Challenges Facing the Construction Industry in Developing Coun-tries, Gabarone, Botswana, November p: 15-17.
• Lopes J. P., Oliveira R. A., Abreu M. İ., (2011), The Construction İndustry, and The Challenges of The Millennium Development Goals, Amster-dam/Hollanda: Management and Innovation for a Sustainable Built Environ-ment, June 2011
• Loosemore M., (1999)., A grounded theory of construction crisis man-agement, Construction Management and Economics, 17, p: 9-19.
• Loosemore M., (2000), Crisis management in construction projects, ASCE Press.
• Loosemore M., Teo M., (2002), The crisis management practices of Aus-tralian construction companies, The Australian Journal of Construction Econom-ics and Building, 2(2), p: 15-26.
• Minsky P., H., (1993), The Financial Instability Hypothesis, The Jeremo Levy Economics Institute of Bard College Working Paper No. 74, 1992, pre-pared for handbook of Radical Political Economy, Edited by Philip Arestis and Malcolm Sawyer, Edward Elgar, Aldershot, p:1-10, 1993.
• Minsky P. H., (2013), İstikrarsız Bir Ekonominin İstikrarı, introduction: Henry Kaufman, translator: Oğuz Esen., 1. Edition, Efil Publications, December 2013
• Mishkin S.F., (2006), The Next Great Globalization, How Disadvan-taged Nations Can Harness Their Financial Systems to Get Rich, Princeton Uni-versity Press.
• Oktar S., Dalyancı, L., (2010), Finansal Kriz Teorileri ve Türkiye Ekonomisinde 1990 Sonrası Finansal Krizler, Marmara University Journal of Economics and Administrative Sciences, Volume XXIX, No II, p: 1-22, WEB_90
• Orman Y., (2018), Türkiye’de kamu ve özel sektör inşaat harcamalarının ekonomik büyüme üzerindeki etkisinin analizi, İnönü University Institute of So-cial Sciences, Master’s Thesis, Malatya.
• Özdemir E., Kılıç S., (2008), Küresel Ekonomik Krizi ve İnşaat Sektörü: Pazarlama Açısından Bir Alan Araştırması, Anadolu University Journal of Social Sciences, Volume 11, No 2, 2011, p.49.
• Özden A., Haçikoğlu M., (2017), İnşaat Sektörü, A&T Bank
• Peck J., (2016), Constructions of Neoliberal Reason, Oxford, Oxford University, Press
• Peck J., Tıckell A., (2002), Neoliberalizing Space, Antipode 34(3) p: 380–404.
• Pearson C.M., Mitroff I.I., (1993), From crisis prone to crisis prepared: A framework for crisis management, Academy of Management Executive, 7(1), p: 48-59.
• Pınar C., (2019), Devletin konut sektörüne müdahalesinin emlak konut gayrimenkul yatırım ortaklığı üzerinden incelenmesi, Yıldız Technical Universi-ty, Institute of Science and Technology, Master’s Thesis, İstanbul
• SBB (Presidency of the Republic of Turkey Strategy and Budget De-partment), (2019), Public-Private Collaboration Projects
• Sowell T., (2010), The Housing Boom and Bust Revised Edition, Basic Books Publishing, USA, 2010, p: 5.
• Srinivasan N.P., Nandhini N., (2015), A study on crisis management in construction projects, International Journal of Innovative Research in Science, Engineering and Technology, 4(10), p: 995-9967.
• Şahin S., (2014), Makroekonomik kriz ortamında küçük ve orta ölçekli inşaat şirketlerinin uyguladıkları yönetim yaklaşımları. Bülent Ecevit University, Institute of science and technology, Master’s Thesis, Zonguldak
• Tağraf H., Nagehan T. A., (2003), Kriz Oluşum Süreci ve Kriz Yöne-timinde Proaktif Yaklaşım, Cumhuriyet University, Journal of Economics and Administrative Sciences, 4 (1): p: 149-160.
• Taşar O., Çevik S., (2009), Sosyal konut ve konut sektörüne devlet müdahalesi: Avrupa ülkeleri ve Türkiye, Aksaray University Journal of Eco-nomics and Administrative Sciences, 1(2), p: 135-165
• Tekeli İ., (2004), Bir Ülkede Konut Sorununun Yanlış Tanımlandığı Ko-nusunda Kuşkular Belirdi Mi Konut Sorunu Çözüme Yaklaşmış Demektir, Jour-nal of Architecture, 260, 1994, Yasemin Alkışer and Hülya Yürekli quoted from p. 27-28, Türkiye’de Devlet Konutunun Dünü, Bugünü, Yarını, Journal of İs-tanbul Technical University, Volume 3, No 1, March 2004, p: 64.
• Tomann. H, (1994), Government Intervention and Regulation: Effects on Housing Finance, Housing Finance International, June, p: 16–21
• TUİK, (2010), Üç Aylık İnşaat Göstergeleri, No 230, 2010.
• The Banks Association of Turkey, (2017), Konut Kredilerindeki İsti-krarlı Artış Devam Ediyor, Büyüme Potansiyeli Yüksek, March 2017
• Yeşilbağ M., (2016), Hegomanyanın Harcı: AKP Döneminde İnşaata Dayalı Birikim Rejimi, Ankara University, Journal of Social Sciences, 71, p: 599-626
• Yeşilbağ M., (2020), İnşaat Sektörünün Kriz Dinamikleri: Güncel Bir Değerlendirme, Ankara University, Journal of Social Sciences, Journal of Mül-kiye, 44, p: 101-130
• Yılmaz E., (2016), Konut Sorunu ve Toplu Konut Üretiminde Toki’nin ve Belediyelerin Rolü, Gazi University, Journal of Social Sciences, 3, p: 31-50
• Yücel F., Kalyoncu H., (2010), Finansal Krizlerin Öncü Göstergeleri ve Ülke Ekonomilerini Etkileme Kanalları: Türkiye Örneği, Journal of Finance, (1)159; p:53-69
• Zariç S., (2012), Türkiye'de Kentsel Planlama ve TOKİ'nin Planlama Yetkilerdeki Genişlemenin Boyutları, Academic Perspective Journal, January-February 2012
• https://www.construction-ic.com/pressrelease/global-construction-output-growth-to-pick-up-pace-5794913, (Last Access Date: 22.12.2022)
• http://www.emlakkonut.com.tr/_Assets/Upload/Images/file/Yatirimci/faaliyet raporlari/tr/Faaliyet%20Raporu%202018.pdf, (Last Access Date: 06.08.2021)
• https://mpra.ub.unimuenchen. de/68263/, (Last Access Date: 31.01.2018)
• https://www.tbb.org.tr/Content/Upload/Dokuman/7436/TBB_BD_1503,(Last Access Date: 08.04.2018)
• http://www.akademikbakis.org/eskisite/28/09.pdf adresinden, (Last Ac-cess Date: 09.03.2018)
• https://koi.sbb.gov.tr/, (Last Access Date: 14.10.2019)
• https://data.eib.org/epec., (Last Access Date: 14.10.2019)
• https://ppi.worldbank.org/en/ppi., (Last Access Date: 14.10.2019)
• www.tcmb.gov.tr., (Last Access Date: 26.01.2023)
• www.tüik.gov.tr., (Last Access Date: 26.01.2023)