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Bankacılık Piyasa Yapısının Reel Ekonomi Üzerindeki Etkileri: Kuramsal ve Görgül Yazının Bir Taraması

Yıl 2016, Sayı: 65, 4 - 42, 01.06.2016

Öz

Bu araştırmada, bankacılık piyasa yapısının reel ekonomi üzerindeki etkileri hakkındaki kuramsal ve görgül yazın taranmıştır. Kuramsal yaklaşımlar, “yapıperformans hipotezi” ve “bilgi-temelli hipotez” başlıkları altında sınıflandırılmış, konu ile ilgili görgül çalışmalar ise destekledikleri hipoteze göre kategorize edilmiştir. Görgül çalışmaların çoğunluğu bankacılık piyasasındaki pazar gücünün reel ekonomiyi olumsuz etkilediği savını iddia eden “yapı-performans hipotezi”ni desteklese de, tam tersi görüşü savunan “bilgi-temelli hipotez”in birçok durumda geçerli olabileceği görülmüştür. Ayrıca, bankacılık piyasasında pazar gücünün ölçümü üzerine eleştirel değerlendirmeler sunularak, bankacılık piyasasında rekabetin düzenleyici politikalardan, kamu müdahalesinden ve sahipliğinden ve kurumsal yapıdan bağımsız ele alınamayacağı tartışılmıştır

Kaynakça

  • AGOSTINO, M. ve F. TRIVIERI (2010), “Is Banking Competition Beneficial to SMEs? An Empirical Study Based on Italian Data”, Small Business Economics, No: 35(3), s. 335-355.
  • BECK, T., A. DEMİRGÜÇ-KUNT ve V. MAKSIMOVIC (2003), “Bank Competition and Access to Finance: International Evidence”, Journal of Money, Credit and Banking, No: 36(3), s. 627-648.
  • BECK, T., R. LEVINE ve N. LOAYZA (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, No: 58, s. 261-300.
  • BERGER, A.N., A. SAUNDERS, J.M. SCALISE ve G.F. UDELL (1998), “The Effects of Bank Mergers and Acquisitions on Small Business Lending”, Journal of Financial Economics, No: 50(2), s. 187-229.
  • BERTRAND, M., A. SCHOAR ve D. THESMAR (2007), “Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985”, Journal of Finance, No: 62(2), s. 597–628.
  • BIKKER, J.A., S. SHAFFER ve L. SPIERDIJK (2012), “Assessing Competition with the Panzar-Rosse Model: The Role of Scale, Costs, and Equilibrium”, Review of Economics and Statistics, No: 94(4), s. 1025-1044.
  • BLACK, S.E. ve P.E. STRAHAN (2002), “Entrepreneurship and Bank Credit Availability”, Journal of Finance, No: 57(6), s. 2807–2833.
  • BOONE, J. (2008), “A New Way to Measure Competition”, Economic Journal, No: 118(531), s. 1245-1261.
  • CETORELLI, N. (2004), “Real Effects of Bank Competition”, Journal of Money, Credit, and Banking, No: 36(3), s. 543–558.
  • CETORELLI, N. ve M. GAMBERA (2001), “Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data”, Journal of Finance, No: 56(2), s. 617–648.
  • CETORELLI, N. ve P.E. STRAHAN (2006), “Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local US Markets”, Journal of Finance, No: 61(1), s. 437–461.
  • CHAVA, S., A. OETTL, A. SUBRAMANIAN ve K.V. SUBRAMANIAN (2013), “Banking Deregulation and Innovation”, Journal of Financial Economics, No: 109(3), s. 759-774.
  • CLAESSENS, S. ve L. LAEVEN (2004), “What Drives Bank Competition? Some International Evidence”, Journal of Money, Credit, and Banking, No: 36(3), s. 563–583.
  • CLAESSENS, S. ve L. LAEVEN (2005), “Financial Dependence, Banking Sector Competition, and Economic Growth”, Journal of the European Economic Association, No: 3(1), s. 179-207.
  • CORNAGGIA, J., Y. MAO, X. TIAN ve B. WOLFE (2015), “Does Banking Competition Affect Innovation? ”, Journal of Financial Economics, No: 115(1), s. 189-209.
  • DELIS, M.D. (2012), “Bank Competition, Financial Reform, and Institutions: The Importance of Being Developed”, Journal of Development Economics, No: 97(2), s. 450–465.
  • DEMİRGÜÇ-KUNT, A. ve V. MAKSIMOVIC (1998), “Law, Finance, and Firm Growth”, Journal of Finance, No: 53, s. 2107-2137.
  • DI PATTI, E.B. ve G. DELL’ARICCIA (2004), “Bank Competition and Firm Creation”, Journal of Money, Credit and Banking, No: 36(2), s. 225-251.
  • EREL, I. (2009), “The Effect of Bank Mergers on Loan Prices: Evidence from the US”, Review of Financial Studies, No: 24(4), s. 1068–1101.
  • GAGLIARDI, F. (2009), “Banking Market Structure, Creation and Activity of Firms: Early Evidence for Cooperatives in the Italian Case”, Annals of Public and Cooperative Economics, No: 80(4), s. 605-640.
  • GUZMAN, M. (2000), “Bank Structure, Capital Accumulation, and Growth: A Simple Macroeconomic Model”, Economic Theory, No: 16(2), s. 421-455.
  • HOXHA, I. (2013), “The Market Structure of the Banking Sector and Financially Dependent Manufacturing Sectors”, International Review of Economics and Finance, No: 27, s. 432-444.
  • INKLAAR, R., M. KOETTER ve F. NOTH (2015), “Bank Market Power, Factor Reallocation, and Aggregate Growth”, Journal of Financial Stability, No: 19, s. 31-44.
  • JACKSON, J.E. ve A.R. THOMAS (1995), “Bank Structure and New Business Creation Lessons from an Earlier Time”, Regional Science and Urban Economics, No: 25(3), s. 323-353.
  • JAYARATNE, J. ve P.E. STRAHAN (1996), “The Finance-Growth Nexus: Evidence from Bank Branch Deregulation”, Quarterly Journal of Economics, No: 111(3), s. 639–670.
  • KERR, W.R. ve R. NANDA (2009), “Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship”, Journal of Financial Economics, No: 94, s. 124–149.
  • LERNER, A.P. (1934). “The Concept of Monopoly and the Measurement of Monopoly Power”, Review of Economic Studies, No: 1(3), s. 157–175.
  • LEVINE, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, No: 35(2), s. 688–726.
  • LEVINE, R., N. LOAYZA ve T. BECK (2000), “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, No: 46 (1), s. 31–77.
  • LIU, G., A. MIRZAEI ve S. VANDOROS (2014), “The Impact of Bank Competition and Concentration on Industrial Growth”, Letters, 124(1), s. 60-63. Economics
  • MARQUEZ, R. (2002), “Competition, Adverse Selection and Information Dispersion in the Banking Industry”, Review of Financial Studies, No: 15(3), s. 901–926.
  • MILES, D., A. SCOTT ve F. BREEDON (2012), Macroeconomics: Understanding the Global Economy, Second Edition, John Wiley & Sons, West Sussex, UK.
  • MITCHENER, K.J. ve D.C. WHEELOCK (2013), “Does the Structure of Banking Markets Affect Economic Growth? Evidence from US State Banking Markets”, Explorations in Economic History, No: 50(2), s. 161-178.
  • MORETTI, L. (2012), “Bank Concentration, Private Credit, and Firm Turnover: Evidence from the Enlarged European Union”, Eastern European Economics, No: 50(5), s. 5-22.
  • PAGANO, M. (1993), “Financial Markets and Growth. An Overview”, European Economic Review, No: 37, s. 613-622.
  • PANZAR, J.C. ve J.N. ROSSE (1987), “Testing for Monopoly Equilibrium”, Journal of Industrial Economics, No: 35(4), s. 443-456.
  • PETERSEN, M.A. ve R.G. RAJAN (1995), “The Effect of Credit Market Competition on Lending Relationships”, Quarterly Journal of Economics, No: 110 (2), s. 407–443.
  • REKABET KURUMU (2010), Rekabet Terimleri Sözlüğü, Rekabet Kurumu, Ankara.
  • RICE, T. ve P.E. STRAHAN (2010), “Does Credit Competition Affect Small- Firm Finance?”, Journal of Finance, No: 65(3), s. 861-889.
  • ROSEN, R.J. (2004), “Comment on “Real Effects of Bank Competition” by Nicola Cetorelli”, Journal of Money, Credit and Banking, No: 36(3), s. 559- 562.
  • SCHUMPETER, J. (1942), Capitalism, Socialism and Democracy, Harper, New York, US.
  • SHAFFER, S. (1993), “A Test of Competition in Canadian Banking”, Journal of Money, Credit and Banking, No: 25(1), s. 49-61.
  • SHAFFER, S. (1998), “The Winner’s Curse in Banking”, Journal of Financial Intermediation, No: 7(4), s. 359-392.
  • SHAFFER, S. ve J. DISALVO (1994), “Conduct in a Banking Duopoly”, Journal of Banking and Finance, No: 18(6), s. 1063–1082.
  • ZARUTSKIE, R. (2006), “Evidence on the Effects of Bank Competition on Firm Borrowing and Investment”, Journal of Financial Economics, No: 81(3), s. 503–537.

The Effects of Banking Market Structure On Real Economy: A Review of The Theoretical and Empirical Literature

Yıl 2016, Sayı: 65, 4 - 42, 01.06.2016

Öz

In this study, the theoretical and empirical literature on the effects of the banking market structure on real economy is reviewed. The theoretical approaches to the subject matter are classified as “structure-performance hypothesis” and “informationbased hypothesis”, and relevant empirical studies are categorized based on the hypothesis they support. Even though most empirical studies support the “structureperformance hypothesis”, which claims that the market power in the banking industry negatively affects real economy, it is seen there might be many cases where the opposite “information-based hypothesis” could be valid. In addition, critiques on the measurement of the market power in the banking industry are provided, and it is argued that competition in the banking industry cannot be assessed independent of regulatory policies, public intervention and institutional structure

Kaynakça

  • AGOSTINO, M. ve F. TRIVIERI (2010), “Is Banking Competition Beneficial to SMEs? An Empirical Study Based on Italian Data”, Small Business Economics, No: 35(3), s. 335-355.
  • BECK, T., A. DEMİRGÜÇ-KUNT ve V. MAKSIMOVIC (2003), “Bank Competition and Access to Finance: International Evidence”, Journal of Money, Credit and Banking, No: 36(3), s. 627-648.
  • BECK, T., R. LEVINE ve N. LOAYZA (2000), “Finance and the Sources of Growth”, Journal of Financial Economics, No: 58, s. 261-300.
  • BERGER, A.N., A. SAUNDERS, J.M. SCALISE ve G.F. UDELL (1998), “The Effects of Bank Mergers and Acquisitions on Small Business Lending”, Journal of Financial Economics, No: 50(2), s. 187-229.
  • BERTRAND, M., A. SCHOAR ve D. THESMAR (2007), “Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985”, Journal of Finance, No: 62(2), s. 597–628.
  • BIKKER, J.A., S. SHAFFER ve L. SPIERDIJK (2012), “Assessing Competition with the Panzar-Rosse Model: The Role of Scale, Costs, and Equilibrium”, Review of Economics and Statistics, No: 94(4), s. 1025-1044.
  • BLACK, S.E. ve P.E. STRAHAN (2002), “Entrepreneurship and Bank Credit Availability”, Journal of Finance, No: 57(6), s. 2807–2833.
  • BOONE, J. (2008), “A New Way to Measure Competition”, Economic Journal, No: 118(531), s. 1245-1261.
  • CETORELLI, N. (2004), “Real Effects of Bank Competition”, Journal of Money, Credit, and Banking, No: 36(3), s. 543–558.
  • CETORELLI, N. ve M. GAMBERA (2001), “Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data”, Journal of Finance, No: 56(2), s. 617–648.
  • CETORELLI, N. ve P.E. STRAHAN (2006), “Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local US Markets”, Journal of Finance, No: 61(1), s. 437–461.
  • CHAVA, S., A. OETTL, A. SUBRAMANIAN ve K.V. SUBRAMANIAN (2013), “Banking Deregulation and Innovation”, Journal of Financial Economics, No: 109(3), s. 759-774.
  • CLAESSENS, S. ve L. LAEVEN (2004), “What Drives Bank Competition? Some International Evidence”, Journal of Money, Credit, and Banking, No: 36(3), s. 563–583.
  • CLAESSENS, S. ve L. LAEVEN (2005), “Financial Dependence, Banking Sector Competition, and Economic Growth”, Journal of the European Economic Association, No: 3(1), s. 179-207.
  • CORNAGGIA, J., Y. MAO, X. TIAN ve B. WOLFE (2015), “Does Banking Competition Affect Innovation? ”, Journal of Financial Economics, No: 115(1), s. 189-209.
  • DELIS, M.D. (2012), “Bank Competition, Financial Reform, and Institutions: The Importance of Being Developed”, Journal of Development Economics, No: 97(2), s. 450–465.
  • DEMİRGÜÇ-KUNT, A. ve V. MAKSIMOVIC (1998), “Law, Finance, and Firm Growth”, Journal of Finance, No: 53, s. 2107-2137.
  • DI PATTI, E.B. ve G. DELL’ARICCIA (2004), “Bank Competition and Firm Creation”, Journal of Money, Credit and Banking, No: 36(2), s. 225-251.
  • EREL, I. (2009), “The Effect of Bank Mergers on Loan Prices: Evidence from the US”, Review of Financial Studies, No: 24(4), s. 1068–1101.
  • GAGLIARDI, F. (2009), “Banking Market Structure, Creation and Activity of Firms: Early Evidence for Cooperatives in the Italian Case”, Annals of Public and Cooperative Economics, No: 80(4), s. 605-640.
  • GUZMAN, M. (2000), “Bank Structure, Capital Accumulation, and Growth: A Simple Macroeconomic Model”, Economic Theory, No: 16(2), s. 421-455.
  • HOXHA, I. (2013), “The Market Structure of the Banking Sector and Financially Dependent Manufacturing Sectors”, International Review of Economics and Finance, No: 27, s. 432-444.
  • INKLAAR, R., M. KOETTER ve F. NOTH (2015), “Bank Market Power, Factor Reallocation, and Aggregate Growth”, Journal of Financial Stability, No: 19, s. 31-44.
  • JACKSON, J.E. ve A.R. THOMAS (1995), “Bank Structure and New Business Creation Lessons from an Earlier Time”, Regional Science and Urban Economics, No: 25(3), s. 323-353.
  • JAYARATNE, J. ve P.E. STRAHAN (1996), “The Finance-Growth Nexus: Evidence from Bank Branch Deregulation”, Quarterly Journal of Economics, No: 111(3), s. 639–670.
  • KERR, W.R. ve R. NANDA (2009), “Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship”, Journal of Financial Economics, No: 94, s. 124–149.
  • LERNER, A.P. (1934). “The Concept of Monopoly and the Measurement of Monopoly Power”, Review of Economic Studies, No: 1(3), s. 157–175.
  • LEVINE, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, No: 35(2), s. 688–726.
  • LEVINE, R., N. LOAYZA ve T. BECK (2000), “Financial Intermediation and Growth: Causality and Causes”, Journal of Monetary Economics, No: 46 (1), s. 31–77.
  • LIU, G., A. MIRZAEI ve S. VANDOROS (2014), “The Impact of Bank Competition and Concentration on Industrial Growth”, Letters, 124(1), s. 60-63. Economics
  • MARQUEZ, R. (2002), “Competition, Adverse Selection and Information Dispersion in the Banking Industry”, Review of Financial Studies, No: 15(3), s. 901–926.
  • MILES, D., A. SCOTT ve F. BREEDON (2012), Macroeconomics: Understanding the Global Economy, Second Edition, John Wiley & Sons, West Sussex, UK.
  • MITCHENER, K.J. ve D.C. WHEELOCK (2013), “Does the Structure of Banking Markets Affect Economic Growth? Evidence from US State Banking Markets”, Explorations in Economic History, No: 50(2), s. 161-178.
  • MORETTI, L. (2012), “Bank Concentration, Private Credit, and Firm Turnover: Evidence from the Enlarged European Union”, Eastern European Economics, No: 50(5), s. 5-22.
  • PAGANO, M. (1993), “Financial Markets and Growth. An Overview”, European Economic Review, No: 37, s. 613-622.
  • PANZAR, J.C. ve J.N. ROSSE (1987), “Testing for Monopoly Equilibrium”, Journal of Industrial Economics, No: 35(4), s. 443-456.
  • PETERSEN, M.A. ve R.G. RAJAN (1995), “The Effect of Credit Market Competition on Lending Relationships”, Quarterly Journal of Economics, No: 110 (2), s. 407–443.
  • REKABET KURUMU (2010), Rekabet Terimleri Sözlüğü, Rekabet Kurumu, Ankara.
  • RICE, T. ve P.E. STRAHAN (2010), “Does Credit Competition Affect Small- Firm Finance?”, Journal of Finance, No: 65(3), s. 861-889.
  • ROSEN, R.J. (2004), “Comment on “Real Effects of Bank Competition” by Nicola Cetorelli”, Journal of Money, Credit and Banking, No: 36(3), s. 559- 562.
  • SCHUMPETER, J. (1942), Capitalism, Socialism and Democracy, Harper, New York, US.
  • SHAFFER, S. (1993), “A Test of Competition in Canadian Banking”, Journal of Money, Credit and Banking, No: 25(1), s. 49-61.
  • SHAFFER, S. (1998), “The Winner’s Curse in Banking”, Journal of Financial Intermediation, No: 7(4), s. 359-392.
  • SHAFFER, S. ve J. DISALVO (1994), “Conduct in a Banking Duopoly”, Journal of Banking and Finance, No: 18(6), s. 1063–1082.
  • ZARUTSKIE, R. (2006), “Evidence on the Effects of Bank Competition on Firm Borrowing and Investment”, Journal of Financial Economics, No: 81(3), s. 503–537.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Fatih Cemil Özbuğday Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2016
Yayımlandığı Sayı Yıl 2016 Sayı: 65

Kaynak Göster

APA Özbuğday, F. C. (2016). Bankacılık Piyasa Yapısının Reel Ekonomi Üzerindeki Etkileri: Kuramsal ve Görgül Yazının Bir Taraması. Rekabet Dergisi(65), 4-42.