FINANCIAL SERVICES WITHOUT INTERMEDIARIES: BENEFITS AND EFFECTS OF CENTRAL BANKS DOING BUSINESS DIRECTLY WITH CORPORATES

Abstract

The costs of finance for SMEs and access to financial services by unbanked individuals are often discussed in the academic and professional world. Credit crunch, financial inclusion, SME loans, venture capital, business angels, protection of financial consumers and its rights became more important after 2008 global financial crisis. Ensuring prosperity with economic recovery and sustainable growth has become a priority for all countries. However, central banks’ policy interest rates at zero level which caused “Liquidity Trap”, has not affected and made any impact on economic growth and the lending facilities. Despite these monetary policies of central banks, inflation and GDP growth cannot be realized because of the “Neurality of Money Theory”. High transaction and lending costs of financial intermediaries create a negative impact on companies’ profitability and operating costs increase. In this study, nonbank financial institutions, alternative finance without banks and lending without financial intermediaries, as well as direct lending from and doing transactions with central banks for a global economic recovery, for GDP growth and markets efficiencies are analyzed theoretically and conceptually for future academic and professional works.

Keywords

• Central banking,finance,economic growth,financial intermediary,credit

ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ

Abstract

Finansal tüketicilerin ve başta KOBİ’lerin yüksek maliyetlerle finansman imkânlarına ve finansal hizmetlere erişimi ve bankasız kesimler akademik ve profesyonel dünyada sıkça gündemde yerini bulmaktadır. Kredi sıkışması, finansal tabana yayılma, KOBİ kredileri, girişim sermayesi, melek yatırımcılık, finansal tüketicinin ve haklarının korunması gibi başlıklar 2008 global finansal krizinden sonra daha fazla gündeme gelmiştir. Ekonomik toparlanma ve sürdürülebilir büyüme ile refahın sağlanması tüm ülkelerin önceliği olmuştur. Ancak, “Likidite Tuzağı”na neden olan merkez bankalarının sıfır seviyelerindeki politika faiz oranlarının, kredi kanalı ile ekonomik büyümeye herhangi bir etkisi olmamıştır. Bu para politikalarına rağmen enflasyon ve GSYİH’da büyüme “Paranın Yansızlığı” kuramı nedeni ile gerçekleşememektedir. Büyük şirketlerin finansal aracılarla çalışma nedeni ile katlandığı maliyetler karlılıkları ve işletme maliyetleri üzerinde olumsuz etki yaratmaktadır. Bu nedenler ile bu çalışmada, fon arz edenler ve talep edenlerin finansal aracısız buluşmaları, alternatif finansman teknikleri, banka olmayan finansal aracılar, ekonomik canlanma ve piyasa etkinliği için merkez bankalarının doğrudan şirketler ile işlem yapması yeni bir yaklaşım olarak kavramsal ve kuramsal olarak analiz edilmekte ve ilerideki akademik ve profesyonel uygulamalara yönelik farklı bir bakış açısı ve yaklaşım sunulması hedeflenmektedir.

Keywords

• finans,büyüme,finansal aracılık,kredi,Merkez bankacılığı

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