The Relationship Sectoral Credit Concentration and Growth In Turkey Analysis By VAR Method

Sultan Sarı; Aziz Konukman

Makale detayları

The Relationship Sectoral Credit Concentration and Growth In Turkey Analysis By VAR Method

Yazarlar:

Sultan Sarı | Aziz Konukman

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Ekonomi

Dergi:

Politik Ekonomik Kuram Vol.7 Issue 1, pp.1-15

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291630

pISSN:

2587-2567

Anahtar kelimeler:

Özet:

 Banks are systematically important instutions and the most important their functions is financial intermediation and the their basic operation is crediting. As crediting means shortly financing of consumption and production, it directly affects macroeconomy and is affected by it. Sectorial credit concentration is not only important for risk and returns but also important for financial stability and macro economy. For example, sectorial credit concentration affects the growth rate as well. Therefore, the relationship between sectorial credit concentration and growth in the Turkish banking sector is analysed in this study. It is preferred VAR method with the quarterly data between 2007  2021. Because, VAR analysis can reflects all dynamic relationship without any restriction over model and so it is used commonly as time series. According to the analysis results, there is a positive relationship between sectorial credit concentration and growth. Moreover, this relationship that confirmed by Granger Causality test is bidirectional. Furthermore, the impulse-response functions and variance decomposition results support this finding. It is expected that the study, examined the relationship between sectorial concentration in banking sector, to be used as an indicator of sectorial concentration in banking sector macro economy and financial stability and so to help to orientate credit policies and development and growth strategies. In the literature, while there are many studies which examine the relationship between financial development and growth, there are not studies which consider the relationship between growth and measure of the development in financial functions as diversification and concentration. In sum, it is not observed any other study for Turkish banking sector like that. Keywords: Sectoral credit concentration, growth, Herfindahl-Hirschman Index HHI, VAR method, Granger causality test JEL Classification: E44, G21, C51.

 Banks are systematically important instutions and the most important their functions is financial intermediation and the their basic operation is crediting. As crediting means shortly financing of consumption and production, it directly affects macroeconomy and is affected by it. Sectorial credit concentration is not only important for risk and returns but also important for financial stability and macro economy. For example, sectorial credit concentration affects the growth rate as well. Therefore, the relationship between sectorial credit concentration and growth in the Turkish banking sector is analysed in this study. It is preferred VAR method with the quarterly data between 2007  2021. Because, VAR analysis can reflects all dynamic relationship without any restriction over model and so it is used commonly as time series. According to the analysis results, there is a positive relationship between sectorial credit concentration and growth. Moreover, this relationship that confirmed by Granger Causality test is bidirectional. Furthermore, the impulse-response functions and variance decomposition results support this finding. It is expected that the study, examined the relationship between sectorial concentration in banking sector, to be used as an indicator of sectorial concentration in banking sector macro economy and financial stability and so to help to orientate credit policies and development and growth strategies. In the literature, while there are many studies which examine the relationship between financial development and growth, there are not studies which consider the relationship between growth and measure of the development in financial functions as diversification and concentration. In sum, it is not observed any other study for Turkish banking sector like that. Keywords: Sectoral credit concentration, growth, Herfindahl-Hirschman Index HHI, VAR method, Granger causality test JEL Classification: E44, G21, C51.

 Banks are systematically important instutions and the most important their functions is financial intermediation and the their basic operation is crediting. As crediting means shortly financing of consumption and production, it directly affects macroeconomy and is affected by it. Sectorial credit concentration is not only important for risk and returns but also important for financial stability and macro economy. For example, sectorial credit concentration affects the growth rate as well. Therefore, the relationship between sectorial credit concentration and growth in the Turkish banking sector is analysed in this study. It is preferred VAR method with the quarterly data between 2007  2021. Because, VAR analysis can reflects all dynamic relationship without any restriction over model and so it is used commonly as time series. According to the analysis results, there is a positive relationship between sectorial credit concentration and growth. Moreover, this relationship that confirmed by Granger Causality test is bidirectional. Furthermore, the impulse-response functions and variance decomposition results support this finding. It is expected that the study, examined the relationship between sectorial concentration in banking sector, to be used as an indicator of sectorial concentration in banking sector macro economy and financial stability and so to help to orientate credit policies and development and growth strategies. In the literature, while there are many studies which examine the relationship between financial development and growth, there are not studies which consider the relationship between growth and measure of the development in financial functions as diversification and concentration. In sum, it is not observed any other study for Turkish banking sector like that. Keywords: Sectoral credit concentration, growth, Herfindahl-Hirschman Index HHI, VAR method, Granger causality test JEL Classification: E44, G21, C51.

 Sistemik önemli kurumlar olan bankaların en önemli faaliyeti olan mali aracılık ya da kısaca kredi faaliyetleri üretimin ve tüketimin finansmanı olduğu için karşılıklı olarak makroekonomiden etkilenir ve etkiler. Dolayısıyla, kredilerin hangi alanlarda yoğunlaştığı yalnızca bankaların risk ve kârlılığı için değil, finansal istikrar ve tüm makroekonomi için de önemlidir. Örneğin, kredilerin hangi sektörlerde yoğunlaştığı büyümeyi de etkiler. Bu nedenle, çalışmada, Türkiyede sektörel kredi yoğunlaşması ve büyüme incelenmiştir. 2007 - 2021 dönemi 3er aylık verilerden yararlanılan çalışmada yöntem olarak VAR analizi tercih edilmiştir. Çünkü VAR analizi, model üzerinde herhangi bir kısıtlama getirmeksizin dinamik ilişkileri verebilmektedir. Çalışmanın sonuçlarına göre, sektörel kredi yoğunlaşması ile büyüme arasındaki ilişki pozitif yönlüdür ve dahası Granger Nedensellik testi ile de teyit edilen bu ilişki çift yönlüdür. Ayrıca, etki-tepki ve varyans ayrıştırması da sonucu desteklemektedir. Tüm bankacılık sektörü kredilerindeki sektörel yoğunlaşma ile büyüme ilişkisinin incelendiği çalışmanın makroekonomi ve finansal istikrar açısından bir gösterge olarak kullanılması ve kredi politikalarıyla ülkenin büyüme ve kalkınma hedeflerinin uyumlu hale getirilmesinde yol gösterici olması beklenmektedir. Alanyazında, finansal gelişme ve büyüme ilişkisini inceleyen pek çok çalışma vardır, ancak çeşitlendirme ve yoğunlaşma gibi finansal işlevlerdeki gelişmeleri ölçerek büyüme ilişkisini inceleyen çalışmalar yoktur. Özetle, Türkiye bankacılık sektörü için böyle bir çalışmaya rastlanılamamıştır. Anahtar Kelimeler: Sektörel kredi yoğunlaşması, büyüme, Herfindahl-Hirschman Endeksi HHI, VAR Analizi, Granger nedensellik testi JEL Sınıflandırması: E44, G21, C51.

Makale detayları

The Relationship Sectoral Credit Concentration and Growth In Turkey Analysis By VAR Method

Yazarlar:

Sultan Sarı | Aziz Konukman

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Ekonomi

Dergi:

Politik Ekonomik Kuram Vol.7 Issue 1, pp.1-15

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291630

pISSN:

2587-2567

Sectoral credit concentration

growth

Herfindahl-Hirschman Index (HHI)

VAR method

Granger causality testSektörel kredi yoğunlaşması

büyüme

Herfindahl-Hirschman Endeksi (HHI)

VAR Analizi

Granger nedensellik testi

Sectoral credit concentration

growth

Herfindahl-Hirschman Index (HHI)

VAR method

Granger causality test

Sayı

Makale detayları

Yazarlar: Sultan Sarı | Aziz Konukman

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Ekonomi

Dergi: Politik Ekonomik Kuram Vol.7 Issue 1, pp.1-15

Belge Tipi: Makale

Yayın Tarihi: 6/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001291630

pISSN: 2587-2567

Sayı

Yazarlar:

Sultan Sarı | Aziz Konukman

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Ekonomi

Dergi:

Politik Ekonomik Kuram Vol.7 Issue 1, pp.1-15

Belge Tipi:

Makale

Yayın Tarihi:

6/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001291630

pISSN:

2587-2567