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Is Islamic Banking Effective on Conventional Banking? A Causality Analysis on the Case of Türkiye

Year 2022, Volume: 7 Issue: 4, 982 - 998, 31.12.2022
https://doi.org/10.30784/epfad.1196986

Abstract

Studies on the relationship between Islamic banking activities and the banking sector will contribute to the qualified growth of the finance field. In this paper, it has been evaluated whether the Islamic banking field affects the conventional banking field. The study aims to determine the causality relationship between the variables discussed in the case of Türkiye. Quarterly data for the period 2005:Q1-2022:Q2 were used in the study. A modified version of the Granger causality test proposed by Toda and Yamamoto was used to investigate causality between variables. The study reveals the causality between Islamic banking participation fund and fund disbursement volume and traditional banking deposit volume. The results of the analysis reveal that the deposit and loan volume of Islamic banks is effective on the volume of conventional banks deposits (granger reason), while the volume of conventional banking deposits is also effective on the volume of Islamic banking participation funds (granger reason). This study, on the one hand, reveals the importance of participation banks in terms of the banking sector, and on the other hand, makes an important contribution to the literature in terms of considering the relationship between Islamic banks (participation banks) and conventional banks from a different perspective.

References

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İslami Bankacılık Konvansiyonel Bankacılık Üzerinde Etkili mi? Türkiye Örneği Üzerinden Bir Nedensellik Analizi

Year 2022, Volume: 7 Issue: 4, 982 - 998, 31.12.2022
https://doi.org/10.30784/epfad.1196986

Abstract

İslami bankacılık faaliyetleri ile bankacılık sektörü ilişkisine yönelik yapılacak çalışmalar finans alanının nitelikli büyümesine katkı sağlayacaktır. Bu çalışmada İslami bankacılık alanının konvansiyonel bankacılık alanı üzerinde bir etkisinin olup olmadığı değerlendirilerek, Türkiye örneği üzerinde ele alınan değişkenler arasındaki nedensellik ilişkisinin belirlenmesi amaçlanmaktadır. Çalışmada 2005:Q1-2022:Q2 dönemine ait üç aylık veriler kullanılmıştır. Değişkenler arasındaki nedenselliği araştırmak için Toda ve Yamamoto tarafından önerilen Granger nedensellik testinin değiştirilmiş bir versiyonu kullanılmıştır. Çalışma İslami bankacılık katılım fonu ve fon kullandırma hacmi ile konvansiyonel bankacılık mevduat hacmi arasındaki nedenselliği ortaya koymaktadır. Analiz sonuçları İslami bankalarının katılım fonu ve fon kullandırma hacminin konvansiyonel bankalar mevduat hacmi üzerinde etkili olduğunu (granger nedeni), aynı zamanda konvansiyonel bankacılık mevduat hacminin de İslami bankacılık katılım fon hacmi üzerinde etkili olduğunu (granger nedeni) göstermektedir. Çalışma elde edilen sonuçlarla bir taraftan bankacılık sektörü açısından katılım bankalarının önemini ortaya koymakta diğer taraftan İslami bankalar (katılım bankaları) ile konvansiyonel bankalar arasındaki ilişkiyi farklı bir perspektiften ele alarak literatüre önemli bir katkı sağlamaktadır.

References

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  • Agustina, M., Majid, M.S.A., Musnadi, S., Faisal, F., Hafasnuddin, H. and Suriani, S. (2022). Islamic banking, economic growth, and poverty reduction in Indonesia. Paper presented at the 2022 International Conference on Decision Aid Sciences and Applications (DASA). Chiangrai, Thailand. Retrieved from https://ieeexplore.ieee.org/abstract/document/9765089
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  • Al-Qudair, K.H. (2005). The relationship between government expenditure and revenues in the Kingdom of Saudi Arabia: Testing for cointegration and causality. Economics and Administration, 19(1). Retrieved from https://www.kau.edu.sa/
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  • Büyükakin, F., Bozkurt, H. ve Cengiz, V. (2009). Türkiye’de parasal aktarımın faiz kanalının Granger nedensellik ve Toda-Yamamota yöntemleri ile analizi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33, 101-118. Erişim adresi: https://dergipark.org.tr/en/pub/erciyesiibd/
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  • Chong, B.S. and Liu, M.-H. (2009). Islamic banking: Interest-free or interest-based? Pacific-Basin Finance Journal, 17(1), 125-144. https://doi.org/10.1016/j.pacfin.2007.12.003
  • Dolado, J.J. and Lütkepohl, H. (1996). Making Wald tests work for cointegrated VAR systems. Econometric Reviews, 15(4), 369-386. https://doi.org/10.1080/07474939608800362
  • El-Galfy, A. and Khiyar, K.A. (2012). Islamic banking and economic growth: A review. Journal of Applied Business Research (JABR), 28(5), 943-956. https://doi.org/10.19030/jabr.v28i5.7236
  • Erdoğan, R.T. (2022). Katılım finans strateji belgesi tanıtım toplantısı. Erişim adresi: https://www.aa.com.tr/tr/gundem/cumhurbaskani-erdogan-turkiye-yuzyilini-hep-birlikte-insa-edecegiz/2701161#
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  • Gheeraert, L. (2014). Does Islamic finance spur banking sector development? Journal of Economic Behavior & Organization, 103, 4-20. https://doi.org/10.1016/j.jebo.2014.02.013
  • Granger, C.W.J. (1969). Investigating casual relations by econometric models and cross spectral. Econometrica, 37(3), 424-438. https://doi.org/10.2307/1912791
  • Granger, C.W. and Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111-120. https://doi.org/10.1016/0304-4076(74)90034-7
  • Hamilton, J.D. (1994). Time series analysis. New Jersey: Princeton University Press.
  • Hou, J.-R., Huang, P. and Huang, D. (2006). A unit root test for two time series in China’s tourism industry. Chinese Economy, 39(6), 39-48. https://doi.org/10.2753/CES1097-1475390603
  • Imam, P. and Kpodar, K. (2013). Islamic banking: How has it expanded? Emerging Markets Finance and Trade, 49(6), 112-137. https://doi.org/10.2753/REE1540-496X490607
  • Ito, T. (2013). Islamic rates of return and conventional interest rates in the Malaysian deposit market. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 290-303. https://doi.org/10.1108/IMEFM-11-2012-0113
  • Kaleem, A. and Isa, M.M. (2003). Causal relationship between Islamic and conventional banking instruments in Malaysia. International Journal of Islamic Financial Services, 4(4), 1-8. Retrieved from http://www.iaif.ir/
  • Kavoossi, M. (1993). Islamic economy and economic growth: The case of Iran. In M.E. Kreinin (Ed.), International commercial policy: Issues for the 1990s (pp. 253-273). UK: Taylor & Francis.
  • Kazak, H. ve Okka, O. (2022). İslami finans ekonomik kalkınma ve sosyal barış (1. bs.). Ankara: Nobel Akademik Yayıncılık.
  • Khan, M.S. (1986). Islamic interest-free banking: A theoretical analysis. Staff Papers, 33(1), 1-27. https://doi.org/10.2307/3866920
  • Lebdaoui, H. and Wild, J. (2016). Islamic banking presence and economic growth in Southeast Asia. International Journal of Islamic and Middle Eastern Finance and Management, 9(4), 551-569. https://doi.org/10.1108/IMEFM-03-2015-0037
  • Lee, S.-P., Auzairy, N.A., Isa, M. and Choong, C.-K. (2017). Dynamic relation between Islamic and conventional lending rates in Malaysia. Afro-Asian Journal of Finance and Accounting, 7(1), 65-83. https://doi.org/10.1504/AAJFA.2017.082929
  • Liaqat, O., Nizam, K., Saghir, W. and Lakho, A. (2021). The causality between TDRs returns of Islamic banks and conventional banks in Pakistan pre & post-crisis. Competitive Social Science Research Journal, 2(4), 159-173. Retrieved from https://www.cssrjournal.com/
  • MacKinnon, J.G. (2010). Critical values for cointegration tests (Queen's Economics Department Working Paper No. 1227). Retrieved from https://www.econstor.eu/bitstream/10419/67744/1/616664753.pdf
  • Magazzino, C. (2012). The twin deficits phenomenon: Evidence from Italy. Journal of Economic Cooperation and Development, 33(3), 65-80. Retrieved from https://papers.ssrn.com/
  • Mavrotas, G. and Kelly, R. (2001). Old wine in new bottles: Testing causality between savings and growth. The Manchester School, 69, 97-105. https://doi.org/10.1111/1467-9957.69.s1.6
  • Mensi, W., Hammoudeh, S., Tiwari, A.K. and Al-Yahyaee, K.H. (2020). Impact of Islamic banking development and major macroeconomic variables on economic growth for Islamic countries: Evidence from panel smooth transition models. Economic Systems, 44(1), 100739. https://doi.org/10.1016/j.ecosys.2019.100739
  • Mohd Yusoff, Z.Z. and Azhar, N.L. (2019). Relationship between conventional and Islamic interbank rates of a dual banking system in Malaysia, Middle East, and Western countries. Journal of International Business, Economics and Entrepreneurship (JIBE), 4(2), 38-45. https://doi.org/10.24191/jibe.v4i2.14313
  • Mushafiq, M. and Sehar, T. (2021). Reality of short-term causality of Islamic and conventional banking term deposit rates in Pakistan. Asian Journal of Economics and Banking, 5(1), 66-78. https://doi.org/10.1108/AJEB-10-2020-0072
  • Nelson, C.R. and Plosser, C.R. (1982). Trends and random walks in macroeconmic time series: Some evidence and implications. Journal of Monetary Economics, 10(2), 139-162. https://doi.org/10.1016/0304-3932(82)90012-5
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There are 62 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Hasan Kazak 0000-0003-0699-5371

Publication Date December 31, 2022
Acceptance Date December 15, 2022
Published in Issue Year 2022 Volume: 7 Issue: 4

Cite

APA Kazak, H. (2022). İslami Bankacılık Konvansiyonel Bankacılık Üzerinde Etkili mi? Türkiye Örneği Üzerinden Bir Nedensellik Analizi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 7(4), 982-998. https://doi.org/10.30784/epfad.1196986