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Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi

Year 2023, Volume: 31 Issue: 57, 255 - 282, 26.07.2023

Haşmet Sarıgül

https://doi.org/10.17233/sosyoekonomi.2023.03.13

Abstract

Bu çalışmada Türkiye’de finansal sistem üzerinde önemli etkileri ve ağırlığı olan kamusal sermayeli mevduat bankalarında dolarizasyon ile kârlılık arasındaki ilişki incelenmiştir. Araştırmada Halkbank, Vakıfbank ve Ziraat Bankasının 2005-2021 dönemine ait üçer aylık dönemsel verileri kullanılmıştır. Çalışmada literatürde ilk kez mevduat dolarizasyonu, bilanço içi para birimi uyumsuzluğu ve yabancı para türev ürünler olmak üzere dolarizasyon bağıntılı üç değişken birlikte ele alınmıştır. ARDL sınır testi yaklaşımı ile elde edilen bulgular her üç değişkenin de kamusal sermayeli mevduat bankalarında kârlılık üzerinde istatistiksel olarak anlamlı etkileri olduğunu ortaya koymaktadır. Ancak bu etkilerin yönleri bankalar arasında ve kısa-uzun dönem ayırımında farklılık göstermektedir.

Keywords

Dolarizasyon Kârlılık Kamusal Sermayeli Mevduat Bankaları ARDL

References

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The Impacts of Dollarization on the Profitability of Turkish State-owned Deposit Banks

Year 2023, Volume: 31 Issue: 57, 255 - 282, 26.07.2023

Haşmet Sarıgül

https://doi.org/10.17233/sosyoekonomi.2023.03.13

Abstract

This study explores the association between dollarization and profitability in state-owned deposit banks, which play a significant role in the financial system in Türkiye. Quarterly data from Halkbank, Vakıfbank and Ziraat Bank spanning from 2005 to 2021 are used in the research. Three dollarization-related variables - deposit dollarization, balance sheet currency mismatch and foreign currency derivatives - are included jointly in a study for the first time in the literature. Although the directions differ between banks in the short- and long-run, the estimation coefficients obtained by applying Panel ARDL techniques imply that all dollarization-related variables have statistically significant impacts on the profitability of Turkish state-owned deposit banks.

Keywords

Dollarization Profitability State-owned Deposit Banks ARDL

References

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  • Andrews, A.M. (2005), “State-Owned Banks, Stability, Privatization and Growth: Practical Policy Decisions in a World Without Empirical Proof”, Washington, DC: International Monetary Fund Working Papers No: 2005/010.
  • Athanasoglou, P. et al. (2008), “Bank-Specific, Industry-Specific and Macroeconomic Determinants of Bank Profitability”, Journal of International Financial Markets, Institutions and Money, 18, 121-136.
  • Aydın, Y. (2019), “Türk Bankacılık Sektöründe Kârlılığı Etkileyen Faktörlerin Panel Veri Analizi ile İncelenmesi”, Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi, 10(1), 181-189.
  • Babazadeh, M. & F. Farrokhnejad (2012), “Effects of Short-Run and Long-Run Changes in Foreign Exchange Rates on Banks’ Profit”, International Journal of Business and Management, 7(17), 70-77.
  • Bărbută-Misu, N. et al. (2020), “Determinants of Dollarization of Savings in the Turkish Economy”, Sustainability, 12(15), 6141.
  • Berger, A.N. (1995a), “The Profit-Structure Relationship in Banking-Tests of Market-Power and Efficient-Structure Hypotheses”, Journal of Money Credit and Banking, 27, 404-431.
  • Berger, A.N. (1995b), “The Relationship Between Capital and Earnings in Banking”, Journal of Money, Credit and Banking, 27(2), 432-56.
  • Bertay, A.C. et al. (2015), “Bank Ownership and Credit over the Business Cycle: Is Lending by State Banks Less Procyclical?”, Journal of Banking and Finance, 50, 326-339.
  • Breusch, T.S. & A.R. Pagan (1979), “A Simple Test for Heteroscedasticity and Random Coefficient Variation”, Econometrics, 47, 1287-1294.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
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  • Chang, C-C. et al. (2018), “Derivatives Usage for Banking Industry: Evidence from the European Markets”, Review of Quantitative Finance and Accounting, 51, 921-941.
  • Claeys, S. & R.V. Vennet (2007), “Determinants of Bank Interest Margins in Central and Eastern Europe: A Comparison with the West”, Economic Systems, 32(2), 197-216.
  • Court, E. et al. (2012), “The Impact of Deposit Dollarization on Financial Deepening”, Emerging Markets Finance and Trade, 48(6), 39-52.
  • De Nicolo, G. et al. (2003), “Dollarization of the Banking System: Good or Bad?”, Washington, DC: World Bank Policy Research Working Paper No: 3116.
  • De Nicolo, G. et al. (2005), “Dollarization of Bank Deposits: Causes and Consequences”, Journal of Banking and Finance, 29(7), 1697-1727.
  • Demirguc-Kunt, A. et al. (2004), “Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation”, Journal of Money, Credit and Banking, 36(3), 593-622.
  • Detragiache, E. et al. (2018), “Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle”, Washington, DC: International Monetary Fund Working Papers No: WP/18/99.
  • Ding N. et al. (2017), “Comparison of Bank Profitability in China and the USA”, China and World Economy, 25, 90-108.
  • Egly, P.V. & J. Sun. (2014), “Trading Income and Bank Charter Value During The Financial Crisis: Does Derivatives Dealer Designation Matter?”, The Quarterly Review of Economics and Finance, 54, 355-370.
  • Engle, R.F. & C.W.J. Granger (1987), “Cointegration and Error Correction Representation: Estimation and Testing”, Econometrica, 55, 251-76.
  • Ertan, A.S. & F. Kayhan (2020), “Küresel Finansal Krizin Özel ve Kamu Sermayeli Banka Davranışlarına Etkisi: Kapsamlı Bir Yazın Taraması ve Türkiye Bankacılık Sektörü Örneği”, İktisat Araştırmaları Dergisi, 4(1), 46-63.
  • Fernandez-Bollo, É. et al. (2021), “Euro Area Bank Profitability and Consolidation”, Revista De Estabilidad Financiera, 40, 91-118.
  • García-Herrero, A.S. et al. (2009), “What Explains the Low Profitability of Chinese Banks?”, Journal of Banking and Finance, 33(11), 2080-2092.
  • Ghosh, A. (2017), “How Do Derivative Securities Affect Bank Risk and Profitability? Evidence from the US Commercial Banking Industry”, The Journal of Risk Finance, 18(2),186-213.
  • Goddard, J. et al. (2004), “The Profitability of European Banks: A Cross-Sectional and Dynamic Panel Analysis”, The Manchester School, 72(3), 363-381.
  • Godfrey, L.G. (1978a), “Testing Against General Autoregressive and Moving Average Models When The Regression Include Lagged Dependent Variables”, Econometrica, 46, 227-236.
  • Godfrey, L.G. (1978b), “Testing for Higher Order Serial Correlation in Regression Equations When the Regression Includes Lagged Dependent Variables”, Econometrica, 46, 1303-1310.
  • Gulde, A. et al. (2004), “Financial Stability in Dollarized Economies”, Washington, DC: International Monetary Fund Occasional Paper No: 230.
  • Hazar, A. & S. Yenice (2015), “Zorunlu Karşılık Uygulamasının Bankaların Bilançolarına Etkisi - Türkiye Örneği”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 15(4), 143-158.
  • Honohan, P. & A. Shi (2001), “Deposit Dollarization and the Financial Sector in Emerging Economies”, Washington, DC: World Bank Policy Research Working Paper No: 2748.
  • Işık, S. & İ. Şendeniz-Yüncü (2021), “Effects of Dollarization on Bank Performance: Analysis for Turkey”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 40(1), 58-86.
  • Işık, S. & M. Kambay (2019), “Türkiye’de Ticari Bankaların Kârlılığını Etkileyen Bankaya Özgü ve Makro Ekonomik Belirleyiciler”, Bankacılar, 110, 3-24.
  • Ize, A. & E. Levy-Yeyati (2003), “Financial Dollarization”, Journal of International Economics, 59(2), 323-347.
  • İltaş, Y. (2018), “Ticari Bankalarda Kârlılığın Belirleyicileri: Türkiye Örneği (2003-2016)”, Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(3), 505-534.
  • Jarque, C.M. & A.K. Bera (1980), “Efficient Tests for Normality, Homoscedasticity and Serial Independence of Regression Residuals”, Economics Letters, 6(3), 255-259.
  • Jarque, C.M. & A.K. Bera (1987), “A Test for Normality of Observations and Regression Residuals”, International Statistical Review/Revue Internationale de Statistique, 55, 163-172.
  • Jensen, M.C. & W.H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Johansen, S. & K. Juselius (1990), “Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money”, Oxford Bulletin of Economics and Statistics, 52, 169-210.
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There are 90 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Haşmet Sarıgül 0000-0001-7262-6668

Early Pub Date July 23, 2023
Publication Date July 26, 2023
Submission Date September 6, 2022
Published in Issue Year 2023 Volume: 31 Issue: 57

Cite

APA Sarıgül, H. (2023). Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi. Sosyoekonomi, 31(57), 255-282. https://doi.org/10.17233/sosyoekonomi.2023.03.13
AMA Sarıgül H. Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi. Sosyoekonomi. July 2023;31(57):255-282. doi:10.17233/sosyoekonomi.2023.03.13
Chicago Sarıgül, Haşmet. “Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi”. Sosyoekonomi 31, no. 57 (July 2023): 255-82. https://doi.org/10.17233/sosyoekonomi.2023.03.13.
EndNote Sarıgül H (July 1, 2023) Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi. Sosyoekonomi 31 57 255–282.
IEEE H. Sarıgül, “Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi”, Sosyoekonomi, vol. 31, no. 57, pp. 255–282, 2023, doi: 10.17233/sosyoekonomi.2023.03.13.
ISNAD Sarıgül, Haşmet. “Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi”. Sosyoekonomi 31/57 (July 2023), 255-282. https://doi.org/10.17233/sosyoekonomi.2023.03.13.
JAMA Sarıgül H. Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi. Sosyoekonomi. 2023;31:255–282.
MLA Sarıgül, Haşmet. “Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi”. Sosyoekonomi, vol. 31, no. 57, 2023, pp. 255-82, doi:10.17233/sosyoekonomi.2023.03.13.
Vancouver Sarıgül H. Dolarizasyonun Türkiye’de Faaliyet Gösteren Kamusal Sermayeli Mevduat Bankalarında Kârlılığa Etkisi. Sosyoekonomi. 2023;31(57):255-82.
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