Türkiye’de Ticari Kredi Kanalı İşliyor mu? TCMB Sektör İstatistikleri ile Bir Analiz

Year 2019, Volume: 19 Issue: 4, 437 - 455, 26.10.2019

Arzu Şahin

https://doi.org/10.21121/eab.486249

Abstract

Bu
çalışma, Türkiye Cumhuriyet Merkez Bankası (TCMB) istatistiklerinin toplam
hesaplarından elde edilen iki sektör düzeyinde veri setini kullanarak, 2008'den
2016'ya kadar olan süreçte Türkiye'de ticari kredi kanalını test etmeyi
amaçlamaktadır. İlk örneklem 7 ana sektörden ve diğer örneklem 12 imalat alt
sektöründen oluşmaktadır. Ticari kredilerin parasal ve parasal olmayan
faktörlerinin hem brüt hem de net ticari kredi durumu üzerinde bir etkisi olup
olmadığını test etmek için dinamik panel veri yöntemleri uygulanmıştır. Alınan
ticaret kredisi (brüt) ile ilgili analiz sonuçlarına göre, para politikası
kısıtlamaları küçük firma sınıflarının ticari kredi kullanımını artırmıştır.
Net ticaret kredisi (net) için bulgular, ana sektör KOBİ ölçekli firma
gruplarının net ticari kredi alıcısı olduğunu, büyük ölçekli firma grubunun net
ticaret kredi sağlayıcısı olduğunu ve imalat alt sektörlerinde ise KOBİ'lerin
net ticari kredi sağlayıcısı olduğunu göstermiştir. Bu bulgulardan elde edilen
üç ana sonuç; i) Ticari kredi kanalı, en güçlü etkisi küçük firmalar üzerinde
olmak üzere, faaliyet göstermiştir. ii) Ticari krediler, imalat sanayindeki
KOBİ'lerden tüm sektörlerdeki KOBİ'lere akma eğilimindedir. iii) Tüm sektörler
genelinde, büyük firmalar ticari krediler yoluyla KOBİ'lere fon aktarmaya
meyillidir.  

Keywords

ticari kredi kanalı, ticari kredi

Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics

Abstract

This paper aims to test trade credit channel in Turkey
over the period from 2008 to 2016 using two sector level data sets obtained
from the aggregated accounts of Central Bank of the Republic of Turkey (CBRT)
statistics. First sample consists of 7 main sectors and other sample involves
12 manufacturing-sub sectors. Dynamic
panel data methods were applied to test
whether monetary and nonmonetary factors of trade credit have an impact
on both gross and net trade credit status.  According to analysis results about trade
credit received (gross), monetary policy restrictions has increased the trade
credit usage of small firm classes. Findings for net trade credit (net) showed
that main-sectors SME sized firm groups became net trade credit receiver while
large sized firm group was net trade credit extender and in manufacturing
sub-sectors, SMEs samples were net trade credit extender. Three main
conclusions derived from these findings are; i) Trade credit channel has
operated with the strongest effects on small firms. ii) Trade credits tend to
flow from SMEs in manufacturing industry to the SMEs in all sectors. iii)
Across all sectors, large firms tend to transfers funds to SMEs through trade
credit.

Keywords

trade credit channel, trade credit, credit channel

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