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Kuresel Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi

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  • Pinar Ozlu
  • Cihan Yalcin

Abstract

Turkiye’de imalat sanayiinde yer alan firmalarin mali yapisi firma duzeyinde genis bir veri seti kullanilarak 1996-2008 donemi için incelenmistir. Turkiye’de ticari borclarin firma mali yapilarinin baslica unsurlarindan biri olmasi parasal aktarim mekanizmasi acisindan onemli sonuclar icermektedir. Bu baglamda, literaturde yer alan teorik ve ampirik calismalar cercevesinde finansal kosullardaki sikilasma ve gevseme donemleri dikkate alinarak politika faiz oraninin firma dis finansman (ozkaynak disindaki finansman) secenekleri uzerindeki etkisi farkli firma gruplari bazinda analiz edilmistir. Bulgular, incelenen donem itibariyla ticari borc ve banka kredileri arasinda bir ikame oldugunu ve ozellikle kucuk firmalarda soz konusu ikamenin daha da belirginlestigini gostermektedir. Ayrica, buyuk firmalardan farkli olarak, kucuk firmalarin ozellikle finansal kosullarin siki oldugu donemlerde bankacilik sisteminden yeteri derecede kaynak saglayamadiklarini ve daha fazla ticari borc kullanma egiliminde olduklarini yansitmaktadir. Bu durum, buyuk firmalarin finansal kosullarin siki oldugu donemlerde bankalarin ustlenmesi gereken aracilik gorevini kismen yuklenerek kucuk firmalara ticari borc saglamak yoluyla soz konusu firmalarin finansman ihtiyaclarinin karsilanmasina katkida bulunduklarini ve dolayisiyla finansal sikilasmanin reel sektor uzerindeki etkisini yumusatmasina imkan sagladigini ima etmektedir.

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Bibliographic Info

Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series CBT Research Notes in Economics with number 1004.

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Date of creation: 2010
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Handle: RePEc:tcb:econot:1004

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  1. Jeffrey H. Nilsen, 1999. "Trade Credit and the Bank Lending Channel," Working Papers 99.04, Swiss National Bank, Study Center Gerzensee.
  2. Anil K Kashyap & Jeremy C. Stein & David W. Wilcox, 1992. "Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance," NBER Working Papers 4015, National Bureau of Economic Research, Inc.
  3. Love, Inessa & Preve, Lorenzo A. & Sarria-Allende, Virginia, 2005. "Trade credit and bank credit : evidence from recent financial crises," Policy Research Working Paper Series 3716, The World Bank.
  4. Mateut, Simona & Bougheas, Spiros & Mizen, Paul, 2006. "Trade credit, bank lending and monetary policy transmission," European Economic Review, Elsevier, vol. 50(3), pages 603-629, April.
  5. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994. "The Financial Accelerator and the Flight to Quality," NBER Working Papers 4789, National Bureau of Economic Research, Inc.
  6. Simona Mateut, 2005. "Trade Credit and Monetary Policy Transmission," Journal of Economic Surveys, Wiley Blackwell, vol. 19(4), pages 655-670, 09.
  7. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Papers 6455, National Bureau of Economic Research, Inc.
  8. Mark R. Stone & E. P. Davis, 2004. "Corporate Financial Structure and Financial Stability," IMF Working Papers 04/124, International Monetary Fund.
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Cited by:
  1. Murat Duran & Gulserim Ozcan & Pinar Ozlu & Deren Unalmis, 2010. "Measuring the Impact of Monetary Policy on Asset Prices in Turkey (Turkiye’de Para Politikasinin Finansal Varlik Fiyatlari Uzerine Etkisi)," Working Papers 1017, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

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