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Kuresel Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi


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  • Pinar Ozlu
  • Cihan Yalcin


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. Simona Mateut, 2005. "Trade Credit and Monetary Policy Transmission," Journal of Economic Surveys, Wiley Blackwell, vol. 19(4), pages 655-670, 09.
  2. Davis, E. Philip & Stone, Mark R., 2004. "Corporate financial structure and financial stability," Journal of Financial Stability, Elsevier, vol. 1(1), pages 65-91, September.
  3. Nilsen, Jeffrey H, 2002. "Trade Credit and the Bank Lending Channel," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 226-53, February.
  4. 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.
  5. 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.
  6. Mateut, Simona & Spiros Bougheas & Paul Mizen, 2003. "Trade Credit, Bank Lending and Monetary Policy Transmission," Royal Economic Society Annual Conference 2003 149, Royal Economic Society.
  7. 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.
  8. Anil K. Kashyap & Jeremy C. Stein & David W. Wilcox, 1991. "Monetary policy and credit conditions: evidence from the composition of external finance," Finance and Economics Discussion Series 154, Board of Governors of the Federal Reserve System (U.S.).
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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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