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Kuresel Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi

Listed author(s):
  • 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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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
Handle: RePEc:tcb:econot:1004
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  1. 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.
  2. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
  3. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
  4. Nilsen, Jeffrey H, 2002. "Trade Credit and the Bank Lending Channel," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 226-253, February.
  5. 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.
  6. Simona Mateut, 2005. "Trade Credit and Monetary Policy Transmission," Journal of Economic Surveys, Wiley Blackwell, vol. 19(4), pages 655-670, 09.
  7. Kashyap, Anil K & Stein, Jeremy C & Wilcox, David W, 1993. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance," American Economic Review, American Economic Association, vol. 83(1), pages 78-98, March.
  8. Love, Inessa & Preve, Lorenzo A. & Sarria-Allende, Virginia, 2007. "Trade credit and bank credit: Evidence from recent financial crises," Journal of Financial Economics, Elsevier, vol. 83(2), pages 453-469, February.
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