Financial Systems Research Papers - Academia.edu (original) (raw)

ÖZET Gelişmekte olan finansal sistemlerde bankacılık faaliyetlerinin karlılığı hem mali sektörün etkinliği hem de reel sektörün fonlanması için önem arz etmektedir. Bankaların karlılık göstergelerinden olan net faiz marjının ve aktif... more

ÖZET
Gelişmekte olan finansal sistemlerde bankacılık faaliyetlerinin karlılığı hem mali sektörün etkinliği hem de reel sektörün fonlanması için önem arz etmektedir. Bankaların karlılık göstergelerinden olan net faiz marjının ve aktif karlılığının yüksek olması bankaların faaliyetlerinin sürdürülebilmesi ve rekabet edebilmesi için istenen bir durumdur. Bu doğrultuda çalışmanın amacı, Türk bankacılık sisteminde karlılığın belirleyicilerini ortaya koymaktır.Karlılık göstergesi olarak net faiz marjı ve aktif karlılığı kullanılmıştır. Karlılığı etkileyen içsel ve dışsal faktörler belirlenerek panel veri analizi ile test edilmiştir. Elde edilen bulgulara göre, içsel değişkenlerden kaldıraç oranı, kredi/mevduat oranı ve piyasa kapitalizasyonu; dışsal değişkenlerden gayri safi yurtiçi hasıla ile banka karlılığı arasında anlamlı bir ilişki bulunmaktadır.
Anahtar Kelimeler: Bankacılık, Karlılık, Finansal Sistem, Net Faiz Marjı JEL Sınıflandırması: G21, L25
Factors That Affect Bank Profitability: The Case of Turkey
ABSTRACT The profitability of banking operations has an important both effectiveness of financial sector and funding of real sector in developing financial systems. It is desirable that a high rate of net interest margin and return on assets which are banking performance indicators to sustain the activities of the banks and to compete.Accordingly, the purpose of the study is to put forward the determinants of profitability in Turkish banking system. Net interest margin and return on assets are used as a profitability indicators. Determining internal and external factors affecting the profitability are tested by panel data analysis. According to the results there is significant relation between leverage ratio, credit/deposit ratio, market capitalization of the internal ratio; gross domestic product of the external variables and profitability.

At the beginning of the financial crisis, attempts were made to counteract its effects in line with the rationale of market liberalism. However, after Lehman Brothers filed for bankruptcy, it became clear that the laissez-faire... more

At the beginning of the financial crisis, attempts were made to counteract its effects in line with the rationale of market liberalism. However, after Lehman Brothers filed for bankruptcy, it became clear that the laissez-faire rationality no longer functioned as the financial market's governing mode. It was then that the Federal Reserve intervened directly in the market as shadow dealer of last resort. This form of intervention differs fundamentally from previous forms because the Fed itself came to act as trader and market maker. Following Foucault, I argue that since the financial crisis central banks have emerged as sovereign powers to set and guarantee the limits within which financial players can trade on financial markets. This intervention marks a significant change of the liberal dispositive, reflected in a redefinition of the state-market nexus. It does, however, not imply a back to the state rationale or a weakening of the financial markets. Instead, the entanglement between the state and financial markets moves towards a rationality which could be framed as post-laissez-faire. The rationality of the market liberal dispositif is flanked by the rationality of the sovereignty dispositif today to a much greater extent than it was before the financial crisis.

Résumé L’efficacité des canaux de transmission de la politique monétaire à la sphère réelle dépend des spécificités de l'économie, tels que la structure et le développement du système financier, l’environnement macroéconomique, le cadre... more

Résumé
L’efficacité des canaux de transmission de la politique monétaire à la sphère réelle dépend des spécificités de l'économie, tels que la structure et le développement du système financier, l’environnement macroéconomique, le cadre juridique et réglementaire ainsi que le développement des agrégats monétaires. Le nombre des pays en développement est assez grand, alors que leurs structures institutionnelles et bancaires ont tendance à différer systématiquement de ceux des économies avancées et émergentes. Le présent article se propose alors d’analyser les interactions entre les spécificités des systèmes financiers des pays en voie de développement et le fonctionnement des mécanismes de transmission de la politique monétaire.

تقوم سياسة التحرير المالي على رفع القيود والشروط التي قد تعيق التعاملات التي تتم بالأسواق والمؤسسات المالية، وتظهر هذه السياسة أساسا من خلال تحرير معدلات الفائدة ورفع الائتمانات، وفتح باب المنافسة أمام الخواص والأجانب للنشاط في القطاع... more

تقوم سياسة التحرير المالي على رفع القيود والشروط التي قد تعيق التعاملات التي تتم بالأسواق والمؤسسات المالية، وتظهر هذه السياسة أساسا من خلال تحرير معدلات الفائدة ورفع الائتمانات، وفتح باب المنافسة أمام الخواص والأجانب للنشاط في القطاع المالي، مما يسمح بتحرير الأسواق المالية والنظام المالي كافة. ويجب توفير مناخ مناسب لنجاح هذه السياسة كضمان الاستقرار الكلي وتوفير المعلومات وبيئة قانونية ومالية مناسبة وغيرها. La politique de libéralisation financière est basée sur la levée des restrictions et les conditions qui peuvent entraver les transactions sur les marchés et les institutions financières. Cette politique apparait principalement à travers la libéralisation des taux d'intérêts et la levée du crédit, ainsi par l'ouverture de la porte de la compétition devant les privés et les étrangers dans le secteur financier, ce qui permet de libéraliser les marchés financiers et le système financier. Pour cela, il faut assurer un climat pour la réussite de cette politique par assurer la stabilité globale et fournir les informations qu'il faut au temps qu'il faut, ainsi un environnement juridique et financier approprié…etc. Mots clés: le système financier, la libéralisation financière, taux d'intérêts… ‫ﻣﻘدﻣﺔ‬ : ‫أي‬ ‫اﻗﺗﺻﺎد‬ ‫ﻋﻠﯾﻬﺎ‬ ‫ﯾﻘوم‬ ‫اﻟﺗﻲ‬ ‫اﻷﻧظﻣﺔ‬ ‫أﻫم‬ ‫ﻣن‬ ‫اﻟﻣﺎﻟﻲ‬ ‫اﻟﻧظﺎم‬ ‫ﯾﻌﺗﺑر‬ ‫وﻏﯾر‬ ‫اﻻﻗﺗﺻﺎدﯾﺔ‬ ‫اﻟﻧﺷﺎطﺎت‬ ‫ﻟﻣﺧﺗﻠف‬ ‫ﺋﯾﺳﻲ‬ ‫اﻟر‬ ‫اﻟﻣﻣول‬ ‫ﻩ‬ ‫ﺑﺎﻋﺗﺑﺎر‬ ،‫ﺑﻠد‬ ‫اﻟﺳوق‬ ‫ﯾﻌرﻓﻬﺎ‬ ‫اﻟﺗﻲ‬ ‫اﻻﻗﺗﺻﺎدﯾﺔ‬. ‫وﺗﻣﺎﺷﯾ‬ ً ‫ﺎ‬ ‫ﺗطﺑﻘﻬﺎ‬ ‫ﻛﺎﻧت‬ ‫اﻟﺗﻲ‬ ‫اﻟﺳﯾﺎﺳﺎت‬ ‫ﻣﻊ‬

The thesis examines the effects of agent banking on the profitability of commercial banks in Bangladesh. Around 1.7 billion people in the world do not have access to financial services. In Bangladesh, half of working age adults remain... more

This study applied the Index of Institutional Quality (IQ) methodology to measure the level of independence of the Reserve Bank of Malawi (central bank) and examine its impact on inflation. The IQ methodology assesses independence of... more

This study applied the Index of Institutional Quality (IQ) methodology to measure the level of independence of the Reserve Bank of Malawi (central bank) and examine its impact on inflation. The IQ methodology assesses independence of central banks based on their actual practices. The methodology is suitable for developing countries whose practices do not fully conform to the laws of Banks that are in place. The study finds that the average independence index of the Reserve Bank of Malawi (RBM) is 15.1, which is more than half below the total index value of 36. This clearly shows that the RBM is not convincingly independent. Although the results show an above-average value for index of monetary policy independence, indications are that the RBM is not free from political pressures as evidenced by below-average values for indices of political and fiscal independence. Using Ordinary Least Square (OLS), the results further show that the low degree of independence by the RBM has contributed to high inflation in Malawi.

Trwający obecnie kryzys gospodarczy można traktować jako złożony, kompleksowy czynnik kształtujący współczesną rzeczywistość. Pomimo upływu czasu od momentu zaistnienia tego zjawiska wydaje się, że proces ten ma nadal dużą wewnętrzną... more

Trwający obecnie kryzys gospodarczy można traktować jako złożony, kompleksowy
czynnik kształtujący współczesną rzeczywistość. Pomimo upływu czasu od momentu
zaistnienia tego zjawiska wydaje się, że proces ten ma nadal dużą wewnętrzną dynamikę
rozwoju, próby jego rozwodnienia i neutralizacji nie przynoszą zaś spodziewanych
efektów. Dane makroekonomiczne sygnalizują, że jego działanie stale postępuje,
przeobraża się, przenika na nowe płaszczyzny gospodarki i społeczeństwa, odbija się
na warunkach życia jednostek. Z drugiej strony walka z nim inicjuje liczne zmiany
w sferze realnej i regulacyjnej. Zauważamy więc, że proces rozwoju kryzysu gospodarczego
od jego wybuchu do wygaśnięcia nie jest jednolity. Możliwe jest wydzielenie
poszczególnych etapów jego ewolucji w czasie, które charakteryzują się określonym
kształtem zainicjowanych przemian. Wwarunkach gospodarki otwartej, w której
procesy koniunkturalne przenikają się w skali globalnej, identyfikacja fazy kryzysu,
w jakiej znajduje się określona gospodarka, ułatwia podejmowanie skutecznej strategii
przeciwdziałania zjawiskom kryzysogennym.

Demand for social protection is growing in low income countries and fragile situations. In recent years, the success of social protection (SP) interventions in middle income countries (MICs) like Brazil and Mexico, along with the series... more

Demand for social protection is growing in low income countries and fragile situations. In recent years, the success of social protection (SP) interventions in middle income countries (MICs) like Brazil and Mexico, along with the series of food, fuel, and financial crises, has prompted policymakers in low income countries (LICs) and fragile situations (FSs) to examine the possibility of introducing such programs in their own countries. Flagship programs in countries as diverse as Ethiopia, India, Pakistan, and Rwanda have shown the adaptability of social protection interventions to the LIC context. Yet, despite growing levels of support for these initiatives, many challenges remain. In LICs and FSs, governments are confronted with a nexus of mutually reinforcing deficits that increase the need for SP programs and simultaneously reduce their ability to successfully respond. Governments face hard choices about the type, affordability, and sustainability of SP interventions. The paper ...

During the Euro Crisis which began in 2009 and is still continuing in 2015, Greece provided an interesting case of an empirical test of some macro-economic theories—particularly the theory underpinning the European Union (EU) policy of... more

During the Euro Crisis which began in 2009 and is still continuing in 2015, Greece provided an interesting
case of an empirical test of some macro-economic theories—particularly the theory underpinning
the European Union (EU) policy of “austerity”. Fiscal austerity had been imposed upon
the Greek governments as the price of EU bailout of bankrupt Greece. But after five years, the EU
austerity policy was judged by many as a failure, and Greece continued to struggle at the bottom of
a depression. Underlying the austerity policies, there was a macro-economic model called the Polak
model. We examine whether or not this model was valid in the Greek economic context. Identifying
the conceptual model underlying economic policy is important to clarify the validity or the
invalidity of the model assumptions upon which a policy rests. We compare the macro-economic
Polak model to an alternative model of the Greek fiscal crisis as “disequilibrium-pricing” in financial
markets. An empirically invalid model can suggest bad policy, which may not solve an economic
problem but can even deepen a crisis. An empirically valid model can provide a realistic basis
for formulating effective policy.

The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (low firm valuation), and limited new capital raising. Ownership concentration of corporations is high, with large wedges between control and... more

The Brazilian equity market is characterized by relatively low liquidity, high cost of capital (low firm valuation), and limited new capital raising. Ownership concentration of corporations is high, with large wedges between control and cash flow rights, leading to large differences in pricing of non-voting and voting shares, reflecting the risks of expropriation by insiders. In recent years, much of

The United Nations' Millennium Development Goals (MDGs) have galvanized the development community with an urgent challenge to improve the welfare of the world's neediest people. Donor agencies are orienting their programming... more

The United Nations' Millennium Development Goals (MDGs) have galvanized the development community with an urgent challenge to improve the welfare of the world's neediest people. Donor agencies are orienting their programming around the attainment of the MDGs and are mobilizing new resources to reduce hunger and poverty, eliminate HIV/AIDS and infectious diseases, empower women and improve their health, educate all children, and lower child mortality. 1 The MDGs are framed as concrete outcomes in the ...