THE EFFECT OF GLOBAL FINANCIAL CRISIS ON SECURITIES PORTFOLIO OF DEPOSIT BANKS: A DIFFERENCE-IN- DIFFERENCES METHOD FOR TURKEY

This study analyzes the effects of the global financial crisis of 2008 upon public and private deposit banks’ securities portfolio in Turkey for the quarterly period between 2005 (Q1) and 2015 (Q4). Difference-in-Differences (DiD) method is employed to solve the research question of this paper, which is whether or not there exist a significant change in differences between Turkish public and private banks’ ratio of securities (financial assets) to total assets during and after the crisis. This study concludes by suggesting that after the global financial crisis, securities to assets ratio of publicly owned deposit banks significantly differed from that of privately owned ones in Turkey.Compared to the private deposit banks, there has been a significant decrease in the specified ratio of public deposit banks. This can be explained by taking into account the very nature of public banks. The results of the econometric analyses indicate that after the crisis, unlike the private deposit banks, state-owned deposit banks held fewer securities in their total assets in Turkey, which is in line with the behavior of lending more to eliminate the negative effects of the crisis of 2008.

KÜRESEL FİNANSAL KRİZİN MEVDUAT BANKALARININ MENKUL KIYMETLER PORTFÖYÜNE ETKİLERİ: TÜRKİYE İÇİN DIFFERENCE-IN- DIFFERENCES METODU

Bu çalışma, 2008 küresel finansal krizinin, 2005 (Ç1) ve 2015 (Ç4) arası çeyrek dönemde Türkiye’de kamu ve özel mevduat bankaları üzerindeki etkilerini incelemektedir. Çalışmanın araştırma sorusu, kamu ve özel sermayeli mevduat bankalarının 2008 Küresel Finans Krizi anında ve sonrasında finansal varlık/toplam varlık oranında istatistiksel olarak anlamlı derecede bir değişim olup olmadığı, Difference-in-Differences (DiD) yaklaşımı ile çözülmektedir. Çalışmanın sonuçları göstermektedir ki; Türkiye’de kamu sermayeli mevduat bankalarının toplam varlıklarına oranla menkul kıymetler portföyü toplamı, küresel finansal kriz sonrasında özel sermayeli mevduat bankalarından önemli ölçüde farklıdır. Özel sermayeli mevduat bankalarına kıyasla kamu sermayeli mevduat bankalarının belirtilen oranlarında önemli bir düşüş yaşanmıştır. Bu sonuç, kamu bankalarının kendine özgü nitelikleri ile izah edilebilir. Ekonometrik analiz sonuçları Türkiye’de kriz sonrasında kamu bankalarının aktiflerinde özel sermayeli mevduat bankalarının aksine daha az sayıda menkul kıymet bulundurduğunu ve 2008 krizinin olumsuz etkilerini ortadan kaldırmak için daha fazla borç verme davranışına uygun olduğunu göstermektedir.

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