The efects of 2008 global economic crisis on borrowing rates of manufacturing companies: Pre-crisis and crisis comparison

2008 global krizi az veya çok birçok ülkeyi etkilemiştir. Hükümetler, finans ve reel sektörlerinde meydana gelebilecek krizin acı etkilerine karşı özel önlemler almak durumunda kalmışlardır. Faiz oranı ekonomik istikrarın önemli bir göstergesidir ve ekonomik birimlerin büyümeplanlarını ertelememesi için belli bir seviyede tutulması gerekmektedir. Bu sebeple bu makale,2008 ekonomik krizinin Borsa İstanbula kote olan üretim firmalarının borçlanma oranlarınaolan etkileri üzerine kriz öncesi ve kriz dönemi yaklaşımı ile eğilecektir. Bu etkiler firmaların yaşıve nakit tutma oranları bazında yapılan sınıfandırmaya göre incelenecektir.

2008 Küresel ekonomik krizinin imalat firmaları borçlanma oranlarına etkileri: Kriz-öncesi ve kriz dönemlerinin karşılaştırması

The global economic crisis of 2008 has afected more or less every country. Governmentshave to take special precautions to ease the severe efects of the crisis in their fnancial and realsectors. Te interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For thisreason, this article will focus on the efects of the 2008 global economic crisis on the borrowingrates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisisand crisis perspective. Tese efects are studied according to frm classifcations based on age andcash holding behavior.

___

  • ARSLAN, Özgür, FLORACKIS, Chrisostomos and OZKAN, Aydin (2006), “Te Role of Cash Holdings in Reducing Investment –Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerg ing Market”, University of York Discussion Papers Series in Economics , No.08.
  • Banking Regulation and Supervision Agency (March-June 2006). Financial Markets Report, No 1-2.
  • Banking Regulation and Supervision Agency (September 2006). Financial Markets Report , No3.
  • Banking Regulation and Supervision Agency (December 2006). Financial Markets Report, No4.
  • Banking Regulation and Supervision Agency (March 2007). Financial Markets Report, No5.
  • Banking Regulation and Supervision Agency (June 2007). Financial Markets Report, No6.
  • Banking Regulation and Supervision Agency (September 2007). Financial Markets Report , No7.
  • Banking Regulation and Supervision Agency (December 2007). Financial Markets Report, No8.
  • Banking Regulation and Supervision Agency (March 2008). Financial Markets Report, No9.
  • Banking Regulation and Supervision Agency (June 2008). Financial Markets Report, No10.
  • Banking Regulation and Supervision Agency (September 2008). Financial Markets Report, No11.
  • Banking Regulation and Supervision Agency (December 2008). Financial Markets Report, No12.
  • Banking Regulation and Supervision Agency (March 2009). Financial Markets Report, No13.
  • Banking Regulation and Supervision Agency (June 2009). Financial Markets Report, No14.
  • Banking Regulation and Supervision Agency (September 2009). Financial Markets Report , No15.
  • Banking Regulation and Supervision Agency (December 2009). Financial Markets Report, No16.
  • Banking Regulation and Supervision Agency (March 2010). Financial Markets Report, No17.
  • Banking Regulation and Supervision Agency (June 2010). Financial Markets Report, No18.
  • Banking Regulation and Supervision Agency (September 2010). Financial Markets Report , No19.
  • Banking Regulation and Supervision Agency (December 2010). Financial Markets Report, No20.
  • Banking Regulation and Supervision Agency (March 2011). Financial Markets Report, No21.
  • Banking Regulation and Supervision Agency (June 2011). Financial Markets Report, No22.
  • Banking Regulation and Supervision Agency (September 2011). Financial Markets Report , No23.
  • BAŞÇI, Erdem (2008), Conference of Global Financial Crisis and Monetary Policy, December, İstanbul.
  • BERNANKE, Ben, “Afermath of the Crisis”, College Lecture Series , Washington University, March 2012.
  • http://www.federalreserve.gov/newsevents/lectures/the-afermath-of-the-crisis.htm
  • CAMPELLO, Murillo, GIAMBONA, Erasmo, GRAHAM, John R. and HARVEY, Campbell R. (2010), “Liquidity management and corporate investment during a fnancial crisis”, NBER Working Paper Series, No.16309, August.
  • CAMPELLO, Murillo, GRAHAM, John R. and HARVEY, Campbell R. (2009), “Te real efects of fnancial constraints : evidence from a fnancial crisis”, NBER Working Paper Series, No. 15552, December.
  • Central Bank of Turkish Republic (2008), Financial Stability Report No7. Ankara.
  • ÇAVUŞOĞLU, Fazilet (2010), “Para Politikası Faiz Oranlarından Mevduat ve Kredi Faiz Oranlarına Geçişkenlik: Türkiye Örneği”, Türkiye Cumhuriyeti Merkez Bankası, Uzmanlık Yeterlilik Tezi
  • DÖMBEKCİ, Berna (2012), Te Efects of 2008 Global Economic Crisis on Manufacturing Companies Listed at Istanbul Stock Exchange: Pre-crisis and Crisis Comparison, Marmara University Social Sciences Institute Phd Tesis, İstanbul.
  • DUCHIN, Ran, OZBAS, Oguzhan and SENSOY, Berk A. (2010), “Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis,” Journal of Financial Economics , Vol.97, pp.418-435.
  • GAMBACORTA, Leonardo (2004), “How Do Banks Set Interest Rates?”, NBER Working Paper No. 10295, February.
  • HANSEN, Niels-Jakob Harbo and WELZ, Peter (2011), “Interest Rate Pass-through During the Global Financial Crisis: Te Case of Sweden”, OECD Economics Department Working Papers, No. 855, OECD Publishing.
  • IMF, World Economic Outlook April 2012, www.imf.org , (28.05.2013)
  • RAJAN, Raghuram and ZINGALES, Luigi (1998), “Financial Dependence and Growth”, American Economic Review, Vol. 88, pp.559-586.
  • SANTOS, Joao A. C. (2011),”Bank Corporate Loan Pricing Following the Subprime Crisis”, Review of Financial Studies, Vol. 24, pp.1916–43.
  • TURHAN, M. İbrahim (2010), “Overview of the Turkish Economy and Monetary Policy Stance”, Deputy Governor of CBRT Presentations, January, London.
  • www.kap.gov.tr, Annual reports of Bourse Istanbul frms, (28.05.2013)
  • www.tcmb.gov.tr, Overnight rates, (28.05.2013)
Finansal Araştırmalar ve Çalışmalar Dergisi-Cover
  • ISSN: 1309-1123
  • Başlangıç: 2009
  • Yayıncı: Marmara Üniversitesi