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The Effect of Household versus Enterprise Credit on Economic Growth in Turkiye

Year 2023, Volume: 24 Issue: 4, 659 - 670, 30.10.2023

Betül İsmiç , Sedef Şen

https://doi.org/10.37880/cumuiibf.1331347
Cited By: 1

Abstract

Although theoretical predictions suggest distinct impacts of household and enterprise credit on the economy, the empirical literature has predominantly relied on aggregate indicators of total bank lending to the private sector. This study aims to empirically assess the effects of total bank credit on the private sector as well as enterprise (or business) and household credit markets on economic growth. The empirical study is based on a time series approach called ARDL cointegration to reveal the long and short-run relationships between related variables. An annual time series data from 1986 to 2021 is applied for Turkiye. Empirical results show that enterprise credit has a positive impact on economic growth, whereas household credit does not affect economic growth. The findings also show that the total amount of banking credit given to the private sector does not affect economic growth. Furthermore, it is presented that there is a two-way causality for enterprise credit and economic growth in the short and long-run. The lending structure determines how much financial development impacts economic growth. Our findings explain that it is not relevant how much money financial institutions lend, but to whom and for what purposes it is lent is quite significant in Turkiye.

Keywords

financial development economic growth household credits enterprise credits

References

  • Altunç, Ö. F. (2008). Türkiye'de finansal gelişme ve iktisadi büyüme arasındaki nedenselliğin ampirik bir analizi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 3(2), 113-127.
  • Angjelkovska, T., Hani E., and Eliskovski, M. (2016). The effect of enterprise and household credit on economic growth and real exchange rate dynamics: Evidence from SEE countries. National Bank of the Republic of North Macedonia Working Papers. https://www.econstor.eu/bitstream/10419/173715/1/wp-nb-rm-2016.pdf
  • Ang, J. B., & McKibbin, W. J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233.
  • Arcand, J. L., Berkes, E., and Panizza, U. (2015). Too much finance?. Journal of Economic Growth 20(2): 105-148.
  • Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit, and Banking, 16-41.
  • Aslan, Ö., & Korap, H. L. (2006). Türkiye’de finansal gelişme ekonomik büyüme ilişkisi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (17), 1-20.
  • Aslan, Ö., & Küçükaksoy, İ. (2006). Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi üzerine ekonometrik bir uygulama. Istanbul University Econometrics and Statistics e-Journal, (4), 25-38.
  • Bayar, M., and Varışlı, N. (2020). COVID-19 pandemisinin Türkiye’de tüketici kredileri hacmi üzerindeki etkisi: 2013-2020 dönemi zaman serisi analizi. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 21(3): 85-99.
  • Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation: Does having a market-or bank-based system matter?. Journal of Financial Economics, 64(2), 147-180.
  • Beck, T., Büyükkarabacak, B., Rioja, F. K., & Valev, N. T. (2012). Who gets the credit? And does it matter? Household vs. firm lending across countries. The BE Journal of Macroeconomics, 12(1).
  • Benczúr, P., Karagiannis, S., and Kvedaras, V. (2019). Finance and economic growth: Financing structure and non-linear impact. Journal of Macroeconomics 62. https://doi.org/10.1016/j.jmacro.2018.08.001
  • Bernanke, B., and Blinder, A. (1992). The federal funds rate and the channels of monetary transmission. The American Economic Review 82(4): 901-921.
  • Bezemer, D., Grydaki, M., and Zhang, L., (2016). More mortgages, lower growth?. Economic Inquiry 54(1): 652-674.
  • Breusch, T. S., (1978). Testing for autocorrelation in dynamic linear models. Australian economic papers 17(31): 334-355.
  • Breusch, T. S., and Pagan, A. R., (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the Econometric Society, 1287-1294.
  • Büyükkarabacak, B., and Krause, S., (2009). Studying the effects of household and firm credit on the trade balance: The composition of funds matters. Economic Inquiry 47(4): 653-666.
  • Calderón, C., & Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334.
  • Caporale, G. M., Howells, P., & Soliman, A. M. (2005). Endogenous growth models and stock market development: Evidence from four countries. Review of Development Economics, 9(2), 166-176
  • Central Bank of Republic of Turkiye, Comparative Country Statistics Database. https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket.
  • Choe, C., & Moosa, I. A. (1999). Financial system and economic growth: the Korean experience. World Development, 27(6), 1069-1082.
  • Çeştepe, H., & Yıldırım, E. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 12-26.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448.
  • Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411.
  • Demirezen, Ö., (2015). Türkiye’de kredilerin özel tüketim harcamalarina etkisi [Uzmanlık Tezi]. T.C. Kalkınma Bakanlığı, 2941.
  • Dickey, D. A., and Fuller, W. A .,(1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica 49: 1057-1072.
  • Dynan, K. E., Elmendorf, D. W., and Sichel, D. E., (2006). Can financial innovation help to explain the reduced volatility of economic activity?. Journal of Monetary Economics 53(1): 123-150.
  • Engle, R., and Granger, C., (1987). Cointegration and error correction representation: Estimation and testing. Econometrica 55: 251–76.
  • Enders, W., (1995). Applied Econometric Time Series. New York: John Wiley & Sons Inc.
  • Erdem, E., (2014). Para, banka ve finansal sistem. (6. baskı). Ankara: Detay Yayıncılık, 222.
  • Ghatak S, Siddiki J U (2001) The use of the ARDL approach in estimating virtual exchange rates in India. Journal of Applied Statistics 28(5): 573-583.
  • Godfrey, L. G., (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica: Journal of the Econometric Society, 1293-1301.
  • Günal, M., (2010). Para, banka ve finansal sistem. (3. baskı). Ankara: Nobel Yayın Dağıtım, 83.
  • Halicioglu, F., (2008). The J-curve dynamics of Turkey: An application of ARDL model. Applied Economics 40(18): 2423-2429.
  • Hayaloğlu, P. (2015). Kırılgan beşli ülkelerinde finansal gelişme ve ekonomik büyüme ilişkisi: Dinamik panel veri analizi. Ekonomik ve Sosyal Araştırmalar Dergisi, 11(1), 131-144.
  • Hilbers, P., Otker-Robe, I., Pazarbasioglu, C., & Johnsen, G. (2005). Assessing and managing rapid credit growth and the role of supervisory and prudential policies. IMF Working Paper 05/151.
  • Irandoust, M., (2021). Credit composition and economic growth: Households versus enterprises. Estudios de Economía Aplicada 39(3).
  • Jalil, A., & Ma, Y. (2008). Financial development and economic growth: Time series evidence from Pakistan and China. Journal of Economic Cooperation, 29(2), 29-68.
  • Jarque, C., and Bera, A., (1980). Efficient tests for normality, homoscedasticity, and serial independence of regression residuals. Economics Letters 6: 255-259.
  • Johannes, T. A., Njong, A. M., & Cletus, N. (2011). Financial development and economic growth in Cameroon, 1970-2005. Journal of Economics and International Finance, 3(6), 367.
  • Johansen, S., (1992) Cointegration in partial systems and the efficiency of single-equation analysis. Journal of Econometrics 52: 389–402.
  • Johansen, S., and Juselius, K., (1990). Maximum likelihood estimation and inference on cointegration–with application to the demand for money. Oxford Bulletin of Economics and Statistics 52: 169–210.
  • Jung, W. S. (1986). Financial development and economic growth: International evidence. Economic Development and Cultural Change, 34(2), 333-346.
  • Kar, M., & Pentecost, E. J. (2000). Financial development and economic growth in Turkey: Further evidence on the causality issue. Loughborough University Economic Research Papers, 00/27
  • Kandır, S. Y., İskenderoğlu, Ö., & Önal, B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • Khan, M. S., and Senhadji, A. S., (2003). Financial development and economic growth: A Review and new evidence. Journal of African Economies 12(2): 89-110.
  • Leon, F., (2016). Enterprise credit, household credit and growth: New evidence from 126 countries. Luxembourg University CREA Discussion Paper, https://wwwfr.uni.lu/recherche/fdef/dem/publications2/discussion_papers
  • Loayza, N. V., & Ranciere, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit, and Banking, 1051-1076.
  • Majeed ,S., Iftikhar, S. F., and Atiq, Z., (2019). Credit activity and growth performance: Evidence from panel data. Pakistan Journal of Applied Economics 29(1): 107-129.
  • Mengüç, İ. T., (2017). Türkiye’de bankacılık sektörünün yapısal değişimi. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi 1(3): 1-14.
  • Mert, M., and Çağlar, A. E., (2019). Eviews ve Gauss Uygulamalı Zaman Serileri Analizi. Ankara: Detay Yayıncılık, 125-339.
  • Narayan, P. K., (2004). New Zealand's trade balance: Evidence of the J-curve and granger causality. Applied Economics Letters 11(6): 351-354.
  • Narayan, P. K., (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics 37(17): 1979-1990.
  • Özcan, B., & Ari, A. (2011). Finansal gelisme ve ekonomik büyüme arasindaki iliskinin ampirik bir analizi: Türkiye örnegi. Business and Economics Research Journal, 2(1), 121.
  • Özen, E., and Vurur, N. S., (2013). Türkiye’de mevduat banka kredisi ve ekonomik büyüme ilişkisinin incelenmesi. Uşak Üniversitesi Sosyal Bilimler Dergisi 6(3): 117-131.
  • Öztürk, N., Barışık, S., & Darıcı, H. K. (2010). Gelişmekte olan piyasalarda finansal derinleşme ve büyüme ilişkisi: Panel veri analizi. Uluslararası Yönetim, İktisat ve İşletme Dergisi, 6(12), 95-119.
  • Pesaran, M. H., Shin, Y., and Smith, R. J., (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16(3): 289-326.
  • Phillips, P., and Hansen, B., (1990). Statistical inference in instrumental variables regression with I(1) process. Review of Economic Studies 57: 99–125.
  • Phillips, P. C. B., and Perron, P., (1988). Testing for a unit root in time series regression. Biometrika 75: 335–59.
  • Rajan, R., & Zingales, L. (1996). Financial dependence and growth.NBER Working Paper Series, 5758.
  • Rioja, F., & Valev, N. (2004). Does one size fit all?: A reexamination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447.
  • Ramsey, J. B., (1969). Tests for specification errors in classical linear least-squares regression analysis. Journal of the Royal Statistical Society Series B: Statistical Methodology 31(2): 350-371.
  • Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries. World Development, 68, 66-81.
  • Sassi, S., and Gasmi, A., (2014). The Effect of enterprise and household credit on economic growth: New evidence from European Union countries. Journal of Macroeconomics 39: 226-231.
  • Škare, M., Sinković, D., and Porada-Rochoń, M., (2019). Financial development and economic growth in Poland 1990-2018. Technological and Economic Development of Economy 25(2): 103-133.
  • Swamy, V., & Tulasimala, B. (2012). Financial intermediaries and economic development–A study of transaction costs of borrowing for the poor. Available at SSRN 2126810. https://mpra.ub.uni-muenchen.de/49601/, Accessed Date: 17.06.2023
  • Tabash, M. I., & Dhankar, R. S. (2014). Islamic financial development and economic growth--Empirical evidence from United Arab Emirates. Journal of Emerging Economies and Islamic Research, 2(3), 15-31.
  • Togan, S., and Berument, H., (2011). Cari işlemler dengesi, sermaye hareketleri ve krediler. Bankacılar Dergisi 78(9).
  • Tunay, B. K., (2005). Finansal sistem, yapısı, işleyişi, yönetimi ve ekonomisi. İstanbul: Birsen Yayınevi, 46.
  • World Bank, World Development Indicators Database. https://databank.worldbank.org/source/world-development-indicators.
  • Xu, Z. (2000). Financial development, investment, and economic growth. Economic Inquiry, 38(2), 331-344.

The Effect of Household versus Enterprise Credit on Economic Growth in Turkiye

Year 2023, Volume: 24 Issue: 4, 659 - 670, 30.10.2023

Betül İsmiç , Sedef Şen

https://doi.org/10.37880/cumuiibf.1331347
Cited By: 1

Abstract

Although theoretical predictions suggest distinct impacts of household and enterprise credit on the economy, the empirical literature has predominantly relied on aggregate indicators of total bank lending to the private sector. This study aims to empirically assess the effects of total bank credit on the private sector as well as enterprise (or business) and household credit markets on economic growth. The empirical study is based on a time series approach called ARDL cointegration to reveal the long and short-run relationships between related variables. An annual time series data from 1986 to 2021 is applied for Turkiye. Empirical results show that enterprise credit has a positive impact on economic growth, whereas household credit does not affect economic growth. The findings also show that the total amount of banking credit given to the private sector does not affect economic growth. Furthermore, it is presented that there is a two-way causality for enterprise credit and economic growth in the short and long-run. The lending structure determines how much financial development impacts economic growth. Our findings explain that it is not relevant how much money financial institutions lend, but to whom and for what purposes it is lent is quite significant in Turkiye.

Keywords

financial development economic growth household credits enterprise credits

References

  • Altunç, Ö. F. (2008). Türkiye'de finansal gelişme ve iktisadi büyüme arasındaki nedenselliğin ampirik bir analizi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 3(2), 113-127.
  • Angjelkovska, T., Hani E., and Eliskovski, M. (2016). The effect of enterprise and household credit on economic growth and real exchange rate dynamics: Evidence from SEE countries. National Bank of the Republic of North Macedonia Working Papers. https://www.econstor.eu/bitstream/10419/173715/1/wp-nb-rm-2016.pdf
  • Ang, J. B., & McKibbin, W. J. (2007). Financial liberalization, financial sector development and growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233.
  • Arcand, J. L., Berkes, E., and Panizza, U. (2015). Too much finance?. Journal of Economic Growth 20(2): 105-148.
  • Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit, and Banking, 16-41.
  • Aslan, Ö., & Korap, H. L. (2006). Türkiye’de finansal gelişme ekonomik büyüme ilişkisi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (17), 1-20.
  • Aslan, Ö., & Küçükaksoy, İ. (2006). Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye ekonomisi üzerine ekonometrik bir uygulama. Istanbul University Econometrics and Statistics e-Journal, (4), 25-38.
  • Bayar, M., and Varışlı, N. (2020). COVID-19 pandemisinin Türkiye’de tüketici kredileri hacmi üzerindeki etkisi: 2013-2020 dönemi zaman serisi analizi. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 21(3): 85-99.
  • Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation: Does having a market-or bank-based system matter?. Journal of Financial Economics, 64(2), 147-180.
  • Beck, T., Büyükkarabacak, B., Rioja, F. K., & Valev, N. T. (2012). Who gets the credit? And does it matter? Household vs. firm lending across countries. The BE Journal of Macroeconomics, 12(1).
  • Benczúr, P., Karagiannis, S., and Kvedaras, V. (2019). Finance and economic growth: Financing structure and non-linear impact. Journal of Macroeconomics 62. https://doi.org/10.1016/j.jmacro.2018.08.001
  • Bernanke, B., and Blinder, A. (1992). The federal funds rate and the channels of monetary transmission. The American Economic Review 82(4): 901-921.
  • Bezemer, D., Grydaki, M., and Zhang, L., (2016). More mortgages, lower growth?. Economic Inquiry 54(1): 652-674.
  • Breusch, T. S., (1978). Testing for autocorrelation in dynamic linear models. Australian economic papers 17(31): 334-355.
  • Breusch, T. S., and Pagan, A. R., (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the Econometric Society, 1287-1294.
  • Büyükkarabacak, B., and Krause, S., (2009). Studying the effects of household and firm credit on the trade balance: The composition of funds matters. Economic Inquiry 47(4): 653-666.
  • Calderón, C., & Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334.
  • Caporale, G. M., Howells, P., & Soliman, A. M. (2005). Endogenous growth models and stock market development: Evidence from four countries. Review of Development Economics, 9(2), 166-176
  • Central Bank of Republic of Turkiye, Comparative Country Statistics Database. https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket.
  • Choe, C., & Moosa, I. A. (1999). Financial system and economic growth: the Korean experience. World Development, 27(6), 1069-1082.
  • Çeştepe, H., & Yıldırım, E. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 12-26.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448.
  • Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411.
  • Demirezen, Ö., (2015). Türkiye’de kredilerin özel tüketim harcamalarina etkisi [Uzmanlık Tezi]. T.C. Kalkınma Bakanlığı, 2941.
  • Dickey, D. A., and Fuller, W. A .,(1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica 49: 1057-1072.
  • Dynan, K. E., Elmendorf, D. W., and Sichel, D. E., (2006). Can financial innovation help to explain the reduced volatility of economic activity?. Journal of Monetary Economics 53(1): 123-150.
  • Engle, R., and Granger, C., (1987). Cointegration and error correction representation: Estimation and testing. Econometrica 55: 251–76.
  • Enders, W., (1995). Applied Econometric Time Series. New York: John Wiley & Sons Inc.
  • Erdem, E., (2014). Para, banka ve finansal sistem. (6. baskı). Ankara: Detay Yayıncılık, 222.
  • Ghatak S, Siddiki J U (2001) The use of the ARDL approach in estimating virtual exchange rates in India. Journal of Applied Statistics 28(5): 573-583.
  • Godfrey, L. G., (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica: Journal of the Econometric Society, 1293-1301.
  • Günal, M., (2010). Para, banka ve finansal sistem. (3. baskı). Ankara: Nobel Yayın Dağıtım, 83.
  • Halicioglu, F., (2008). The J-curve dynamics of Turkey: An application of ARDL model. Applied Economics 40(18): 2423-2429.
  • Hayaloğlu, P. (2015). Kırılgan beşli ülkelerinde finansal gelişme ve ekonomik büyüme ilişkisi: Dinamik panel veri analizi. Ekonomik ve Sosyal Araştırmalar Dergisi, 11(1), 131-144.
  • Hilbers, P., Otker-Robe, I., Pazarbasioglu, C., & Johnsen, G. (2005). Assessing and managing rapid credit growth and the role of supervisory and prudential policies. IMF Working Paper 05/151.
  • Irandoust, M., (2021). Credit composition and economic growth: Households versus enterprises. Estudios de Economía Aplicada 39(3).
  • Jalil, A., & Ma, Y. (2008). Financial development and economic growth: Time series evidence from Pakistan and China. Journal of Economic Cooperation, 29(2), 29-68.
  • Jarque, C., and Bera, A., (1980). Efficient tests for normality, homoscedasticity, and serial independence of regression residuals. Economics Letters 6: 255-259.
  • Johannes, T. A., Njong, A. M., & Cletus, N. (2011). Financial development and economic growth in Cameroon, 1970-2005. Journal of Economics and International Finance, 3(6), 367.
  • Johansen, S., (1992) Cointegration in partial systems and the efficiency of single-equation analysis. Journal of Econometrics 52: 389–402.
  • Johansen, S., and Juselius, K., (1990). Maximum likelihood estimation and inference on cointegration–with application to the demand for money. Oxford Bulletin of Economics and Statistics 52: 169–210.
  • Jung, W. S. (1986). Financial development and economic growth: International evidence. Economic Development and Cultural Change, 34(2), 333-346.
  • Kar, M., & Pentecost, E. J. (2000). Financial development and economic growth in Turkey: Further evidence on the causality issue. Loughborough University Economic Research Papers, 00/27
  • Kandır, S. Y., İskenderoğlu, Ö., & Önal, B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • Khan, M. S., and Senhadji, A. S., (2003). Financial development and economic growth: A Review and new evidence. Journal of African Economies 12(2): 89-110.
  • Leon, F., (2016). Enterprise credit, household credit and growth: New evidence from 126 countries. Luxembourg University CREA Discussion Paper, https://wwwfr.uni.lu/recherche/fdef/dem/publications2/discussion_papers
  • Loayza, N. V., & Ranciere, R. (2006). Financial development, financial fragility, and growth. Journal of Money, Credit, and Banking, 1051-1076.
  • Majeed ,S., Iftikhar, S. F., and Atiq, Z., (2019). Credit activity and growth performance: Evidence from panel data. Pakistan Journal of Applied Economics 29(1): 107-129.
  • Mengüç, İ. T., (2017). Türkiye’de bankacılık sektörünün yapısal değişimi. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi 1(3): 1-14.
  • Mert, M., and Çağlar, A. E., (2019). Eviews ve Gauss Uygulamalı Zaman Serileri Analizi. Ankara: Detay Yayıncılık, 125-339.
  • Narayan, P. K., (2004). New Zealand's trade balance: Evidence of the J-curve and granger causality. Applied Economics Letters 11(6): 351-354.
  • Narayan, P. K., (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics 37(17): 1979-1990.
  • Özcan, B., & Ari, A. (2011). Finansal gelisme ve ekonomik büyüme arasindaki iliskinin ampirik bir analizi: Türkiye örnegi. Business and Economics Research Journal, 2(1), 121.
  • Özen, E., and Vurur, N. S., (2013). Türkiye’de mevduat banka kredisi ve ekonomik büyüme ilişkisinin incelenmesi. Uşak Üniversitesi Sosyal Bilimler Dergisi 6(3): 117-131.
  • Öztürk, N., Barışık, S., & Darıcı, H. K. (2010). Gelişmekte olan piyasalarda finansal derinleşme ve büyüme ilişkisi: Panel veri analizi. Uluslararası Yönetim, İktisat ve İşletme Dergisi, 6(12), 95-119.
  • Pesaran, M. H., Shin, Y., and Smith, R. J., (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16(3): 289-326.
  • Phillips, P., and Hansen, B., (1990). Statistical inference in instrumental variables regression with I(1) process. Review of Economic Studies 57: 99–125.
  • Phillips, P. C. B., and Perron, P., (1988). Testing for a unit root in time series regression. Biometrika 75: 335–59.
  • Rajan, R., & Zingales, L. (1996). Financial dependence and growth.NBER Working Paper Series, 5758.
  • Rioja, F., & Valev, N. (2004). Does one size fit all?: A reexamination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447.
  • Ramsey, J. B., (1969). Tests for specification errors in classical linear least-squares regression analysis. Journal of the Royal Statistical Society Series B: Statistical Methodology 31(2): 350-371.
  • Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries. World Development, 68, 66-81.
  • Sassi, S., and Gasmi, A., (2014). The Effect of enterprise and household credit on economic growth: New evidence from European Union countries. Journal of Macroeconomics 39: 226-231.
  • Škare, M., Sinković, D., and Porada-Rochoń, M., (2019). Financial development and economic growth in Poland 1990-2018. Technological and Economic Development of Economy 25(2): 103-133.
  • Swamy, V., & Tulasimala, B. (2012). Financial intermediaries and economic development–A study of transaction costs of borrowing for the poor. Available at SSRN 2126810. https://mpra.ub.uni-muenchen.de/49601/, Accessed Date: 17.06.2023
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Details

Primary Language English
Subjects Finance
Journal Section Makaleler
Authors

Betül İsmiç 0009-0009-9945-6393

Sedef Şen 0000-0003-4426-8861

Early Pub Date October 25, 2023
Publication Date October 30, 2023
Submission Date July 22, 2023
Published in Issue Year 2023Volume: 24 Issue: 4

Cite

APA İsmiç, B., & Şen, S. (2023). The Effect of Household versus Enterprise Credit on Economic Growth in Turkiye. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(4), 659-670. https://doi.org/10.37880/cumuiibf.1331347

Cited By

TÜRKİYE’DE HANEHALKI KREDİLERİNİN EKONOMİK BÜYÜMEYE ETKİSİNİN ANALİZİ
Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi
https://doi.org/10.29029/busbed.1482233
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