Abstract
The impact of shadow banking on financial stability remains a controversial issue today due to the size and complexity of these activities and the inadequate regulatory frameworks for systemic risks. In this context, shadow banking has become the focus of financial regulators due to its potential effects on financial stability. Therefore, this study was conducted to understand the impact of shadow banking on financial stability. In this study, the relationship between shadow banking and financial instability is examined using the VAR method for the example of the United States, covering the period 2000-2020. In order to create an accurate model, firstly unit root tests were performed, followed by autocorrelation and heteroscedasticity tests. The findings were found to be significant and Johansen cointegration test was applied. In the cointegration results, it was seen that the series were cointegrated, that is, they moved together in the long run. Finally, a Granger causality test was conducted between shadow banking and financial instability, and according to the empirical findings, it was concluded that there was a causality from shadow banking to financial instability for the period in question.
Keywords
References
- Diallo, B., and Al-Mansour, A. (2017). Shadow banking, insurance and financial sector stability. Research in International Business and Finance, 42, 224-232.
- Huang, J. (2015). Three essays on the economics of shadow banking. Princeton Dataspace. Retrieved from http://arks.princeton.edu/ark:/88435/dsp01mp48sg09m
- Huang, J. (2018). Banking and shadow banking. Journal of Economic Theory, 178, 124-152.
- Ilesanmi, K. D., and Tewari, D. D. (2019). Management of shadow banks for economic and financial stability in South Africa. Cogent Economics & Finance, 7(1), 1568849.
- Krugman, P., Krugman, P. R., and Wells, R. (2009). Macroeconomics. Macmillan.
- Liang, Y. (2016). Shadow banking in China: Implications for financial stability and macroeconomic rebalancing. The Chinese Economy, 49(3), 148-160.
- Longworth, D. (2012). Combatting the Dangers Lurking in the Shadows: The Macroprudential Regulation of Shadow Banking. CD Howe Institute Commentary, (361).
- Moosa, I. A. (2017). The regulation of shadow banking. Journal of Banking Regulation, 18, 61-79.
- Okur, F. and Yılmaz, H. (2022). An Investigation of The Relationship Between Individual Energy Consumption and Economic Growth: The Future Perspective By Using The ANN Method. Journal of Emerging Economies and Policy, 7(1), 137-148.
- Okur, F., and Soylu, Ö. B. (2020). Effect of Monetary Policy Instruments on Shadow Banking. Business & Management Studies: An International Journal, 8(3), 2531-2545.
- Schneider, H. (2022). Combination matters: why corporate bonds and shadow banking can threaten financial stability-a Minskyian perspective. International Journal of Pluralism and Economics Education, 13(1), 103-119.
- Shih, V., and Visiting Fellow, M. E. R. I. C. S. (2017). Financial instability in China: Possible pathways and their likelihood. Mercator Institute for China Studies, 20.
- Sieroń, A. (2016). The role of shadow banking in the business cycle. Quarterly Journal of Austrian Economics, 19(4), 309-329.
- Tarı, R. (2010). Ekonometri, Umuttepe Yayınları, Genişletilmiş 6. Baskı, Kocaeli.
- Zou, X. P., Pang, Y. X., and Zhu, H. L. (2013). The study between shadow banking and financial fragility in China: an empirical analysis based on the co-integration test and error correction model. Quality & Quantity, 47, 3363-3370.
FİNANSAL İSTİKRARSIZLIK VE GÖLGE BANKACILIK İLİŞKİSİ: AMERİKA BİRLEŞİK DEVLETLERİ ÖRNEĞİ
Abstract
Gölge bankacılığın finansal istikrar üzerindeki etkisi, bu faaliyetlerin boyutu ve karmaşıklığı ile sistemik risklere yönelik düzenleyici çerçevelerin yetersiz olması nedeniyle günümüzde hala tartışmalı bir konu olarak karşımızda durmaktadır. Bu bağlamda gölge bankacılık, finansal istikrar üzerindeki potansiyel etkileri nedeniyle finansal düzenleyicilerin odak noktası haline gelmiştir. Bu nedenle bu çalışma, gölge bankacılığın finansal istikrar üzerindeki etkisini anlamak amacıyla yapılmıştır. Bu çalışmada, gölge bankacılık ile finansal istikrarsızlık arasındaki ilişki, 2000-2020 dönemini kapsayan, Amerika Birleşik Devletleri örneği için VAR yöntemi kullanılarak incelenmektedir. Doğru bir model oluşturabilmek için öncelikle birim kök testleri yapılmış ardından otokorelasyon ve değişen varyans testleri yapılmıştır. Elde edilen bulgular anlamlı bulunarak Johansen eşbütünleşme testi uygulanmıştır. Eşbütünleşme sonuçlarında serilerin eşbütünleşik olduğu yani uzun dönemde birlikte hareket ettiği görülmüştür. Son olarak gölge bankacılık ile finansal istikrarsızlık arasında Granger nedensellik testi yapılmış ve elde edilen ampirik bulgulara göre söz konusu dönem için gölge bankacılıktan finansal istikrarsızlığa doğru bir nedensellik bulunduğu sonucuna ulaşılmıştır.
Keywords
Ethical Statement
Bu çalışmanın, özgün bir çalışma olduğunu; çalışmanın hazırlık, veri toplama, analiz ve bilgilerin sunumu olmak üzere tüm aşamalarından bilimsel etik ilke ve kurallarına uygun davrandığımı; bu çalışma kapsamında elde edilmeyen tüm veri ve bilgiler için kaynak gösterdiğimi ve bu kaynaklara kaynakçada yer verdiğimi; kullanılan verilerde herhangi bir değişiklik yapmadığımı, çalışmanın Committee on Publication Ethics (COPE)' in tüm şartlarını ve koşullarını kabul ederek etik görev ve sorumluluklara riayet ettiğimi beyan ederim.
References
- Diallo, B., and Al-Mansour, A. (2017). Shadow banking, insurance and financial sector stability. Research in International Business and Finance, 42, 224-232.
- Huang, J. (2015). Three essays on the economics of shadow banking. Princeton Dataspace. Retrieved from http://arks.princeton.edu/ark:/88435/dsp01mp48sg09m
- Huang, J. (2018). Banking and shadow banking. Journal of Economic Theory, 178, 124-152.
- Ilesanmi, K. D., and Tewari, D. D. (2019). Management of shadow banks for economic and financial stability in South Africa. Cogent Economics & Finance, 7(1), 1568849.
- Krugman, P., Krugman, P. R., and Wells, R. (2009). Macroeconomics. Macmillan.
- Liang, Y. (2016). Shadow banking in China: Implications for financial stability and macroeconomic rebalancing. The Chinese Economy, 49(3), 148-160.
- Longworth, D. (2012). Combatting the Dangers Lurking in the Shadows: The Macroprudential Regulation of Shadow Banking. CD Howe Institute Commentary, (361).
- Moosa, I. A. (2017). The regulation of shadow banking. Journal of Banking Regulation, 18, 61-79.
- Okur, F. and Yılmaz, H. (2022). An Investigation of The Relationship Between Individual Energy Consumption and Economic Growth: The Future Perspective By Using The ANN Method. Journal of Emerging Economies and Policy, 7(1), 137-148.
- Okur, F., and Soylu, Ö. B. (2020). Effect of Monetary Policy Instruments on Shadow Banking. Business & Management Studies: An International Journal, 8(3), 2531-2545.
- Schneider, H. (2022). Combination matters: why corporate bonds and shadow banking can threaten financial stability-a Minskyian perspective. International Journal of Pluralism and Economics Education, 13(1), 103-119.
- Shih, V., and Visiting Fellow, M. E. R. I. C. S. (2017). Financial instability in China: Possible pathways and their likelihood. Mercator Institute for China Studies, 20.
- Sieroń, A. (2016). The role of shadow banking in the business cycle. Quarterly Journal of Austrian Economics, 19(4), 309-329.
- Tarı, R. (2010). Ekonometri, Umuttepe Yayınları, Genişletilmiş 6. Baskı, Kocaeli.
- Zou, X. P., Pang, Y. X., and Zhu, H. L. (2013). The study between shadow banking and financial fragility in China: an empirical analysis based on the co-integration test and error correction model. Quality & Quantity, 47, 3363-3370.
Details
| Primary Language | English |
|---|---|
| Subjects | Monetary-Banking, Financial Markets and Institutions |
| Journal Section | Articles |
| Authors | |
| Early Pub Date | February 6, 2024 |
| Publication Date | February 9, 2024 |
| Submission Date | November 21, 2023 |
| Acceptance Date | January 31, 2024 |
| Published in Issue | Year 2024 Issue: 42 |
______________________________________________________
Address: Karadeniz Technical University Department of Economics Room Number 213
61080 Trabzon / Turkey
e-mail : uiiidergisi@gmail.com