Aglietta, M. (2000). Shareholder value and corporate governance: some tricky questions.Economy and Society, 29(1), 146-159.
Albertini, J. M., Pecherand, M. and Poujet, M. (1990). Ekonomik Sistemler: Uygulamada Kapitalizm ve Sosyalizm. Uludağ University Consolidation Foundation No. 48, U.U FEAB The Economics of Business Administration and Accounting Research and Application Center Publication No. 49, Translated by Prof. Dr. Cafer Unay, Uludağ: Uludağ University Press.
Albo, G., Gindin, S. and Panitch, L. (2010). In and Out of Crisis: The Global Financial Meltdown and Left Alternatives. Oakland: Spectre PM Press.
Alper, K., Binici, M., Demiralp, S., Kara, H., and Ozlu, P. (2016). “Reserve Requirements, Liquidity Risk, and Bank Lending Behavior”.Koç University-TUSIAD Economic Research Forum Working Paper, No. 1612.
Arrighi, G.  (2010). The Long Twentieth Century: Money, Power, and the Origins of Our Times. London, New York: Verso.
Beaud, M. (2015). Kapitalizmin Tarihi 1950-2010. Translated by Fikret Başkaya, Istanbul: Yordam Book.
Boyer, R. (2000). “Is a Finance-led growth regime a viable alternative to Fordism? A preliminary analysis”.Economy and Society, 29(1), 111-145.
Crotty, J. (2005). The Neoliberal Paradox: The Impact of Destructive Product Market Competition and ‘Modern’ Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era.Financialization and the World Economy, in Gerald Epstein (ed.), 77-110, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
Dore, R. (2002). “Stock Market Capitalism and its Diffusion”.New Political Economy, 7(1), 115-121.
Dos Santos, P. (2009). “At the Heart of the Matter: Household Debt in Contemporary Banking and the International Crisis”.Research on Money and Finance, Discussion Paper Series, No: 11.
Driscoll, J. C. andKraay, A. C. (1998).“Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”.Review of Economics and Statistics, 80(4), 549-560.
Dumenil, G. and Lévy, D. (2004a). “The Real and Financial Components of Profitability (United States, 1952-2000)”.Review of Radical Political Economics, 36(1), 82-110.
Dumenil, G. and Lévy, D. (2004b). Capital Resurgent: Roots of the Neoliberal Revolution. Cambridge, Massachusetts and London: Harvard University Press.
Dumenil, G. and Lévy, D. (2011). The Crisis of Neoliberalism. Cambridge, Massachusetts and London: Harvard University Press.
Epstein, G. (2005b). Financialization and the World Economy. Gerald Epstein (ed.), Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
Ergüneş, N. (2009). “Global Integration of the Turkish Economy in the Era of Financialisation”.Research on Money and Finance, Discussion Paper Series, No: 8.
Ertürk, I. and Solari, S. (2007). “Banks as Continuous Reinvention”.New Political Economy, 12(3), 369-388.
European Central Bank. (2011).“The Supply of Money-Bank Behaviour and the Implications for Monetary Analysis”.Monthly Bulletin, 63-79, October.
Foster, J. B. (2010). “The Financialization of Accumulation”.Monthly Review, 62(5), October.
Freixas, X., and Rochet, J. C. (2008). Microeconomics of Banking. Cambridge: The MIT Press.
Froud, J. H., Haslam, C., Johal, S. and Williams, F. (2001). “Financialisation and the Coupon Pool”.Gestao ve Producao, 8(3), 271-288.
Glyn, A. (2006). Capitalism Unleashed: Finance Globalization and Welfare. Oxford, New York: Oxford University Press.
Gropp, R., Gruendl, C., and Guettler, A. (2014).“The impact of public guarantees on bank risk-taking: Evidence from a natural experiment”.Review of Finance, 18(2), 457-488.
Güngen, A. R. (2010). “Finansallaşma: Sorunlu bir Kavram ve Verimli bir Araştırma Gündemi”.Praksis, 20, 85-108.
Heilbroner, R. and Milberg, W. (1998). The Making of Economic Society. 10th edition, New Jersey, Upper Saddle River: Prentice-Hall.
Husson, M. (2010). Marksist İktisat Teorisi: Çağdaş Kapitalizm ve Kriz. 1st edition, Istanbul: Yazın Publishing.
Karaçimen, E. (2015). Türkiye’de Finansallaşma: Borç Kıskacında Emek. 1st edition, Istanbul: Sosyal Araştırmalar Vakfı Publishing.
Kindleberger, C. P., and Aliber R. Z. (2013). Manias, Panics and Crashes: A History of Financial Crisis. London: Palgrave Macmillan.
Kok, D. and Ay, O.E. (2013). “2008 Küresel Finansal Krizinin Türk Bankacılık Sektörü Etkinlik Düzeylerine Yansıması Üzerine Bir Araştırma”.Uluslararası İktisadi İdari İncelemeler Dergisi,10, 155-170.
Kotz, D. M. (2008).Neoliberalism and Financialization.Amherst: University of Massachusetts Press.
Kozanoğlu, H. (2011). Finansallaşma ve Türkiye. Uç(ur)amayan Balon, in Hayri Kozanoğlu (ed.), 1st edition, 11-59, Istanbul: Ayrıntı Publishers.
Krippner, G. R. (2004). “What Is Financialization?”.mimeo, Department of Sociology, UCLA.
Krippner, G. R. (2005). “The financialization of the American economy”.Socio-Economic Review, 3(2), 173-208.
Krippner, G. R. (2011). Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, Massachusetts and London: Harvard University Press.
Langley, P. (2008). The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford, New York: Oxford University Press.
Lapavitsas, C. (2009a). “Financialised Capitalism: Crisis and Financial Expropriation”.Historical Materialism, 17(2), 114-148.
Lapavitsas, C. (2009b).”Financialisation, or the Search for Profits in the Sphere of Circulation”.Research on Money and Finance, Discussion Papers No: 10.
Lapavitsas C. (2010a). “Banks for the People”.Redpepper, Issue: 170, February/March.
Lapavitsas, C. (2010b). “Financialisation and Capitalist Accumulation: Structural Accounts of the Crisis of 2007-9”.Research on Money and Finance, Discussion Papers No: 16.
Marois, T., and Güngen A.R. (2014). “Türkiye’nin devlet bankalarını geri kazanmak”.Iktisat Dergisi,527, 54-70.
Marois, T. andGüngen, A. R. (2016). “Credibility and class in the evolution of public banks: The case of Turkey”.Journal of Peasant Studies,43(6), 1285-1309.
Martin, R. (2002). Financialization of Daily Life. Philadelphia: Temple University Press.
Mihaljek, D. (2010). “Domestic bank intermediation in emerging market economies during the crisis: Locally owned versus foreign-owned banks”.BIS Papers, 54, 31-48.
Milios, J. and Sotiropoulos D. P. (2009).Financialization: Market Discipline or Capital Discipline? Rethinking Imperialism: A Study of Capitalist Rule, in John Milios and Dimitris P. Sotiropoulos (eds.), London: Palgrave Macmillan.
Orhangazi, Ö. (2007). “Financialization and Capital Accumulation in the Non-Financial Corporate Sector: A Theoretical and Empirical Investigation of the U.S. Economy: 1973-2003”.Political Economy Research Institute, Working Paper Series No: 149, University of Massachusetts, Amherst.
Orhangazi, Ö. (2008). Financialization and the US Economy. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
Paincheira, J. P. (2009). “Finansallaşma Çağında Gelişmekte Olan Ülkeler: Açık Birikiminden Rezerv Birikimine”.Translated by Sabriye Biçen,Maliye ve Finans Yazıları, 1(82).
Sanya, O.S. and Mlachila, M. (2010). “Post Crisis Bank Behavior: Lessons from Mercosur”.International Monetary Fund Working Paper,WP/10/1.
Stockhammer, E. (2004). “Financialisation and the slowdown of accumulation”.Cambridge Journal of Economics, 28(5), 719-741.
Sweezy, P. M. (1991). “Monopoly Capital After Twenty-Five Years”.Monthly Review, 43(7), December.
Sweezy, P. M. (1997). “More (or less) on Globalization”. Monthly Review, 49(4), September.
Sweezy, P. M. and Magdoff, H. (1972). Economic History as it Happened, Volume 1 (The Dynamics of U.S. Capitalism: Corporate Structure, Inflation, Credit, Gold, and the Dollar). London, New York: Monthly Review Press.
Wade, H. R. (2005). “The March of Neoliberalism and What to Do About It”. draft paper for plenary talk at conference Beyond ‘Deregulation’: Finance in the 21st Century, University of Sussex, 26-28 May.
Yüksel, A. S., Yüksel A., and Yüksel Ü. (2004). Bankacılık Hukuku ve İşletmesi.Istanbul: Beta Publishing.
- Abstract viewed - 330 times
- PDF downloaded - 151 times
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
© Business & Management Studies: An International Journal, 2019
Asst. Prof., Istanbul Gelisim University, International Trade (English) Department
Dr., MetLife, Finance Specialist
How to Cite
THE EFFECT OF GLOBAL FINANCIAL CRISIS ON SECURITIES PORTFOLIO OF DEPOSIT BANKS: A DIFFERENCE-IN-DIFFERENCES METHOD FOR TURKEY
Vol 7 No 1 (2019): BUSINESS & MANAGEMENT STUDIES: AN INTERNATIONAL JOURNAL
Submitted: Mar 20, 2019
Published: Mar 20, 2019
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.