Sukuk ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir Uygulama

Abstract

Purpose: The aim of this paper is to investigate the relationship between sukuk issued by participation banks and economic growth in Turkey.
 
 Method: In this paper, Engle-Granger co-integration and Grenger causality approaches were used as methods. The sukuk issued by all participation banks operating in Turkey and real GDP figures have been analyzed for the period of 2013Q4-2021Q3. 
 
 Findings: As a result of the Engle-Granger co-integration test, long-term statistically significant co-integration relationship was not found between the issuance of sukuk and real GDP. However, according to the Grenger causality test results, a one-way Grenger causality relationship from real GDP to sukuk issuances was found.
 
 Implications: According to the results of this paper, there is no co-integration relationship between the sukuk issued by participation banks and economic growth in Turkey. In other words, it was concluded that there is no long-term equilibrium relationship between the variables. In addition, the one-way Grenger causality relationship determined from economic growth to sukuk issuance shows that participation banks cannot contribute to economic growth with the sukuk instrument, on the contrary, they benefit from economic growth. The results of the study are in the opposite direction of the expected results.
 
 Originality: The originality of this study is that it is the first study to examine the relationship between variables in the context of Turkey using the Engle-Grenger co-integration and Grenger causality approach.

Does the Sukuk Issuance in Turkiye Impact on Economic Growth?

“…We can interpret this result as that economic growth is a factor that enables participation banks to increase the issuance of sukuk. This result we obtained is similar to the results obtained by Avcı (2020) and Dilber (2022). On the other hand, while there is a one-way causality relationship from INF variable to GDP, there is a bidirectional causality relationship between GDP and GCF variable.…”

“…On the other hand, in the research conducted by Alkhwaja (2019), which is one of the rare studies conducted specifically for Türkiye on this subject in the literature, it's claimed that sukuk issuances have an increasing effect on economic growth (supporting our result), but no econometric analysis was used in the study. The results obtained from the research conducted by Dilber (2022), which is another one of the rare studies conducted specifically in Türkiye, support the results we obtained in our study. Finally, according to the result of the study conducted by Orhan & Tırman (2021), it was suggested that sukuk issued by participation banks play a role in reducing economic growth.…”

“…As a result, while the correlation between the sukuk that are issued by the treasury and economic development is positive, the effect of the sukuk issued by the participation banks on the economic development is negative. The third and the last study conducted directly on Türkiye was conducted by Dilber (2022). The results of this study indicates that no significant long-term relationship was found between sukuk and economic growth.…”

Türkiye’de Kamu Sağlık Harcamaları ve Sosyal Refah İlişkisi Üzerine Ampirik Bir Uygulama

“…Literatürle karşılaştırıldığında kamu sağlık ve kamu eğitim harcamalarının sosyal refah üzerinde etkili olduğunu tespit eden Gupta, vd. (1998), Davies (2009), Haile ve Zarazua (2018), Erdem ve Çelik (2019); kamu sağlık harcamalarının sosyal refah üzerinde etkili olduğunu tespit eden Razmi (2012), Çelikkaya ve Sezgin (2015), Mirahsani (2016), Yalçın ve Çakmak (2016), Çalışkan ve Eğmir (2020), Geyik ve Aydın (2021), Akbar, vd. (2021) çalışmaları ile araştırma sonuçları paralel çıkmıştır.…”