Parasal Aktarım Mekanizması Bilanço Kanalının Sektör Bilançoları Üzerindeki Etkinliği: Panel Veri Analizi

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Date
2025Author
Ünlü, Derya
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This study examines the extent to which the firm balance sheet channel, one of the
monetary policy transmission channels, is effective on a sectoral basis in Turkey.
Using the Sectoral Balance Sheets data of Current Asests, Short-Term Liabilities, Net
Profit/Loss published by the Central Bank of the Republic of Turkey (CBRT) between
2012 and 2022; the effects of macroeconomic variables of the policy interest rate,
required reserve ratio, inflation, economic growth rate, and narrow (M1) and broad (M2)
money supplies on the balance sheets of firms, in 17 main sectors, were evaluated with
the panel data analysis method. The analysis classified the 17 main sectors into capitalintensive, labor-intensive, and technology/information-intensive sectors.
For model selection, F-test, Likelihood Ratio (LR) test, unit and time effects tests, and
the Hausman test were applied using Stata-15 software and the random effects model was
determined to be the most appropriate model for the panel data analysis.
When the model assumptions were examined, heteroskedasticity and autocorrelation
issues were detected. Therefore, the Huber-Eicker-White robust estimator was used to
enhance the reliability of the results.
In conclusion, it was found that the firm balance sheet channel operates strongly and
distinctly in capital-intensive sectors, while in labor-intensive sectors, this effectiveness
is shaped by cost and liquidity factors. In technology/information-intensive sectors,
growth-oriented factors were observed to enhance the effectiveness of the channel.