TÜRK BANKACILIĞINDA REKABET VE İSTİKRAR

(1)

7h5.%$1.$&,/,ö,1'$5(.$%(79(ø67ø.5$5 7ROJD$.62< 0XUDW'21'85$1

Gönderim tarihi:16.01.2019 Kabul tarihi: 27.11.2019 g]

%DQNDFÕOÕNVHNW|UQQSHUIRUPDQVÕQÕQGH÷HUOHQGLULOPHVLQGHHQ|QGHJHOHQNULWHUOHUGHQELULLVWLNUDUGÕU gWH \DQGDQ UHNDEHWLQ GDKD oRN PX LVWLNUDU VD÷OD\DFD÷Õ \RNVD GDKD D] PÕ LVWLNUDUD QHGHQ RODFD÷Õ OLWHUDWUGH KHS WDUWÕúPDOÕ ELU NRQX ROPXúWXU %X oDOÕúPDQÕQ DPDFÕ G|QHPLQGH 7UN EDQNDFÕOÕN VHNW|UQGH UHNDEHW YH LVWLNUDU DUDVÕQGDNL LOLúNL\L DUDúWÕUPDNWÕU 8\DUODQPÕú /HUQHU HQGHNVLQLQ UHNDEHW ]VNRUX YH ELOHúHQOHULQLQ GH LVWLNUDU J|VWHUJHVL RODUDN NXOODQÕOGÕ÷Õ DQDOL]OHUGH VRQXoODUUHNDEHWLVWLNUDUKLSRWH]L\OHX\XPOXoÕNPDNWDGÕU$QFDNUHNDEHWYHLVWLNUDUDUDVÕQGDNLLOLúNL NDPXYH|]HOEDQNDODUDUDVÕQGDIDUNOÕOÕNJ|VWHUHELOPHNWHGLU$\UÕFDVRQXoODUDJ|UHUHNDEHWLQLVWLNUDU ]HULQGHGR÷UXVDOROPD\DQHWNLOHULYDUGÕU $QDKWDU.HOLPHOHU5HNDEHWLVWLNUDU/HUQHUHQGHNVLEDQNDFÕOÕN7UNL\H -(/6ÕQÕIODPDVÕ*/

&203(7,7,21$1'67$%,/,7<,1785.,6+%$1.,1*

$EVWUDFW

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{'Ug÷Uh\HVL<ÕOGÕ]7HNQLNhQLYHUVLWHVLøNWLVDW%|OP(SRVWDWRDNVR\#\LOGL]HGXWU} 25&,',' _{3URI'U<ÕOGÕ]7HNQLNhQLYHUVLWHVLøNWLVDW%|OP(SRVWDGRQGXUDQ#\LOGL]HGXWU} 25&,','

(2)

*LULú

øNWLVDWOLWHUDWUQGHILQDQVVHNW|UQQEDQNDFÕOÕNYHYH\DVHUPD\HSL\DVDVÕE\PHLoLQ QH NDGDU |QHPOL ROGX÷XQX RUWD\D NR\DQ SHN oRN oDOÕúPD EXOXQPDNWDGÕU *UHHQZRRG YH -RYDQRYLF.LQJYH/HYLQH/HYLQHYH=HUYRV%XQDJ|UHILQDQVDOJH OLúPH\DWÕUÕPODUYHWRSODPIDNW|UYHULPOLOL÷LQLDUWÕUDUDNLNWLVDGLE\PH\LKÕ]ODQGÕUPDNWD GÕU .LQJ YH /HYLQH %HQKDELE YH 6SLHJHO 'DKD E\N EDQNDODUD YH GDKD DNWLIERUVDODUDVDKLSONHOHUE\PHQLQDOWÕQGD\DWDQGL÷HUELUoRNIDNW|UNRQWUROHGLOGLNWHQ VRQUD ELOH GDKD \NVHN E\PH RUDQODUÕ HOGH HWPHNWHGLUOHU /HYLQH 'ROD\ÕVÕ\OD HNRQRPLQLQ GL÷HU VHNW|UOHULQGHQ IDUNOÕ RODUDN EDQNDFÕOÕN VHNW|UQQ NDUOÕOÕ÷Õ HWNLQOL÷L YH VD÷ODPOÕ÷Õ ONH HNRQRPLVLQLQ JHQHO SHUIRUPDQVÕ DoÕVÕQGDQ HN ELU |QHP WDúÕPDNWDGÕU $\ UÕFDEDQNDFÕOÕNNUL]OHULJHQHOGHUHVHV\RQODVRQXoODQGÕ÷ÕQGDQ/RD\]DYH5DQFLHUH VHNW|UQGH÷HUOHQGLULOPHVLQGHHQ|QGHJHOHQNULWHUOHUGHQELULLVWLNUDUGÕU$QFDNEDQNDFÕOÕN VHNW|UQQLVWLNUDUÕLoLQGDKDPÕoRN\RNVDGDKDPÕD]UHNDEHWROPDOÕGÕUVRUXVXQXQNHVLQ ELU\DQÕWÕQDKHQ]XODúÕODPDPÕúWÕU

<DSÕODQ oDOÕúPDODU EDQNDFÕOÕNWD UHNDEHW YH LVWLNUDUD LOLúNLQ ELUELULQH UDNLS LNL KLSRWH] RUWD\D NR\PDNWDGÕU %XQODUGDQ ELUL RODQ rekabet-kÕrÕlganlÕk KLSRWH]LQH J|UH SL\DVD JF EDQNDODUÕQ\NVHNNDURUDQODUÕHOGHHWPHOHULQLVD÷ODU%|\OHFHEDQNDODUGDKDD]ULVNDOPD H÷LOLPLQGH RODFDNODUGÕU 5HNDEHWLQ \R÷XQODúPDVÕ LVH EDQNDODUÕ GDKD ID]OD ULVN DOPD\D LWH FHNWLU'ROD\ÕVÕ\ODSL\DVDJFQYHNDUPDUMODUÕQÕD]DOWWÕ÷ÕLoLQUHNDEHWYHLVWLNUDUDUDVÕQGD QHJDWLIELULOLúNLYDUGÕUgWH\DQGDQrekabet-istikrarKLSRWH]LLNLDUJPDQDGD\DQPDNWDGÕU øONLQH J|UH VHNW|UGH ELUNDo ³EDWDPD\DFDN NDGDU E\N´ EDQNDQÕQ IDDOL\HW J|VWHUGL÷L GX UXPGDEXEDQNDODUILQDQVDORWRULWH\LHWNLOH\HELOPHJFQHVDKLSRODFDNODUGÕU=LUDKHUKDQJL ELULQLQ EDWPDVÕ WP ILQDQVDO \DSÕ\Õ VLVWHPDWLN ELU WHKOLNH\H DWDFDNWÕU )LQDQVDO RWRULWHQLQ NUL] NRQXVXQGDNL HQGLúHOHUL EDQNDODUÕQ |GHPH JF VRUXQX GXUXPXQGDNXUWDUÕOPD\Õ EHN OHPHOHULQH YH VRQXoWD GDKD NÕUÕOJDQ ELU EDQNDFÕOÕN VLVWHPLQH QHGHQ RODFDNWÕU øNLQFL DUJ PDQ³ULVNLND\GÕUPDSDUDGLJPDVÕ´LVHSL\DVDJFRODQEDQNDODUÕQIDL]RUDQODUÕQÕ\NVHOWH UHN ILQDQVDO VLVWHPL LVWLNUDUVÕ] KDOH JHWLUHFH÷LQL VDYXQPDNWDGÕU %XQD J|UH NUHGL SL\DVD VÕQGD UHNDEHWLQ D]DOPDVÕQGDQ ND\QDNODQDQ \NVHN IDL] RUDQODUÕ ERUoOXODUÕ DKODNL ULVN YH WHUVL VHoLP VRUXQODUÕ QHGHQL\OH GDKD \NVHN JHWLULOL ULVNOLSURMHOHUH \|QHOWLU *LGHUHNGDKD ULVNOLSURMHOHULQNUHGLOHQGLULOPHVLEDQNDODUÕQJHULG|QHPH\HQNUHGLRUDQODUÕQÕYHVRQXoROD UDNLIODVRODVÕOÕNODUÕQÕDUWÕUÕU&ODUNYG'ROD\ÕVÕ\ODUHNDEHWIDL]RUDQODUÕQÕGúUH UHNDKODNLULVNYHWHUVLVHoLPJLELDVLPHWULNELOJLSUREOHPOHULQLRUWDGDQNDOGÕUPDNWDE|\ OHFHNUHGLWHPHUUWRUDQODUÕQÕGúUHUHNLVWLNUDUDNDWNÕVD÷ODPDNWDGÕU.DVPDQYH.DVPDQ

(3)

%XoDOÕúPDQÕQDPDFÕWHRULNRODUDNNHVLQROPD\DQUHNDEHWLVWLNUDULOLúNLVLQLDPSLULNROD UDN WHVW HGHUHN úX VRUX\D FHYDS DUDPDNWÕU 7UN EDQNDFÕOÕN VHNW|UQGH UHNDEHW YH LVWLNUDU DUDVÕQGDQQDVÕO ELU LOLúNL YDUGÕU" %DQNDFÕOÕNVHNW|UQQGXUXPX HNRQRPLQLQ JHQHO SHUIRU PDQVÕ\OD JoO ELU NRUHODV\RQD VDKLS ROGX÷X LoLQ 7UNL\H HNRQRPLVL DoÕVÕQGDQ |]HO ELU |QHPH VDKLSWLU 7UNL\H HNRQRPLVLQLQ ND\ÕS \ÕOODUÕ RODUDN WDQÕPODQDELOHFHN RODQ ¶OÕ \ÕOODUÕQ WHPHO |]HOOLNOHUL LVWLNUDUVÕ] E\PH WUHQGL \NVHN EWoH DoÕ÷Õ YH NDPX NHVLPL ERUoODQPDJHUH÷L\NVHNHQIODV\RQYH\NVHNUHHOIDL]GLU.HVNLQYG%XG|QHPGH EDQNDODUÕQWHPHOIRQNVL\RQXNDPXERUoODUÕQÕILQDQVHHWPHNROPXúWXU(NRQRPLGHNLLVWLNUD VÕ]OÕ÷ÕJLGHUPHNDPDFÕ\OD\ÕOÕVRQXQGD,0)LOH6WDQGE\DQODúPDVÕLP]DODQPÕúDQFDN SURJUDP EDúDUÕVÕ] ROPXú YH ùXEDW ¶GH EDQNDFÕOÕN NUL]L SDWODN YHUPLúWLU 'DKD VRQUD VÕQGD0D\ÕVWDULKLQGH*oO(NRQRPL\H*HoLú3URJUDPÕ\UUO÷HNRQPXúWXU%X SURJUDPG|UWDQDXQVXUGDQROXúPDNWDGÕUHQIODV\RQODHWNLQPFDGHOH\LYHIL\DWLVWLNUDUÕQÕ VD÷OD\DFDNELUSDUDSROLWLNDVÕQÕQX\JXODQPDVÕGLVLSOLQOLELUPDOL\HSROLWLNDVÕX\JXODQPDVÕ HNRQRPLQLQ EWQ ELULPOHULQGH HWNLQOLN HVQHNOLN YH úHIIDIOÕN VD÷OD\DFDN \DSÕVDO G]HQOH PHOHULQJHUoHNOHúWLULOPHVLYHEDúWDEDQNDFÕOÕNVHNW|UROPDN]HUHILQDQVDOVHNW|UQPDOL \DSÕVÕQÕQJoOHQGLULOPHVL.HVNLQYG$OÕQDQ|QOHPOHUQHWLFHVLQGH7UNL\HHNRQR PLVLNUL]LQROXPVX]HWNLOHULQLDWODWPÕúWÕU\ÕOODUÕDUDVÕQGDNLúLEDúÕQDUHHO*6<ø+ \ÕOOÕNRUWDODPDRUDQÕQGDE\Pú\ÕOÕHQIODV\RQRUDQÕRODUDNJHUoHNOHú PLúNDPXQHWERUFXLVH*6<ø+¶QÕQ¶VLQHJHULOHPLúWLU:%

.UHVHO .UL]L 7UNL\H HNRQRPLVLQGH KHP UHHO VHNW|U KHP GH ILQDQVDO VHNW|U ROXPVX]HWNLOHPLúWLU.UL]\ÕOÕQGDUHHO*6<ø+\DOQÕ]FDJHULOHUNHQ\ÕOÕQGDEX JHULOHPH FLYDUÕQGD JHUoHNOHúPLúWLU (QIODV\RQ LVH úRNXQ HWNLVL\OH \ÕOÕQGD VHYL\HVLQH oÕNÕS ELU \ÕO VRQUD ¶H JHULOHPLúWLU gWH \DQGDQ LúVL]OLN YHULOHULQH EDNWÕ÷Õ PÕ]GD NLúL EDúÕQD UHHO *6<ø+¶\H EHQ]HU ELU H÷LOLP RUWD\D oÕNPÕúWÕU \ÕOÕQGD RODQLúVL]OLNRUDQÕ¶GH\DOQÕ]FDROPXúDQFDN\ÕOÕQGDoÕNPÕúWÕUùRNXQ úLGGHWLQH UD÷PHQ 7UNL\H HNRQRPLVL oDEXN WRSDUODQPD\Õ EDúDUPÕúWÕU gUQH÷LQ NLúL EDúÕQD UHHO*6<ø+\ÕOÕQGDE\PúHQIODV\RQRODUDNJHUoHNOHúPLúLúVL]OLNLVH ¶D JHULOHPLúWLU %X KÕ]OÕ WRSDUODQPDGD \ÕOÕ LoHULVLQGH EDQNDFÕOÕN VHNW|UQH \| QHOLNDOÕQDQ|QOHPOHULQ|QHPOLSD\ÕYDUGÕU%''.1LWHNLPG|QHPLQGH DNWLIOHULQ *6<ø+¶\H RUDQÕ ¶GDQ ¶H oÕNPÕú WDNLSWHNL NUHGLOHULQ WRSODP DODFDNODU LoHULVLQGHNL SD\Õ ¶GHQ ¶D JHULOHPLú EDQNDODU úXEH VD\ÕODUÕQÕ YH LVWLKGDPODUÕQÕ DU WÕUPÕúODUGÕU .HVNLQ YG gWH \DQGDQ \ÕOÕQGD RODQ NUHGL PHYGXDW RUDQÕ \ÕOÕQGD RODUDN JHUoHNOHPLú PHYGXDWODUÕQ SDVLIOHUH RUDQÕ LVH \ÕOÕQGD

(4)

¶LNHQ\ÕOÕQGD¶HJHULOHPLúWLU'ROD\ÕVÕ\ODELUWDNÕPL\LOHúPHOHUHNDUúÕQVHNW|U ED]ÕULVNOHUOHNDUúÕNDUúÕ\DGÕU %XoDOÕúPDGDEDQNDFÕOÕNYHLVWLNUDUDUDVÕQGDNLLOLúNLQLQLQFHOHQPHVLLoLQ7UNEDQNDFÕOÕN VHNW|UQQ\ÕOODUÕDUDVÕYHULOHULNXOODQÕOPDNWDGÕU+HPKHWHURMHQELUONHJUXEX \HULQHWHNLOELUONH\HRGDNODQÕOPDVÕKHPGHEDQNDFÕOÕNVHNW|UQQ\HQLGHQ\DSÕODQGÕ÷ÕYH NUHVHONUL]LQLQONHHNRQRPLQLFLGGLELUúHNLOGHHWNLOHGL÷L\ÕOODUÕNDSVDPDVÕYHULVH WLPL]LQ|QHPLQLRUWD\DNR\PDNWDGÕU7DKPLQVRQXoODUÕQDJ|UH7UNEDQNDFÕOÕNVHNW|UQGH UHNDEHWLVWLNUDU KLSRWH]LQLQ JHoHUOL ROGX÷X V|\OHQLOHELOLU %XQXQOD ELUOLNWH VRQXoODU IDUNOÕ LVWLNUDUWDQÕPODUÕQDJ|UHGH÷LúNHQOLNJ|VWHUHELOPHNWHGLU

øOJLOL/LWHUDWU

/LWHUDWUGH JHUHN rekabet-kÕrÕlganlÕk JHUHNVH GH rekabet-istikrar KLSRWH]LQL GHVWHNOH\HQ SHNoRNoDOÕúPDPHYFXWWXU%XoDOÕúPDODUE\N|OoGHJHOLúPLúONHDQDOL]OHULQHGD\DQ PDNWDGÕU gUQH÷LQ 6FKDHN YH &LKDN G|QHPL LoLQ RQ JHOLúPLú $YUXSD ONHVLQGHUHNDEHWLVWLNUDULOLúNLVLQLDUDúWÕUPDNWDGÕU¶GHQID]ODEDQNDQÕQGkKLOHGLOGL÷L DQDOL]GH\D]DUODUUHNDEHWLQNDUÕQGDKDD]HWNLQEDQNDODUGDQGDKDID]ODHWNLQEDQNDODUDDNWD UÕOPDVÕ NDQDOÕ\OD LVWLNUDUD SR]LWLI RODUDN HWNL HWWL÷LQL RUWD\D NR\PDNWDGÕUODU $\UÕFD NDQWLO UHJUHV\RQ \|QWHPL VRQXoODUÕQD J|UH GDKD LVWLNUDUOÕ EDQNDODU UHNDEHWWHQ GDKD oRN ID\GD VD÷ODPDNWDGÕUODU-LPHQH]YGG|QHPLøVSDQ\ROEDQNDFÕOÕNVLVWHPLQLLQ FHOHGL÷L oDOÕúPDVÕQGD UHNDEHWLQ EDQNDFÕOÕN LVWLNUDUÕ ]HULQGH SR]LWLI YH LVWDWLVWLNVHN RODUDN DQODPOÕELUHWNL\HVDKLSROGX÷XQXEHOLUWPHNWHGLU/HUR\YH/XFRWWHG| QHPLLoLQ$YUXSD¶GDUHNDEHWLVWLNUDULOLúNLVLQLKHPELUH\VHOKHPGHVLVWHPLNULVNYHULOHULQL NXOODQDUDN LQFHOHPHNWHGLU $QDOL] VRQXoODUÕQD J|UH UHNDEHW EDQNDODUÕ GDKD ID]OD ULVN DO PD\DWHúYLNHGHUHNNÕUÕOJDQOÕNODUÕQÕDUWÕUPDNWDGÕUgWH\DQGDQUHNDEHWVLVWHPLNULVNLD]DOWD UDNILQDQVDOVLVWHPLQLVWLNUDUÕQDNDWNÕGDEXOXQPDNWDGÕU6RQRODUDN*RHW]$%'¶GH G|QHPLQGH UHNDEHW YH LVWLNUDU DUDVÕQGDNL LOLúNL\L LQFHOHPHNWHGLU 5HNDEHWLQ H\DOHWOHUGH EDQNDFÕOÕN SL\DVDVÕQD JLULú HQJHOOHULQLQ NDOGÕUÕOPDVÕ RODUDN WDQÕPODQGÕ÷Õ oDOÕú PDQÕQVRQXoODUÕQDJ|UHUHNDEHWEDQNDNkUODUÕQÕDUWÕUPDNWDYHEDQNDODUÕQWDNLSWHNLNUHGLOHU RUDQÕQGDELUD]DOPD\D\RODoPDNWDGÕU'ROD\ÕVÕ\ODVRQXoODUUHNDEHWLVWLNUDUKLSRWH]LQLGHV WHNOHPHNWHGLU

(5)

%X oDOÕúPDODUD HN RODUDN NDSVDPÕ J|UHFH VÕQÕUOÕ ROPDNOD ELUOLNWH JHOLúPHNWH RODQ ONH DQDOL]OHULGHPHYFXWWXUgUQH÷LQ$ULVV±G|QHPLLoLQJHOLúPHNWHRODQ ONHGHEDQNDGDQROXúDQELU|UQHNOHPNXOODQDUDNUHNDEHWLQEDQNDFÕOÕNVHNW|UYHULPOL OL÷LYHLVWLNUDUÕ]HULQGHNLHWNLVLQLLQFHOHPHNWHGLU6RQXoODUDJ|UHUHNDEHWLVWLNUDU]HULQGH LVWDWLVWLNVHORODUDNDQODPOÕYHSR]LWLIELUHWNL\HVDKLSWLU$JRUDNLYG2UWDYH'R÷X $YUXSDEDQNDFÕOÕNVLVWHPLQLLQFHOHGLNOHULoDOÕúPDODUÕQGDG|QHPLQGHEDQNDODUÕQ SL\DVDJFQQJHULG|QPH\HQNUHGLRUDQODUÕQÕD]DOWWÕ÷ÕQÕ\DQLUHNDEHWLQGDKDID]ODNÕUÕO JDQOÕ÷D QHGHQ ROGX÷X VRQXFXQD XODúPDNWDGÕUODU /LX YG ILQDQVDO VHUEHVWOHúWLUPH SURJUDPODUÕQÕQ DUGÕQGDQ G|UW *QH\ $V\D ONHVLQGH (QGRQH]\D 0DOH]\D )LOLSLQOHU YH 9LHWQDPUHNDEHWLQEDQNDLVWLNUDUÕ]HULQGHNLHWNLVLQLLQFHOHPHNWHGLU5HNDEHWL|OoPLoLQ 3DQ]DU5RVVH + LVWDWLVWL÷LQL NXOODQDUDN EDQNDFÕOÕN VHNW|UQQ G|QHPLQGH WH NHOFL UHNDEHW DOWÕQGD IDDOL\HW J|VWHUGL÷LQL YH UHNDEHWLQ LVWLNUDU ]HULQGH QHJDWLI HWNLVLQLQ ROGX÷X VRQXFXQD XODúPDNWDGÕUODU $QFDN EX VRQXo E\N |OoGH NXOODQÕODQ LVWLNUDU WDQÕ PÕQDNUHGL]DUDURUDQÕNUHGLND\ÕSNDUúÕOÕNODUÕ52$YRODWLOLWHVLED÷OÕRODUDNRUWD\DoÕN PDNWDGÕU <D]DUODU OLWHUDWUQ E\N E|OPQGH ROGX÷X JLEL LVWLNUDUÕ ]VNRUX LOH WDQÕPOD GÕNODUÕQGD UHNDEHW YH LVWLNUDU DUDVÕQGD LVWDWLVWLNVHO RODUDN DQODPOÕ ELU LOLúNL EXODPDPDNWD GÕUODU )X YG $V\D 3DVLILN ONHVLQGH UHNDEHWLQ EDQNDFÕOÕN LVWLNUDUÕ ]HULQGHNL HWNLVLQLLQFHOHPHNWHGLU\ÕOODUÕQÕNDSVD\DQDQDOL]VRQXoODUÕQDJ|UHUHNDEHWEDQ NDODUÕQLIODVRODVÕOÕNODUÕQÕDUWÕUPDNWDGÕU&ODUNYGG|QHPLLoLQEDQ NDQÕQ YHULOHULQL NXOODQGÕNODUÕ oDOÕúPDODUÕQGD JHoLú HNRQRPLOHULQGH GDKD \R÷XQ UHNDEHWLQ GDKD \NVHN EDQND LVWLNUDUÕQD \RO DoWÕ÷ÕQÕ VDYXQPDNWDGÕU 7UNL\H V|] NRQXVX ROGX÷XQGD LVHNDUúÕPÕ]D\LQHIDUNOÕEXOJXODUoÕNPDNWDGÕU<DOGÕ]YH%D]]DQDG|QH PLQL LQFHOHGLNOHUL oDOÕúPDODUÕQGD UHNDEHWLVWLNUDU KLSRWH]LQL GHVWHNOH\HQ VRQXoODUD XODú PÕúODUGÕU$QFDN.DVPDQYH.DVPDQ¶HJ|UHG|QHPLQGHUHNDEHWLVWLNUDU ]HULQGHLVWDWLVWLNVHORODUDNDQODPOÕYHQHJDWLIELUHWNL\HVDKLSWLU

/LWHUDWUKHUQHNDGDUIDUNOÕKLSRWH]OHU|QHVUVHGHNLPLoDOÕúPDODUDJ|UHEXKLSRWH]OHU ELUELUOHUL\OH oHOLúPHPHNWHGLU gUQH÷LQ 0DUWLQH]0LHUD YH 5HSXOOR ¶D J|UH UHNDEHW LVWLNUDU]HULQGHELUELUOHULQH]ÕWLNLHWNL\HVDKLSWLU1HJDWLIHWNLULVNND\GÕUPDHWNLVLRODUDN WDQÕPODQDELOLU'DKDID]ODUHNDEHWGDKDD]NUHGLYHULOPHVLQHQHGHQROXU%|\OHFHERUoOXOD UÕQ LIODV HWPH RODVÕOÕNODUÕ GúN VHYL\HGH RODFDNWÕU %X GD EDQND ULVNLQL D]DOWÕU risk

kay-dÕrma etkisi3R]LWLIHWNLLVHmarj etkisiRODUDNWDQÕPODQÕU$UWDQUHNDEHWEDQNDODUÕQGDKDD]

NUHGLYHUPHVLGDKDD]IDL]JHOLULHOGHHWPHVLYHGROD\ÕVÕ\ODGDNUHGLND\ÕSODUÕQDNDUúÕGDKD VDYXQPDVÕ] ROPDVÕ DQODPÕQD JHOHFHNWLU 6RQXo RODUDN QHW HWNL WHRULN RODUDN EHOLUVL]GLU YH KDQJLHWNLQLQEDVNÕQROGX÷XQDJ|UHGH÷LúLNOLNJ|VWHUHFHNWLU%XLVHUHNDEHWYHLVWLNUDUDUD

(6)

VÕQGD8úHNOLQGHELULOLúNLROGX÷XDQODPÕQDJHOLU1LWHNLP%HUJHUYG¶DJ|UHNUHGL SL\DVDVÕQGDNL ULVN DUWVD ELOH EDQNDODU EX ULVNL |] VHUPD\H\L DUWWÕUPDN JLEL \|QWHPOHUOH D]DOWDELOHFHNOHULLoLQJHQHOULVND\QÕNDODFDNWÕU%XQHGHQOHUHNDEHWLVWLNUDUYHUHNDEHWNÕ UÕOJDQOÕNKLSRWH]OHULELUELUOHUL\OHoHOLúPH]OHUG|QHPLLoLQJHOLúPLúONHEDQ NDFÕOÕN VHNW|U YHULOHULQH GD\DQDQ WDKPLQ VRQXoODUÕQD J|UH UHNDEHW JHUL G|QPH\HQ NUHGL RUDQODUÕQÕDUWÕUVDGDNUHGLSL\DVDVÕQGDGDKD\NVHNULVNEDQNDODUÕ|]VHUPD\HOHULQLDUWÕU PD\DLWWL÷LLoLQ]VNRULOHQHJDWLINRUHODV\RQDVDKLSWLUGDKDGúNEDQNDFÕOÕNULVNL'ROD \ÕVÕ\OD \D]DUODU ULVNLQ WDQÕPÕQD ED÷OÕ RODUDN KHU LNL KLSRWH]LQ GH JHoHUOL RODELOHFH÷LQL VD YXQPDNWDGÕUODU$QFDNUHNDEHWJ|VWHUJHVLRODUDN/HUQHUHQGHNVLQHHNRODUDNNUHGLYHPHY GXDWSL\DVDVÕQGDNL+HUILQGDKO+LUVKPDQHQGHNVL++,UHNDEHWJ|VWHUJHVLRODUDNNXOODQÕO GÕ÷ÕLoLQVRQXoODULKWL\DWOÕGH÷HUOHQGLULOPHOLGLU(NRODUDN/LXYG$YUXSDEDQNDOD UÕQÕQE\N|OoGHE|OJHRGDNOÕROPDVÕYHE|OJHG]H\LQGHUHNDEHWHWPHVLQHGHQL\OHONH oDSÕQGDNLUHNDEHWYHLVWLNUDUJ|VWHUJHOHULQLQEDQNDFÕOÕNVHNW|UDQDOL]LLoLQX\JXQROPDGÕ ÷ÕQÕ VDYXQPDNWDGÕUODU %X QHGHQOH oDOÕúPDODUÕQGD G|QHPLQGH $YUXSD¶GD 1876E|OJHVLQGHIDDOL\HWJ|VWHUHQEDQNDYHULVLQLNXOODQPDNWDGÕUODU$QDOL]VRQXo ODUÕQDJ|UH0DUWLQH]0LHUDYH5HSXOORQXQ|QHVUG÷JLELUHNDEHWYHLVWLNUDUDUD VÕQGD WHUV8 úHNOLQGH ELU LOLúNL YDUGÕU 'ROD\ÕVÕ\OD LVWLNUDUÕ PDNVLPXP \DSDQ ELU UHNDEHW G]H\LYDUGÕUYHoRNGúN\DGDoRN\NVHNUHNDEHWEDQNDFÕOÕNLVWLNUDUÕLoLQ]DUDUOÕGÕU

g]HWOHPHN JHUHNLUVH UHNDEHWLQ EDQND LVWLNUDUÕ ]HULQGHNL WDKPLQ HGLOHQ HWNLVL |UQHN OHP]DPDQ NDSVDPÕQD YH J|VWHUJH WDQÕPÕQD J|UH GH÷LúPHNWHGLU 1LWHNLP %HFN YG ¶H J|UH DQDOL] VRQXoODUÕ E\N |OoGH rekabet-kÕrÕlganlÕk KLSRWH]LQL GHVWHNOHVH GH DVOÕQGDNXUXPVDOJHOLúPLúOLNVHYL\HVLQHJ|UHFLGGLIDUNOÕOÕNODUJ|VWHUPHNWHGLU5HNDEHWVLV WHPLNULVNLQGDKDGúNROGX÷XGDKDJHOLúPLúERUVDODUDYHGDKDHWNLOLNUHGLELOJLVLVWHPOH ULQH VDKLS RODQ ONHOHUGH LVWLNUDUÕ ROXPVX] HWNLOHPHNWHGLU $NVLQH |UQHNOHP GDKD D] NDWÕ VHUPD\H G]HQOHPHOHULQLQ YH GDKD D] KRPRMHQ EDQND JHOLU \DSÕODUÕQÕQ ROGX÷X PHYGXDW VLJRUWDVÕQÕQYHNUHGLND\ÕWODUÕQÕQROPDGÕ÷ÕONHOHUGHQROXúXUVDGDKDIDUNOÕELUVRQXoRUWD\D oÕNDELOLU'ROD\ÕVÕ\ODEDQNDODUÕQD\QÕ\DVDYHG]HQOHPHOHUHWDELROGX÷XONHG]H\LQGHNL ELUoDOÕúPDOLWHUDWUHGDKD|QHPOLNDWNÕ\DSPDSRWDQVL\HOLQHVDKLSWLU _{=LJUDLYDYH+DYUDQHNPHWDUHJUHV\RQDQDOL]L\DSDUDN\D\ÕQVDSPDVÕYHRODVÕ\DQOÕúEHOLUOHPHVRUXQODUÕ}

G]HOWLOGLNWHQ VRQUD ELOH UHNDEHWLVWLNUDU LOLúNLVLQLQ UDSRU HGLOHQ RUWDODPD WDKPLQLQLQ VÕIÕUD \DNÕQ ROGX÷XQX J|VWHUPHNWHGLU $\UÕFD YHULQLQ QLWHOL÷L UDSRU HGLOHQ NDWVD\ÕODUÕ HWNLOHPHNWHGLU *HOLúPLú YH JHOLúPHNWH RODQ ONHOHULQ GkKLO HGLOGL÷L KHWHURMHQ |UQHNOHPOHUGH JHQHO RODUDN GDKD NoN NDWVD\ÕODU HOGH HGLOPHNWHGLU <DOQÕ]FDJHOLúPLúONHOHULQGkKLOHGLOGL÷LoDOÕúPDODULVHUHNDEHWLVWLNUDUKLSRWH]LGHVWHNOL\RUROVDGDHWNLoRN JoOJ|UQPHPHNWHGLU

(7)

(NRQRPHWULN<|QWHPYH9HUL6HWL

%XE|OPGH7UNEDQNDFÕOÕNVLVWHPLQGHUHNDEHWYHLVWLNUDUJ|VWHUJHOHULQLQQDVÕOWDQÕP ODQGÕ÷ÕYHLNLVLDUDVÕQGDNLLOLúNLVLQLQQDVÕOLQFHOHQHFH÷LDoÕNODQDFDNWÕU

7DKPLQGHQNOHPLQXPDUDOÕGHQNOHPOHLIDGHHGLOPHNWHGLU

'HQNOHPGH EDQND\Õ \ÕOÕ 7 NRQWURO GH÷LúNHOHUL YHNW|UQ YH LVH VÕUDVÕ\OD EDQND YH ]DPDQ NXNODODUÕQÕ WHPVLO HWPHNWHGLU 7DKPLQ LoLQ LVWLNUDU GH÷LúNHQL RODUDN ] VNRUX UHNDEHW GH÷LúNHQL RODUDN /HUQHU HQGHNL NRQWURO GH÷LúNHQOHUL RODUDN LVH EDQND E \NO÷YHNUHGLDNWLIRUDQÕNXOODQÕODFDNWÕU6RQRODUDNWHUVQHGHQVHOOLNSUREOHPL\OHNDUúÕ ODúPDPDNLoLQPRGHOHWPDoÕNOD\ÕFÕGH÷LúNHQOHUELU\ÕOOÕNJHFLNPHOHULDOÕQDUDNGkKLOHGLO PLúWLU øVWLNUDUÕQgOoP %XoDOÕúPDGDEDQNDFÕOÕNVHNW|UQGHLVWLNUDUÕ|OoPHNDPDFÕ\OD]VNRUXNXOODQÕOPDNWDGÕU= VNRUXoELOHúHQGHQROXúPDNWDGÕU52$DNWLIJHWLULRUDQÕ(7$EDQND|]ND\QDNYDUOÕN RUDQÕ YH 52$¶QÕQ VWDQGDUW VDSPDVÕ %LU EDQNDQÕQ DNWLI JHWLUL RUDQÕ \D GD |] ND\QDNYDUOÕNRUDQÕQHNDGDU\NVHNVH]VNRUXRNDGDU\NVHN52$¶QÕQVWDQGDUWVDSPDVÕ QHNDGDU\NVHNROXUVDLVH]VNRUXRNDGDUGúNRODFDNWÕU=VNRUX|OoVQQWHPHOLONHVL ELU EDQNDQÕQ VHUPD\H G]H\LQL JHWLULOHULQGHNL GH÷LúNHQOLNOH LOLúNLOHQGLUPHNWLU E|\OHFH EDQNDJHWLULOHUGHNLGH÷LúNHQOL÷LQQHNDGDUÕQÕQLIODVHWPHGHQVHUPD\HLOHDEVRUEHHGLOHELOH FH÷LQLELOHELOLU/LYG6RQXoRODUDNLVWLNUDUOÕELUEDQND\NVHN]VNRUXQDVDKLSROD FDNWÕU 'úN ]VNRUX LVH EDQNDQÕQ ULVNLQLQ \NVHN ROGX÷X DQODPÕQD JHOLU =VNRUX DúD÷Õ GDNLúHNLOGHKHVDSODQPDNWDGÕU

(8)

5HNDEHWLQgOoP

%DQNDFÕOÕNVHNW|UQGHUHNDEHWLVH/HUQHUHQGHNVL\OH|OoOPHNWHGLU/HUQHU/HUQHU HQGHNVL IL\DWÕQ PDUMLQDO PDOL\HW ]HULQH QH NDGDU oÕNWÕ÷ÕQÕ |OoW÷QGHQ DVOÕQGD ELU SL\DVD JF J|VWHUJHVLGLU /HUQHU HQGHNVL YH DUDVÕQGD GH÷HU DOÕU YH WDP UHNDEHW GXUXPXQGD ¶D WHNHO GXUXPXQGD LVH ¶H HúLW ROXU 'ROD\ÕVÕ\OD GDKD \NVHN GH÷HUOHU GDKD \NVHN SL\DVD JF GúN UHNDEHW GDKD GúN GH÷HUOHU LVH GDKD GúN SL\DVD JF \R÷XQ UHNDEHWDQODPÕQDJHOLU(QGHNVúXúHNLOGHKHVDSODQPDNWDGÕU

QXPDUDOÕ GHQNOHPGH WRSODP DNWLIOHULQ IL\DWÕQÕ WRSODP JHOLUWRSODP DNWLI RUDQÕ

LVH PDUMLQDO PDOL\HWL LIDGH HWPHNWHGLU 0DUMLQDO PDOL\HWLQ KHVDSODQPDVÕ LoLQ DúD÷ÕGD EHOLUWLOHQWUDQVORJPDOL\HWIRQNVL\RQXWDKPLQHGLOPLúWLU

QXPDUDOÕ GHQNOHPGH WRSODP PDOL\HWL WRSODP oÕNWÕ\Õ WRSODP DNWLIOHU LVHJLUGLIL\DWYHNW|UQHPHNIL\DWÕIRQIL\DWÕYHVHUPD\HIL\DWÕWHPVLOHWPHNWHGLU/LWH UDWUWDNLEHQ$ULVV.DVPDQYH.DVPDQGH÷LúHQYDU\DQVYH|OoHNVDSPDOD UÕQÕ |QOHPHN DPDFÕ\OD WRSODP PDOL\HW HPHN IL\DWÕ YH IRQ IL\DWÕ VHUPD\H IL\DWÕQD E|OQ PúWU QXPDUDOÕ GHQNOHPLQ WDKPLQLQGHQ VRUD PDUMLQDO PDOL\HW DúD÷ÕGDNL úHNLOGH KH VDSODQPÕúWÕU

/LWHUDWUGH/HUQHUHQGHNVLQHDOWHUQDWLIRODUDNNXOODQÕODQELUEDúNDUHNDEHW|OoVX\DU ODQPÕú/HUQHUHQGHNVLGLU%N]$ULVV.DVPDQYH.DVPDQ/HUR\YH/XFRWWH .RHWWHU YG ¶\H J|UH /HUQHU KHVDSODPDVÕQGD HWNLQOL÷LQ KHVDED NDWÕOPDPDVÕ ELUVDSPD\D\RODoDELOLU'ROD\ÕVÕ\ODHQGHNVKHPUHNDEHWKHPGHHWNLQOLNOHLOLúNLOLRODFDN úHNLOGHX\DUODQPDOÕGÕU QXPDUDOÕGHQNOHPGH EDQNDNDUÕQÕLIDGHHWPHNWHGLU8\DUODQPÕú/HUQHUHQGHNVL GHYHDUDVÕQGDGÕUYHHQGHNVLQDUWPDVÕGDKDGúNG]H\GHUHNDEHWDQODPÕQDJHOPHNWH GLU

(9)

9HUL6HWL

dDOÕúPDGD NXOODQÕODQ YHUL VHWL 7UN %DQNDODU %LUOL÷L WDUDIÕQGDQ \D\ÕQODQDQ EDQNDODUÕQ ELODQoRYHULOHULNXOODQÕODUDNKHVDSODQPÕúWÕU9HULVHWL\ÕOODUÕQÕYH¶NDPXEDQ NDVÕROPDN]HUHWLFDULEDQND\ÕNDSVDPDNWDGÕUg]HWLVWDWLVWLNOHUYHGH÷LúNHQWDQÕPODUÕ LOHNRUHODV\RQELOJLOHULVÕUDVÕ\OD7DEORYH7DEOR¶GHJ|VWHULOPHNWHGLU 7DEORg]HWLVWDWLVWLNOHU 'H÷LúNHQ 7DQÕP 2UWDODPD 6WGVDSPD 0LQ 0DNV østikrar de÷iúkenleri ]VNRUX 6D÷ODPOÕN 52$ $NWLINDUOÕOÕNRUDQÕ (7$ g]ND\QDNYDUOÕNRUDQÕ 52$BVG 52$VWDQGDUWVDSPDVÕ Rekabet de÷iúkeni

X/HUQHU 0DUMLQDO PDOL\HW ]HULQGHQ

IL\DWDUWÕúÕ

AçÕklayÕcÕ de÷iúkenler

%\NON 7RSODPDNWLIOHULQ_ORJDULWPDVÕ /5 7RSODP NUHGLWRSODP DNWLI_RUDQÕ

7DEOR¶\HJ|UHX\DUODQPÕú/HUQHUHQGHNVL\OH]VNRUXDUDVÕQGDNLNRUHODV\RQLVWDWLVWLN VHORODUDNVÕIÕUDHúLWWLU$QFDN]VNRUXQXQELOHúHQOHULQHEDNÕOGÕ÷ÕQGDHQGHNVLQKHSVL\OHSR ]LWLINRUHODV\RQDVDKLSROGX÷XDQODúÕOPDNWDGÕU<DQLSL\DVDJFDUWWÕNoDKHP52$KHP (7$KHPGH52$¶QÕQVWDQGDUWVDSPDVÕDUWPDNWDGÕUgWH\DQGDQEDQNDE\NO÷]VNR UX\OD QHJDWLI NRUHODV\RQD VDKLSWLU 'HWD\ODUD EDNÕOGÕ÷ÕQGD E\NO÷Q 52$ YH 52$BVG LOHSR]LWLI(7$LOHLVHQHJDWLINRUHODV\RQDVDKLSROGX÷XJ|UOPHNWHGLU6RQRODUDN/5] VNRUXYHRQXQWPELOHúHQOHUL\OHQHJDWLILOLúNLOLGLU

(10)

7DEORøNLOLNRUHODV\RQODU

]VNRUX 52$ (7$ 52$BVG X/HUQHU %\NON /5

]VNRUX 52$ (7$ 52$BVG X/HUQHU %\NON /5 1RW VÕUDVÕ\ODYHG]H\LQGHDQODPOÕOÕ÷ÕLIDGHHWPHNWHGLU 7DKPLQ6RQXoODUÕ 7DEORQXPDUDOÕGHQNOHPLQWDKPLQVRQXoODUÕQÕJ|VWHUPHNWHGLU%LULQFLVWXQGDED÷ÕPOÕ GH÷LúNHQ RODUDN ]VNRUX NXOODQÕOPDNWDGÕU 6RQXoODUD J|UH X/HUQHU HQGHNVL ]VNRUX\OD LVWDWLNVHO RODUDN DQODPOÕ YH QHJDWLI ELU LOLúNL\H VDKLSWLU <DQL rekabet-istikrar KLSRWH]L\OH WXWDUOÕ RODUDN SL\DVD JFQGHNL DUWÕú ]VNRUXQX D]DOWPDNWDGÕU øNLQFL VWXQGD EX HWNLQLQ NDPX YH |]HO EDQNDODU DUDVÕQGD IDUN HGLS HWPHGL÷LQLQ WHVWL LoLQ X/HUQHU HQGHNVL NDPX NXNOD GH÷LúNHQL LOH oDUSÕODUDN PRGHOH HNOHQPLúWLU $QFDN HWNLOHúLP GH÷LúNHQL LVWDWLVWLNVHO RODUDN DQODPVÕ]GÕU 'HYDP HGHQ VWXQODUGD LVH ]VNRUXQXQ ELOHúHQOHUL ED÷ÕPOÕ GH÷LúNHQ RODUDNNXOODQÕODUDNrekabet-istikrar LOLúNLVLQLQKDQJLNDQDOODJHUoHNOHúWL÷LVDSWDQPD\DoDOÕ úÕODFDNWÕUhoQFVWXQGDNLVRQXoODUX/HUQHUHQGHNVLQLQ52$]HULQGHLVWDWLVWLNVHNROD UDN DQODPOÕ YH SR]LWLI ELU HWNL\H VDKLS ROGX÷XQX J|VWHUPHNWHGLU <DQL UHNDEHW 52$¶\Õ D]DOWPDNWDGÕU'|UGQFVWXQGDLVHEXHWNLQLQNDPXYH|]HOEDQNDODULoLQIDUNOÕOÕNJ|VWHU GL÷LDQODúÕOPDNWDGÕU5HNDEHW|]HOEDQNDODUÕQ52$¶VÕQÕROXPVX]HWNLOHUNHQNDPXEDQNDOD UÕQÕQ52$¶VÕQDSR]LWLINDWNÕGDEXOXQPDNWDGÕU%HúLQFLYHDOWÕQFDVWXQODUGDED÷ÕPOÕGH÷Lú NHQ RODUDN (7$ NXOODQÕOGÕ÷ÕQGD UHNDEHW YH LVWLNUDU DUDVÕQGD DQODPOÕ ELU LOLúNL EXOXQDPD PDNWDGÕU 6RQ RODUDN \HGLQFL YH VHNL]LQFL VWXQODUGDNL VRQXoODUD EDNÕOGÕ÷ÕQGD LVH NDPX |]HOEDQNDD\UÕPÕQGDQED÷ÕPVÕ]RODUDNUHNDEHWLQ52$BVG¶\LD]DOWWÕ÷Õ\DQL]VNRUDSR]LWLI NDWNÕ\DSWÕ÷ÕDQODúÕOPDNWDGÕU

(11)

7DEOR%DQNDFÕOÕNWD5HNDEHWYHøVWLNUDU Ba÷ml D.: ]VNRU ]VNRU 52$ 52$ (7$ (7$ 52$BVG 52$BVG X/HUQHU W %\NON W /5W X/HUQHU Wî NDPX 6DELW WHULP %DQND 6( (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 <ÕO6( (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 (9(7 1 1RW5REXVWVWDQGDUWKDWDODUSDUDQWH]LoHULVLQGHGLU VÕUDVÕ\ODYHG]H\LQGH DQODPOÕOÕ÷ÕLIDGHHWPHNWHGLU

.RQWURO GH÷LúNHQOHULQH EDNÕOGÕ÷ÕQGD LVH EDQND E\NO÷QQ \DOQÕ]FD 52$ LOH ROPDN ]HUHSR]LWLILOLúNLOLROGX÷XJ|UOPHNWHGLU/5LVH52$BVG¶\LDUWÕUPDNWDGÕU

/LWHUDWUWDUDPDVÕQGDEDKVHGLOGL÷LJLELUHNDEHWLVWLNUDUYHUHNDEHWNÕUÕOJDQOÕNKLSRWH]OHUL D\QÕDQGDJHoHUOLRODELOLU(÷HUUHNDEHWYHLVWLNUDUDUDVÕQGDGR÷UXVDOROPD\DQELULOLúNLV|] NRQXVX\VDIDUNOÕUHNDEHWG]H\OHULQGHLVWLNUDUIDUNOÕWHSNLYHUHELOLU%XQHGHQOHUHJUHV\RQ GHQNOHPLQHX/HUQHUHQGHNVLQLQNDUHVLHNOHQHUHNPRGHOWHNUDUWDKPLQHGLOPLúYHVRQXoODU 7DEOR ¶GH J|VWHULOPLúWLU 6WXQ YH VWXQ ¶GHNL VRQXoODUD J|UH X/HUQHU YH ]VNRUX YH 52$ DUDVÕQGD GR÷UXVDO ROPD\DQ ELU LOLúNL \RNWXU 6WXQ YH ¶GH LVH KHP X/HUQHU HQ GHNVLKHPGHHQGHNVLQNDUHVLQLQDQODPOÕROGX÷XYHVÕUDVÕ\ODYHGH÷HUOHULDOGÕNODUÕ J|UOPHNWHGLU<DQLX/HUQHU HQGHNVLDUWWÕNoDUHNDEHWD]DOGÕNoD(7$EHOLUOLELUQRNWD\D NDGDUDUWPDNWDG|QPQRNWDVÕDUGÕQGDQD]DOPDNWDGÕU%HQ]HUúHNLOGHX/HUQHUHQ

(12)

GHNVLDUWWÕNoD52$BVG|QFHDUWPDNWDG|QPQRNWDVÕGDKDVRQUDD]DOPDNWDGÕU'R OD\ÕVÕ\ODSL\DVDJFQGHNLDUWÕúGúNVHYL\HOHUGH(7$NDQDOÕ\ODLVWLNUDUDSR]LWLINDWNÕ\D SDUNHQ \NVHN SL\DVD JF VHYL\HOHULQGH LVWLNUDUÕ ]D\ÕIODWPDNWDGÕU 'L÷HU \DQGDQ GúN VHYL\HOHUGH\NHQSL\DVD JFQGHNL DUWÕú 52$BVG¶\L DUWÕUDUDNEDQND LVWLNUDUÕQÕ ROXPVX] HW NLOHUNHQEHOLUOLELUVHYL\HGHQVRQUDSL\DVDJFQGHNLDUWÕúLVWLNUDUÕROXPOXHWNLOHPHNWHGLU 7DEOR%DQNDFÕOÕNWD5HNDEHWYHøVWLNUDU'R÷UXVDO2OPD\DQ(WNLOHU Ba÷ml D.: ]VNRU 52$ (7$ 52$BVG X/HUQHUW X/HUQHUW %\NONW /5W 6DELWWHULP %DQND6( (9(7 (9(7 (9(7 (9(7 <ÕO6( (9(7 (9(7 (9(7 (9(7 1

1RW 5REXVW VWDQGDUW KDWDODU SDUDQWH] LoHULVLQGHGLU VÕUDVÕ\OD YH G]H\LQGH

DQODPOÕOÕ÷ÕLIDGHHWPHNWHGLU

6RQXo

%DQNDFÕOÕN VHNW|U WP ONHOHUGH |]HO ELU |QHPH VDKLS ROPDNOD ELUOLNWH ¶OÕ \ÕOODUÕQ EDúÕQGDQ LWLEDUHQ 7UNL\H HNRQRPLVLQLQ SHUIRUPDQVÕQGD WHPHO EHOLUOH\LFL HWNHQ ROPXúWXU NUL]LQLQDUGÕQGDQKÕ]ODWRSDUODQDQ7UNL\H(NRQRPLVLEDúDUÕVÕQÕE\N|OoGHEDQND FÕOÕN DODQÕQGD JHUoHNOHúWLUGL÷L \DSÕVDO UHIRUPODUD ERUoOXGXU .UHVHO NUL]L HVQDVÕQGD GDG]HQOH\LFLYHGHQHWOH\LFLNXUXPODUEDQNDODUÕQVD÷ODPOÕ÷Õ\|QQGHSHNoRN|QOHPDOPÕú YHEXVD\HGHNUL]LQEDQNDFÕOÕNVHNW|U]HULQGHNLHWNLVLVÕQÕUOÕROPXúWXU%XoDOÕúPDGDUH IRUPYHNUHVHONUL]\ÕOODUÕQÕLoHUHQG|QHPLQGHEDQNDFÕOÕNVHNW|UQGHNLUHNDEHW YH LVWLNUDU LOLúNLVL LQFHOHQPHNWHGLU %X DPDoOD WLFDUL EDQND\D DLW YHULOHUGHQ KDUHNHWOH

(13)

UHNDEHW J|VWHUJHVL RODUDN X\DUODQPÕú /HUQHU HQGHNVL LVWLNUDU J|VWHUJHOHUL RODUDN ]VNRUX DNWLI NDUOÕOÕN RUDQÕ YH |] ND\QDNYDUOÕN RUDQÕ KHVDSODQPÕú NRQWURO GH÷LúNHQOHUL RODUDN GD EDQNDE\NO÷YHWRSODPNUHGLWRSODPDNWLIRUDQÕHNOHQPLúWLU

7DKPLQVRQXoODUÕQDJ|UHX\DUODQPÕú/HUQHUHQGHNVLYH]VNRUXDUDVÕQGDQHJDWLIYHDQ ODPOÕ ELU LOLúNL YDUGÕU <DQL UHNDEHW EDQND LVWLNUDUÕQÕ DUWÕUPDNWDGÕU $QDOL]LQ GHWD\ODUÕQD LQLOGL÷LQGHLVHEDúND|QHPOLVRQXoODUDXODúÕOPDNWDGÕUøONRODUDNUHNDEHWDNWLINDUOÕOÕNRUDQÕ NDQDOÕ\OD NDPX EDQNDODUÕQÕQ LVWLNUDUÕQD NDWNÕGD EXOXQXUNHQ |]HO EDQNDODUÕQ DNWLINDUOÕOÕN RUDQODUÕQÕD]DOWPDNWDGÕUgWH\DQGDQ|]HO\DGDNDPXROVXQUHNDEHWDNWLINDUOÕOÕNRUDQÕYR ODWLOLWHVLQLGúUHUHNEDQNDLVWLNUDUÕQÕL\LOHúWLUPHNWHGLU$\UÕFDUHNDEHWYHLVWLNUDUDUDVÕQGD ELUWDNÕPGR÷UXVDOROPD\DQLOLúNLOHUGHVDSWDQPÕúWÕU8\DUODQPÕú/HUQHUHQGHNVLQLQKHP|] ND\QDNYDUOÕNRUDQÕQÕKHPGHDNWLINDUOÕOÕNRUDQÕYRODWLOLWHVLQLPDNVLPXP\DSDQELUVHYL\HVL YDUGÕU%XVRQXoODUUHNDEHWYHLVWLNUDUDUDVÕQGDNLDPSLULNLOLúNLQLQWHRULNo|]POHPHOHUGHQ GDKDNDUPDúÕNROGX÷XQXQDOWÕQÕoL]PHNWHGLU)DUNOÕLVWLNUDUJ|VWHUJHOHULUHNDEHWHIDUNOÕúH NLOGH WHSNL YHUHELOPHNWH HWNL EDQNDQÕQ NDPX \D GD |]HO ELU EDQND ROPDVÕQD J|UH GH÷LúH ELOPHNWHGLU$QFDNEWQ\OHGH÷HUOHQGLULOGL÷LQGHVRQXoODUÕQÕ]7UNEDQNDFÕOÕNVLVWHPLQGH rekabet-istikrarKLSRWH]LQLQJHoHUOLROGX÷XQXRUWD\DNR\PDNWDGÕU $QDOL]OHUGHNRQWUROGH÷LúNHQOHULQLQGHJ|UHFHDQODPVÕ]ROGX÷XGúQOG÷QGHEDQND FÕOÕNLVWLNUDUÕQÕQWHPHOEHOLUOH\LFLVLQLQUHNDEHWROGX÷XDQODúÕOPDNWDGÕU'ROD\ÕVÕ\ODG]HQOH \LFLYHGHQHWOH\LFLNXUXPODUGDKD\R÷XQUHNDEHWLoLQJHUHNOLDGÕPODUÕDWPDOÕGÕU$QFDNUH NDEHWYHLVWLNUDUDUDVÕQGDWHN\|QOELULOLúNLROPDGÕ÷ÕIDUNOÕNDQDOODUODLOLúNLQLQNDUPDúÕN ELU\DSÕ\DVDKLSROGX÷XXQXWXOPDPDOÕGÕU<DQLWHN\|QOELUUHNDEHWSROLWLNDVÕ\HULQHEDQ NDFÕOÕ÷ÕQKDQJLDODQGDNLULVNOHULQLQDUWÕSKDQJLDODQGDNLOHULQD]DODELOHFH÷LQLQWHVSLWLE\N |QHPWDúÕPDNWDGÕU .$<1$.d$

$*25$., 0 ( . '(/,6 0 ' YH 3$6,285$6 ) 5HJXODWLRQV &RPSHWLWLRQ DQG %DQN5LVN7DNLQJLQ7UDQVLWLRQ&RXQWULHVJournal of Financial Stability

$5,66572QWKH,PSOLFDWLRQVRI0DUNHW3RZHULQ%DQNLQJ(YLGHQFHIURP'HYHORSLQJ &RXQWULHVJournal of Banking ve Finance

%$1.$&,/,. 'h=(1/(0( 9( '(1(7/(0( .85808 .UL]GHQ øVWLNUDUD 7UNL\H 7HFUEHVL*|]GHQ*HoLULOPLú%DVNÕ$QNDUD

%(&. 7 '( -21*+( 2 YH 6&+(3(16 * %DQN &RPSHWLWLRQ DQG 6WDELOLW\ &URVV &RXQWU\+HWHURJHQHLW\Journal of Financial Intermediation

%(5*(5 $ 1 ./$33(5 / ) YH 785.$5,66 5 %DQN &RPSHWLWLRQ DQG )LQDQFLDO 6WDELOLW\Journal of Financial Services Research

(14)

%(1+$%,% - YH 63,(*(/ 0 0 7KH 5ROH RI )LQDQFLDO 'HYHORSPHQW LQ *URZWK DQG ,QYHVWPHQWJournal of Economic Growth

&/$5. ( 5$',û 1 YH 6+$5,329$ $ %DQN &RPSHWLWLRQ DQG 6WDELOLW\ LQ WKH &,6 0DUNHWVJournal of International Financial Markets, Institutions and Money *2(7=05&RPSHWLWLRQDQG%DQN6WDELOLW\Journal of Financial Intermediation

*5((1:22' - YH -29$129,& % )LQDQFLDO 'HYHORSPHQW *URZWK DQG 7KH 'LVWULEXWLRQ2I,QFRPHJournal of Political Economy

-,0e1(= * /23(= - $ YH 6$85,1$ - +RZ 'RHV &RPSHWLWLRQ $IIHFW %DQN 5LVN 7DNLQJ"Journal of Financial Stability

.$60$16YH.$60$1$%DQN&RPSHWLWLRQ&RQFHQWUDWLRQDQG)LQDQFLDO6WDELOLW\LQ WKH7XUNLVK%DQNLQJ,QGXVWU\Economic Systems

.(6.ø1 ( ø1$1 ( 080&8 0 (5'g10(= 3 .,/,1d * g=$.7$1 $ YH .5$1'$ $ <ÕOÕQGD 7UNL\H %DQNDODU %LUOL÷L YH 7UNL\HGH %DQNDFÕOÕN 6LVWHPL 7UNL\H%DQNDODU%LUOL÷L<D\ÕQ1R

.(6.ø1(ø1$1(h16$/h(5'g10(=3.,/,1d*g=$.7$1$YH&2ù.81 $ <ÕOÕQGD 7UNL\H %DQNDODU %LUOL÷L YH 7UNL\HGH %DQNDFÕOÕN 6LVWHPL 7UNL\H%DQNDODU%LUOL÷L<D\ÕQ1R

.,1* 5 * YH /(9,1( 5 )LQDQFH DQG *URZWK 6FKXPSHWHU 0LJKW %H 5LJKWThe

Quarterly Journal of Economics

.2(77(5 0 .2/$5, -: YH 63,(5',-. / (QMR\LQJ WKH TXLHW OLIH XQGHU GHUHJXODWLRQ" (YLGHQFH IURP DGMXVWHG /HUQHU LQGLFHV IRU 86 EDQNV 5HYLHZ RI (FRQRPLFV DQG 6WDWLVWLFV±

/(51(5$37KHFRQFHSWRIPRQRSRO\DQGWKHPHDVXUHPHQWRIPRQRSRO\SRZHUReview

of Economic Studies±

/(52< $ YH /8&277( < ,V 7KHUH D &RPSHWLWLRQ6WDELOLW\ 7UDGH2II LQ (XURSHDQ %DQNLQJ"Journal of International Financial Markets, Institutions and Money /(9,1(5)LQDQFLDO'HYHORSPHQWDQG(FRQRPLF*URZWK9LHZVDQG$JHQGDJournal of

Economic Literature

/(9,1( 5 YH =(5926 6 6WRFN 0DUNHWV %DQNV DQG (FRQRPLF *URZWKAmerican

Economic Review

/, ; 75,3( ' : YH 0$/21( & % 0HDVXULQJ EDQN ULVN $Q H[SORUDWLRQ RI ] VFRUH6651

/,8+02/<1(8;3YH1*8<(1/+&RPSHWLWLRQDQG5LVNLQ6RXWK(DVW$VLDQ &RPPHUFLDO%DQNLQJApplied Economics

/,8 + 02/<1(8; 3 YH :,/621 - 2 &RPSHWLWLRQ DQG 6WDELOLW\ LQ (XURSHDQ %DQNLQJ$5HJLRQDO$QDO\VLVThe Manchester School

/2$<=$ 1 9 YH 5$1&,Ê5( 5 )LQDQFLDO 'HYHORSPHQW )LQDQFLDO )UDJLOLW\ DQG *URZWKJournal of Money, Credit ve Banking,

0$57,1(=0,(5$ 'YH 5(38//2 5 'RHV &RPSHWLWLRQ 5HGXFH WKH 5LVN RI %DQN )DLOXUH"Review of Financial Studies±

(15)

6&+$(&..YH&,+È.0&RPSHWLWLRQ(IILFLHQF\DQG6WDELOLW\LQ%DQNLQJFinancial

Management

<$/',= ( YH %$==$1$ ) 7KH (IIHFW RI 0DUNHW 3RZHU RQ %DQN 5LVN 7DNLQJ LQ 7XUNH\Financial Theory and Practice

:25/' %$1. *5283 :RUOG 'HYHORSPHQW ,QGLFDWRUV. KWWSVGDWDEDQNZRUOGEDQNRUJ UHSRUWVDVS["VRXUFH :RUOG'HYHORSPHQW,QGLFDWRUV(ULúLPWDULKL

=,*5$,29$'YH+$95$1(.7%DQN&RPSHWLWLRQDQG)LQDQFLDO6WDELOLW\0XFK$GR $ERXW1RWKLQJ"Journal of Economic Surveys