Publication: 1923-1938 döneminde uygulanan ekonomi politikalarının Türk bankacılık sektörüne etkileri
Abstract
Cumhuriyetin kurulduğu 1923 yılına gelindiğinde, Türkiye ekonomisinin Osmanlıdan miras aldığı geri kalmış yapısının değişmesi için yoğun çaba gösteren dönem hükümetleri, ekonomik kalkınmanın hızlandırılmasında bankacılık sektörünün taşıdığı önemin bilinci içinde ulusal bankacılığın geliştirilmesi için çeşitli girişimlerde bulunmuşlardır. 1923 yılında hükümet ve toplumun tarım, ticaret ve sanayi kesimlerinin önde gelenlerinin katılımıyla yapılan İzmir İktisat Kongresi'nde, ekonomik gelişme için ulusal bankacılığın kurulmasının gerekliliği tüm katılımcılar tarafından dile getirilmiştir. Kongre'ye katılan tüccarlar bir ana ticaret bankasının kurulmasını önermişler ve Türkiye İş Bankası bu öneriler doğrultusunda 1924 yılında özel sektör bankası olarak kurulmuştur. İktisat Kongresi'ne katılan sanayicilerin önerileri arasında bir sanayi bankasının kurulması da yer almıştır. Bu öneri doğrultusunda 1925 yılında Türkiye Sanayi ve Maadin Bankası kurulmuştur. Bu banka ülkemizde kurulan ilk kalkınma bankasıdır. İzmir İktisat Kongresi'ne katılan tarım kesimi temsilcileri de tarım sektörüne daha fazla ve daha uygun koşullarda kredi verilmesi amacıyla Ziraat Bankası'nın güçlendirilmesini istemişlerdir. Bu istekler doğrultusunda Ziraat Bankası'nın sermayesi 1924 yılında artırılmış, bankaya tarımsal kredi vermenin yanında her türlü bankacılık faaliyetinde bulunabilme yetkisi verilmiş ve bankanın statüsü anonim şirket olarak değiştirilmiştir. 1927 yılında konut kredisi vermek amacıyla Emlak ve Eytam Bankası kurulmuştur. Banka, 1946 yılında Emlak ve Kredi Bankası'na dönüştürülmüştür. 1923-1929 döneminde, bölge tüccarlarının kredi ihtiyaçlarını karşılamak amacıyla çok sayıda yerli sermayeli tek şubeli banka kurulmuştur. Cumhuriyet döneminde bankacılık alanında atılan en önemli adımlardan birisi, 1930 yılında T.C. Merkez Bankası'nın kurulması olmuştur. Bir merkez bankası kurulması çalışmaları 1920'li yılların ilk yarısında başlatılmış olmasına rağmen bu dönemde ödemeler dengesi problemleri ve çeşitli mali zorluklar ile karşı karşıya bulunulması, merkez bankası kurulabilmesi için gerekli olan altın ve döviz varlıklarının, ülkenin iç imkanları ile oluşturulmasını engellemiş; dönemin dış konjonktürünün dış finansman imkanları kısıtlamış olması nedeniyle de bankanın kurulması 1930 yılına kadar mümkün olmamıştır. 1929 yılına gelindiğinde Türkiye tarım üretiminin egemen olduğu bir ülke görünümündedir. 1920'li yıllarda izlenen özel kesimin özendirilmesi ile sanayileşme stratejisi, sermaye birikiminin yetersizliği nedeniyle önemli bir sonuç vermemiştir. Bu durum, ekonomik kalkınmanın sağlanabilmesi için devletin sınai yatırımların yapılmasında daha aktif bir rol oynaması gerektiği konusundaki görüşlerin tartışmaya açılmasına neden olmuştur. Tam bu dönemde başlayan Dünya Ekonomik Krizi'nin, dış ticaret açıkları vermemize yol açması, ve tarım ürünleri fiyatlarındaki düşüşün çiftçilerin gelirlerinde meydana getirdiği önemli azalış, sanayileşme için yeni yöntemler bulunması çalışmalarını hızlandırmıştır. 1930'lu yılların başlarında, bu iç ve dış etkilerin sonucu olarak, 1920'li yıllarda izlenen özel kesimin özendirilmesi ile sanayileşme stratejisi bir tarafa bırakılarak, kamu iktisadi girişimleri aracılığı ile sınai yatırımlarda bulunarak sanayileşme stratejisi benimsenmiştir. İktisadi devletçilik olarak adlandırılan bu sanayileşme stratejisinin temelinde ülkemizin o dönemde içinde bulunduğu koşullar nedeniyle, büyük sermaye gerektiren ve ileri derecede teknik bilgiye ihtiyaç gösteren yatırımların gerçekleştirilmesinde, devletin özel kesime göre daha fazla olanaklara sahip olduğu görüşü bulunmaktadır. Bu strateji oluşturulurken, yine o yıllarda Sovyetler Birliği ve Almanya'da uygulanmakta olan devletçilik deneyimlerinden yararlanılmıştır. Devlet tarafından kurulmasına karar verilen sanayi işletmeleri ile ilgili yatırım planları Birinci ve İkinci Sanayi Planları'nda belirtilmiştir. İktisadi devletçilik stratejisi, bankacılık sistemimizi de önemli ölçüde etkilemiştir. Bu dönemde, Sümerbank (1933), Belediyeler Bankası (1933), Etibank (1935), Denizbank (1937) ve Halk Bankası ve Halk Sandıkları (1938), sanayi planlarında yer alan işletmelerin kurulması, işletilmesi ve finansman ihtiyaçlarının sağlanması amacıyla, devlet tarafından özel amaçlı banka statüsüyle kurulmuştur. 1933-1938 döneminde sanayileşme için gerekli olan ancak getirisi görece olarak düşük olduğu için özel sektör tarafından yapılmayan yatırımların devlet tarafından gerçekleştirilmesi, bu yatırımların finansmanlarının bütçe olanakları zorlanarak ve bazı zorunlu tasarruf imkanlarına başvurularak karşılanmasıyla mümkün olabilmiştir. 1936 yılında kabul edilen 2999 sayılı Bankalar Kanunu ile, banka mevduatlarının yüzde 15'i oranında Devlet İç Borçlanma Senetleri'nden veya aynı derecede faiz getiren diğer menkul kıymetlerden munzam karşılık ayırma zorunluluğu getirilmiş, bu uygulamanın bir amacı da kamu yatırımları için düşük maliyetli finansman kaynağı sağlamak olmuştur. Dünya Ekonomik Krizi sonucu tarım sektöründe gelirlerin düşmesi ve ticari faaliyetlerin azalması, 1930'lu yılların başlarında, tek şubeli yerel bankaların büyük bir bölümünün kapanmasına neden olmuştur. Bu genel değerlendirmeler ışığında, yapmış olduğumuz çalışmanın ortaya çıkardığı sonuçlar iktisadi politikalar ile bankacılık sistemindeki banka gruplarının piyasa payı arasında önemli bir bağlantı olduğu yönündedir. Liberal iktisat politikalarının izlendiği 1923-1929 döneminde Türkiye'de faaliyet gösteren yabancı bankalar aktif toplamda Türk bankacılık sisteminde en büyük grup iken, iktisat politikasında ortaya çıkan değişme nedeniyle 1930-1938 döneminde bu üstünlüklerini kaybetmişler ve kamu bankalarından sonra aktif toplamında ikinci sıraya düşmüşlerdir. Üçüncü sırayı ise yurt çapında faaliyet gösteren özel bankalar almıştır. Kamu bankalarının 1930-1938 döneminde piyasada en büyük paya sahip olmalarının en önemli sebebi; hükümetlerce bu dönemde izlenen iktisadi devletçilik politikaları olmuştur. İktidardakiler, para ve mali piyasalarda kamu sermayesinin hakimiyeti ile kalkınmanın ve sanayileşmenin gerçekleşebileceğine inanmışlardır. Hammadde ihracatı ile tüketim malı ithalatı yapan yabancıların egemenliğindeki dış ticareti finanse eden yabancı bankalardan boşalan yeri, büyük ölçüde kamu bankaları ve ulusal sermayeli özel bankalar doldurmuşlardır. Dolayısıyla, 1930-1938 döneminde kamu bankaları ve özel bankalar, yabancı bankalara rağmen piyasa paylarını artıran bankacılık grupları olmuşlardır. Tek şubeli yerel bankaların aktif toplamdaki payı, her iki alt dönemde değişmemiştir. Ülkede uzun vadeli yatırımlar için gerekli uzun vadeli ulusal tasarrufların yetersizliğinden dolayı, kalkınma bankalarının payı ise her iki alt dönemde de hemen hemen sıfıra yakındır. Zaten bu grupta sadece 1925-1932 yılları arasında faaliyet gösteren T.Sanayi ve Maadin Bankası yer almıştır. Banka aktif toplamına ilişkin olarak yukarıda ulaşılan sonuçlar, bankalar mevduatı, kredileri, ödenmiş sermayeleri kalemlerine ilişkin piyasa payları için de geçerlidir. 1938 sonrasından günümüze kadar geçen zamanı hükümetlerce izlenen iktisat politikaları ve bankacılık alanındaki gelişmeler açısından başlıca beş alt döneme ayırarak incelemek mümkündür. Bunlar; İktisadi Devletçilik Dönemi (1940-1950), Özel Bankaların Geliştiği Dönem (1951-1963), Planlı Dönem (1963-1980), Serbestleşme ve Dışa Açılma Dönemi (1980-1994), Kriz Yıllarından Günümüze (1994-2004) . Banka gruplarının banka aktif toplamı içindeki paylarının 1926-2004 döneminde meydana gelen gelişmesi bakımından şu bulgular elde edilmiştir: Kamu bankalarının piyasa payları 1926-1963 döneminde sürekli artmış, ancak daha sonra azalmaya başlamıştır. Özel bankalarınki ise 1926-2004 dönemi boyunca sürekli artmıştır. Yabancı bankaların piyasa payları 1926-1980 dönemi boyunca sürekli azalmış ve sonra sabit kalmıştır. Kalkınma bankalarının payı 1951-1980 döneminde artmış, sonra azalmıştır. Yerel bankalar ise 1951-1963 döneminden sonra piyasadan çekilmişlerdir. Sonuç olarak, Türkiye'de 1980'den sonra izlenen liberal iktisat politikaları nedeniyle, 1930'lu yıllardan itibaren devletin bankacılık sektöründe başlayan hakimiyeti sona ermiş ve özel sermayeli ulusal bankalar piyasada lider olmuşlardır. Bununla beraber, kamu bankalarının sektördeki payları gelişmiş Batılı ülkelere göre hala yüksektir. Buna karşılık Meksika, Brezilya, Pakistan, Hindistan, Mısır gibi gelişmekte olan ülkelere göre düşüktür. Neticede, Türkiye'de devlet, bankacılık sektöründe piyasanın 1/ 3'lük önemli bir kısmına doğrudan müdahale edebilmektedir. Bu durum, Türkiye'de 1930-38 döneminde izlenen iktisadi politikaların hala günümüz bankacılığını etkilemeye devam ettiğinin bir göstergesidir.
By coming of the year 1923, in which the Turkish Republic was found, the governments of that period, who tried to change the underdeveloped structure of the Turkish Economy inherited from the Ottomans, initiated in many ways to develop national banking by the conscious of the importance as to banking sector in speeding up economic development. In 1923 at the İzmir Economic Conference, held by the common participation of the representatives of government, agriculture, trade and industry, all participators disclosed commonly the need to set up national banking for economic development. The participating tradesmen at the Congress offered a main trade bank to be set up and thus Türkiye İş Bankası was found as a private bank in 1924. Also there was an offer, which was among the proposals released by the representatives of industry, as to the setting up an industry bank. Then, Türkiye Sanayi ve Maadin Bankası was found in the year 1925. The bank is the first development bank founded in Turkey. Even the participating representatives of agriculture at the Congress wanted the enchantment of Ziraat Bankası in order to give more and proper credits to the sector of agriculture. After that, its capital was increased in 1924 and it was authorized for carrying out all kind of banking activities altogether with its initial authority for giving agricultural credits and its legal statue was also converted into an anonym company. Emlak ve Eytam Bankası was founded in 1927 in order to give housing credit. Its company name was changed as Emlak ve Kredi Bankası in 1946. During the period between 1923-1929, many local national banks of one branch were founded in order to meet the need for the credit demand of the regional tradesmen The establishment of the Turkish Central Bank has been one of the most important steps in banking in the Republic era. Although the studies for founding of a central bank were started in the first half of the 1920s, the problems arisen from the balance of payments' deficit and some fiscal bottlenecks had blocked at that time the creation of gold and foreign currency assets, which was required for the establishment of a central bank, through the domestic sources. The foundation of the bank was not possible until the year 1930 because the external conditions in that period had also restricted the external financial sources. Turkish economy was still dominated by mainly agricultural sector until 1929. The industrialization strategy of supporting the private sector, followed by the governments, during 1920s had not succeed because of the insufficiency in domestic capital formation. That case caused to an argument that the state should play more active role in industrial investments in order to realize economic development. Just in meantime, the start of The Great Depression in 1930 resulted in external trade deficit in Turkey and the decrease in agricultural prices caused to serious downs in the Turkish farmers' incomes. As result, the searching of new methods toward industrialization was started and speeded up by the governments. At the beginning of the 1930s, as a result of these internal and external effects, the industrialization strategy of investing in industry through public economic entities was adopted by the governments instead of the industrialization strategy of supporting the private sector during 1920s. At the base of the new industrialization strategy, which was called as economic etatism, there was an argument that the state owns wider sources than private sector in realizing investments requiring advanced technical knowledge and high capital as a result of the conditions during that period in Turkey. In forming of that strategy, some experiences in the USSR and Germany were used as an example to some extent. The investment plans as to industrial institutions, which were decided to set up by the state, were taken place in the First and the Second Industrial Plans. The strategy of economic etatism has importantly affected Turkish banking system. In that period, Sümerbank (1933), Belediyeler Bankası (1933), Etibank (1935), Denizbank (1937) and Halk Bankası (1938) were founded by the state as the banks with the specific targets in order to establish and manage the state-owned enterprises envisaged in the Industrial Plans and to meet their financial needs sufficiently. The realization of the investments, which were regarded as necessary for the industrialization of the country and could not be realized by the private sector because of its relatively low income capacity, was possible only by using the public budget sources and applying to some source of compulsory private savings by the state. As result of the World Economic Crisis in 1930, the decrease in agricultural income and the slowdown in trade activities caused to the closedown of many local national banks of one branch in the beginning of the 1930s. In the light of these general assessments, the result of our researches made in this study has been that there has been a significant correlation between economic policies and market shares of the banking groups in Turkish banking system. As of total assets, the foreign banks during the period between 1923 and 1929 were the biggest group in Turkish banking system. However, they lost their superiority during the period between 1930 and 1938 because of the important change in economic policy and went backward to the second rank after the public banks. The private banks operating in nation-wide get the third place in the sector. The main reason behind biggest market share of the public banks during the period between 1930 and 1938 was the policy of the economic etatism implemented by the governments. The leaders responsible for public administration believed that development and industrialization could be achieved only by the domination of public capital in monetary and fiscal markets. The open area left behind by the foreign banks financing foreign trade sector, which was dominated by the foreigners who exported raw materials and imported consumer goods, was filled mostly by the public banks and to some extent the national private banks. As consequently, the public banks and the national private banks were the banking groups increasing their market shares contrary to the foreign banks during the period between 1930 and 1938. The market share of local banks owning one branch in total assets did not changed during the two sub-periods. Also the share of the development and investment banks was near to zero during the periods because of the insufficiency in long term national savings required for long term investments. Anyway, only Türkiye Sanayi ve Maadin Bankası operating between 1925 and 1932 took place in this banking group. The results above mentioned are also the same and valid for the balance sheet figures such as banking deposit, credit, paid up capital. It is possible that we can review the period from 1938 until now by dividing into mainly different five sub-periods in terms of economic policies implemented by the governments and the changes in banking sector such as Economic Etatism period (1940-1951), Developing Private Banks period (1951-1963), Planned Economy period (1963-1980), Economic Liberalization (1980-1994), From Crisis Up to Now (1994-2004). These are the findings as to the change during the period between 1926 and 2004 in the market share of banking groups in total banking assets: the market share of the public banks between 1926 and 1963 increased constantly but decreased afterwards. The share of the private bank increased constantly between 1926 and 2004. The market share of the foreign banks decreased constantly between 1926-1980 and then stayed same. The share of the development and investment banks increased between 1951-1980 and decreased afterwards. Local banks leaved the market after the period between 1951-1963. As consequently, the state domination, starting since 1930s, in banking sector has ended and national private banks have been leader in the market as a result of the liberal economic policies implemented after 1980s in Turkey. However, the total market share of the public banks are still higher than the developed Western countries. But, it is lower than the developing countries such as Mexico, Brazil, Pakistan, India, Egypt. In sum, the state can control directly an important share of 1/ 3 in the market in Turkey. The case shows that the economic policies implemented during the period between 1930 and 1938 still affect the present banking system in Turkey.
By coming of the year 1923, in which the Turkish Republic was found, the governments of that period, who tried to change the underdeveloped structure of the Turkish Economy inherited from the Ottomans, initiated in many ways to develop national banking by the conscious of the importance as to banking sector in speeding up economic development. In 1923 at the İzmir Economic Conference, held by the common participation of the representatives of government, agriculture, trade and industry, all participators disclosed commonly the need to set up national banking for economic development. The participating tradesmen at the Congress offered a main trade bank to be set up and thus Türkiye İş Bankası was found as a private bank in 1924. Also there was an offer, which was among the proposals released by the representatives of industry, as to the setting up an industry bank. Then, Türkiye Sanayi ve Maadin Bankası was found in the year 1925. The bank is the first development bank founded in Turkey. Even the participating representatives of agriculture at the Congress wanted the enchantment of Ziraat Bankası in order to give more and proper credits to the sector of agriculture. After that, its capital was increased in 1924 and it was authorized for carrying out all kind of banking activities altogether with its initial authority for giving agricultural credits and its legal statue was also converted into an anonym company. Emlak ve Eytam Bankası was founded in 1927 in order to give housing credit. Its company name was changed as Emlak ve Kredi Bankası in 1946. During the period between 1923-1929, many local national banks of one branch were founded in order to meet the need for the credit demand of the regional tradesmen The establishment of the Turkish Central Bank has been one of the most important steps in banking in the Republic era. Although the studies for founding of a central bank were started in the first half of the 1920s, the problems arisen from the balance of payments' deficit and some fiscal bottlenecks had blocked at that time the creation of gold and foreign currency assets, which was required for the establishment of a central bank, through the domestic sources. The foundation of the bank was not possible until the year 1930 because the external conditions in that period had also restricted the external financial sources. Turkish economy was still dominated by mainly agricultural sector until 1929. The industrialization strategy of supporting the private sector, followed by the governments, during 1920s had not succeed because of the insufficiency in domestic capital formation. That case caused to an argument that the state should play more active role in industrial investments in order to realize economic development. Just in meantime, the start of The Great Depression in 1930 resulted in external trade deficit in Turkey and the decrease in agricultural prices caused to serious downs in the Turkish farmers' incomes. As result, the searching of new methods toward industrialization was started and speeded up by the governments. At the beginning of the 1930s, as a result of these internal and external effects, the industrialization strategy of investing in industry through public economic entities was adopted by the governments instead of the industrialization strategy of supporting the private sector during 1920s. At the base of the new industrialization strategy, which was called as economic etatism, there was an argument that the state owns wider sources than private sector in realizing investments requiring advanced technical knowledge and high capital as a result of the conditions during that period in Turkey. In forming of that strategy, some experiences in the USSR and Germany were used as an example to some extent. The investment plans as to industrial institutions, which were decided to set up by the state, were taken place in the First and the Second Industrial Plans. The strategy of economic etatism has importantly affected Turkish banking system. In that period, Sümerbank (1933), Belediyeler Bankası (1933), Etibank (1935), Denizbank (1937) and Halk Bankası (1938) were founded by the state as the banks with the specific targets in order to establish and manage the state-owned enterprises envisaged in the Industrial Plans and to meet their financial needs sufficiently. The realization of the investments, which were regarded as necessary for the industrialization of the country and could not be realized by the private sector because of its relatively low income capacity, was possible only by using the public budget sources and applying to some source of compulsory private savings by the state. As result of the World Economic Crisis in 1930, the decrease in agricultural income and the slowdown in trade activities caused to the closedown of many local national banks of one branch in the beginning of the 1930s. In the light of these general assessments, the result of our researches made in this study has been that there has been a significant correlation between economic policies and market shares of the banking groups in Turkish banking system. As of total assets, the foreign banks during the period between 1923 and 1929 were the biggest group in Turkish banking system. However, they lost their superiority during the period between 1930 and 1938 because of the important change in economic policy and went backward to the second rank after the public banks. The private banks operating in nation-wide get the third place in the sector. The main reason behind biggest market share of the public banks during the period between 1930 and 1938 was the policy of the economic etatism implemented by the governments. The leaders responsible for public administration believed that development and industrialization could be achieved only by the domination of public capital in monetary and fiscal markets. The open area left behind by the foreign banks financing foreign trade sector, which was dominated by the foreigners who exported raw materials and imported consumer goods, was filled mostly by the public banks and to some extent the national private banks. As consequently, the public banks and the national private banks were the banking groups increasing their market shares contrary to the foreign banks during the period between 1930 and 1938. The market share of local banks owning one branch in total assets did not changed during the two sub-periods. Also the share of the development and investment banks was near to zero during the periods because of the insufficiency in long term national savings required for long term investments. Anyway, only Türkiye Sanayi ve Maadin Bankası operating between 1925 and 1932 took place in this banking group. The results above mentioned are also the same and valid for the balance sheet figures such as banking deposit, credit, paid up capital. It is possible that we can review the period from 1938 until now by dividing into mainly different five sub-periods in terms of economic policies implemented by the governments and the changes in banking sector such as Economic Etatism period (1940-1951), Developing Private Banks period (1951-1963), Planned Economy period (1963-1980), Economic Liberalization (1980-1994), From Crisis Up to Now (1994-2004). These are the findings as to the change during the period between 1926 and 2004 in the market share of banking groups in total banking assets: the market share of the public banks between 1926 and 1963 increased constantly but decreased afterwards. The share of the private bank increased constantly between 1926 and 2004. The market share of the foreign banks decreased constantly between 1926-1980 and then stayed same. The share of the development and investment banks increased between 1951-1980 and decreased afterwards. Local banks leaved the market after the period between 1951-1963. As consequently, the state domination, starting since 1930s, in banking sector has ended and national private banks have been leader in the market as a result of the liberal economic policies implemented after 1980s in Turkey. However, the total market share of the public banks are still higher than the developed Western countries. But, it is lower than the developing countries such as Mexico, Brazil, Pakistan, India, Egypt. In sum, the state can control directly an important share of 1/ 3 in the market in Turkey. The case shows that the economic policies implemented during the period between 1930 and 1938 still affect the present banking system in Turkey.