Özet:

It is known that financial development is needed for the development of the economies. However, this situation may be different for developing countries. The critical factor here is the optimal level of the loan volume. The interest rate is considered an important cost element for those who use bank loans. In the study of the amount of credit and economic growth to date, the relationship between these two variables has not been clear. Therefore, the study aims to measure the relationship between the total volume of loans used by commercial banks in Turkey, a developing country, the balance of foreign trade and interest rates and economic growth and to contribute to literature. For this purpose, using the monthly data of the period 01/2005 - 04/2021, the Industrial Production Index, the total cash credit, the commercial interest rate, the individual interest rate and the export import satisfaction rate were used. The data was first applied to the Distributed Otoregressive (ARDL) border test to identify the existence of the co-integration relationship. The findings show that there is an equalization between the amount of credit and economic growth. After the integration test, the causality relationship was tested with the Toda Yamamoto Causal Analysis. With the causality test, the double causality relationship between the interest rates and the credit volume is identified, while the one-way causality relationship is identified from the industrial production index to the commercial interest rate and the exports to the import satisfaction rate. There is also an indirect relationship between economic growth and the amount of credit.

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