Recent financial turmoil raised suspicions about the impact of derivatives usage on banking stability. Considering the period between 2007 and 2017, this paper analyzes the impact of derivatives on the financial stability and performance of the Turkish banking system. The stability of the banking is measured by considering the Z-index, which shows the probability of and calculated for each bank. The second aim of this paper is to determine the impact of bank specific characteristics on the derivatives usage of banks. Panel regression models and factorial ANOVA analysis is adopted to perform the analysis. The results show that derivatives usage of banks decrease the profitability of banking system and increase the bank risk. The determinants of derivative usage also suggest that banks do not use derivatives to hedge their risks.

中文翻译：

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土耳其银行业中衍生工具的使用，金融稳定性和表现

最近的金融动荡引发了人们对衍生品使用对银行稳定的影响的怀疑。考虑到2007年至2017年之间的时间段，本文分析了衍生品对土耳其银行体系金融稳定性和绩效的影响。银行业的稳定性是通过考虑Z指数来衡量的，Z指数显示了每个银行的概率，并为每个银行计算了出来。本文的第二个目的是确定银行特定特征对银行衍生工具使用的影响。采用面板回归模型和阶乘方差分析进行分析。结果表明，银行使用衍生工具会降低银行系统的盈利能力，并增加银行风险。衍生工具使用的决定因素还表明，银行不使用衍生工具对冲风险。