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Küresel Krizi İzleyen Dönemde Para Politikası ve Varlık Fiyatları: Türkiye Örneği

Monetary Policy and Asset Prices in the Period Following the Global Crisis: The Case of Turkey

Journal Name:

  • Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2017

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
This paper aims at examining whether the Central Bank of the Republic of Turkey (CBRT) reacts to changes in as-set prices in the period following the global crisis. To this end, the reaction function of the CBRT is extended with exchange rate gap and stock market index gap. According to the findings of the empirical analysis, the CBRT consid-ers the difference between expected inflation and infla-tion target and exchange rate gap while it is adjusting in-terest rates. These findings show that exchange rates have significant effects on the interest rate adjustments of the CBRT beyond affecting inflation expectations in the period following the global crisis.
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Abstract (Original Language): 
Bu çalışmanın amacı, küresel krizi izleyen dönemde Tür-kiye Cumhuriyet Merkez Bankası’nın (TCMB) varlık fiyat-larındaki değişimlere tepki verip vermediğini incelemek-tir. Bu amaç doğrultusunda, çalışmada TCMB için oluştu-rulan tepki fonksiyonu döviz kuru açığı ve borsa endeksi açığıyla genişletilmiştir. Ampirik analizin sonuçlarına göre, TCMB faiz ayarlamaları yaparken enflasyon beklentisi ile enflasyon hedefi arasındaki fark ve döviz kuru açığıyla il-gilenmektedir. Bu sonuçlar, küresel krizi izleyen dönemde döviz kurunun enflasyon beklentilerini etkilemenin öte-sinde TCMB’nin faiz ayarlamaları üzerinde anlamlı etki-lere sahip olduğunu göstermektedir.
FULL TEXT (PDF): 
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  • Turkish

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