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GELENEKSEL AKTARIM MEKANİZMASI: TÜRKİYE ÖRNEĞİ

TRADITIONAL TRANSMISSION MECHANISM: THE CASE OF TURKEY

Journal Name:

  • Dumlupınar Üniversitesi Sosyal Bilimler Dergisi

Publication Year:

  • 2012

Key Words:

Keywords (Original Language):

Author NameUniversity of Author
Abstract (2. Language): 
In general, monetary policy changes have a strong impact on financial markets and real economy through various channels, among others the interest rate channel, credit channel, exchange rate channel and asset price channel. This process through which monetary policy decisions impact on an economy in general and the interest rate in particular is known as the monetary policy transmission mechanism. Hence monetary authorities are supposed to know the relationship between monetary aggregates and interest rates in a certain monetary policy regime and the determinants that affect this relationship. The purpose of this paper is to analyze the interest rate channel in Turkey from the perspective of monetary policy transmission channel. The results from our empirical analysis, using quarterly data and applying the VAR model during the period between 2000:1 and 2011:3, it is suggest that traditional transmission mechanismworks properly in Turkey
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Abstract (Original Language): 
Genelde, para politikasıdeğişiklikleri faiz oranıkanalı, kredi kanalı, döviz kuru kanalıve varlık fiyatıkanalı gibi çeşitli kanallar yoluyla finansal piyasa ve reel ekonomi üzerinde güçlü etkiye sahiptir. Para politikası kararlarının oluşturduğu, para politikasıaktarım mekanizmasıolarak bilinen bu süreç, kısmen faiz oranıgenelde ekonomi üzerinde etkilidir. Bu nedenle para otoriteleri belirlenen para politikasırejiminde, parasal büyüklükler ve faiz oranıarasındaki ilişkinin nasıl çalıştığınıve bu ilişkiyi etkileyen unsurların neler olduğunu bilmek durumundadırlar. Bu çalışma, Türkiye’de parasal aktarım mekanizmasıaçısından faiz oranıkanalınıanaliz etmek için ele alınmıştır. 2000:1-2011:3 dönemlerini içeren üçer aylık veriler kullanarak VAR modeliyle oluşturulan çalışmanın ampirik bulguları, Türkiye’de geleneksel aktarım mekanizmasının çalıştığına dair kanıtlar göstermektedir.
FULL TEXT (PDF): 
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  • 33
211-220
  • Turkish

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