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TÜRKİYE'DE FAİZ ORANLARININ BELİRLENMESİNDE İÇSEL VE DIŞSAL FAKTÖRLERİN ROLÜ

The Role Of Internal And External Factors In Determining The Interest Rates In Turkey

Journal Name:

  • Yönetim ve Ekonomi Araştırmaları Dergisi

Publication Year:

  • 2006

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this paper, we investigate the determiners of the interest rates that have real and financial effects on and are important for the balance of budget. The determiners of interest rates are classified as internal and external factors. While testing the cointegrated and long run relationship among variables, monthly data that covers 1996-2004 period has been used. Results show that the main factors influencing the interest rates are internal factors as government spending, inflation, and real income. The results also show that USA interest rates as an external factor has no effect on interest rate on Turkey. The basic reason of it is Turkey's real interest rates are higher than the world interest rate level.
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Abstract (Original Language): 
Bu çalışmada, Türkiye'de faiz oranlarını, hem reel hem de finansal etkileri olması ve bütçe dengesi açısından önem taşıması nedeniyle, belirleyen faktörlerin neler olduğu incelenmiştir. Çalışmada faiz oranlarını belirleyen faktörler içsel ve dışsal faktörler olarak sınıflandırılmış ve bu çerçevede incelenmiştir. Değişkenler arasındaki ko-entegre ve uzun dönemli ilişkinin test edilmesi için 1996-2004 dönemini kapsayan aylık veriler kullanılmıştır. Sonuçlara göre faiz oranın etkileyen temel faktörler, kamu harcamaları, enflasyon ve reel gelir şeklindeki içsel faktörlerdir. Yine sonuçlar göstermektedir ki inceleme dönemi içinde dışsal faktör olarak ABD faiz oranlarının, Türkiye faiz oranları üzerinde bir etkisi yoktur. Bunun temel nedeni, Türkiye'deki reel faiz oranlarının dünya seviyesinin üzerinde olmasıdır.
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  • 1
18-31
  • Turkish

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