Buradasınız

Türkiye'de Faiz Kanalı İle Parasal Aktarım Mekanizması

Journal Name:

Publication Year:

Abstract (2. Language): 
A change in the short term interest rate made by central bank directly affects the firms’ decisions about investment expenditure and household spending on durable goods. This process is defined as interest rate channel. The aim of this paper is to investigate empirically the interest rate channel of monetary transmission in Turkey, using a VAR method in the 1995:01‐2007:09 period. The empirical findings indicate that interest rate channel plays an important role in the monetary transmission mechanism.
Abstract (Original Language): 
Parasal otoritenin kısa vadeli faiz oranlarında yapacağı bir değişiklik, doğrudan sermaye kullanım maliyetini etkileyerek firmaların yatırım davranışını ve hane halkının dayanıklı tüketim malları harcamalarını etkiler. Para politikası literatüründe, söz konusu etkileşim süreci, parasal aktarımın faiz kanalı kavramı ile ifade edilir. Bu çalışmada, faiz kanalının işleyişi Türkiye özelinde incelenmektedir. Bu amaçla, 1995:01‐ 2007:09 dönemine ilişkin veriler kullanılarak VAR metodolojisinden yararlanılmıştır. Elde edilen bulgular, faiz oranı kanalının parasal aktarım sürecinde önemli bir rol oynadığını göstermektedir.
57-72

REFERENCES

References: 

Agha, Asif Idrees, Noor Ahmed, Yasir Ali Mubarik ve Hastam Shah (2005),
Transmission Mechanism of Monetary Policy in Pakistan, State Bank of Pakistan –
Research Bulletin, 1, (1), 1‐23.
Angeloni, Ignazio, Anil K. Kashyap, Benoit Mojon ve Daniele Terlizzese, (2003),
“Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain
it All?”, NBER Working Paper, No: 9984, 1 – 41.
Bilan, Olena ve Maxim Kryshko (2007), “Does Monetary Policy Transmission in
Ukraine Go Through The Interest Rates?”, EERC Working Paper Series, 1‐84.
Electronic copy available at: http://ssrn.com/abstract=986204
Butzen, Paul, Catherine Fuss ve Philip Vermeulen (2001), The interest rate and
credit channels in Belgium: An investigation with micro‐level firm data, The
National Bank of Belgium Working Paper, No:18, 1‐43.
Cengiz, Vedat (2007), Parasal Aktarım Mekanizmasında Kredi Kanalının Etkinliği
Üzerine Bir Analiz: Türkiye Örneği (1990‐2006), Kocaeli Üniversitesi SBE, Yayınlanmamış
Doktora Tezi.
Charoenseang, June and Pornkamol Manakit (2007), Thai Monetary Policy
Transmission In An Inflation Targeting Era, Journal of Asian Economics, 18, 144 –
57.
Chirink, Robert S. ve Ulf von Kalckreuth (2003), On The German Monetary
Transmission Mechanism:Interest Rate And Credit Channels For Investment
Spending, CESifo Working Paper, No: 838, 1‐43.
Dickey, David A., ve W. A. Fuller (1979), Distribution of the Estimators for
Autoregressive Time Series with a Unit Root, Journal of the American Statistical
Association, 74, 427 – 431.
Dickey, David A., ve W. A. Fuller (1981), Likelihood Ratio Statistics for
Autoregressive Time Series with a Unit Root, Econometrica, 49, (4), 1057‐1072.
Dickey, David A. ve S. G. Pantula (1987), Determining the Order of Differencing in
Autoregressive Processes, Journal of Business & Economic Statistics, 5, (4), 455‐
461.
Disyatat, Piti ve Pinnarat Vongsinsirikul (2003), Monetary policy and the
Transmission Mechanism in Thailand, Journal of Asian Economics,14,389–418.
Enders, Walter (1995), Applied Econometric Time Series, United States of
America: John Wiley&Sons, Inc..
Granger, C.W.J., ve P. Newbold (1974), Spurious Regressions in Econometrics,
Journal of Econometrics, 2 (2), 111‐120.
Gujarati, Damodar N. (2006), Temel Ekonometri, 4. b., çev. Ümit Şenesen ve Gülay
Günlük Şenesen, İstanbul: Literatür Yayıncılık.
Iwata, Shigeru ve Shu Wu (2006), Estimating monetary policy effects when
interest rates are close to zero, Journal of Monetary Economics, 53, 1395–1408.
Johnston, J. ve J. Dinardo (1996), Econometric Methods, 4. ed., New York:
McGraw‐Hill/Irwin Inc..
Papadamou, Stephanos ve Georgios Oikonomou (2007), The Monetary
Transmission Mechanism: Evidence from Eight Economies in Transition,
International Economic Journal, 21, ( 4), 559 – 76.
Perron, P. (1989), The Great Crash, the Oil Price Shock and the Unit Root
Hypothesis, Econometrica, 57, 6, 1361‐1401.
Pindyck, R., D. Rubinfeld (1991), Econometric Models And Economic Forecasts,
Mcgraw‐Hill Company.
Poddar, Tushar, Randa Sab ve Hasmik Khackhatryan (2006), The Monetary
Transmission Mechanism in Jordan, IMF Working Paper, WP/06/48, 1‐26.
Smets, Frank ve R. Wouters (1999), The Exchange Rate and the Monetary
Transmission Mechanism in Germany, De Economist, 147, (4), 489 – 521.
Taylor, John B. (1995), The Monetary Transmission Mechanism: An Empirical
Framework, The Journal of Economic Perspectives, 9, (4), 11‐26.
Yue YI‐ding ve Shuang – hong Zhou (2007), Empirical Analysis of Monetary Policy
Transmission, Chinese Business Review, 6, (3), 6‐13.
Zhang, Yanchun ve Guofeng Sun (2006), China’s Consumer Credit Sector
Expansion and Monetary Transmission Mechanism: What Should China’s Central
Bank Do?, Journal of Chinese Political Science, 11, (1), 79 – 93.
Zivot, E. ve Donald W. K. Adrews (1992), Further Evidence on the Great Crash, the
Oil‐Price Shock, and the Unit‐Root Hypothesis, Journal of Business & Economic
Statistics, Vol:10, No:3.

Thank you for copying data from http://www.arastirmax.com