Yıl 2018, Cilt: 2 Sayı : 3 Sayfalar 151 - 167 2018-09-30
An Alternative Instrument Negative Interest for Economic Growth: An ARDL Analysis Approach
Okyay UÇAN,Ayşe ERGİN ÜNAL
17 261

Öz In this study negative interest rates that is denoted as an alternative monetary policy instrument in especially developed countries, are inquired to have a relation with economic growth on selected fragile countries using ARDL analysis for the period 1995-2016. The aim of the study is to discuss the applicability of negative interest policy for the high fragile countries including Turkey by analyzing the direction of the effect of negative interest on economic growth. On the other hand, the possible effects of negative interest rate policies on current account deficit beside savings and investments are assessed. In this context statistically significant and positive relation between economic growth and interest rates below zero is found in the developed countries that use negative interest as monetary policy. Moreover, there is also same relation in emerging fragile countries. However, there is difference to obtain the long run equilibrium. While this period is short for the developed countries, it is relatively long for the emerging fragile countries.

Anahtar Kelimeler

Negative interest, Monetary policy, Panel ARDL
Cœuré, Benoît, (2014), Life Below Zero: Learning About Negative İnterest Rates, Çevrimiçi, https:// www.ecb.europa.eu/press/key/date/2014/html/sp140909.en.html, Erişim Tarihi:12.11.2017.
Birincil Dil en
Konular İşletme
Yayımlanma Tarihi September
Bölüm Makaleler
Yazarlar Orcid : 0000-0001-5221-4682Yazar: Okyay UÇAN (Sorumlu Yazar)Kurum: NİĞDE ÖMER HALİSDEMİR ÜNİVERSİTESİÜlke: Turkey

Orcid : 0000-0001-6551-8933Yazar: Ayşe ERGİN ÜNAL Kurum: NİĞDE ÖMER HALİSDEMİR ÜNİVERSİTESİ

Tarihler

Yayımlanma Tarihi : September


Makalenin Yazarları
Okyay UÇAN
Ayşe ERGİN ÜNAL