Faiz oranı kanalının 2001–2008 döneminde Türkiye’de etkinliğinin değerlendirilmesi

Parasal aktarım mekanizması içerisinde en temel kanal faiz oranı kanalıdır. Ancak bu kanalın Türkiye gibi gelişmekte olan ülkelerde ve özelliklede enflasyon hedeflemesi rejimi altında çalışması mali baskınlığın neölçüde olduğuna bağlıdır. Türkiye ekonomisi özelindemali baskınlık 2004 yılına kadar oldukça yüksektir.Bu çalışma, son iki IMF anlaşmasının geçerli olduğu,2001: 05 – 2008: 05 döneminde faiz oranı kanalınınetkinliğini değerlendirmeyi amaçlamaktadır. Analizlersonucunda ulaşılan bulgular, faiz oranı kanalının etkinliğinin 2001 -2008 döneminde tek bir örneklem olarak değerlendirilemeyeceği, 2004 öncesi ve sonrası dönemlerin yapısal olarak farklılık gösterdiği yönündedir. Ayrıca, 2004 sonrası dönemde faiz oranı kanalı 2004 öncesi döneme göre çok daha etkin bir şekilde çalışmaktadır. Bu etkinliğin artışında mali baskınlık probleminin ortadan kalkmış olması önem arz etmektedir.

The evaluation of interest rate channel in Turkey 2001 – 2008

The basic channel within monetary transmission mec- hanism is the interest rate channel. However, the pra- xis of this channel in developing countries like Turkey and particularly under the regime of inflation targeting depends on the level of fiscal domination. Particularly fiscal domination within the Turkish economy had been high until 2004. This study aims to evaluate the effectiveness of the interest rate channel in the 2001:05-2008:05 term during which the last two Standby agreements are valid. The findings reached at the end of the analysis are in the direction that the effectiveness of interest rate channel can not be evaluated as an only sample during 2001-2008 term and that the pre and post 2004 terms show structural differences. Moreover, the post 2004 term interest rate channel works much more effectively than pre 2004 term. The disappearen- ce of fiscal domination problem is of vital importance through the increase in this efficiency.

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