PARA POLİTİKASI ARAÇLARININ GÖLGE BANKACILIK ÜZERİNDEKİ ETKİSİ

Gölge bankalar finansal aracılardır. İşlemlerini merkez bankası likiditesine ve kamu kesimi kredi teminatlarına erişim olmaksızın vade, kredi ve likidite dönüşümü olarak yapmaktadır. Bu çalışmanın temel amacı, gölge bankacılık ve para politikası arasındaki ilişki sorununa, geleneksel bankacılık dışında özel veya kamu ödeme garantisi gerektiren tüm finansal faaliyetlerin yanıtlanmasıdır. Bu çalışmada 2002-2016 döneminde OECD ve OECD ile yakın işbirliğinde olan anahtar konumundaki ülkelerde milli gelir, politika faizi, tüketici fiyat endeksi ve para arzının (M1) gölge bankacılık üzerindeki kısa ve uzun dönemli etkileri yıllık verilerle Panel ARDL yöntemi aracılığıyla tahmin edilmiştir. Analiz sonuçları ele alınan göstergeler arasında kısa ve uzun dönemli anlamlı bir ilişkinin varlığına işaret etmektedir. Kısa vadeli PMG tahmin sonuçları uzun dönem dengesine yaklaşık dört yıllık bir süre zarfında varılacağına işaret etmektedir. Ayrıca uzun dönem PMG tahmin sonuçları da göstergeler arasında milli gelir dışında anlamlı bir ilişkinin varlığına işaret etmiştir. Para arzı ve politika faiz oranın pozitif, tüketici fiyat endeksinin ise negatif bir etkisinin olduğu görülmüştür.

EFFECT OF MONETARY POLICY INSTRUMENTS ON SHADOW BANKING

Shadow banks are financial mediators. There are maturity, credit, and liquiditytransformation without access to central bank liquidity and public sector credit guaranteesin their performance. The principle purpose of this study is to answer the question of therelationship between shadow banking and monetary policy, all financial activities thatrequire a private or public payment guarantee other than traditional banking. This studyanalyses the short and long-term effects of national income, policy rate, CPI and moneysupply (M1) on shadow banking by using Panel ARDL method in selected ten countriesthroughout 2002-2016. The findings of the analysis point out that there is a short- andsignificant long-term relationship between the indicators discussed. Short-term PMGestimation results indicate that the long-term equilibrium will be reached over forapproximately four years. Also, long-term PMG estimation results also pointed to theexistence of a significant relationship between indicators, apart from national income. It isdetermined that the money supply and policy interest rate had a positive relation and theconsumer price index had a negative relation with shadow banking.

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