Türkiye’de Banka Kredi Kanalının Önemi Üzerine Etki Tepki Fonksiyonlarına Dayalı Bir Değerlendirme (1990-2006)

Özellikle 1990 sonrası için literatürde çeşitli ülke örnekleri üzerine banka kredi kanalının önemini inceleyen çok sayıda çalışma bulunmaktadır. Banka kredi kanalına göre parasal daralmanın ardından bankalar kredi arzını kısmakta ve bu da reel ekonomi üzerinde negatif etkilere yol açmaktadır. Bu çalışmanın amacı 1990-2006 dönemi için Türkiye’de banka kredi kanalının önemini incelemektir. Çalışmada önce Türkiye’de kredi kanalının işlemesi için gerekli koşulların geçerliliği ele alınmakta, daha sonra Bernanke ve Blinder’in (1992) çalışması örnek alınarak VAR modeli uygulanmakta ve makro değişkenlerin para politikası şokuna tepkileri tahmin edilmektedir. Sonuçlar Türkiye ekonomisi açısından banka kredi kanalının işlemesi için gerekli koşulların önemli ölçüde geçerli olduğunu göstermektedir. Ampirik bulgular ise banka kredi kanalının para politikasının aktarımında önemli olduğunu göstermektedir.

An Assessment on the Importance of Bank Lending Channel in Turkey based on the Impulse Response Functions (1990-2006)

Especially after 1990 there is a lot of study in the literature which has investigated the importance of bank lending channel for different countries. According to bank lending channel, after a monetary contraction banks reduce the supply of bank loans and this cause a negative impact on the real economy. The aim of this study is to investigate the importance of bank lending channel in Turkey for 1990-2006 period. In the study first we discuss the validity of the necessary conditions which must be satisfied for the bank lending channel to exist, than following Bernanke and Blinder (1992) we apply a VAR model and estimate the responses of the aggregate variables to the monetary policy shock. The results indicate that the necessery conditions which must be satisfied for the bank lending channel to exist is in effective in a large measure for Turkish economy. And the empirical evidence support that bank lending channel is important in the transmission of monetary policy.

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