OSMAN PEKER, Ayşegül Ladin SÜMER, Nur AYDIN

2008 Küresel Kriz Sonrası Esnek Döviz Kuru Rejiminde Para Politikası Bağımsızlığı: Türkiye ve Brezilya Örneği

Bu çalışmanın amacı ABD Merkez Bankası faiz kararlarının Türkiye ve Brezilya Merkez Bankası politika duruşuna etkisini araştırmaktır. Bu kapsamda 2008:M1-2017:M12 dönemi için çoklu yapısal kırılmalı zaman serisi ile analiz gerçekleştirilmiştir. Seriler arasındaki eşbütünleşme ilişkisinin varlığı Maki (2012) eşbütünleşme testi ile analiz edilmiş ve serilerin eşbütünleşik olduğu belirlenmiştir. FMOLS yöntemi ile incelenen kısa ve uzun dönem ilişkisi ise istatistiki olarak anlamlı bulunmuştur. Bu sonuçlara göre ABD Merkez Bankası kararları her iki ülkede etkilidir.

Monetary Policy Independence under Flexible Exchange Rates after the 2008 Global Crisis:The Cases of Turkey and Brazil

The aim of this study, is to investigate the impact of the US Federal Reserve decisions on the policy stance of the Central Banks of Turkey and Brazil. In this context, an analysis was performed with a multiple structural breaks test in time series for the period of 2008:M1-2017:M12. The existence of the cointegration relationship between the series was analyzed with the cointegration test of Maki (2012) and it was detected that the series was cointegrated. The short and long term relationships examined by FMOLS method was found to be statistically significant. According to these results, US Federal Reserve decisions influence both countries.

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