Is there an interest rate channel for monetary policy in Tukey
Parasal otoritenin kararlarındaki değişiklikler, iktisadi birimlerin davranışlarını ve dolayısıyla toplam talep düzeyini etkilemektedir. Diğer bir deyişle merkez bankasının kısa vadeli faiz oranlarında yapacağı bir değişiklik sermaye kullanım maliyetini ve firmaların yatırım harcaması kararlarını yönlendirmektedir. Para politikası literatüründe bu süreç faiz kanalı kavramı ile adlandırılmaktadır. Politika yapıcılara yol göstermesi açısından faiz kanalının işleyip işlemediğinin araştırılması büyük öneme sahiptir. Kısa vadeli faiz oranlarında gerçekleştirilen bir değişikliğin uzun dönemli faiz oranlan üzerinde doğuracağı etkinin belirlenmesi, parasal otoritenin alacağı kararların hasıla üzerindeki etkilerinin ortaya konması açısından gereklidir. Çünkü kısa dönemli faiz oranlarındaki değişiklik uzun dönem faiz oranlarını değiştirerek yatırım ve tüketim kararlarını etkilemektedir. Bu çalîşmanm amacı Türkiye'de 1995:1-2008:9 için parasal aktarım mekanizmasının faiz kanalını araştırmaktır. Bulgular faiz kanalının varlığına işaret etmektedir. Enflasyon oranında 2002 yılından sonra gerçekleşen düşüş nedeniyle faiz kanalının işleyişi, tüm dönem iki alt döneme (1995:1-2002:2 ve 2002:3-2008:9) ayrılarak analiz edilmiştir. Sonuçlar, faiz kanalının sadece ikinci alt dönemde işlediğini göstermektedir.
Türkiye'de para politikasının faiz kanalı işlemekte midir
The changes in monetary authority's decisions may affect the behavior of economic agents and thus the level of aggregate demand. Namely; a change in the short term interest rate is made by the central bank directly affects the user cost of capital and firms' decisions about investment expenditure. In the monetary policy literature, this mentioned process is defined as the interest rate channel. To guide policy makers it is important to investigate whether interest rate channel operates. Determination of the effect of short-term interest rate changes on the long-term interest rate is necessary for introducing the effects of the monetary authority's decision on output. Because the changes in the short-term interest rates affect the investment and consumption decision by changing the long-term interest rate. The aim of this paper is to investigate empirically the interest rate channel of monetary transmission mechanism in Turkey for 1995:1-2008:9 periods. The findings showed the existence of interest rate channel. Because the inflation rate decreased in post 2002, the functioning of interest rate channel was examined by dividing the sample into two sub-periods (1995:1-2002:2 and 2002:3-2008:9). The results present that the intereşt rate channel was operated only in the second sub-period.
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- ISSN: 1010-9935
- Yayın Aralığı: Yılda 3 Sayı
- Başlangıç: 2018
- Yayıncı: ODTÜ İİBF