Effect on the Real Economy of Monetary Transmission Mechanism: A Literature Research on the International Credit Channel

Yıl 2019, Cilt: 8 Sayı: 15, 77 - 87, 31.01.2019

Deniz Macit Özlem Durgun

Öz

The
monetary transmission mechanism that attempts to explain the effects of the
central bank's monetary policy changes on real economic variables; the changes
in the monetary policy decisions of the monetary policy are explaining the
process of influencing inflation and total output. This study aimed to
emphasize the importance of the credit channel in the monetary policy transfer
mechanism over the real economy. In the study, a qualitative approach based on
comparative analysis between the outlook of the international credit channel,
the methodological aspects and the results of the literature studies in
monetary transmission was used. The main findings from the study of the
literature are as follows; the impact of monetary policy decisions on the real
economy is important even in the context of economic and financial crises and
the appearance of international credit is strongly supported by many studies.
Studies conducted on the basis of the US show that the international credit
channel operates more effectively than the studies on European countries.

Anahtar Kelimeler

Monetary Policy, Transmission Mechanism, International Credit Channel

Parasal Aktarım Mekanizmasının Reel Ekonomi Üzerine Etkisi: Uluslararası Kredi Kanalına Yönelik Bir Literatür Araştırması

Öz

Merkez
bankalarının para politikasındaki değişikliklerinin reel ekonomik değişkenler
üzerindeki etkilerini açıklamaya çalışan parasal aktarım mekanizması, parasal
otoritenin para politikası kararlarındaki değişimlerin enflasyon ve toplam
hâsılayı etkileme sürecini açıklamaya çalışmaktadır. Bu çalışma, para
politikası aktarım mekanizmasında yer alan kredi kanalının reel ekonomi
üzerindeki önemini vurgulamayı amaçlamaktadır. Çalışmada, ağırlıklı olarak
parasal aktarımda uluslararası kredi kanalına yönelik bakış açısı, metodolojik
yönler ve literatürdeki çalışmaların sonuçları arasındaki karşılaştırmalı
analize dayalı niteliksel bir yaklaşım kullanılmaktadır. Literatürün
incelenmesinden elde edilen ana bulgular şöyledir: para politikası kararlarının
reel ekonomi üzerindeki etkisi, ekonomik ve finansal kriz koşullarında bile
önemlidir ve uluslararası kredi görünümü pek çok araştırma tarafından güçlü bir
şekilde desteklenmektedir. ABD bazında yapılan çalışmalar Avrupa ülkelerine
kıyasla uluslararası kredi kanalının daha etkin işlediğini ortaya koymaktadır.

Anahtar Kelimeler

Para Politikası, Aktarım Mekanizması, Uluslararası Kredi Kanalı

Kaynakça

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