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Monetary transmission mechanism: The bank lending channel in Turkey

Year 2013, Volume: 24 Issue: 85, 71 - 80, 01.02.2013

Abstract

This paper analyzes empirically the validity of the bank lending channel in Turkey. Using data for the period 1990:1-2012:4, firstly the monetary shocks are obtained and then through VAR methodology relationships between remains of these shocks, bank lending and industrial production index are analyzed. The study finds out that bank lending more quickly reaction to shocks arising from the interest rate, the response of industrial production to bank lending and monetary shocks to be delayed. Additionally, there is a unilateral relationship from monetary policy shocks to bank loans, a two-way relationship between bank lending and industrial production. These results indicate that monetary policy affects the availability of bank credit in Turkey and bank lending channel works.

References

  • Akinboade, O. A. ve Makina, D. (2010) “Econometric Analysis of Bank Lending and Business Cycles in South Africa”, Applied Economics, 42(29), 3803-3811
  • Alper, K., Hülagu, T. ve Keleş, G. (2012) “An Empirical Study on Liquidity and Bank Lending”, Central Bank of the Repuclic of Turkey Working Paper, No: 12/4
  • Aydın, B. ve Ilgan, D. (2010) “Bank Lending in Turkey: Effect of Monetary and Fiscal Policies”, IMF Working Paper, WP/10/233
  • Bernanke, B. S. (1992-1993) “Credit in Macroeconomy”, Federal Reserve Bank of New York, Quarterly Review, Spring 1992-93, 50-70
  • Bernanke, B. S.ve Blinder, A. S. (1992) “The Federal Funds Rate and Channels of Monetary Transmission”, American Economic Review, 82(4), 901-921
  • Bernanke, B. S. ve Blinder, A. S. (1988) “Credit, Money and Aggregate Demand”, American Economic Review”, 78(2), 435-439
  • Blinder, A. S. ve Stiglitz, J. E. (1983) “Money, Credit Constraints, and Economics Activity”, The Americian Economic Review, 73(2), 297-302
  • Cover, J. P. (1992) “Asymmetric Effects of Positive and Negative Money Supply Shocks”, Quarterly Journal of Economies, 107(4), 1261-1282
  • Gertler, M. ve Gilchrist, S. (1993) “The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence”, Scandinavian Journal of Economics, 95(1), 43-64
  • Johnston, J. ve Dinardo, J. (1997) Econometric Methods, Fourth Edition, USA: The McGraw-Hill Comp. Inc
  • Kashyap, A. K. ve Stein, J. C. (1994) “Monetary Policy and Bank Lending”, Monetary Policy (221-261), (Ed.), N. Gregory Mankiw, The University of Chicago Press
  • Kashyap, A. K. ve Stein, J. C. (2000) “What Do a Million Observations on Banks Say about the Transmission of MonetaryPolicy?”, Amerikan Economic Review, 93(3), 407-428
  • Leamer, E. E. (1985) “Vector Autoregression for Causal Inference?”Carnegie-Rochester Conference Series on Public Policy, 22: 225-304
  • Matuet, S. ve Mizen, P. (2003) “Trade Credit and Bank Lending: An Investigation into the Determinants of UK Manufacturing Firms’Acseess to Trade Credit, EUI Working Paper, No: 2003/3
  • Mishkin, F. S. (2009) The Econonomics of Money, Banking and Financial Markets, 9th Edition
  • Nilsen, J. H. (2002) “Trade Credit and The Bank Lending Channel”, Journal of Money, Credit and Banking, 31(1), 226-253
  • Öztürkler, H. ve Çermikli, A. H. (2007) “Türkiye’de Bir Parasal Aktarım Kanalı Olarak Banka Kredileri”, Finans Politik & Ekonomik Yorumlar, 44(514), 57-68
  • Scott, I. O. (1957) “The Availability Doctrine: Development and Implications”, The Canadian Journal of Economics and Political Science, 23(4), 532-539
  • Stein, J. C. (1998) “An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy”, Journal of Economics, 29(3), 466-486
  • Stiglitz, J. ve Weiss, A. (1992) “Asymmetric Information in Credit Markets and Its Implications for Macro-Economics”, Oxford Economic Papers, 44(4), 694-724
  • Stiglitz, J. E. ve Weiss, A. (1981) “Credit Rationing in Markets with Imperfect Information”, The American Economic Review, 71(3), 393-410
  • Şengönül, A. ve Willem, T. (2005) “The Effect of Monetary Policy on The Bank lending in Turkey”, Applied Financial Economics, 15(13), 931-934
  • Sichei, M. M. (2005) “Bank Lending Channel in South Africa: Bank-Level Dynamic Panel Data Analysis”, University of Pretoria Department of Economics Working Paper Series: 2005-10
  • Taylor, J. B. (1995) “The Monetary Transmission Mechanism: An Empirical Framework”, Journal of Economic Perspectives, 9(4), 11-26
  • Türkiye Cumhuriyet Merkez Bankası (2010) “2011 Yılında Para ve Kur Politikası” 9 Aralık 2012 tarihinde http://www.tcmb.gov.tr/yeni/duyuru/2010/Baskan_ParaPol11.pdf adresinden erişildi
  • Türkiye Cumhuriyet Merkez Bankası (2010) “2012 Yılında Para ve Kur Politikası”. 9 Aralık 2012 tarihinde http://www.tcmb.gov.tr/yeni/duyuru/2010/Baskan_ParaPol11.pdf adresinden erişildi

Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı

Year 2013, Volume: 24 Issue: 85, 71 - 80, 01.02.2013

Abstract

Bu makalede Türkiye’de banka kredi kanalının işlerliği ampirik olarak analiz edilmektedir. 1990:1-2012:4 dönemi verilerinin kullanıldığı bu araştırmada ilk olarak parasal şoklar elde edilmekte, ardından bu şokların kalıntıları ile banka kredileri ve sanayi üretim endeksi değişkenlerini içeren VAR analizi yapılmaktadır. Banka kredilerinin, faiz kaynaklı şoklara daha hızlı tepki gösterdiği, sanayi üretiminin banka kredilerine ve parasal şoklara tepkisinin belirli bir gecikme ile ortaya çıktığı bulgusuna ulaşılmaktadır. Ayrıca, para politikası şoklarından banka kredilerine tek yönlü, banka kredileri ile sanayi üretimi arasında iki yönlü bir nedensellik ilişkisi varlığı tespit edilmektedir. Bu sonuçlar Türkiye’de para politikası uygulamalarının kredilerin elde edilebilirliğini etkilediğini ve banka kredi kanalının işlediğini göstermektedir.

References

  • Akinboade, O. A. ve Makina, D. (2010) “Econometric Analysis of Bank Lending and Business Cycles in South Africa”, Applied Economics, 42(29), 3803-3811
  • Alper, K., Hülagu, T. ve Keleş, G. (2012) “An Empirical Study on Liquidity and Bank Lending”, Central Bank of the Repuclic of Turkey Working Paper, No: 12/4
  • Aydın, B. ve Ilgan, D. (2010) “Bank Lending in Turkey: Effect of Monetary and Fiscal Policies”, IMF Working Paper, WP/10/233
  • Bernanke, B. S. (1992-1993) “Credit in Macroeconomy”, Federal Reserve Bank of New York, Quarterly Review, Spring 1992-93, 50-70
  • Bernanke, B. S.ve Blinder, A. S. (1992) “The Federal Funds Rate and Channels of Monetary Transmission”, American Economic Review, 82(4), 901-921
  • Bernanke, B. S. ve Blinder, A. S. (1988) “Credit, Money and Aggregate Demand”, American Economic Review”, 78(2), 435-439
  • Blinder, A. S. ve Stiglitz, J. E. (1983) “Money, Credit Constraints, and Economics Activity”, The Americian Economic Review, 73(2), 297-302
  • Cover, J. P. (1992) “Asymmetric Effects of Positive and Negative Money Supply Shocks”, Quarterly Journal of Economies, 107(4), 1261-1282
  • Gertler, M. ve Gilchrist, S. (1993) “The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence”, Scandinavian Journal of Economics, 95(1), 43-64
  • Johnston, J. ve Dinardo, J. (1997) Econometric Methods, Fourth Edition, USA: The McGraw-Hill Comp. Inc
  • Kashyap, A. K. ve Stein, J. C. (1994) “Monetary Policy and Bank Lending”, Monetary Policy (221-261), (Ed.), N. Gregory Mankiw, The University of Chicago Press
  • Kashyap, A. K. ve Stein, J. C. (2000) “What Do a Million Observations on Banks Say about the Transmission of MonetaryPolicy?”, Amerikan Economic Review, 93(3), 407-428
  • Leamer, E. E. (1985) “Vector Autoregression for Causal Inference?”Carnegie-Rochester Conference Series on Public Policy, 22: 225-304
  • Matuet, S. ve Mizen, P. (2003) “Trade Credit and Bank Lending: An Investigation into the Determinants of UK Manufacturing Firms’Acseess to Trade Credit, EUI Working Paper, No: 2003/3
  • Mishkin, F. S. (2009) The Econonomics of Money, Banking and Financial Markets, 9th Edition
  • Nilsen, J. H. (2002) “Trade Credit and The Bank Lending Channel”, Journal of Money, Credit and Banking, 31(1), 226-253
  • Öztürkler, H. ve Çermikli, A. H. (2007) “Türkiye’de Bir Parasal Aktarım Kanalı Olarak Banka Kredileri”, Finans Politik & Ekonomik Yorumlar, 44(514), 57-68
  • Scott, I. O. (1957) “The Availability Doctrine: Development and Implications”, The Canadian Journal of Economics and Political Science, 23(4), 532-539
  • Stein, J. C. (1998) “An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy”, Journal of Economics, 29(3), 466-486
  • Stiglitz, J. ve Weiss, A. (1992) “Asymmetric Information in Credit Markets and Its Implications for Macro-Economics”, Oxford Economic Papers, 44(4), 694-724
  • Stiglitz, J. E. ve Weiss, A. (1981) “Credit Rationing in Markets with Imperfect Information”, The American Economic Review, 71(3), 393-410
  • Şengönül, A. ve Willem, T. (2005) “The Effect of Monetary Policy on The Bank lending in Turkey”, Applied Financial Economics, 15(13), 931-934
  • Sichei, M. M. (2005) “Bank Lending Channel in South Africa: Bank-Level Dynamic Panel Data Analysis”, University of Pretoria Department of Economics Working Paper Series: 2005-10
  • Taylor, J. B. (1995) “The Monetary Transmission Mechanism: An Empirical Framework”, Journal of Economic Perspectives, 9(4), 11-26
  • Türkiye Cumhuriyet Merkez Bankası (2010) “2011 Yılında Para ve Kur Politikası” 9 Aralık 2012 tarihinde http://www.tcmb.gov.tr/yeni/duyuru/2010/Baskan_ParaPol11.pdf adresinden erişildi
  • Türkiye Cumhuriyet Merkez Bankası (2010) “2012 Yılında Para ve Kur Politikası”. 9 Aralık 2012 tarihinde http://www.tcmb.gov.tr/yeni/duyuru/2010/Baskan_ParaPol11.pdf adresinden erişildi
There are 26 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Bakir Şehnaz Yiğitbaş This is me

Publication Date February 1, 2013
Published in Issue Year 2013 Volume: 24 Issue: 85

Cite

APA Yiğitbaş, B. Ş. (2013). Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı. Bankacılar, 24(85), 71-80.
AMA Yiğitbaş BŞ. Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı. Bankacılar. February 2013;24(85):71-80.
Chicago Yiğitbaş, Bakir Şehnaz. “Parasal aktarım mekanizması: Türkiye’de Banka Kredi Kanalı”. Bankacılar 24, no. 85 (February 2013): 71-80.
EndNote Yiğitbaş BŞ (February 1, 2013) Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı. Bankacılar 24 85 71–80.
IEEE B. Ş. Yiğitbaş, “Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı”, Bankacılar, vol. 24, no. 85, pp. 71–80, 2013.
ISNAD Yiğitbaş, Bakir Şehnaz. “Parasal aktarım mekanizması: Türkiye’de Banka Kredi Kanalı”. Bankacılar 24/85 (February 2013), 71-80.
JAMA Yiğitbaş BŞ. Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı. Bankacılar. 2013;24:71–80.
MLA Yiğitbaş, Bakir Şehnaz. “Parasal aktarım mekanizması: Türkiye’de Banka Kredi Kanalı”. Bankacılar, vol. 24, no. 85, 2013, pp. 71-80.
Vancouver Yiğitbaş BŞ. Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı. Bankacılar. 2013;24(85):71-80.