Monetary transmission mechanism: The bank lending channel in Turkey

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

Bakir Şehnaz Yiğitbaş

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.

Keywords

banks, credit, VAR analysis, interests, monetary policy, monetary shock

Parasal aktarım mekanizması: Türkiye’de banka kredi kanalı

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.

Keywords

bankalar, kredi, VAR analizi, faiz, para politikası, para şoku

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