TÜRKİYE FİNANSAL STRES ENDEKSİ

Abstract

Çalışmada Türkiye için günlük bazda bir finansal stres endeksi oluşturulmuştur. Endeks, 01.08.2002-31.01.2013 dönemini kapmakta ve Bankacılık Sektörü, Kamu Sektörü, Hisse Senedi Piyasası ve Döviz Piyasası için elde edilen stres seviyelerinin toplamından oluşmaktadır. Çalışmada sunulan finansal stres endeksi aracılığıyla, finansal kurumlar ile politika uygulayıcılara alt piyasalar ve toplam sektör üzerindeki finansal stresin algılanması ve para politikasının yönetilmesi konusunda günlük sıklığa sahip bir endeks sunulması amaçlanmıştır. Finansal Stres Endeksi aracılığıyla, Türkiye ekonomisi i yüksek stres dönemi ii normal stres dönemi iii küresel kriz dönemi iv düşük stres dönemi v yükselen stres dönemi vi azalan stres dönemi olmak üzere altı ayrı finansal stres dönemine ayrılmış ve ilgili dönemlerin analizlerine yer verilmiştir

Keywords

• : Finansal Krizler, Finansal Stres Endeksi, Para Politikası, Maliye Politikası, Bankacılık Sektörü

FINANCIAL STRESS INDEX FOR TURKEY

Abstract

This study presents a financial stress index for Turkey on a daily basis. The index covers the time period between 01.08.2002 and 31.01.2013, and it presents the summation of stress levels collected through the Banking Sector, Public Sector, Stock Market and Foreign Exchange Market. So as to enable the financial institutions and policy makers to determine the financial stress on the sub-markets and financial sector, and manage the monetary policy, an indicator with high frequency was aimed to be provided. By use of the financial stress analysis, the Turkish Economy has been broken down into six different periods, namely i the high stress period ii the normal stress period iii the global crisis stress period iv the low stress period v the increasing stress period vi the decreasing stress period and the analyses related to each of these periods are presented.

Keywords

• Financial Crises, Financial Stress Index, Monetary Policy, Fiscal Policy, Banking Sector

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