Research Article
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Year 2018, Volume: 2 Issue: 3, 151 - 167, 30.09.2018
https://doi.org/10.25295/fsecon.2018.03.007

Abstract

References

  • Cœuré, Benoît, (2014), Life Below Zero: Learning About Negative İnterest Rates, Çevrimiçi, https:// www.ecb.europa.eu/press/key/date/2014/html/sp140909.en.html, Erişim Tarihi:12.11.2017.
  • Ceylan Ali , (2014), Türkiye’de Merkez Bankası Negatif Faiz Uygulayabilir mi?, http://aliceylan.com.tr/ V2/turkiyede-merkez-bankasi-negatif-faiz-uygulayabilir-mi/, Erişim Tarihi:12.11.2017.
  • Danthine, Jean-Pierre (2016), The Interest Rate Unbound?, çevrimiçi, https://www.brookings.edu/.../ the-interest-rate-unbound/, Erişim Tarihi: 14.10.2017Dedekoca, Ersin, (2015), Gevşek Para Politikasının İkizi: Negatif Faiz, Çevrimiçi, http://anka enstitusu.com/gevsek-para-politikasinin-ikizi-negatif-faiz/, Erişim Tarihi:12.11.2017.
  • Eğilmez, Mahfi, (2016), Japon Merkez Bankası ve Negatif Faiz, Çevrimiçi, http://www. mahfiegilmez.com/2016/01/japon-merkez-bankas-ve-negatif-faiz.html, Erişim Tarihi: 10.07.2017.
  • Ergin Ünal, Ayşe, Yetiz, Filiz, (2017), Parasal Genişlemeye Alternatif Arayışları: Negatif Faiz, Politik Ekonomik Kuram, Cilt:1, Sayı: 2.
  • Ilgmann, C. & Menner, M. (2011). “Negative Nominal Interest Rates: History and Current Proposals”. International Economics and Economic Policy, 8(4), 383-405.
  • IMF, (2017), Negative Interest Rate Policies - Initial Experiences And Assessments, Çevrimiçi, https:// www.imf.org/en/Publications/Policy-Papers/Issues/2017/08/03/pp080317-negative-interest-rate-polici es-initial-experiences-and-assessments, Erişim Tarihi: 10.12.2017.
  • Jobst, Andreas and Lin, Huidan, (2016), Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area, 2016 International Monetary Fund WP/16/172
  • Köse, Yaşar, Atik Murat, Yılmaz, Bülent, (2015), “Türkiye İçin Negatif Faiz Oranının Uygulanabilirliği ve Analitik Olarak İncelenmesi”, Finansal Araştırmalar ve Çalışmalar Dergisi, Cilt:7, Sayı: 13, ss: 321-339.Levin, A., C.-F. Lin, and C.-S. J. Chu. (2002), Unit Root Tests in Panel Data: Asymptotic and Finite -Sample Properties. Journal of Econometrics 108: 1–24.
  • Mankiw. Gregory, (2009), It May be Time for the Fed to go Negative, Çevrimiçi, http://www. nytimes.com/2009/04/19/business/economy/19view.html, Erişim Tarihi: 05.12.2017.
  • Matthews, Chris, (2016), Negative Interest Rates Won't Save Us, çevrimiçi, http://fortune.com/2016/02 /11/negative-interest-rates-wont-save-us/, Erişim Tarihi: 10.12.2017.
  • Ortakaya, Ülkü İstiklal ve Karagöl Erdal Tanas, (2014), “Faiz Kıskacında Ekonomik Büyüme”, Seta Perspektif, Sayı 47.
  • Palley, Thomas I., (2016), Why Negative Interest Rate Policy (NIRP) Is Ineffective And Dangerous, Real-World Economics Review, İssue No. 76 Roach, Stephen, (2016), Central Banking Goes Negative, Çevrimiçi, https://www.economics.utoronto .ca/gindart/2016-02-18%20-%20Central%20banking%20goes%20negative.pdf, Erişim Tarihi: 11.12. 2017.Yalçınkaya, Ömer. & Kaya Vedat. (2017). “Nominal Negatif Faiz Oranı Politikasının Ekonomik Büyüme Üzerindeki Etkileri: İlk Kanıtlar (2000Q1 - 2016Q4)”, Vol:3, Issue:11; pp:91-105.

An Alternative Instrument Negative Interest for Economic Growth: An ARDL Analysis Approach

Year 2018, Volume: 2 Issue: 3, 151 - 167, 30.09.2018
https://doi.org/10.25295/fsecon.2018.03.007

Abstract

In this study negative interest rates that is denoted as an alternative monetary policy instrument in especially developed countries, are inquired to have a relation with economic growth on selected fragile countries using ARDL analysis for the period 1995-2016. The aim of the study is to discuss the applicability of negative interest policy for the high fragile countries including Turkey by analyzing the direction of the effect of negative interest on economic growth. On the other hand, the possible effects of negative interest rate policies on current account deficit beside savings and investments are assessed. In this context statistically significant and positive relation between economic growth and interest rates below zero is found in the developed countries that use negative interest as monetary policy. Moreover, there is also same relation in emerging fragile countries. However, there is difference to obtain the long run equilibrium. While this period is short for the developed countries, it is relatively long for the emerging fragile countries.

References

  • Cœuré, Benoît, (2014), Life Below Zero: Learning About Negative İnterest Rates, Çevrimiçi, https:// www.ecb.europa.eu/press/key/date/2014/html/sp140909.en.html, Erişim Tarihi:12.11.2017.
  • Ceylan Ali , (2014), Türkiye’de Merkez Bankası Negatif Faiz Uygulayabilir mi?, http://aliceylan.com.tr/ V2/turkiyede-merkez-bankasi-negatif-faiz-uygulayabilir-mi/, Erişim Tarihi:12.11.2017.
  • Danthine, Jean-Pierre (2016), The Interest Rate Unbound?, çevrimiçi, https://www.brookings.edu/.../ the-interest-rate-unbound/, Erişim Tarihi: 14.10.2017Dedekoca, Ersin, (2015), Gevşek Para Politikasının İkizi: Negatif Faiz, Çevrimiçi, http://anka enstitusu.com/gevsek-para-politikasinin-ikizi-negatif-faiz/, Erişim Tarihi:12.11.2017.
  • Eğilmez, Mahfi, (2016), Japon Merkez Bankası ve Negatif Faiz, Çevrimiçi, http://www. mahfiegilmez.com/2016/01/japon-merkez-bankas-ve-negatif-faiz.html, Erişim Tarihi: 10.07.2017.
  • Ergin Ünal, Ayşe, Yetiz, Filiz, (2017), Parasal Genişlemeye Alternatif Arayışları: Negatif Faiz, Politik Ekonomik Kuram, Cilt:1, Sayı: 2.
  • Ilgmann, C. & Menner, M. (2011). “Negative Nominal Interest Rates: History and Current Proposals”. International Economics and Economic Policy, 8(4), 383-405.
  • IMF, (2017), Negative Interest Rate Policies - Initial Experiences And Assessments, Çevrimiçi, https:// www.imf.org/en/Publications/Policy-Papers/Issues/2017/08/03/pp080317-negative-interest-rate-polici es-initial-experiences-and-assessments, Erişim Tarihi: 10.12.2017.
  • Jobst, Andreas and Lin, Huidan, (2016), Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area, 2016 International Monetary Fund WP/16/172
  • Köse, Yaşar, Atik Murat, Yılmaz, Bülent, (2015), “Türkiye İçin Negatif Faiz Oranının Uygulanabilirliği ve Analitik Olarak İncelenmesi”, Finansal Araştırmalar ve Çalışmalar Dergisi, Cilt:7, Sayı: 13, ss: 321-339.Levin, A., C.-F. Lin, and C.-S. J. Chu. (2002), Unit Root Tests in Panel Data: Asymptotic and Finite -Sample Properties. Journal of Econometrics 108: 1–24.
  • Mankiw. Gregory, (2009), It May be Time for the Fed to go Negative, Çevrimiçi, http://www. nytimes.com/2009/04/19/business/economy/19view.html, Erişim Tarihi: 05.12.2017.
  • Matthews, Chris, (2016), Negative Interest Rates Won't Save Us, çevrimiçi, http://fortune.com/2016/02 /11/negative-interest-rates-wont-save-us/, Erişim Tarihi: 10.12.2017.
  • Ortakaya, Ülkü İstiklal ve Karagöl Erdal Tanas, (2014), “Faiz Kıskacında Ekonomik Büyüme”, Seta Perspektif, Sayı 47.
  • Palley, Thomas I., (2016), Why Negative Interest Rate Policy (NIRP) Is Ineffective And Dangerous, Real-World Economics Review, İssue No. 76 Roach, Stephen, (2016), Central Banking Goes Negative, Çevrimiçi, https://www.economics.utoronto .ca/gindart/2016-02-18%20-%20Central%20banking%20goes%20negative.pdf, Erişim Tarihi: 11.12. 2017.Yalçınkaya, Ömer. & Kaya Vedat. (2017). “Nominal Negatif Faiz Oranı Politikasının Ekonomik Büyüme Üzerindeki Etkileri: İlk Kanıtlar (2000Q1 - 2016Q4)”, Vol:3, Issue:11; pp:91-105.
There are 13 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Okyay Uçan 0000-0001-5221-4682

Ayşe Ergin Ünal This is me 0000-0001-6551-8933

Publication Date September 30, 2018
Published in Issue Year 2018 Volume: 2 Issue: 3

Cite

APA Uçan, O., & Ergin Ünal, A. (2018). An Alternative Instrument Negative Interest for Economic Growth: An ARDL Analysis Approach. Fiscaoeconomia, 2(3), 151-167. https://doi.org/10.25295/fsecon.2018.03.007

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