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Niceliksel Gevşeme Politikalarının Türk Finansal Piyasaları Üzerindeki Kısa Vadeli Etkileri

Year 2014, Volume 1, Issue 101, 38 - 52, 01.04.2014
https://doi.org/10.33203/mfy.519254

Abstract

Bu çalışmada, FED'in niceliksel gevşeme politikaları ile ilgili yaptığı açıklamaların Türkiye finansal piyasaları üzerindeki kısa vadeli etkileri ölçülmüştür. Çalışmada, politika açıklamaları QE 1:11/2008-11/2009, QE 2:8/2010-11/2010, QE 3:8/2012- 11/2012 dönemlerine ayrılarak analiz edilmiştir. Sonuç olarak; niceliksel gevşeme politika açıklamaları sonucunda yabancı ve yerli yatırımcıların Türkiye finansal piyasalarındaki tahvillere yöne­lip, bu enstrümanların fiyatlarını belirgin şekilde artırdığı, beklenen açıklamalarda ise bilginin fiyatlara, açıklama tarihinden evvel yansıtıldığı ve etkili olmadığı görülmüştür.


References

  • Breedon F., J. S. Chadha ve A. VVaîers, 2012, "The Financial Market Impact of UK Quantitaîive Easing." Oxford Review of Economic Policy, Oxford Universify Press, Vol. 28(4), p. 702-728,
  • Fawley B. W., C. J. Neely, 2013, "Four Stories of Quantitative Easing", Federal Reserve Bank of St. Louis Review, 95(1), p. 51 -88.
  • Gagnon, J.; Raskin, M.; Remache, J. ve Sack, B., 2011b, "The Financial Market Effects of the Federal Reseıve's Large-Scale Asset Purchases." International Journal of Central Banking, 7(1), p. 3-43.
  • Gagnon, J.; Raskin, M.; Remache, J. ve Sack, B., 201 la, "Large-Scale Asset Purchases by the Federal Reseıve: Did They Work?" Federal Reserve Bank of New York Economic Policy Revievv, 17(1), p. 41 -59;
  • Joyce, M, Lasaosa, A, Stevens, I ve Tong, M., 2011, "The Financial Market Impact of Quantitative Easing", International Journal of Central Banking, Vol. 7, No. 3, p. 113-61.
  • Kozicki, S., E. Şantör, ve L. Suchanek., 2010. "Central Bank Balance Sheets and Long-Term Forward Rates." Unpublished paper. Bank of Canada.
  • Krishnamurthy, Arvind ve Vissing- Jorgensen, A., 2011, "The Effects of Quantitative Easing on Long Term Interest Rates", Brookings papers on Economic Activity, 43(2):215-287
  • Morgan, P.J., 2011. Impact of US Quantitative Easing Policy on Emerging Asia" ADBI VVorking Paper 321.
  • Nellis D., 2013, "Measuring the Change in Effectiveness of Quantitative Easing" Issues in Political Economy, Vol 22, p. 108-126
  • Sibert, A., 2010, "Quantitative Easing and Currency Wars", Economic and Monetary Affairs, Directorate for Internal Policies, European Parliamenî.

Year 2014, Volume 1, Issue 101, 38 - 52, 01.04.2014
https://doi.org/10.33203/mfy.519254

Abstract

References

  • Breedon F., J. S. Chadha ve A. VVaîers, 2012, "The Financial Market Impact of UK Quantitaîive Easing." Oxford Review of Economic Policy, Oxford Universify Press, Vol. 28(4), p. 702-728,
  • Fawley B. W., C. J. Neely, 2013, "Four Stories of Quantitative Easing", Federal Reserve Bank of St. Louis Review, 95(1), p. 51 -88.
  • Gagnon, J.; Raskin, M.; Remache, J. ve Sack, B., 2011b, "The Financial Market Effects of the Federal Reseıve's Large-Scale Asset Purchases." International Journal of Central Banking, 7(1), p. 3-43.
  • Gagnon, J.; Raskin, M.; Remache, J. ve Sack, B., 201 la, "Large-Scale Asset Purchases by the Federal Reseıve: Did They Work?" Federal Reserve Bank of New York Economic Policy Revievv, 17(1), p. 41 -59;
  • Joyce, M, Lasaosa, A, Stevens, I ve Tong, M., 2011, "The Financial Market Impact of Quantitative Easing", International Journal of Central Banking, Vol. 7, No. 3, p. 113-61.
  • Kozicki, S., E. Şantör, ve L. Suchanek., 2010. "Central Bank Balance Sheets and Long-Term Forward Rates." Unpublished paper. Bank of Canada.
  • Krishnamurthy, Arvind ve Vissing- Jorgensen, A., 2011, "The Effects of Quantitative Easing on Long Term Interest Rates", Brookings papers on Economic Activity, 43(2):215-287
  • Morgan, P.J., 2011. Impact of US Quantitative Easing Policy on Emerging Asia" ADBI VVorking Paper 321.
  • Nellis D., 2013, "Measuring the Change in Effectiveness of Quantitative Easing" Issues in Political Economy, Vol 22, p. 108-126
  • Sibert, A., 2010, "Quantitative Easing and Currency Wars", Economic and Monetary Affairs, Directorate for Internal Policies, European Parliamenî.

Details

Primary Language Turkish
Journal Section Articles
Authors

Sıtkı SÖNMEZER>

0000-0002-9704-2199

Publication Date April 1, 2014
Submission Date April 1, 2014
Acceptance Date
Published in Issue Year 2014, Volume 1, Issue 101

Cite

APA Sönmezer, S. (2014). Niceliksel Gevşeme Politikalarının Türk Finansal Piyasaları Üzerindeki Kısa Vadeli Etkileri . Maliye ve Finans Yazıları , 1 (101) , 38-52 . DOI: 10.33203/mfy.519254
  • The journal specializes in especially in all the fields of finance and banking.