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Year 2019, Issue: 111, 51 - 78, 30.04.2019

Hakan Eryüzlü , Tayfur Bayat , İzzet Taşar

https://doi.org/10.33203/mfy.455835
Cited By: 2

Abstract

References

  • Açcı, Yunus., & Tasar, I. (2016). An Analysıs On Monetary Condıtıon Index In Turkey By Usıng Structural Var Analysıs. Ecoforum Journal, 5(2).
  • Batini, N., & Turnbull, K. (2000). Monetary conditions indices for the UK: A survey (No. 01). External MPC Unit Discussion Paper.
  • BİRKAN, A. Ö. (2010). An Indicator of Monetary Conditions for Turkey. Ekonomik Yaklasim, 21(74), 23-38.
  • Bofinger, P., & Wollmershäuser, T. (2001). Managed floating: understanding the new international monetary order.
  • Burger, P., & Knedlik, T. (2004). The MCI as a monetary policy guide in a small, open emerging market economy. South African Journal of Economics, 72(2), 365-383.
  • Carstens, C. K., (2004). Monetary Policy Rules: The Taylor Rule and the Monetary Condition Index, Seminar in International Macroeconomics, 7(25), 1-17.
  • Chadha, J. S., Sarno, L., & Valente, G. (2004). Monetary policy rules, asset prices, and exchange rates. IMF Staff Papers, 51(3), 529-552.
  • Esteves, P. S. (2003). Monetary conditions index for Portugal. Banco de Portuqal Economic Bulletin, 25-31.
  • Friedman, C., (1996), The Transmission of Monetary Policy in Canada, The Use of Indicators and of the Monetary Conditions Index in Canada, Bank of Canada, Kanada
  • Gerlach, S., & Smets, F. (2000). MCIs and monetary policy. European Economic Review, 44(9), 1677-1700.
  • Guender, A. V. (2005). On optimal monetary policy rules and the construction of MCIs in the open economy. Open economies review, 16(2), 189-207.
  • Osborne-Kinch, J., & Holton, S. (2010). A discussion of the monetary condition index. Quarterly Bulletin, 1, 68-80..Ilzetzki, E., Mendoza, M. E. G., & Gramont, M. C. A. V. (2009). How big (small?) are fiscal multipliers? (No. 11-52). International Monetary Fund.
  • Kannan, R., Sanyal, S., & Bhoi, B. B. (2007). Monetary conditions index for India. RBI Occasional Papers, 27, 57-86.
  • Kucharčuková, O. B., Claeys, P., & Vašíček, B. (2016). Spillover of the ECB's monetary policy outside the euro area: How different is conventional from unconventional policy?. Journal of Policy Modeling, 38(2), 199-225.
  • Mishkin, F. S. (2008). How should we respond to asset price bubbles?. Financial Stability Review, 12, 65-74.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326.
  • Poon, W. C. (2010). Augmented MCI: An indicator of monetary policy stance for ASEAN-5. Munash University, Department of economics discussion paper, 25(10), 1-19.
  • Poon, W. C. (2011). A Monetary Policy Rule: The AMCI for the Philippines Using UECM and Bounds Test. IUP Journal of Bank Management, 10(4), 16.
  • Qayyum, A. (2002). Monetary conditions index: A composite measure of monetary policy in Pakistan. The Pakistan Development Review, 551-566.
  • Siklos, P. L. (2000). Is the MCI a useful signal of monetary policy conditions? An empirical investigation. International Finance, 3(3), 413-437.
  • Süslü, B., & Dişbudak, C. (2012). TCMB’nin Para Politikası Duruşunun Alternatif Açıklaması: Parasal Durum Endeksi (MCI). Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 19(2), 67-85.
  • Sözer, Ç., (2013), Türkiye Cumhuriyet Merkez Bankası Para Politikalarının Banka Bilançolarına Etkisi, Başkent Üniversitesi SBE Yüksek Lisans Tezi, Ankara.
  • Stark, J. (2008, March). Main Challenges for Monetary Policy in a Globalised World. In Proceedings of the Monetary Policy in Sub Saharan Africa: Practice and Promise conference.
  • Stevens, G. R. (1998). Pitfalls in the use of monetary conditions indexes. Reserve Bank of Australia Bulletin, 8, 1-10.
  • Svensson, L. E., (2000) Open-economy inflation targeting, Journal of international economics, 50(1), 155-183.
  • Siklar, I., & Dogan, B. (2015). Monetary Condition Index with Time Varying Weights: An Application to Turkish Data. Business and Economic Research, 5(1), 117-132.
  • Taylor, J. B. (1993, December). Discretion versus policy rules in practice. In Carnegie-Rochester conference series on public policy (Vol. 39, pp. 195-214). North-Holland.
  • Türkiye Cumhuriyeti Merkez Bankası. (2004). Yıllık Rapor. Ankara, 2005.
  • Türkiye Cumhuriyeti Merkez Bankası. (2005). Yıllık Rapor. Ankara, 2006.
  • Umut, S., (2016), Döviz Paritesi ve Oynaklığının Dış Ticaret Sektörü Üzerindeki Etkisi: Türkiye Örneği, Karadeniz Teknik Üniversitesi SBE Yüksek Lisans Tezi, Trabzon.
  • Us, V. (2004). Monetary transmission mechanism in Turkey under the monetary conditions index: an alternative policy rule. Applied Economics, 36(9), 967-976.
  • Us, V. (2007). Alternative monetary policy rules in the Turkish economy under an inflation-targeting framework. Emerging Markets Finance and Trade, 43(2), 82-101.
  • Wet, W. D. (2002). Coping with inflation and exchange rate shocks in the South African economy. South African Journal of Economics, 70(1), 78-94.
  • Vokshi, A. (2013). A Monetary Conditions Index for Albania. Annales Universitatis Apulensis: Series Oeconomica, 15(1), 205.
  • Xiong, W. (2012). Constructing the monetary conditions index for China. Frontiers of Economics in China, 7(3), 373-406.

TÜRKİYE’DE PARA POLİTİKASI UYGULAMALARINDA DÖVİZ KURUNUN ÖNEMİ PARASAL DURUM ENDEKSİ ANALİZİ

Year 2019, Issue: 111, 51 - 78, 30.04.2019

Hakan Eryüzlü , Tayfur Bayat , İzzet Taşar

https://doi.org/10.33203/mfy.455835
Cited By: 2

Abstract

Para politikası
otoritesi olarak merkez bankaları, günümüzde, amaç veya araç yönlerinden
bağımsızlıklara sahiptir. Türkiye Cumhuriyet Merkez Bankası (TCMB) 2001
yılından bu yana “fiyat istikrarını sağlamak amacı” ile araç yönünden bağımsız
durumdadır. TCMB, 2001 yılında bu yana kısa vadeli faiz oranın temel politika
aracı olduğu ve döviz kurunun daha çok piyasa mekanizmasına terk edildiği “enflasyon
hedeflemesi” rejimini uygulamaktadır. TCMB döviz kuru kontrolü sağlama amacı
gütmemekte ve döviz kurunun ekonomi üzerindeki etkisinin azalacağını
öngörmüştür. Çalışmada Türkiye için döviz kurlarının faiz oranları kadar önemli
değişken olduğu savı faiz oranları yanında döviz kurunun da ayarlandığı kuralı
ifade eden “Parasal durum Endeksi (MCI)” ile sınanmıştır. 

Keywords

Para Politikası Parasal Durum Endeksi merkez bankası

References

  • Açcı, Yunus., & Tasar, I. (2016). An Analysıs On Monetary Condıtıon Index In Turkey By Usıng Structural Var Analysıs. Ecoforum Journal, 5(2).
  • Batini, N., & Turnbull, K. (2000). Monetary conditions indices for the UK: A survey (No. 01). External MPC Unit Discussion Paper.
  • BİRKAN, A. Ö. (2010). An Indicator of Monetary Conditions for Turkey. Ekonomik Yaklasim, 21(74), 23-38.
  • Bofinger, P., & Wollmershäuser, T. (2001). Managed floating: understanding the new international monetary order.
  • Burger, P., & Knedlik, T. (2004). The MCI as a monetary policy guide in a small, open emerging market economy. South African Journal of Economics, 72(2), 365-383.
  • Carstens, C. K., (2004). Monetary Policy Rules: The Taylor Rule and the Monetary Condition Index, Seminar in International Macroeconomics, 7(25), 1-17.
  • Chadha, J. S., Sarno, L., & Valente, G. (2004). Monetary policy rules, asset prices, and exchange rates. IMF Staff Papers, 51(3), 529-552.
  • Esteves, P. S. (2003). Monetary conditions index for Portugal. Banco de Portuqal Economic Bulletin, 25-31.
  • Friedman, C., (1996), The Transmission of Monetary Policy in Canada, The Use of Indicators and of the Monetary Conditions Index in Canada, Bank of Canada, Kanada
  • Gerlach, S., & Smets, F. (2000). MCIs and monetary policy. European Economic Review, 44(9), 1677-1700.
  • Guender, A. V. (2005). On optimal monetary policy rules and the construction of MCIs in the open economy. Open economies review, 16(2), 189-207.
  • Osborne-Kinch, J., & Holton, S. (2010). A discussion of the monetary condition index. Quarterly Bulletin, 1, 68-80..Ilzetzki, E., Mendoza, M. E. G., & Gramont, M. C. A. V. (2009). How big (small?) are fiscal multipliers? (No. 11-52). International Monetary Fund.
  • Kannan, R., Sanyal, S., & Bhoi, B. B. (2007). Monetary conditions index for India. RBI Occasional Papers, 27, 57-86.
  • Kucharčuková, O. B., Claeys, P., & Vašíček, B. (2016). Spillover of the ECB's monetary policy outside the euro area: How different is conventional from unconventional policy?. Journal of Policy Modeling, 38(2), 199-225.
  • Mishkin, F. S. (2008). How should we respond to asset price bubbles?. Financial Stability Review, 12, 65-74.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326.
  • Poon, W. C. (2010). Augmented MCI: An indicator of monetary policy stance for ASEAN-5. Munash University, Department of economics discussion paper, 25(10), 1-19.
  • Poon, W. C. (2011). A Monetary Policy Rule: The AMCI for the Philippines Using UECM and Bounds Test. IUP Journal of Bank Management, 10(4), 16.
  • Qayyum, A. (2002). Monetary conditions index: A composite measure of monetary policy in Pakistan. The Pakistan Development Review, 551-566.
  • Siklos, P. L. (2000). Is the MCI a useful signal of monetary policy conditions? An empirical investigation. International Finance, 3(3), 413-437.
  • Süslü, B., & Dişbudak, C. (2012). TCMB’nin Para Politikası Duruşunun Alternatif Açıklaması: Parasal Durum Endeksi (MCI). Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 19(2), 67-85.
  • Sözer, Ç., (2013), Türkiye Cumhuriyet Merkez Bankası Para Politikalarının Banka Bilançolarına Etkisi, Başkent Üniversitesi SBE Yüksek Lisans Tezi, Ankara.
  • Stark, J. (2008, March). Main Challenges for Monetary Policy in a Globalised World. In Proceedings of the Monetary Policy in Sub Saharan Africa: Practice and Promise conference.
  • Stevens, G. R. (1998). Pitfalls in the use of monetary conditions indexes. Reserve Bank of Australia Bulletin, 8, 1-10.
  • Svensson, L. E., (2000) Open-economy inflation targeting, Journal of international economics, 50(1), 155-183.
  • Siklar, I., & Dogan, B. (2015). Monetary Condition Index with Time Varying Weights: An Application to Turkish Data. Business and Economic Research, 5(1), 117-132.
  • Taylor, J. B. (1993, December). Discretion versus policy rules in practice. In Carnegie-Rochester conference series on public policy (Vol. 39, pp. 195-214). North-Holland.
  • Türkiye Cumhuriyeti Merkez Bankası. (2004). Yıllık Rapor. Ankara, 2005.
  • Türkiye Cumhuriyeti Merkez Bankası. (2005). Yıllık Rapor. Ankara, 2006.
  • Umut, S., (2016), Döviz Paritesi ve Oynaklığının Dış Ticaret Sektörü Üzerindeki Etkisi: Türkiye Örneği, Karadeniz Teknik Üniversitesi SBE Yüksek Lisans Tezi, Trabzon.
  • Us, V. (2004). Monetary transmission mechanism in Turkey under the monetary conditions index: an alternative policy rule. Applied Economics, 36(9), 967-976.
  • Us, V. (2007). Alternative monetary policy rules in the Turkish economy under an inflation-targeting framework. Emerging Markets Finance and Trade, 43(2), 82-101.
  • Wet, W. D. (2002). Coping with inflation and exchange rate shocks in the South African economy. South African Journal of Economics, 70(1), 78-94.
  • Vokshi, A. (2013). A Monetary Conditions Index for Albania. Annales Universitatis Apulensis: Series Oeconomica, 15(1), 205.
  • Xiong, W. (2012). Constructing the monetary conditions index for China. Frontiers of Economics in China, 7(3), 373-406.
There are 35 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hakan Eryüzlü 0000-0003-3715-0021

Tayfur Bayat

İzzet Taşar

Publication Date April 30, 2019
Submission Date August 29, 2018
Published in Issue Year 2019 Issue: 111

Cite

APA Eryüzlü, H., Bayat, T., & Taşar, İ. (2019). TÜRKİYE’DE PARA POLİTİKASI UYGULAMALARINDA DÖVİZ KURUNUN ÖNEMİ PARASAL DURUM ENDEKSİ ANALİZİ. Maliye Ve Finans Yazıları(111), 51-78. https://doi.org/10.33203/mfy.455835

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