Türkiye’de Faiz Kanalı İle Parasal Aktarım Mekanizması

Year 2009, Volume: 4 Issue: 2, 57 - 72, 01.10.2009

Seyfettin Erdoğan Durmuş Çağrı Yıldırım

Abstract

Parasal otoritenin kısa vadeli faiz oranlarında yapacağı bir değişiklik, doğrudan sermaye kulla‐ nım maliyetini etkileyerek firmaların yatırım davranışını ve hane halkının dayanıklı tüketim malları harcamalarını etkiler. Para politikası literatüründe, söz konusu etkileşim süreci, parasal aktarımın faiz kanalı kavramı ile ifade edilir. Bu çalışmada, faiz kanalının işleyişi Türkiye özelinde incelenmektedir. Bu amaçla, 1995:01‐ 2007:09 dönemine ilişkin veriler kullanılarak VAR metodolojisinden yararlanılmıştır. Elde edilen bulgular, faiz oranı kanalının parasal aktarım sürecinde önemli bir rol oynadığını göstermek‐ tedir.

Keywords

Parasal aktarım mekaniz‐ ması, faiz kanalı, VAR modeli, para politikası.

Monetary Transmission Through Interest Rate Channel in Turkey

Abstract

A change in the short term interest rate made by central bank directly affects the firms’ decisions about investment expenditure and household spending on durable goods. This process is defined as interest rate channel. The aim of this paper is to investigate empirically the interest rate channel of monetary transmis‐ sion in Turkey, using a VAR method in the 1995:01‐2007:09 period. The empirical findings indicate that interest rate channel plays an important role in the monetary transmission mechanism

Keywords

Monetary transmission mechanism, interest rate channel, VAR model, monetary policy.

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