Uluslararası Aktarım Kanalı Bağlamında Geleneksel ve Geleneksel Olmayan Para Politikası Stratejileri Üzerine Bir Karşılaştırma

Durmuş Çağrı Yıldırım; Buket Kırcı

doi:10.17233/sosyoekonomi.2020.04.07

Research Article

A Comparison on Conventional and Unconventional Monetary Policy Strategies in the Context of International Transmission Channel

Year 2020, , 141 - 155, 31.10.2020

Durmuş Çağrı Yıldırım , Buket Kırcı

https://doi.org/10.17233/sosyoekonomi.2020.04.07

Cited By: 2

Abstract

In this study, the effectiveness of conventional and unconventional monetary policy strategies is investigated for developing countries (Romania, Poland, Hungary and Turkey) for 2008:1-2017:5 period with panel VAR methodology. Results show that in the post-global crisis period, conventional policy implementations cannot create meaningful and lasting effects on GDP in developing countries. It has been seen that unconventional monetary policy doesn’t have a statistically significant effect on inflation, while its most severe and permanent effect is observed on the real effective exchange rate.

Keywords

Monetary Transmission Mechanism, International Transmission Mechanism, Unconventional Monetary Policies, Panel VAR Analysis

References

Albertazzi, U. & A. Nobili & F.M. Signoretti (2016), “The Bank Lending Channel of Conventional and Unconventional Monetary Policy: Evidence From a Panel of Euro-Area Banks”, Banca d’Italia, Economic Outlook and Monetary Policy Directorate, 1094, 1-26.
Arun, K. & D.Ç. Yıldırım (2017), “Effects of foreign direct investment on intellectual property, patents and R&D”, Queen Mary Journal of Intellectual Property, 7(2), 226-241.0
Baltagi, B.H, & M.H. Pesaran (2007), “Heterogeneity and cross section dependence in panel data models: theory and applications introduction”, Journal of Applied Econometrics, 22(2), 229-232.
Başçı, E. & H. Kara (2011), “Finansal İstikrar ve Para Politikası”, Türkiye Cumhuriyeti Merkez Bankası Çalışma Tebliği, No: 11/08.
Bernanke, B.S. (2017), “Monetary Policy in a New Era”, Rethinking Macroeconomic Policy Peterson Institute for International Economics, 12, 1-48.
Çevik, E.I. & D.Ç. Yıldırım (2018), “Para Politikası Tercihleri ile İşsizlik Oranları Arasındaki İlişki”, Ege Akademik Bakış, 18(1), 31-45.
Erdoğan, S. & D.Ç. Yıldırım (2009), “Türkiye’de Faiz Kanalı ile Parasal Aktarım Mekanizması”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 4(2), 57-72.
Erdoğan, S. & D.Ç. Yıldırım (2010), “Is there an interest rate channel for monetary policy in Turkey?”, METU Studies in Development, 37(3), 247-266.
Erdoğan, S. & D.Ç. Yıldırım (2011), “Türkiye'de döviz kuru kanalının işleyişi: VAR modeli ile bir analiz”, İstanbul Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 39(2008), 94-108.
Ersoy, H. & G. Işıl (2016), “Küresel Finans Kriz Sonrası Merkez Bankası Para Politikaları ve Finansal Sistem Üzerine Etkileri”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 29, 349-374.
Galariotis, E. & P. Makrichoriti & S. Spyrou (2017), “The Impact of Conventional and Unconventional Monetary Policy on Expectations and Sentiment”, Journal of Banking And Finance, 86, 1-20.
Gambacorta, L. & B. Hofmann & G. Peersman (2014), “The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis”, The Ohio State University. Journal of Money, Credit and Banking, 46(4), 615-642.
Halova, K. (2015), The Impact of Unconventional Monetary Policy of ECB to Central and Eastern European Countries: A Panel VAR Analyssis, Faculty of Social Sciences, Institute of Economic Studies.
Khan, G.A. (2010), “Monetary Policy Under a Corridor Operating Framework”, Federal Reserve Bank of Kansas City, Economic Review, Fourth Quarter, 5-25.
Mishkin, F. (2013), The Economics of Money, Banking and Financial Markets, London, England: British Library Cataloguing Publication Data, Tenth Edition.
Nolte, F. (2003), Die Transmission Monetärer Impulse, Europäischer Verlag der Wissenschaften, Frankfurt.
Orhan, Z.O. & S. Erdoğan (2015), İktisada Giriş, Umuttepe Yayınevi.
Palley, T.I. (1997), “Optimal Monetary Policy in the Presence of a Monetarist Transmission Mechanism”, Economics Letters, 55(1), 109-114.
Perera, A. (2010), Monetary Policy in Turbulent Times: Impact of Unconventional Monetary Policies, 1-68.
Pesaran, M.H. (2004), “General Diagnostic Tests for Cross-Sectional Dependence in Panels”, University of Cambridge, Cambridge Working Papers in Economics, 435.
Pesaran, M.H. (2007), “A Simple Panel Unit Root Test in the Presence of Cross‐Section Dependence”, Journal of Applied Econometrics, 22(2), 265-312.
Sheedy, K.D. (2017), “Conventional and Unconventional Monetary Policy Rules”, Journal of Macroeconomics, 54, 127-147.
Smaghi, L.B. (2009) “Conventional and Unconventional Monetary Policy”, (Speech at the Center for Monetary and Banking Studies), BIS Review, 52, 1-14.
Tufaner, M.B. & K. Uslu & İ. Sözen (2016), “Faiz Koridoru Uygulamasının Merkez Bankası Politikalarına Etkisi”, International Conference on Eurasian Economies, 658-666.
Wu, J.C. & F.D. Xia (2016), “Measuring The Macroeconomic Impact of Monetray Policy A The Zero Lower Bound”, Journal of Money, NBER Working Paper, 20117.
Yıldırım, D.Ç. & M.U. Mirasedoğlu (2015), “Aktarım Mekanizmasının Hisse Senedi Fiyatları Kanalının Etkinliğine İlişkin Bir Analiz”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 16(2), 105-125.
Yıldırım, D.Ç. & S. Erdoğan (2014), “Parasal aktarım mekanizması konut fiyatları kanalı üzerine ampirik bir analiz”, The Journal of Social Sciences Research, 23, 19-32.
Yıldırım, D.Ç. & S. Yıldırım & I. Demirtas (2019), “Investigating energy consumption and economic growth for BRICS-T countries”, World Journal of Science, Technology and Sustainable Development, 16(4), 184-195.