BibTex RIS Kaynak Göster

BULGARİSTAN’DA FAİZ ORANI GEÇİŞKENLİĞİ

Yıl 2013, Cilt: 2 Sayı: 4, 0 - 0, 01.07.2013

Öz

Çalışma, para kurulu kapsamında faiz oranı geçişkenliğini ve piyasa faiz oranlarındaki değişikliklerin perakende
faiz oranları üzerindeki etkinliğini incelemektedir. (Buna finansal olmayan işletmeler için bankaların kredi faizleri dahildir.)
Bu doğrultuda, para faiz oranları ve perakende piyasası arasındaki denge ilişkisi tanımlanmış, kısa vade için hata düzeltme
modeli kullanılarak formüle edilmiştir. Simetrik faiz oranı aktarımı ve etkin bir para politikası için banka kredilerinin
koşulları büyük önem taşımaktadır. Aktarım mekanizması fonksiyonunun etkin olması, özel sektör tecrübesinin krediye
ulaşımı geliştirmesi ve krediler üzerindeki düşük faiz oranları para politikaısnın etkilerini arttırmaktadır. Para kurulu
durumunda merkez bankasının doğrudan para piyasasına müdahale etmesiyle bağlantılı olarak, para politikası çeşitli
kısıtlamalarla karşı karşıya kalmaktadır. Bulgaristan Merkez Bankası yalnız, para kurulu kapsamında para sistemiyle uyumlu
politika araçlarını uygulamaktadır.

Kaynakça

  • Angeloni, I., A. K. Kashyap, and B. Mojon, eds. (2003). Monetary policy transmission in the Euro Area. Cambridge: Cambridge University Press.
  • BNB, Interest rate statistics, Interbank money market indices.
  • BNB,www.bnb.bg http://www.bnb.bg/Statistics/StMonetaryInterestRate/StInterestRate/StIR/InterestRate/index.htm
  • De Bondt, G. (2002). Retail bank interest rate pass-trough: New evidence at the Euro area level, ECB WP No. 136.
  • Granger, C. W. J., Huang, B.-N., and Yang, C.-W. (2000). A bivariate causality between stock prices and exchange rates: evidence from recent Asian Asianflu. The Quarterly Review of Economics and Finance, 40(3):337{354}.
  • Granger, C.W.J. (1969). Investigating Casual Relations by econometric models and cross-spectral methods. Econometrica, Vol. 37, No. 3, pp. 424-438.
  • Kobayashi, T. (2008). Incomplete Interest Rate Pass-Through and Optimal Monetary Policy. International Jourenal of Central Banking, September 2008
  • Petkov, P. (2009). Interaction between GDP and export in Bulgarian economics. Economic alternatives/6, p.41.
  • Scholnick, B. (1996). Assymetric adjustments of commercial bank interest rates:evidence from Malaysia and Singapore, Journal of International money and Finance, Vol.15, No.3, p. 485-496.
  • Sorensen, C., T. Werner. (2006). Bank interest rate pass through in the euro area. A cross country comparison, ECB, WP, No. 580.
  • Statev, S. (2008). Financial deepening and economic growth. News. University of Economics, Varna, issue 2, p. 22
  • Swanson, N. R. and Granger, C. W. J. (1997). Impulse response functions based on a causal approach to residual orthogonalization in vector autoregressions. Journal of the American Statistical Association, Vol. 92, pp. 357–367.
  • Tieman, A. (2004). Interest rate pass through in romania and other central european economies, IMF, WP/04/211

INTEREST RATE PASS-THROUGH IN BULGARIA

Yıl 2013, Cilt: 2 Sayı: 4, 0 - 0, 01.07.2013

Öz

This paper examines the interest rates pass through process under currency board and how efficiently changes in market interest rates are transmitted to retail interest rates (including bank lending rates on loans for non-financial enterprises). For that purpose, the equilibrium relationship between interest rates at money and retail markets is defined and the adjustment for short run relationship is formulated using an error correction model. Terms and conditions of bank loans are very important for symmetric interest rate transmission and efficient monetary policy. The effects of monetary policy increase when transmission mechanism function effectively and private sector experience improved credit access and low interest rates on loans. In case of currency board, monetary policy faces various constrains related to central banks direct intervention in money market. The Bulgarian Central Bank applies only policy instruments that are compliant with the monetary system under currency board

Kaynakça

  • Angeloni, I., A. K. Kashyap, and B. Mojon, eds. (2003). Monetary policy transmission in the Euro Area. Cambridge: Cambridge University Press.
  • BNB, Interest rate statistics, Interbank money market indices.
  • BNB,www.bnb.bg http://www.bnb.bg/Statistics/StMonetaryInterestRate/StInterestRate/StIR/InterestRate/index.htm
  • De Bondt, G. (2002). Retail bank interest rate pass-trough: New evidence at the Euro area level, ECB WP No. 136.
  • Granger, C. W. J., Huang, B.-N., and Yang, C.-W. (2000). A bivariate causality between stock prices and exchange rates: evidence from recent Asian Asianflu. The Quarterly Review of Economics and Finance, 40(3):337{354}.
  • Granger, C.W.J. (1969). Investigating Casual Relations by econometric models and cross-spectral methods. Econometrica, Vol. 37, No. 3, pp. 424-438.
  • Kobayashi, T. (2008). Incomplete Interest Rate Pass-Through and Optimal Monetary Policy. International Jourenal of Central Banking, September 2008
  • Petkov, P. (2009). Interaction between GDP and export in Bulgarian economics. Economic alternatives/6, p.41.
  • Scholnick, B. (1996). Assymetric adjustments of commercial bank interest rates:evidence from Malaysia and Singapore, Journal of International money and Finance, Vol.15, No.3, p. 485-496.
  • Sorensen, C., T. Werner. (2006). Bank interest rate pass through in the euro area. A cross country comparison, ECB, WP, No. 580.
  • Statev, S. (2008). Financial deepening and economic growth. News. University of Economics, Varna, issue 2, p. 22
  • Swanson, N. R. and Granger, C. W. J. (1997). Impulse response functions based on a causal approach to residual orthogonalization in vector autoregressions. Journal of the American Statistical Association, Vol. 92, pp. 357–367.
  • Tieman, A. (2004). Interest rate pass through in romania and other central european economies, IMF, WP/04/211
Toplam 13 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA82BS99YV
Bölüm Araştırma Makalesi
Yazarlar

Dimitrina Stoyancheva Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2013
Yayımlandığı Sayı Yıl 2013 Cilt: 2 Sayı: 4

Kaynak Göster

APA Stoyancheva, D. (2013). BULGARİSTAN’DA FAİZ ORANI GEÇİŞKENLİĞİ. Balkan Sosyal Bilimler Dergisi, 2(4).