TÜRKİYE’DE BERNANKE- BLINDER MAL KREDİ (CC) YAKLAŞIMININ TVP VAR TEKNİĞİ İLE ANALİZİ

Öz

Bu çalışmanın amacı Bernanke ve Blinder (1988)’in Mal-Kredi (CC) yaklaşımının, Türkiye’de parasal aktarım mekanizmasının kredi kanalı çerçevesinde analiz edilmesidir. Çalışmada para politikasının kredi kanalı ile meydana getirdiği etkiler zamana göre değişen parametreli VAR (TVP-VAR) tekniği ile çeyreklik verilerle 1992Q1-2016Q1 dönemi için incelenmiştir. Uygulama sonuçlarından hareketle, kredi kanalının etkinliği TCMB’nin finansal istikrar hedefi doğrultusunda analiz edilmiş ve politika önerileri geliştirilmiştir. Ulaşılan sonuçlar; Bernanke ve Blinder’in Mal-Kredi (CC) yaklaşımının Türkiye’de geçerliliğini göstermektedir. Ayrıca söz konusu mekanizmanın özellikle finansal istikrar hedefiyle birlikte 2010 sonrası dönemde daha etkin işlediği görülmektedir.

Anahtar Kelimeler

• Mal-Kredi (CC) Eğrisi,parasal aktarım mekanizması: banka kredi kanalı,TVP-VAR,BLC Modeli

ANALYSIS OF BERNANKE- BLINDER COMMODITY CREDIT (CC) APPROACH IN TURKEY WITH TVP VAR TECHNIQUE

Öz

The aim of the study is to analyze the Bernanke and Blinder (1988)’s Commodity-Credit approach within the framework the credit channel of the monetary transmission mechanism in Turkey. In this study, the effects that monetary policy turns out through the credit channel are examined by means of the time varying parameter VAR (TVP-VAR) technique with quarterly data for the period 1992Q1-2016Q1. Efficiency of the credit channel is investigated in accordance with the financial stability aim of the TRCB and policy recommendations are developed according to the results. The findings show that Bernanke and Blinder Commodity-Credit (CC) approach is valid in Turkey. Besides, it seems that the so-called mechanism, especially with the financial stability goal, works more effectively in the period after 2010.

Anahtar Kelimeler

• Commodity-Credit (CC) Curve,monetary transmission mechanism: credit channel,TVP-VAR

Kaynakça

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