YENİ PARA POLİTİKASI ARAYIŞLARI BAĞLAMINDA PARASAL AKTARIM MEKANİZMASI FAİZ KANALININ İŞLEYİŞİ: TÜRKİYE VE ENDONEZYA ÜLKE ÖRNEKLERİ

Musa Atgür; N. Oğuzhan Altay

doi:10.17130/ijmeb.2018343113

THE FUNCTIONING OF THE INTEREST RATE CHANNEL OF MONETARY TRANSMISSION MECHANISM IN THE CONTEXT OF THE SEARCH FOR A NEW MONETARY POLICY: TURKEY AND INDONESIA COUNTRIES EXAMPLES

Yıl 2018, Cilt: 14 Sayı: 3, 601 - 624, 01.06.2018

Musa Atgür N. Oğuzhan Altay

https://doi.org/10.17130/ijmeb.2018343113

Cited By: 1

Öz

In this paper, they were examined the effectiveness of the interest rate channels of the monetary transmission mechanism in Turkey and Indonesia. The periods examined 2002:I-2013:II for Turkey and 2001:I-2013:I for Indonesia. Vector Autoregressive VAR and Factor Augmented Vector Autoregressive FAVAR the application of econometric methods for both Countries, obtained the findings of this paper, according to VAR Model impulserespons efunctions results showed that partially work of the interest rate channel in Turkey and Indonesia. FAVAR Model impulse-response functions results have pointed out that partially works of the interest rate channel in Indonesia

Anahtar Kelimeler

Monetary Policy, Monetary Transmission Mechanism

Kaynakça

Arabacı, Ö., & Baştürk, M. F. (2013). Faiz oranı kanalının 2001-2008 döneminde Türkiye’de etkinliğinin değerlendirilmesi. Anadolu University Journal of Social Sciences,13(2), 15- 33.
Artar, O. (2011). Türkiye’de para politikası kanallarının makroekonomik değişkenler üzerindeki etkisi: Vektör otoregresyon (VAR) analizi. Marmara Sosyal Araştırmalar Dergisi, 1, Aralık 2011.
Başçı, E., Özel, Ö., & Sarıkaya, Ç. (2007). The monetary transmission mechanism in Turkey: New developments. CBRT Research and Monetary Policy Dep. Working Paper No: 07/04, June, 1-28.
Bernanke, B. S., & Blinder, A. S. (1992). Federal funds rate and the channels of monetary transmission. American Economic Review, 82, 901-21.
Bernanke, B. S., Boivin, J., & Eliasz, P. (2005). Measuring the effects of monetary policy: A factor-augmented vector autoregressive (FAVAR) Approach. The Quarterly Journal of Economics, 120(1), 387-422.
Binici, M., B., Kara, H., & Özlü, P. (2016). Faiz koridoru ve banka faizleri: Parasal aktarım mekanizmasına dair bazı bulgular. TCMB Çalışma Tebliği No: 16/8, Mart, Ankara
Bofinger, P. (2001). Monetary policy. New York: Oxford University Press.
Boivin, J., Giannoni, M.P., & Mojon, B. (2008). How has the euro changed the monetary transmission?. NBER Working Papers 14190, National Bureau of Economic Research, Inc.
Boivin, J., Giannoni, M.P., & Stevanović, D. (2010). Monetary transmission in a small open economy: More data fewer puzzles. Manuscript, HEC Montreal, Erişim tarihi: 17.03.2015, https://www0.gsb.columbia.edu/faculty/mgiannoni/papers/ BGS_SOE.pdf
Boivin, J., Kiley, M., & Mishkin, F.S. (2010). How has the monetary transmission mechanism evolved over time?. NBER Working Papers 15879, National Bureau of Economic Research, Inc.
Butkiewicz, J. L., & Ozdogan, Z. (2009). Financial crisis, monetary policy reform and the monetary transmission mechanism in Turkey. Working Paper Series 2009-04, Department of Economics, Alfred Lerner College of Business&Economics, University of Delaware.
Büyükakın, F., Cengiz, V., & Türk, A. (2009). Parasal aktarım mekanizması: Türkiye’de döviz kuru kanalının VAR analizi. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(24), 171-198.
Cambazoğlu,B., & Güneş, S. (2011). Monetary transmission mechanism in Turkey and Argentina. International Journal of Economics and Finance Studies, 3(2), 23-33.
Cambazoğlu, B., & Karaalp, H.S. (2012). Parasal aktarım mekanizması döviz kuru kanalı: Türkiye örneği. Yönetim ve Ekonomi, 19(2), 53-66.
Erdoğan, S., & Beşballı, S.G. (2009). Türkiye’de banka kredileri kanalının işleyişi üzerine ampirik bir analiz. Doğuş Üniversitesi Dergisi, 11(1), 28-41.
IMF (2013). International financial statistics CD-ROM, Washington DC: International Monetary Fund.
Ireland, P.N. (2005). The monetary transmission mechanism. Federal Reserve Bank of Boston, Working Paper 06-1.
Kutlar, A. (2000). Ekonometrik zaman serileri. Ankara: Gazi Kitabevi.
Lütkepohl, H. (2007). Econometric analysis with vector autoregressive models. EUI Working Papers, ECO 2007/11. 1-56.
MacKinnon, J. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics. 6(11), 601-618.
Mishkin, F. (1995). Symposium on the monetary transmission mechanism. Journal of Economics Perspective, 3(9), 3-10.
Örnek İ, (2009). Türkiye’de parasal aktarım mekanizması kanallarının işleyişi. Maliye Dergisi, 156 (1), 104-125.
Romer, C. D., & Romer, D. H. (2004). A new measure of monetary shocks: Derivation and implications. American Economic Review, 94(4), 1055-1084.
Seyrek, İ., Duman, M., & Sarıkaya, M. (2004). Parasal aktarım mekanizması ve para politikası aracı: Türkiye’de aktarım mekanizması. C.Ü. İktisadi İdari Bilimler Dergisi, 1(5).
Sims, C. A. (1992). Interpreting the macroeconomic time series facts: The effects of monetary policy. European Economic Review, 36, 975–1000.
Sznajderska, A. (2011). Monetary transmission mechanism some philosophical and methodogical aspects. Erişim tarihi; 20.11.2013, http://www.edamba.eu/ userfiles/file/ Sznajderska %20Anna.pdf
Taylor, J. B. (1995). The monetary transmission mechanism: An empirical framework. Journal of Economic Perspectives, 4(9), 11-26.
Yıldırım, D. Ç. (2013). The effectiveness of the credit channel in the Eurozone. International Journal Social Sciences, 7(6), 1251-1264.