THE IMPACT OF MONETARY POLICY DECISIONS ON THE STOCK PRICES DURING THE PERIOD OF INFLATION TARGETING: AN EMPRICAL STUDY IN BIST
Öz
an important issue both for policy makers and financial investors. In this context this study investigates the impact of monetary policy decisions on the stock prices during the period of inflation targeting. We used Johansen cointegration test and VAR/VEC methods in order to analyze the relationships between various BIST stock indices, overnight interbank interest rate, and USD-Turkish Lira exchange rate. Results demonstrate that interest rate shocks impact stock prices negatively and this impact is permanent.
Anahtar Kelimeler
Monetary Policy Stock Markets Stock Indices Inflation Targeting
Öz
q yatırım teorisinin para politikasının aktarım mekanizması açısından îmâ ettiği önemli nokta, q ile yatırım harcamaları arasındaki ilişkidir. Monetarist yaklaşıma göre para arzında ekonomik birimlerin talep ettiklerinden daha yüksek oranlı artışlar sonucunda ekonomik birimler harcamalarını arttırarak portföylerindeki para miktarını azaltacaktır.
Ayrıntılar
| Bölüm | Articles |
|---|---|
| Yazarlar | |
| Yayımlanma Tarihi | 29 Mart 2015 |
| Yayımlandığı Sayı | Yıl 2015 Cilt: 2 Sayı: 1 |
Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.
Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract and method).
Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.