Faiz Koridoru bir Makro Ihtiyati Arac Olabilir mi?
Abstract[TR] Kredi arzinin konjonkturel genisleme ve daralma donemlerindeki davranisi iktisadi cevrimlerin dalga boyunu artiran bir unsur olmaktadir. Nitekim geleneksel makro ihtiyati politikalarin amaclarindan biri de finansal aracilarin borc verme istahindaki asiri oynakligi sinirlayarak cevrimleri yumusatmaktir. Bu calisma, TCMB’nin son yillarda gelistirdigi araclardan biri olan asimetrik faiz koridorunun benzer bir amac icin kullanilabilecegini gostermektedir. Bu dogrultuda, calismada bankalarin kredi verme istahina ve kredi arzina dair onemli bir gosterge niteliginde olan kredi-mevduat faiz farkinin faiz koridoru ile etkilesimine odaklanilmaktadir. Elde edilen bulgular, asimetrik faiz koridoru ve likidite politikasinin bir arada aktif olarak kullanilmasiyla kredi ve mevduat faizlerinin farkli kanallardan etkilenebildigini gostermektedir. Dolayisiyla faiz koridoru, gerektiginde kredi-mevduat faiz farkini etkileyebilecek makro ihtiyati bir arac olarak kullanilabilme potansiyeli tasimaktadir. [EN] The procyclical behavior of credit supply amplifies the business cycles. One of the aims of the traditional macro-prudential policies is to smooth the business cycle fluctuations by mitigating the excessive volatility in the risk appetite of financial intermediaries. This study shows that asymmetric interest rate corridor, a new policy instrument designed by CBRT, can be used for such a purpose. In this respect, this study focuses on the interaction of the interest rate corridor with the credit-deposit spread which is an important indicator of banks’ appetite for lending and hence credit supply. Our findings suggest that through the use of an asymmetric corridor policy together with an active liquidity management strategy, monetary policy is able to affect credit and deposit rates via different channels. Therefore, the interest rate corridor has the potential to affect the credit spread and hence to be used as a macro-prudential policy tool.
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Date of creation: 2013
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