Para Politikasinda Kaldirac Etkisi : Likidite Kanali

[TR] Bankacilik sisteminin TCMB tarafindan fonlanma ihtiyaci, 2015 yilinda bir onceki yila gore 53 milyar TL artmistir. Bankalarin TCMB fonlamasina erisim maliyeti olan agirlikli ortalama fonlama maliyetinin 32 baz puan artirildigi bu donemde, kredi faizlerinde 450 baz puana ulasan bir artis yasanmistir. Merkez Bankasi fonlama faizinde kucuk bir artisin gerceklestigi bu donemde kredi faizlerinde ortaya cikan belirgin yukselis, para politikasi aktarim mekanizmasinda “likidite kanali” olarak adlandirilan kanalin, TCMB faiz oranlarinin geciskenliginde bir kaldirac etkisi olusturabilecegine isaret etmektedir. Bu notla, 2015 yilinda izlenen para politikasinin etkileri, parasal aktarim mekanizmasinin kredi ve likidite kanallarina vurgu yapilarak incelenmistir. Calisma sonuclari, likidite kanalinin 2015 yilinda ticari ve tuketici kredi faizleri uzerinde artirici yonde ve kalici bir etki yaptigini gostermektedir. [EN] Liquidity deficit of the Turkish banking system that needs to be funded by the CBRT has increased 53 billion Turkish liras year on year in 2015. At the same period, weighted average cost of CBRT’s funding has increased 32 basis points and an increase of about 450 basis points in loan rates was observed. This observation reveals that the so-called “liquidity channel” of the monetary transmission mechanism is likely to have a leverage effect on the pass-through of CBRT’s lending rates. In this note, we analyze the impact of CBRT’s monetary policy in 2015 by emphasizing the credit and liquidity channels of the monetary transmission mechanism. The results show that the liquidity channel has a similar increasing effect in terms of magnitute and direction, on both commercial and consumer loan rates.