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Turkiye’de Para Politikasinin Aktarimi:Para Politikasinin Mali Piyasalara Etkisi

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Author Info

  • Zelal Aktas
  • Harun Alp
  • Refet Gurkaynak
  • Mehtap Kesriyeli
  • Musa Orak

Abstract

Bu calismada, para politikasi kararlarinin piyasalar tarafindan beklenen ve beklenmeyen kisimlari ayristirilarak, Merkez Bankasi’nin faiz kararlarinin finansal piyasalardaki goreli uzun vadeli faiz oranlari ve IMKB-100, IMKB-Mali, doviz kuru, risk primi gibi degiskenler uzerindeki etkisi incelenmistir. Elde edilen bulgular, politika faizi degisikliklerinin mali piyasalarda, ozellikle tahvil-bono faizleri uzerinde, etkili oldugunu gostermektedir. Ote yandan, hisse senedi fiyatlarinin para politikasi surprizlerine istatistiksel olarak anlamli bir tepki vermedikleri, doviz kuru tepkisinin ise kucuk oldugu bulunmaktadir. Dolayisiyla, para politikasi aktarim mekanizmasinin faiz kanalinin, temel olarak, piyasa faizleri araciligiyla etkili oldugu ortaya cikmaktadir.

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Bibliographic Info

Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series Working Papers with number 0811.

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Date of creation: 2008
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Handle: RePEc:tcb:wpaper:0811

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References

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  1. Gurkaynak, Refet S. & Sack, Brian T. & Swanson, Eric P., 2007. "Market-Based Measures of Monetary Policy Expectations," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 25, pages 201-212, April.
  2. Kenneth N. Kuttner, 2000. "Monetary policy surprises and interest rates: evidence from the Fed funds futures markets," Staff Reports, Federal Reserve Bank of New York 99, Federal Reserve Bank of New York.
  3. Özge AKINCI & Burcu GÜRCİHAN & Refet GÜRKAYNAK & Özgür ÖZEL, 2007. "Devlet iç borçlanma senetleri için getiri eğrisi tahmini," Iktisat Isletme ve Finans, Bilgesel Yayincilik, Bilgesel Yayincilik, vol. 22(252), pages 5-25.
  4. Refet S. Gürkaynak & Brian Sack & Eric Swanson, 2005. "The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models," American Economic Review, American Economic Association, American Economic Association, vol. 95(1), pages 425-436, March.
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Citations

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Cited by:
  1. Duran, Murat & Özcan, Gülserim & Özlü, Pınar & Ünalmış, Deren, 2012. "Measuring the impact of monetary policy on asset prices in Turkey," Economics Letters, Elsevier, Elsevier, vol. 114(1), pages 29-31.
  2. Refet S. Gürkaynak & Jonathan H. Wright, 2013. "Identification and Inference Using Event Studies," Manchester School, University of Manchester, University of Manchester, vol. 81, pages 48-65, 09.
  3. Harun Alp & Hakan Kara & Gursu Keles & Refet Gurkaynak & Musa Orak, 2010. "Turkiye’de Piyasa Gostergelerinden Para Politikasi Beklentilerinin Olculmesi," Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1011, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  4. Pinar Ozlu & Deren Unalmis, 2012. "Makroekonomik Gostergelerin Doviz Kurlari Uzerine Etkisi," CBT Research Notes in Economics, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1221, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  5. Yıldız AKKAYA & Refet S. GÜRKAYNAK, 2012. "Cari açık, bütçe dengesi, finansal istikrar ve para politikası: Heyecanlı bir dönemin izi," Iktisat Isletme ve Finans, Bilgesel Yayincilik, Bilgesel Yayincilik, vol. 27(315), pages 93-119.
  6. H. Burcu Gurcihan & Ozgur Ozel, 2010. "Kuresel Finansal Kriz Doneminde Para Politikasi Kurulu Kararlarinin Piyasa Getirileri Uzerindeki Etkisi," CBT Research Notes in Economics, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1010, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  7. Murat Duran & Gulserim Ozcan & Pinar Ozlu & Deren Unalmis, 2010. "Measuring the Impact of Monetary Policy on Asset Prices in Turkey (Turkiye’de Para Politikasinin Finansal Varlik Fiyatlari Uzerine Etkisi)," Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1017, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  8. Murat Duran & Refet Gurkaynak & Pinar Ozlu & Deren Unalmis, 2010. "TCMB Faiz Kararlarinin Piyasa Faizleri Ve Hisse Senedi Piyasalari Uzerine Etkisi," CBT Research Notes in Economics, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1008, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  9. Eda Gulsen & Ibrahim Burak Kanli & Neslihan Kaya, 2010. "Kuresel Kriz Doneminde TCMB’nin Faiz Kararlarinin Kur Uzerindeki Etkisine Dair Bir Analiz," CBT Research Notes in Economics, Research and Monetary Policy Department, Central Bank of the Republic of Turkey 1011, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  10. Murat Duran & Pinar Ozlu & Deren Unalmis, 2010. "TCMB Faiz Kararlarinin Hisse Senedi Piyasalari Uzerine Etkisi," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 10(2), pages 23-32.

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