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Turkiye icin Finansal Kosullar Endeksi

Author

Listed:
  • Hakan Kara
  • Pinar Ozlu
  • Deren Unalmis

Abstract

Kuresel kriz sonrasinda para politikasi uygulamalarinin likidite ve kredi politikalarini da icerecek sekilde genisletilmesi politika durusunun degerlendirilmesi bakimindan finansal gostergelerin bir butun halinde ele alinmasinin onemini artirmistir. Bu calismada, cesitli finansal gostergelerin icerdigi bilgi toplulastirilarak Turkiye icin �finansal kosullar endeksi� gelistirilmistir. Endeks temelde kur, faiz, risk primi, kredi kosullari ve getiri egrisi gibi gostergelerin ekonomik aktiviteyi tahmin gucune gore agirliklandirilarak toplulastirilmasindan olusmaktadir. Endeksin cesitli makro gostergeler ile iliskisi incelendiginde finansal kosullar ve iktisadi faaliyet arasindaki iliskinin zaman icinde degistigi, finansal kosullar ve kredi buyumesi arasindaki iliskinin ise oldukca istikrarli bir seyir izledigi gorulmektedir. Calismada ayrica finansal kosullarin hangi olcude dis kosullar (kuresel risk istahi, ABD para politikasi ve dis talep) tarafindan belirlendigi de incelenmektedir. Elde edilen bulgular, finansal kosullardaki hareketlerin buyuk oranda dis kosullar tarafindan ac�klanabildigine isaret etmektedir.

Suggested Citation

  • Hakan Kara & Pinar Ozlu & Deren Unalmis, 2015. "Turkiye icin Finansal Kosullar Endeksi," Working Papers 1513, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1513
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    Cited by:

    1. Hakan Kara, 2016. "A brief assessment of Turkey's macroprudential policy approach : 2011–2015," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 16(3), pages 85-92.
    2. Gül, Selçuk & Taştan, Hüseyin, 2020. "The impact of monetary policy stance, financial conditions, and the GFC on investment-cash flow sensitivity," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 692-707.
    3. Gülden Poyraz & Ahmet İncekara, 2021. "On Determinants of Exchange Market Pressure in Turkey: The Role of Model Uncertainty," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 63(63), pages 199-211, June.
    4. Hakan Kara & Pinar Ozlu & Deren Unalmis, 2015. "Turkiye icin Finansal Kosullar Endeksi," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 15(3), pages 41-73.
    5. Fethi Ogunc & Cagri Sarikaya, 2015. "Enflasyonu Aciklamada Kredilerin Bilgi Degeri," CBT Research Notes in Economics 1512, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    6. Umit Bulut, 2016. "Do Financial Conditions have a Predictive Power on Inflation in Turkey?," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 621-628.

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    More about this item

    Keywords

    Financial conditions index; Monetary policy; Credit growth; Forecast performance; VAR;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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