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Parasal Aktarim Mekanizmasi: Firma Bilanço Kanali ve Türkiye

Author

Listed:
  • Ümit Koc

    (Türkiye Cumhuriyet Merkez Bankasý, Biliþim Teknolojileri Genel Müdürlüðü)

  • Hasan Sahin

    (Ankara Üniversitesi, Siyasal Bilgiler Fakültesi, Ýktisat Bölümü)

Abstract

Parasal aktarým mekanizmasýnýn firma bilanço kanalýna göre finansal kýsýtý olan firmalar dýþ finansman daha pahalý oldu- ðu için iç finansmana yönelmektedir. Firma bilanço kanalýnýn çalýþmasý para ve maliye politikasý yapýcýlarýnýn aldýklarý kararlarda bu kanalýn yaratacaðý etkileri dikkate almalarýný gerektirmektedir. Reel faizlerin artmasý firmalarýn borçlarýnýn artmasý- na, net deðerlerinin düþmesine ve dolayýsýyla dýþ finansmanýn marjinal maliyetinin artmasýna yol açmaktadýr. Bu durumun doðal sonucu ise firmanýn yatýrým yapma ve istihdam yaratma kabiliyetlerinin azalmasýdýr. Yatýrýmlarýn nakit akýmýna duyarlý ve bununla pozitif iliþkili olduðu bir ortamda firma bazýnda nakit akýmýnýn artmasý yatýrýmlarýn artmasý anlamýna gelmektedir. Bu çalýþmada firma yatýrýmlarýnýn reel faiz, reel kur, nakit akýmý ve satýþlar ile iliþkileri araþtýrýlmýþtýr. Panel veri analizi ile TCMB’nýn veri tabaný kullanýlarak yapýlan çalýþma ve bulgular çerçevesinde Türkiye için firma bilanço kanalýnýn çalýþtýðý bulgusuna ulaþýlmaktadýr.

Suggested Citation

  • Ümit Koc & Hasan Sahin, 2015. "Parasal Aktarim Mekanizmasi: Firma Bilanço Kanali ve Türkiye," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 15(1), pages 19-26.
    • Handle: RePEc:ege:journl:v:15:y:2015:i:1:p:19-26
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    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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