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Para Politikasi Beklentilerinin Sermaye Piyasalari Üzerindeki Etkisi

Author

Listed:
  • Selva Demiralp

    () (Koc University)

  • Kamil Yilmaz

    () (Koc University)

Abstract

Bu calismada TCMB para politikasi ile ilgili beklentilerin sermaye piyasalari uzerindeki etkisi incelenmektedir. Etkin piyasa hipotezinin (“efficient market hypothesis”) gecerli olmasi durumunda merkez bankasi tarafindan yapilan faiz karari aciklamasini takiben sermaye piyasalarinin sadece beklenmeyen politika kararlarina tepki vermesi beklenir. Cunku beklenen politika kararina toplanti oncesinde gerekli tepkinin verilmis olmasi gerekir. 2002-2009 tarihleri arasinda Turkiye Cumhuriyet Merkez Bankasi beklenti anketlerinden para politikasi beklentilerini ölcmek sureti ile yaptigimiz analizde elde ettigimiz sonuclar gosterge faiz oraninin agirlikli olarak etkin piyasa hipotezi dogrultusunda degiþtigini, hisse senedi piyasalarinda ise belli zaman araliklarinda etkin piyasa hipotezinin calistigini gostermektedir. Elde edilen sonuclarin belli bir anket tipine hassasiyet gosterip gostermedigi 2005 sonrasi donem icin incelenmistir.

Suggested Citation

  • Selva Demiralp & Kamil Yilmaz, 2010. "Para Politikasi Beklentilerinin Sermaye Piyasalari Üzerindeki Etkisi," Koç University-TUSIAD Economic Research Forum Working Papers 1008, Koc University-TUSIAD Economic Research Forum.
  • Handle: RePEc:koc:wpaper:1008
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    File URL: http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1008.pdf
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    Cited by:

    1. Pinar Ozlu & Deren Unalmis, 2012. "Makroekonomik Gostergelerin Doviz Kurlari Uzerine Etkisi," CBT Research Notes in Economics 1221, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Selva Demiralp & Hakan Kara & Pýnar Özlü, 2011. "Monetary policy communication under inflation targeting: Do words speak louder than actions?," Koç University-TUSIAD Economic Research Forum Working Papers 1128, Koc University-TUSIAD Economic Research Forum.
    3. Bulut, Mustafa & Karasoy, Hatice Gökçe, 2016. "Para Politikası Belirsizliği Altında Aktarım Mekanizması: Türkiye Örneği
      [Transmission Mechanism Under Monetary Policy Uncertainty: The Case of Turkey]
      ," MPRA Paper 71215, University Library of Munich, Germany.
    4. Demiralp, Selva & Kara, Hakan & Özlü, Pınar, 2012. "Monetary policy communication in Turkey," European Journal of Political Economy, Elsevier, vol. 28(4), pages 540-556.
    5. Mustafa Kilinc & Cengiz Tunc, 2014. "Identification of Monetary Policy Shocks in Turkey: A Structural VAR Approach," Working Papers 1423, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

    More about this item

    Keywords

    Para politikasý; Beklenti anketi; Sermaye piyasasý;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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