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Kuresel Finansal Kriz Doneminde Para Politikasi Kurulu Kararlarinin Piyasa Getirileri Uzerindeki Etkisi

  • H. Burcu Gurcihan
  • Ozgur Ozel

Merkez Bankasi, kuresel finansal krizin etkilerinin hissedilmeye baslandigi 2008 yili ucuncu ceyreginden itibaren Banka bunyesindeki Bankalararasi Para Piyasasi ve Istanbul Menkul Kiymetler Borsasi (IMKB) Repo–Ters Repo Pazari’nda uygulanmakta olan kisa vadeli faizlerde bir yil icinde 1025 baz puan indirim gerceklestirmistir. Bu calismada, soz konusu donemde, 1-2 yil vadeli devlet ic borclanma senedi getirilerinin, faiz kararlarindaki surpriz bilesene verdikleri tepkiler incelenmektedir. Politika faizindeki indirimlerin devlet ic borclanma senedi getirileri uzerinde etkili oldugu, dolayisiyla kriz doneminde, parasal aktarim mekanizmasi faiz kanalinda merkez bankasi faizlerinden piyasa getirilerine olan geciskenligin etkin oldugu gozlenmistir.

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File URL: http://www.tcmb.gov.tr/wps/wcm/connect/aa0c9659-38a3-47fd-b944-216a51e846e0/EN1010.pdf?MOD=AJPERES&CACHEID=aa0c9659-38a3-47fd-b944-216a51e846e0
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Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series CBT Research Notes in Economics with number 1010.

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Date of creation: 2010
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Handle: RePEc:tcb:econot:1010
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  1. Ozge Akinci & Burcu Gurcihan & Refet Gurkaynak & Ozgur Ozel, 2006. "Devlet Ic Borclanma Senetleri Icin Getiri Egrisi Tahmini," Working Papers 0608, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  2. Zelal AKTAŞ & Harun ALP & Refet GÜRKAYNAK & Mehtap KESRİYELİ & Musa ORAK, 2009. "Türkiye'de para politikasının aktarımı: Para politikasının mali piyasalara etkisi," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 24(278), pages 9-24.
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