IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Kuresel Kriz Doneminde TCMB’nin Faiz Kararlarinin Kur Uzerindeki Etkisine Dair Bir Analiz

Listed author(s):
  • Eda Gulsen
  • Ibrahim Burak Kanli
  • Neslihan Kaya

Bu not, son yasanan kriz surecinde Turkiye Cumhuriyet Merkez Bankasi’nin (TCMB) faiz kararlari ile Turk lirasinin (TL) deger degisimi arasindaki iliskiyi incelemektedir. Bu kapsamda, TCMB’nin aldigi faiz kararlarinin Turk lirasinin performansi uzerindeki etkisi vaka analizi yontemi kullanilarak analiz edilmistir. Ilk olarak kriz surecinde faiz kararlarinin hemen ardindan Turk lirasinin goreli performansi incelenmistir. Elde edilen sonuclara gore, surpriz kararlar sonrasinda dahi, soklarin TL uzerindeki etkisi sinirli ve kisa sureli olmaktadir. Bunun yani sira, politika faizi surprizlerinin kur uzerindeki etkisinin zamana gore seyrini incelemek amaciyla karar sonrasi faiz sokunun, TL’nin ABD dolari karsisindaki deger degisimi uzerine etkisi kayan pencereler seklinde tahmin edilmistir. Sonuclar, ilk kisimdaki analizi destekler bicimde kriz sureciyle birlikte faiz soklarinin kur üzerindeki etkisini kaybettigine isaret etmektedir. Bunun baslica sebebinin, risk algilamalarinin sira disi bicimde arttigi kriz süreclerinde yatirimcilarin karar alirken ek getiri imkanlarindan ziyade ulke riskliligini goz onunde bulundurmalari oldugu dusunulmektedir.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.tcmb.gov.tr/wps/wcm/connect/7504f9be-13ce-4d50-9d99-7fb669198972/EN1011.pdf?MOD=AJPERES&CACHEID=7504f9be-13ce-4d50-9d99-7fb669198972
Download Restriction: no

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 1011.

as
in new window

Length:
Date of creation: 2010
Handle: RePEc:tcb:econot:1011
Contact details of provider: Postal:
Head Office, Istiklal Cad. 10 Ulus, 06100 Ankara

Phone: (90 312) 507 5000
Fax: (90 312) 507 5640
Web page: http://www.tcmb.gov.tr/
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as
in new window


  1. David M. Gould & Steven B. Kamin, 1999. "The impact of monetary policy on exchange rates during financial crises," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
  3. Caporale, Guglielmo Maria & Cipollini, Andrea & Demetriades, Panicos O., 2005. "Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity," Journal of International Money and Finance, Elsevier, vol. 24(1), pages 39-53, February.
  4. Zettelmeyer, Jeromin, 2004. "The impact of monetary policy on the exchange rate: evidence from three small open economies," Journal of Monetary Economics, Elsevier, vol. 51(3), pages 635-652, April.
  5. Rigobon, Roberto & Sack, Brian, 2004. "The impact of monetary policy on asset prices," Journal of Monetary Economics, Elsevier, vol. 51(8), pages 1553-1575, November.
  6. 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.
  7. Marion Kohler, 2010. "Exchange rates during financial crises," BIS Quarterly Review, Bank for International Settlements, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tcb:econot:1011. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.