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The Effect of CBRT’s New Policy Mix on the Volatility of Credit Growth


  • Arif Oduncu
  • Ergun Ermisoglu
  • Tandogan Polat


[EN] The Central Bank of the Republic of Turkey has started to implement its new policy mix since late 2010. In this new approach expectations, credit growth and reel exchange rate are monitored closely as key indicators for financial stability on top of price stability. The effect of this new monetary policy framework on the volatility of credit growth is the main theme of this note. To the best of our knowledge, we are the first to analyze the impact of new policy mix on the credit growth volatility. It is shown that there is a significant decrease in the volatility of credit growth after the introduction of new policy framework at late 2010. Therefore, it can be said that this new monetary policy framework contributes to financial stability in Turkey by lessening the credit growth volatility. [TR] Turkiye Cumhuriyet Merkez Bankasi 2010 yilinin sonlarindan itibaren yeni politika bilesimini uygulamaya basladi. Bu yeni yaklasimda beklentiler, kredi buyumesi ve reel efektif doviz kuru, fiyat istikrari ve finansal istikrar acisindan izlenen gostergeler olarak yer almaktadir. Bu yeni para politikasi cercevesinin kredi buyumesi oynakligi uzerindeki etkileri bu calismanin konusunu teskil etmektedir. Bildigimiz kadariyla, yeni politika bilesiminin kredi buyumesi oynakligi uzerindeki etkilerini ampirik olarak inceleyen herhangi bir calisma yoktur. Calismada, yeni para politikasi bilesiminin uygulanmaya baslandigi 2010 yilinin sonlarindan itibaren, kredi buyumesi oynakliginda belirgin bir dusus oldugu gosterilmistir. Bu yuzden, bu yeni para politikasi cercevesinin kredi buyumesi oynakligini dusurerek finansal istikrara katkida bulundugu soylenebilir.

Suggested Citation

  • Arif Oduncu & Ergun Ermisoglu & Tandogan Polat, 2013. "The Effect of CBRT’s New Policy Mix on the Volatility of Credit Growth," CBT Research Notes in Economics 1327, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Handle: RePEc:tcb:econot:1327

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