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Esigi Asinca : Kredi Notunun “Yatirim Yapilabilir” Seviyeye Yukselmesinin Etkileri

Listed author(s):
  • Ibrahim Burak Kanli
  • Yasemin Barlas

Bu calismada 1990 yilindan itibaren kredi notu “yatirim yapilabilir” seviyeye yukseltilen ulkelerde finansal ve makroekonomik gostergelerin not artiriminin oncesi ve sonrasindaki egilimleri incelenmektedir. Analiz sonuclari, kredi notu yatirim yapilabilir seviyeye yukseltilen ulkelerin portfoy yatirimlari ve kredi kanallariyla yabanci sermayeye ulasim imkaninin arttigina, ne var ki dogrudan yabanci yatirimlarinda belirgin bir egilim degisiminin olmadigina isaret etmektedir. Not artisi sonrasi yurt disindan borclanma maliyeti duserken, borclanmanin vadesinde anlamli bir degisim kaydedilmemektedir. Yurt disi finansmana ulasimin kolaylasmasiyla, not artirimi oncesinde dusus egiliminde olan dis borc artis, cari denge ise bozulma egilimine girmektedir. Yurt disi kredi imkaninin artmasi yurt ici kredi piyasasina da yansimakta, ozel sektore acilan krediler ivmelenirken kredi faizleri dusmektedir. Ote yandan, not artisi sonrasi mutlak buyume hizi not artisi oncesi seviyelerin uzerinde gerceklesirken, goreli buyume performanslarinda istatistiksel olarak anlamli bir degisimden bahsedilememektedir.

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Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series Working Papers with number 1123.

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Date of creation: 2011
Handle: RePEc:tcb:wpaper:1123
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