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Journals / Finansal Araştırmalar ve Çalışmalar Dergisi / 2015 / Cilt: 7 - Sayı: 13

INTEREST CORRIDOR AS A NEW MONEY POLICY INSTRUMENT: EFFECT OF THE INTEREST DECISIONS OF THE MONETARY POLICY BOARD ON INFLATION IN TURKEY

YENİ BİR PARA POLİTİKASI ARACI OLARAK FAİZ KORİDORU: TÜRKİYE'DE PARA POLİTİKASI KURULU FAİZ KARARLARININ ENFLASYON ÜZERİNDEKİ ETKİSİ

Ufuk ALKAN
Canan DAĞIDIR
Başak YÜCEMEMİŞ TANINMIŞ
Pages
449–478
Publication Date
2022-10-18
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

According to the findings obtained, it is concluded that the decisions of the Monetary Policy Board related to Central Bank of the Republic of Turkey (CBTR) lending and borrowing interest rates are effective on inflation and they are inflation determinant monetary policy instrument.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In this study, interest rate corridor application -aiming at removing the ambiguities seen in the macroeconomic and financial variables and minimizing the effect of capital movements on these variables is reviewed.
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Key Findings & Data:The relationship between the interest corridor system - started to be used in Turkey effectively from 2010 - and inflation is studied by applying Carrion-i Silvestre (2009) unit root test with multiple structural breaks and Maki (2012) co-integration analysis with multiple structural breaks, by using the monthly data between January 2003 and December 2014.
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Conclusion & Impact:According to the findings obtained, it is concluded that the decisions of the Monetary Policy Board related to Central Bank of the Republic of Turkey (CBTR) lending and borrowing interest rates are effective on inflation and they are inflation determinant monetary policy instrument.
🔬Design:Review & Systematic Survey
📍Scope:2010 Verileri
⚙️Variables:Domain Parameters

Abstract

In this study, interest rate corridor application -aiming at removing the ambiguities seen in the macroeconomic and financial variables and minimizing the effect of capital movements on these variables is reviewed. The relationship between the interest corridor system - started to be used in Turkey effectively from 2010 - and inflation is studied by applying Carrion-i Silvestre (2009) unit root test with multiple structural breaks and Maki (2012) co-integration analysis with multiple structural breaks, by using the monthly data between January 2003 and December 2014. According to the findings obtained, it is concluded that the decisions of the Monetary Policy Board related to Central Bank of the Republic of Turkey (CBTR) lending and borrowing interest rates are effective on inflation and they are inflation determinant monetary policy instrument. In error correction model, it was observed that the deviations occurred in the short run between co-moving series in the long run and series converge equilibrium values in the long run, and that such situation establishes proof for reliability of the long term analysis.

Özet

Çalışmada, makroekonomik ve finansal değişkenlerde görülen belirsizliklerin ortadan kaldırılması ve sermaye hareketlerinin bu değişkenler üzerindeki etkisinin en alt düzeye indirilmesini amaçlayan faiz koridoru uygulaması incelenmiştir. 2010 yılı itibariyle Türkiye'de etkin olarak kullanılmaya başlayan faiz koridoru sistemi ile enflasyon arasındaki ilişki Ocak 2003- Aralık 2014 dönemi aylık verileri kullanılarak, Carrion-i Silvestre (2009) çoklu yapısal kırılmalı birim kök testi ve Maki (2012) çoklu yapısal kırılmalı eşbütünleşme analizi uygulanarak araştırılmıştır. Elde edilen bulgulara göre; Para Politikası Kurulu'nun (PPK) Türkiye Cumhuriyet Merkez Bankası (TCMB) ödünç alma ve verme faiz oranları ile ilgili kararlarının enflasyon üzerinde etkili olduğu ve enflasyonun belirleyicisi bir para politikası aracı olduğu sonucuna ulaşılmıştır. Hata düzeltme modelinde, uzun dönemde birlikte hareket eden seriler arasında kısa dönemde meydana gelen sapmaların ortadan kalktığı ve serilerin tekrar uzun dönemde denge değerlerine yakınsadığı ve bu durumun yapılan uzun dönem analizlerin güvenilirliğine kanıt oluşturduğu gözlemlenmiştir.

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Cite This Article

ALKAN, U., DAĞIDIR, C., TANINMIŞ, B. Y. (2022). INTEREST CORRIDOR AS A NEW MONEY POLICY INSTRUMENT: EFFECT OF THE INTEREST DECISIONS OF THE MONETARY POLICY BOARD ON INFLATION IN TURKEY. Finansal Araştırmalar ve Çalışmalar Dergisi, Cilt: 7 - Sayı: 13, 449–478. https://ajindex.com/articles/516447

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