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      Türkiye'de para politikasının aktarımı: para politikasının mali piyasalara etkisi

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      Author
      Aktaş, Z.
      Alp, H.
      Gürkaynak, R.
      Kesriyeli, M.
      Orak, M.
      Date
      2009
      Source Title
      İktisat İşletme ve Finans
      Print ISSN
      1300-610X
      Electronic ISSN
      1308-4658
      Publisher
      BİLGESEL Yayıncılık San. ve Tic. Ltd. Şti.
      Volume
      24
      Issue
      278
      Pages
      9 - 24
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      In this paper the effects of Central Bank of Turkey's interest rate decisions on relatively longer-term interest rates in financial markets and risk premia as well as on returns of the ISE-100, ISE-Financial indexes and exchange rates are studied by separating the anticipated component of monetary policy from that unexpected by financial markets. The results show that policy rate changes have significant effects on financial markets, especially on bond yields. Equity returns are not significantly driven by monetary policy surprises, whereas the responses of exchange rates are small. Thus, it appears that the transmission of monetary policy in Turkey is mainly through its effects on longer-term interest rates.
      Keywords
      Monetary policy
      Policy surprise
      Financial markets
      Permalink
      http://hdl.handle.net/11693/49175
      Published Version (Please cite this version)
      https://doi.org/10.3848/iif.2009.278.6047
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      • Department of Economics 649
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