The stock market channel of monetary policy in emerging markets: evidence from the Istanbul Stock Exchange

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buir.contributor.authorBerument, Hakan
dc.citation.epage144en_US
dc.citation.spage117en_US
dc.citation.volumeNumber5en_US
dc.contributor.authorBerument, Hakanen_US
dc.contributor.authorKutan, A. M.en_US
dc.date.accessioned2019-02-14T11:03:26Z
dc.date.available2019-02-14T11:03:26Z
dc.date.issued2007en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractStudies on the existence of the stock market channel of monetary policy in emerging markets are scant. We examine the impact of monetary policy on stock returns in Turkey's emerging economy during the post-1980 liberalization period. Evidence indicates that monetary policy affects returns with the strongest influence on the Financial and Services sectors. However, the impact is short lived, ranging between 9 and 24 months, depending upon the index used, suggesting that monetary policy is neutral. Overall, the results indicate that asset prices may provide an additional channel through which monetary policy affects short-run economic activity and hence business cycles. Given the increasing role of the stock market in emerging economies and the greater globalization of financial markets in general, central banks in these countries are well advised to pay close attention to the impact of stock market developments on economic activity, besides their traditional focus on the bond and foreign exchange markets.en_US
dc.identifier.urihttp://hdl.handle.net/11693/49524
dc.language.isoEnglishen_US
dc.source.titleScientific Journal of Administrative Developmenten_US
dc.subjectStock exchangeen_US
dc.subjectEmerging marketen_US
dc.subjectThe Istanbul Stock Exchangeen_US
dc.titleThe stock market channel of monetary policy in emerging markets: evidence from the Istanbul Stock Exchangeen_US
dc.typeArticleen_US
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