Effectiveness of monetary policy under different levels of capital flows for an emerging economy: Turkey

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buir.contributor.authorBerument, Hakan
dc.citation.epage445en_US
dc.citation.issueNumber6en_US
dc.citation.spage441en_US
dc.citation.volumeNumber22en_US
dc.contributor.authorÜlke, V.en_US
dc.contributor.authorBerument, Hakanen_US
dc.date.accessioned2016-02-08T10:21:06Z
dc.date.available2016-02-08T10:21:06Z
dc.date.issued2015en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis article assesses the effect of tight monetary policy on economic performance under different levels of capital flows. Empirical evidence from Turkey between 1990 and 2013 suggests that tight monetary policy measured with a positive innovation on interest rate appreciates the Turkish Lira and decreases output and prices. However, the effectiveness of monetary policy decreases for interest rate and increases for exchange rate and prices if capital flows are high. Specifically, interest rate, local currency value of foreign currency and prices will be lower for higher levels of capital flows. However, the relative effectiveness of monetary policy on output is virtually unchanged. © 2014 Taylor & Francis.en_US
dc.identifier.doi10.1080/13504851.2014.948668en_US
dc.identifier.eissn1466-4291
dc.identifier.issn1350-4851
dc.identifier.urihttp://hdl.handle.net/11693/23913
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/13504851.2014.948668en_US
dc.source.titleApplied Economics Lettersen_US
dc.subjectCapital flowsen_US
dc.subjectMonetary policyen_US
dc.titleEffectiveness of monetary policy under different levels of capital flows for an emerging economy: Turkeyen_US
dc.typeArticleen_US
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