Browsing by Subject "Banks and banking, Central."
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Item Open Access An analytical assessment about post-great moderation central banking policies(Bilkent University, 2012) Kızıltan, Rabia ZeynepIn this thesis, by focusing on the unconventional monetary policy measures, I have analytically assessed post-great moderation central banking policies and documented the heterogeneity in calibration and design of these policies by exposing the experiences of Japan, United States, United Kingdom and Brazil. Moreover, by estimating a structural vector autoregressive (SVAR) model, I have empirically investigated the macroeconomic effects of unconventional monetary policies. Empirical findings of this study suggest that, unconventional monetary policies have lead a temporary increase in GDP and CPI for United States and United Kingdom while its effects are slightly significant for Japan and diametrically insignificant for Brazil.Item Open Access Central bank independence, financial market development and inflation(Bilkent University, 2008) Küsmen, GamzeCentral bank independence (CBI) and inflation relation has long been a debate and is established in many studies, such as Bade and Parkin (1982), Alesina (1988, 1989), Grilli, Masciandaro, and Tabellini (1991), and Cukierman, Webb and Neyaptı (1992). Although these studies address the negative relation between CBI and inflation, they do not consider the effect of the development level of financial markets on this relation. Posen (1995) considers the effect of financial market development by using effective financial opposition to inflation formed by the inflation-averse groups. He tests the effect of this variable on CBI and inflation simultaneously. He claims that the variable, which decreases inflation is effective financial opposition to inflation (when used with CBI) rather than CBI. Thus, he states that rather than analyzing the direct relation between inflation and CBI, the effect of effective financial opposition to inflation on CBI and inflation should be investigated. Based on this study, this thesis looks at the effect of financial market development (FMD) both on CBI and on the relation between CBI and inflation by using alternative indicators for FMD. We find that there is a significant and positive relation between CBI and FMD for non-transition countries. Moreover, although Posen (1995) states that CBI does not have a significant effect on inflation when EFOI is included as an additional explanatory variable, we find evidence that both FMD and CBI have a significant effect on inflation. However, the results of the estimations are not robust to changes in samples.Item Open Access Macroprudentials : separate from monetary policy or part of it?(Bilkent University, 2012) Topaloğlu, MeltemThe structure of central bank in bank supervision is an important issue on which there is not much focus whereas the independence of central banks for the implementation of monetary policy is well investigated. Recently, especially after the financial crisis, there is an increasing attention from policy makers and academicians about financial regulation and monetary policy responsibility issue. Since the crisis turned to have severe macroeconomic consequences, the financial supervision issue is taken into consideration to revise. In this paper, first I briefly explain the policy objectives of both macroand microprudential regulations. Then, I use a dynamic stochastic general equilibrium model which include separated and integrated responsibilities of financial stability and monetary policy. As macroprudential policy tool, time varying capital requirement ratio is used. Under a DSGE framework, it is hard to see the separation of regulators, however the analyses is done in terms of tools. The results imply that incorporating the central bank into financial stability considerations can help smooth business cycle fluctuations, and decreases the loss resulting from variances of main indicators.