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

Date
2009
Authors
Aktaş, Z.
Alp, H.
Gürkaynak, R.
Kesriyeli, M.
Orak, M.
Advisor
Supervisor
Co-Advisor
Co-Supervisor
Instructor
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
Journal Title
Journal ISSN
Volume Title
Series
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.

Course
Other identifiers
Book Title
Keywords
Monetary policy, Policy surprise, Financial markets
Citation
Published Version (Please cite this version)