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

Date

2009

Authors

Aktaş, Z.
Alp, H.
Gürkaynak, R.
Kesriyeli, M.
Orak, M.

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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.

Source Title

İktisat İşletme ve Finans

Publisher

BİLGESEL Yayıncılık San. ve Tic. Ltd. Şti.

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Published Version (Please cite this version)

Language

English