TCMB Likiditesi Endeksleri

Gursu Keles, Ozgur Kasapoglu and Halil Kocagoz

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] 2010 yili sonu itibariyla uygulanmaya baslanan ve fiyat istikrarinin yaninda finansal istikrari da benimseyen yeni para politikasi yaklasimi cercevesinde faiz koridorunun aktif bir politika araci olarak kullanilmasi Turkiye Cumhuriyet Merkez Bankasi (TCMB) likidite politikasi durusuna atfedilen onemi de artirmistir. Bu notla, TCMB likidite politikasi durusunun ve bu durusun para piyasasi faizlerine olan aktariminin turetilen endeksler yardimiyla ozet bir sekilde sunulmasi amaclanmaktadir. Tanitilan endeksler, likidite politikasi durusunu ve aktarimini bagil olarak ifade etmeleri yonuyle donemler arasi kiyaslama imkâni da sunmaktadir. [EN] The active use of interest rate corridor as a monetary policy tool under the new policy mix, which aims to contribute to financial stability while maintaining price stability and has been used since late 2010, increased the role attributed to the liquidity policy stance of the Central Bank of the Republic of Turkey (CBRT). In this note we introduce two indices that summarize both CBRT’s liquidity stance and its very first transmission to money market rates. Being able to reflect relative liquidity stance and its transmission, these indices pave the way for comparison among different periods of liquidity policies.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:econot:1316

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