ABD Merkez Bankasi (Fed) Politikalari ve Bankacilik Sektoru Dis Borclanmasi

Koray Alper, Fatih Altunok and Tanju Capacioglu

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

Abstract: [TR] Bu calismada, nicel genislemenin gostergesi olan ABD Merkez Bankasi’nin bilanco buyuklugundeki degisimlerin, diger bir ifade ile nicel genisleme politikalarinin Turkiye’de faaliyet gosteren bankalarin dis borclari ile borc turlerini nasil etkiledigi incelenmistir. Nicel genisleme politikalarinin dis borclari onemli olcude artirdigi, analize dahil edilen bes borc turu icerisinde en fazla etkinin kredi turunde yasandigi ve onu sirasiyla repo ve mevduatin takip ettigi, sendikasyon ve sekuritizasyon turleri uzerinde anlamli bir etkisinin olmadigi gorulmustur. Ayrica kuresel likiditenin nispeten sinirli oldugu donemlerde istedigi olcude borclanamayan kucuk, sermaye yapisi zayif, aktif karliligi ve likit aktif rasyosu gorece dusuk bankalarin nicel genisleme sonucu gevseyen kuresel likidite kosullarinda daha fazla borclanabildikleri sonucuna varilmistir. [EN] This study analyzes the effects of the changes in the balance sheet of US Federal Reserve, which is the indicator for quantitative easing or expansionary monetary policies, on the cross - border bank loans and loan types in Turkey. We find that cross border bank loans have increased significantly as a result of quantitative easing policies . Credit, repo and deposit have been affected more by quantitative easing, respectively. However, these policies do not have a significant effect on syndicated loans and securitization. Furthermore, we find that banks with small asset size, weak capital structure, low return on asset and low liquid asset ratio that could not borrow at the desired level during illiquid period due to their underwhelming ratios started to search for yield and borrow more during liquid period due to the Fed’s expansionary monetary policies.

Date: 2015
New Economics Papers: this item is included in nep-ara and nep-cwa
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:econot:1514

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