Turkiye icin Finansal Kosullar Endeksi

Hakan Kara, Pınar Özbay Özlü and Deren Ünalmış

Working Papers from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: Kuresel kriz sonrasinda para politikasi uygulamalarinin likidite ve kredi politikalarini da icerecek sekilde genisletilmesi politika durusunun degerlendirilmesi bakimindan finansal gostergelerin bir butun halinde ele alinmasinin onemini artirmistir. Bu calismada, cesitli finansal gostergelerin icerdigi bilgi toplulastirilarak Turkiye icin �finansal kosullar endeksi� gelistirilmistir. Endeks temelde kur, faiz, risk primi, kredi kosullari ve getiri egrisi gibi gostergelerin ekonomik aktiviteyi tahmin gucune gore agirliklandirilarak toplulastirilmasindan olusmaktadir. Endeksin cesitli makro gostergeler ile iliskisi incelendiginde finansal kosullar ve iktisadi faaliyet arasindaki iliskinin zaman icinde degistigi, finansal kosullar ve kredi buyumesi arasindaki iliskinin ise oldukca istikrarli bir seyir izledigi gorulmektedir. Calismada ayrica finansal kosullarin hangi olcude dis kosullar (kuresel risk istahi, ABD para politikasi ve dis talep) tarafindan belirlendigi de incelenmektedir. Elde edilen bulgular, finansal kosullardaki hareketlerin buyuk oranda dis kosullar tarafindan ac�klanabildigine isaret etmektedir.

Keywords: Financial conditions index; Monetary policy; Credit growth; Forecast performance; VAR (search for similar items in EconPapers)
JEL-codes: C22 E43 E52 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-ara, nep-cwa and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Journal Article: Turkiye icin Finansal Kosullar Endeksi (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:wpaper:1513

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