Effectiveness of monetary policies in OECD countries

Ahmet Ugur, Canan Sancar and Yusuf Ekrem Akbaş
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Ahmet Ugur: Inonu University, Malatya, Turkey
Canan Sancar: Gumuşhane University, Turkey
Yusuf Ekrem Akbaş: Adıyaman University, Turkey

Theoretical and Applied Economics, 2016, vol. XXIII, issue 4(609), Winter, 75-88

Abstract: In this study, it was analysed whether monetary policies have an effect on stock price index in 13 OECD countries (Australia, Canada, Denmark, Iceland, Japan, Korea, New Zealand, Norway, Poland, Sweden, Switzerland, the United Kingdom and the United States) with High Income Level for the period after 2008 financial crisis (2010-2013). In the analysis results, it was determined that there is a unidirectional relationship from short term interest rates and M1 money supply towards stock price indexes; and a unidirectional relationship from stock price index towards interbank interest rates and M3 money supply. In this respect, it was concluded that effectiveness of monetary policies in 13 OECD countries with high-income level are weak after 2008 financial crisis.

Keywords: stock price index; short term interest rates; interbank interest rates; m1 money supply; m3 money supply; dynamic panel data models. (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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