Likidite Yonetimi ve BIST Faiz Farki

Hande Kucuk (), Pınar Özbay Özlü, Ismail Talasli (), Deren Ünalmış and Canan Yuksel ()

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

Abstract: [TR] Turkiye’de para politikasi aktarim mekanizmasinda Borsa Istanbul Repo/Ters Repo Pazari’nda olusan gecelik faiz (BIST gecelik faizi) kritik onem tasimaktadir. Geleneksel enflasyon hedeflemesi uygulanan donemde BIST gecelik faizi politika faizini oldukca yakindan takip ederken, 2010 yilindan itibaren devreye giren yeni politika cercevesinde BIST gecelik faizi ve diger kisa vadeli faizler politika faizi disindaki diger politika araclarindan da etkilenmeye baslamistir. Yeni donemde, TCMB’nin doviz kuru ve kredi kanallarini ayri ayri etkileyebilmek amaciyla uyguladigi likidite politikalari ve genis faiz koridorunun etkisiyle BIST gecelik faizi ile TCMB ortalama fonlama faizi arasindaki fark (BIST faiz farki) genislemis ve daha dalgali hale gelmistir. Bu calismada gecelik piyasa faizi dinamiklerinin daha iyi anlasilmasi amaciyla BIST faiz farkinin belirleyicileri arastirilmakta ve likidite yonetimi ile faiz koridorunun soz konusu faiz farki uzerinde etkili oldugu gosterilmektedir. Ayrica, TCMB politikalariyla dogrudan veya dolayli yoldan iliskili diger bircok faktorun de bu faiz farki uzerinde etkili oldugu gosterilmektedir. [EN] The overnight rate observed in the BIST Repo/Reverse Repo Market (BIST O/N rate) plays a crucial role in the transmission of monetary policy in Turkey. The BIST O/N rate, which was tightly linked to the policy rate in the period of conventional inflation targeting, has started to be affected by other policy instruments following the adoption of the new monetary policy framework in 2010. In the new period, the spread between the BIST O/N rate and CBRT’s average funding rate (the BIST spread) has become wider and more volatile due to CBRT’s liquidity policies and the interest rate corridor, which have been actively used with a view to affect exchange rate and credit channels separately. In this study, we analyze the determinants of the BIST spread to shed light on the dynamics of the overnight interest rates in Turkey, and empirically document the importance of liquidity management and interest rate corridor for determining the spread. Our results show that the spread has also been influenced by various other factors which are directly or indirectly related to the recent liquidity policy of the CBRT.

Date: 2013
New Economics Papers: this item is included in nep-ara
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.tcmb.gov.tr/wps/wcm/connect/ab295dfe-1 ... e55ea289d4a5-m3fw5gJ (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tcb:econot:1325

Access Statistics for this paper

More papers in CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey Contact information at EDIRC.
Bibliographic data for series maintained by () and ().