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Turkiye�de Para Politikasinin Aktarimi:Para Politikasinin Mali Piyasalara Etkisi

Zelal Aktas (), Harun Alp, Refet Gürkaynak, Mehtap Kesriyeli and Musa Orak ()

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

Abstract: Bu calismada, para politikasi kararlarinin piyasalar tarafindan beklenen ve beklenmeyen kisimlari ayristirilarak, Merkez Bankasi�nin faiz kararlarinin finansal piyasalardaki goreli uzun vadeli faiz oranlari ve IMKB-100, IMKB-Mali, doviz kuru, risk primi gibi degiskenler uzerindeki etkisi incelenmistir. Elde edilen bulgular, politika faizi degisikliklerinin mali piyasalarda, ozellikle tahvil-bono faizleri uzerinde, etkili oldugunu gostermektedir. Ote yandan, hisse senedi fiyatlarinin para politikasi surprizlerine istatistiksel olarak anlamli bir tepki vermedikleri, doviz kuru tepkisinin ise kucuk oldugu bulunmaktadir. Dolayisiyla, para politikasi aktarim mekanizmasinin faiz kanalinin, temel olarak, piyasa faizleri araciligiyla etkili oldugu ortaya cikmaktadir.

Date: 2008
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