Show simple item record

dc.contributor.authorAvci, S. B.
dc.contributor.authorYücel, Mustafa Eray
dc.date.accessioned2017-10-19T13:08:25Z
dc.date.available2017-10-19T13:08:25Z
dc.date.issued2017-08
dc.identifier.issn1309-422Xen_US
dc.identifier.urihttp://hdl.handle.net/10679/5685
dc.identifier.urihttps://link.springer.com/article/10.1007/s40822-017-0068-y
dc.descriptionDue to copyright restrictions, the access to the full text of this article is only available via subscription.
dc.description.abstractAn effective monetary policy framework is often viewed as a pre-condition for well-functioning financial markets. Yet measuring monetary policy effectiveness is not straightforward; it requires empirical work to understand the impact of financial infrastructure, competitiveness of financial markets, and current economic conditions. In particular, monetary policy effectiveness depends on the extent to which the chosen interest rate affects all other financial prices—including the entire term structure of interest rates, credit rates, exchange rates, and asset prices. This paper examines the effectiveness of monetary policy in Turkey by focusing on interest rate pass-through outcomes by way of an interacted vector autoregressive (IVAR) approach. The results suggest that policy-led rate changes are fully transmitted to deposit and credit rates within eight months. Competition in the banking sector (as well as that sector’s liquidity and profitability), dollarization, exchange rate flexibility, inflation, and term structure all have a positive effect on interest rate pass-through; whereas regulatory quality, GDP growth, monetary growth, industrial growth, and capital inflows have a negative effect. Using various tests, we find that the effect of financial development and macroeconomic variables on interest rate pass-through is neither robust nor time-invariant.en_US
dc.language.isoengen_US
dc.publisherSpringer International Publishingen_US
dc.relation.ispartofEurasian Economic Review
dc.rightsrestrictedAccess
dc.titleEffectiveness of monetary policy: evidence from Turkeyen_US
dc.typeArticleen_US
dc.peerreviewedyesen_US
dc.publicationstatusPublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID 0000-0002-1038-4357 & YÖK ID 216262) Yücel, Eray
dc.contributor.ozuauthorYücel, Mustafa Eray
dc.identifier.volume7en_US
dc.identifier.issue2en_US
dc.identifier.startpage179en_US
dc.identifier.endpage213en_US
dc.identifier.wosWOS:000411147600002
dc.identifier.doi10.1007/s40822-017-0068-yen_US
dc.subject.keywordsInterest rate pass-throughen_US
dc.subject.keywordsDeposit and credit channelsen_US
dc.subject.keywordsPolicy and market ratesen_US
dc.subject.keywordsBanking sectoren_US
dc.subject.keywordsInteracted vector autoregressive methodologyen_US
dc.identifier.scopusSCOPUS:-s2.0-85028310934
dc.contributor.authorMale1


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record


Share this page