The Impact of Asset Prices in Monetary Policy of Turkey

ÇINAR, Mehmet; AKLAN ADANUR, Nejla

The Impact of Asset Prices in Monetary Policy of Turkey

Nejla AKLAN ADANUR, (Uludağ Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü, Bursa, Türkiye)

Mehmet ÇINAR (Uludağ Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Ekonomi Bölümü, Bursa, Türkiye)

Finans Politik ve Ekonomik Yorumlar Dergisi

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Yıl: 2015 Cilt: 52 Sayı: 607 Sayfa Aralığı: 27 - 36 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

The Impact of Asset Prices in Monetary Policy of Turkey

Öz:

Global finansal kriz, gelişmiş ülkelerde varlik fiyatlarinda meydana gelen şiddet- li ve ani düşüşlerin reel ekonomik aktivitede yarattiği daralmadan kaynaklanmiş- tir. Global finansal kriz sonrasinda bir yandan finansal istikrarsizliğin fiyat istikra- rini bozucu etkileri ortaya çikarken, diğer yandan para politikalariyla varlik fiyat- larina nasil ve ne ölçüde müdahale edilmesi gerektiği tartişilmaya başlanmiştir.Söz konusu gerekçelerden dolayi, varlik fiyati değişimleri enflasyon hedefleme- si uygulayan ülke merkez bankalarinin reaksiyon fonksiyonlarina dahil edilmiş- tir. Bu çalişmanin temel amaci, Türkiye Cumhuriyeti Merkez Bankasinin (TCMB)2002 sonrasi dönemde enflasyon ve çikti açiğinin yani sira, hisse senetleri fiyat- larindaki değişimlere reaksiyon gösterip göstermediğini tespit etmektir. Bu şekil- de Türkiyede para politikalari yürütülürken, finansal sektördeki gelişmelerin dik- kate alinip alinmadiği belirlenecektir. Varlik fiyatlarindaki değişimlerin TCMBninfaiz kararlari üzerindeki etkisi ileriye dönük genişletilmiş Taylor kurali çerçevesin- de incelenecektir. Çalişmadan elde edilen bulgulara göre, TCMB en fazla reak- siyonu öncelikle enflasyonun hedeflenen değerden sapmasina, sonra ise üretimaçiğina göstermektedir. En düşük reaksiyonu ise hisse senetlerinin denge değer- lerinden sapmasina göstermektedir. Çalişma sonuçlari TCMBnin para politikala- rini fiyat istikrari odakli yürütmeye devam ettiğini ortaya koymaktadir.

Anahtar Kelime:

Konular: İktisat İşletme Finans

Türkiye de Para Politikalari Uygulamalarinda Varlik Fiyatlarinin Etkisi

Öz:

The global financial crisis was the result of the contraction in economic activitythat was a result of sharp decreases in asset prices in developed countries. Inthe aftermath of the global financial crisis, the destructive effects of financial ins- tability on price stability began to become apparent and a discussion started onhow and to what extent central banks should intervene in asset prices via mone- tary policies. As a result of this discussion, changes in asset prices were includedin the reaction functions of central banks particularly adopting inflation-targetingregime. The aim of this study is to determine whether the Central Bank of theRepublic of Turkey (CBRT) reacts to changes in stock prices apart from inflati- on and output gap in the period after 2002. This will help to find out whether thedevelopments in the financial sector are taken into consideration while the mo- netary policies are being carried out in Turkey. The effects of the changes in as- set prices on the decisions of CBRT on interest rates will be examined within theframework of forward-looking augmented Taylor rule. According to the findings ofthis study, CBRT shows the greatest reaction to deviations of inflation from tar- get value. CBRT reacts the least to the deviation of stock prices from their funda- mental level. The results of this study indicate that CBRT has continued to carryout monetary policies based on price stability.

Anahtar Kelime:

Konular: İktisat İşletme Finans

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	AKLAN ADANUR N, ÇINAR M (2015). The Impact of Asset Prices in Monetary Policy of Turkey. , 27 - 36.
Chicago	AKLAN ADANUR Nejla,ÇINAR Mehmet The Impact of Asset Prices in Monetary Policy of Turkey. (2015): 27 - 36.
MLA	AKLAN ADANUR Nejla,ÇINAR Mehmet The Impact of Asset Prices in Monetary Policy of Turkey. , 2015, ss.27 - 36.
AMA	AKLAN ADANUR N,ÇINAR M The Impact of Asset Prices in Monetary Policy of Turkey. . 2015; 27 - 36.
Vancouver	AKLAN ADANUR N,ÇINAR M The Impact of Asset Prices in Monetary Policy of Turkey. . 2015; 27 - 36.
IEEE	AKLAN ADANUR N,ÇINAR M "The Impact of Asset Prices in Monetary Policy of Turkey." , ss.27 - 36, 2015.
ISNAD	AKLAN ADANUR, Nejla - ÇINAR, Mehmet. "The Impact of Asset Prices in Monetary Policy of Turkey". (2015), 27-36.

APA	AKLAN ADANUR N, ÇINAR M (2015). The Impact of Asset Prices in Monetary Policy of Turkey. Finans Politik ve Ekonomik Yorumlar Dergisi, 52(607), 27 - 36.
Chicago	AKLAN ADANUR Nejla,ÇINAR Mehmet The Impact of Asset Prices in Monetary Policy of Turkey. Finans Politik ve Ekonomik Yorumlar Dergisi 52, no.607 (2015): 27 - 36.
MLA	AKLAN ADANUR Nejla,ÇINAR Mehmet The Impact of Asset Prices in Monetary Policy of Turkey. Finans Politik ve Ekonomik Yorumlar Dergisi, vol.52, no.607, 2015, ss.27 - 36.
AMA	AKLAN ADANUR N,ÇINAR M The Impact of Asset Prices in Monetary Policy of Turkey. Finans Politik ve Ekonomik Yorumlar Dergisi. 2015; 52(607): 27 - 36.
Vancouver	AKLAN ADANUR N,ÇINAR M The Impact of Asset Prices in Monetary Policy of Turkey. Finans Politik ve Ekonomik Yorumlar Dergisi. 2015; 52(607): 27 - 36.
IEEE	AKLAN ADANUR N,ÇINAR M "The Impact of Asset Prices in Monetary Policy of Turkey." Finans Politik ve Ekonomik Yorumlar Dergisi, 52, ss.27 - 36, 2015.
ISNAD	AKLAN ADANUR, Nejla - ÇINAR, Mehmet. "The Impact of Asset Prices in Monetary Policy of Turkey". Finans Politik ve Ekonomik Yorumlar Dergisi 52/607 (2015), 27-36.