TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi

TÜZÜN, Osman; CEYLAN, FATİH; Kahyaoglu, Hakan; Ekinci, Ramazan

TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi

Ramazan EKİNCİ, (Dokuz Eylül Üniversitesi, Türkiye)

Fatih CEYLAN, (Dokuz Eylül Üniversitesi, Türkiye)

Osman TÜZÜN, (Dokuz Eylül Üniversitesi, Türkiye)

Hakan KAHYAOĞLU (Dokuz Eylül Üniversitesi, Türkiye)

Journal of Yasar University

10 0

Yıl: 2016 Cilt: 11 Sayı: 44 Sayfa Aralığı: 263 - 277 Metin Dili: Türkçe İndeks Tarihi: 19-07-2019

TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi

Öz:

Merkez Bankalarının para politikası araçlarının etkinliği ve bu araçların piyasa üzerindeki etkisi; para politikası araçlarının hedeflenen değişkenleri ile para ve finansal piyasaların göstergelerinin oynaklıkları üzerindeki etkisine bağlı olarak analiz edilmektedir. Genel kabule göre merkez bankalarının uyguladıkları veya açıkladıkları önlemler finansal göstergelerde oynaklık düşüşüne neden olmalıdır. Bu çalışmada Türkiye Cumhuriyet Merkez Bankası’nın (TCMB) uygulamış olduğu faiz politikasının Borsa İstanbul-100 (BİST100) endeksi üzerindeki etkisi Moon ve Yu (2010)’un yaklaşımına dayalı olarak simetrik ve asimetrik GARCH modelleriyle test edilmektedir. Elde edilen sonuçlara göre ağırlıklı ortalama fonlama maliyetinden kaynaklanan bir şok simetriktir ve bu simetrik şok oynaklık yayılımına yol açmamaktadır. Sonuç olarak, Türkiye’de ağırlıklı ortalama fonlama maliyetinin BİST100 üzerinde bir etkisinin olmadığı ifade edilebilir.

Anahtar Kelime:

Konular: İşletme İktisat

The Effect of Weighted Average Cost of The CBRT Funding on BİST100

Öz:

The effectiveness of monetary policy instruments of the Central Banks and the impact of these tools on the market are analyzed depending on the effects of monetary policy tools on the targeted variables, and the volatility of the indicators of monetary and financial markets. According to common view, the measures which are applied or announced by central banks lead to a volatility decrease in the financial indicators. In this study, the effects of the interest rate policy of the Central Bank of the Republic of Turkey (CBRT) on BİST100 index are tested by symmetric and asymmetric GARCH models based on Moon and Yu (2010)’s approach. In accordance with the obtained results, a shock which is derived from the weighted average cost of the CBRT funding is symmetric and this symmetric shock does not have any influence on BİST100. As a result, it can be said that the weighted average cost of the CBRT funding does not have any influence on BİST100.

Anahtar Kelime:

Konular: İşletme İktisat

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

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APA	Ekinci R, CEYLAN F, TÜZÜN O, Kahyaoglu H (2016). TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. , 263 - 277.
Chicago	Ekinci Ramazan,CEYLAN FATİH,TÜZÜN Osman,Kahyaoglu Hakan TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. (2016): 263 - 277.
MLA	Ekinci Ramazan,CEYLAN FATİH,TÜZÜN Osman,Kahyaoglu Hakan TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. , 2016, ss.263 - 277.
AMA	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. . 2016; 263 - 277.
Vancouver	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. . 2016; 263 - 277.
IEEE	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H "TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi." , ss.263 - 277, 2016.
ISNAD	Ekinci, Ramazan vd. "TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi". (2016), 263-277.

APA	Ekinci R, CEYLAN F, TÜZÜN O, Kahyaoglu H (2016). TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. Journal of Yasar University, 11(44), 263 - 277.
Chicago	Ekinci Ramazan,CEYLAN FATİH,TÜZÜN Osman,Kahyaoglu Hakan TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. Journal of Yasar University 11, no.44 (2016): 263 - 277.
MLA	Ekinci Ramazan,CEYLAN FATİH,TÜZÜN Osman,Kahyaoglu Hakan TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. Journal of Yasar University, vol.11, no.44, 2016, ss.263 - 277.
AMA	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. Journal of Yasar University. 2016; 11(44): 263 - 277.
Vancouver	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi. Journal of Yasar University. 2016; 11(44): 263 - 277.
IEEE	Ekinci R,CEYLAN F,TÜZÜN O,Kahyaoglu H "TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi." Journal of Yasar University, 11, ss.263 - 277, 2016.
ISNAD	Ekinci, Ramazan vd. "TCMB Ağırlıklı Ortalama Fonlama Maliyeti’nin BİST100 Üzerindeki Etkisi". Journal of Yasar University 11/44 (2016), 263-277.