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Faiz Koridoru ve Banka Faizleri : Parasal Aktarim Mekanizmasina Dair Bazi Bulgular

Author

Listed:
  • Mahir Binici
  • Hakan Kara
  • Pinar Ozlu

Abstract

Geleneksel faiz koridoru sistemlerinde merkez bankalari para politikasini tek bir politika faizi uzerinden yurutmekte ve bankalarin kisa vadeli fonlama maliyetinin bu faize yakin gerceklesmesini saglamaktadir. Ote yandan, Turkiye Cumhuriyet Merkez Bankasi (TCMB) 2010 yilinin sonlarindan itibaren finansal oynakliga vakitli tepki verebilmek amaciyla sira disi bir faiz koridoru ve fonlama politikasi uygulamistir. Bu dogrultuda, TCMB�nin piyasaya sagladigi kisa vadeli fonlarin kompozisyonu yuksek frekanslarda degistirilerek gerekli gorulen donemlerde piyasa faizlerinin TCMB fonlama faizinden ve ilan edilen resmi faizlerden sapmasi tercih edilmistir. Konvansiyonel olmayan bu yaklasimda, para politikasinin finansal sistemle etkilesimi de klasik faiz koridoru uygulamasina kiyasla daha karmasik bir yapi almaktadir. Bu calisma, anilan donemde para politikasi durusunun ve parasal aktarim mekanizmasinin daha iyi anlasilmasina katkida bulunmayi amaclamaktadir. Calismada ozellikle sira disi koridor politikasi kapsaminda merkez bankasi tarafindan ilan edilen faizler (resmi faizler) ile bankalarin fiiliyatta maruz kaldiklari faizler (fiili faizler) arasindaki farklilasmanin parasal aktarim mekanizmasi acisindan yansimalari ele alinmaktadir. Bu dogrultuda, oncelikle TCMB�nin uyguladigi faiz koridoru politikasinin operasyonel cercevesi basit bir gosterimle sunularak para politikasinin etki alanindaki faizlerin bankalar acisindan onemi degerlendirilmektedir. Daha sonra da panel tahmin yontemleri ile banka bazinda akim veriler kullanilarak kredi ve mevduat faizleri ile para politikasi faizleri arasindaki iliski incelenmektedir. Bulgular�miza gore, para politikasinin bankacilik sistemine aktarimi acisindan resmi faizlerden ziyade fiili faizler one cikmaktadir. Ozellikle bankalararasi gecelik piyasada olusan faizin kredi ve mevduat fiyatlamasinda belirleyici rol oynadigi g�zlenmektedir.

Suggested Citation

  • Mahir Binici & Hakan Kara & Pinar Ozlu, 2016. "Faiz Koridoru ve Banka Faizleri : Parasal Aktarim Mekanizmasina Dair Bazi Bulgular," Working Papers 1608, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1608
    as

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    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2016/16-08
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    Citations

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    Cited by:

    1. Muhammed Hasan Yilmaz, 2017. "Factors Impacting Bank Net Interest Margin and the Role of Monetary Policy: Evidence from Turkey," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 6(2), pages 01-23, April.
    2. Özgür ERSİN & Melike BİLDİRİCİ, 2017. "A Nonlinear Analysis of Monetary Policy with Dominance Indices in Turkey: MS-VAR Approach," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 22-46, December.

    More about this item

    Keywords

    Para politikasi aktarim mekanizmasi; Faiz kanali; Kredi kanali; Turkiye;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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