The monetary transmission mechanismin Turkey: new developments

Autor :Erdem Basci, Özgür Özel, Çağrı Sarikaya
Herausgeber :
Central Bank Of Turkey, Research Department
Herkunft :Sondersammelgebiet Vorderer Orient einschl. Nordafrika
Datum :01.01.2007
Dokumente :
Dataobject from HALCoRe_document_00013074
Typ :Forschungsarbeit
Format :Text
Kurzfassung :The objective of this paper is to study the changes in the monetary policy transmission mechanism in Turkey. The analysis hinges upon both qualitative and quantitative evidence regarding various channels of monetary policy transmission. The arguments about the extent of the exchange rate, interest rate, asset price, credit and expectations channel are based on various studies conducted especially in the aftermath of the February 2001 financial crisis. The paper asserts that the interest rate and the credit channel have an increasingly visible effect on economic activity, while the prominence of the exchange rate channel tends to
attenuate in the post-crisis period thanks to prudent fiscal policies and the start of the inflation-targeting regime under floating exchange rates. Furthermore, the improvements in the communication policy increased the ability of the Central Bank of Turkey in managing expectations along with an enhanced credibility.
Schlagwörter :Türkei
Quelle :http://www.tcmb.gov.tr/research/discus/WP0704ENG.pdf
Rechte :Autor
Anmerkungen :http://www.econturk.org/
Erstellt am :15.03.2012 - 14:09:40
Letzte Änderung :15.03.2012 - 14:10:12
MyCoRe ID :HALCoRe_document_00013074
Statische URL :http://edoc.bibliothek.uni-halle.de/servlets/DocumentServlet?id=13074