TÜRKİYE’DE BERNANKE- BLINDER MAL KREDİ (CC) YAKLAŞIMININ TVP VAR TEKNİĞİ İLE ANALİZİ

Year 2017, Volume: 35 Issue: 4, 1 - 30, 29.12.2017

Osman Tüzün , Üzeyir Aydın , Ramazan Ekinci

https://doi.org/10.17065/huniibf.372351

Cited By: 1

Abstract

Bu
çalışmanın amacı Bernanke ve Blinder (1988)’in Mal-Kredi (CC) yaklaşımının,
Türkiye’de parasal aktarım mekanizmasının kredi kanalı çerçevesinde analiz
edilmesidir. Çalışmada para politikasının kredi kanalı ile meydana getirdiği
etkiler zamana göre değişen parametreli VAR (TVP-VAR) tekniği ile çeyreklik
verilerle 1992Q1-2016Q1 dönemi için incelenmiştir. Uygulama sonuçlarından
hareketle, kredi kanalının etkinliği TCMB’nin finansal istikrar hedefi
doğrultusunda analiz edilmiş ve politika önerileri geliştirilmiştir. Ulaşılan sonuçlar; Bernanke ve Blinder’in
Mal-Kredi (CC) yaklaşımının Türkiye’de geçerliliğini göstermektedir. Ayrıca söz
konusu mekanizmanın özellikle finansal istikrar hedefiyle birlikte 2010 sonrası
dönemde daha etkin işlediği görülmektedir.

Keywords

Mal-Kredi (CC) Eğrisi, parasal aktarım mekanizması: banka kredi kanalı, TVP-VAR, BLC Modeli

ANALYSIS OF BERNANKE- BLINDER COMMODITY CREDIT (CC) APPROACH IN TURKEY WITH TVP VAR TECHNIQUE

Abstract

The aim of the study is to
analyze the Bernanke and Blinder (1988)’s Commodity-Credit approach within the
framework the credit channel of the monetary transmission mechanism in Turkey.
In this study, the effects that monetary policy turns out through the credit
channel are examined by means of the time varying parameter VAR (TVP-VAR)
technique with quarterly data for the period 1992Q1-2016Q1. Efficiency of the credit channel is investigated in
accordance with the financial stability aim of the TRCB and policy
recommendations are developed according to the results. The findings show that
Bernanke and Blinder Commodity-Credit (CC) approach is valid in Turkey.
Besides, it seems that the so-called mechanism, especially with the financial
stability goal, works more effectively in the period after 2010.

Keywords

Commodity-Credit (CC) Curve, monetary transmission mechanism: credit channel, TVP-VAR

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