FED’İN UYGULADIĞI GELENEKSEL OLMAYAN PARA POLİTİKASI UYGULAMALARININ TÜRKİYE EKONOMİSİNDE VARLIK PİYASALARINA ETKİSİ

Yıl 2020, Cilt: 12 Sayı: 22, 228 - 248, 01.01.2020

Alpaslan Serel , Musa Bayır

https://doi.org/10.14784/marufacd.688417

Cited By: 1

Öz

FED, 2008 finansal krizi sürecinde, ABD finans piyasalarında yaşanan likidite krizini aşmak için para politikası uygulamalarında önemli bir değişime gitmiştir. Geleneksel olmayan para politikası olarak bilinen bu uygulamalar Amerikan finans piyasalarında daha önce görülmemiş büyüklükte bir likidite genişlemesine neden olmuştur. Uygulanan yeni politika araçlarının ABD ekonomisi ile birlikte diğer ülke ekonomileri üzerinde de önemli etkileri olmuştur. Bu doğrultuda, çalışmanın amacı FED geleneksel olmayan para politikasının Türkiye varlık piyasalarına etkilerinin araştırılmasıdır. Bu çerçevede, uzun vadeli tahvil ve hisse senedi piyasası üzerindeki etki ampirik olarak araştırılmaktadır. Ekonometrik analizde sınır testi ve ARDL yaklaşımı kullanılmıştır. Analiz dönemi 2007:12-2014:10 dönemleri kapsamakta ve analizler aylık veriler kullanılarak gerçekleştirilmektedir. Ampirik sonuçlar, FED geleneksel olmayan para politikasının Türkiye ekonomisinde uzun vadeli tahvil faizlerini düşürücü, hisse senedi fiyatlarını artırıcı bir etkide bulunduğunu göstermiştir. Bununla birlikte, faiz oranları üzerinde ortaya çıkan etkinin hisse senedi fiyatlarına göre daha belirgin olduğu görülmektedir.

Anahtar Kelimeler

Geleneksel Olmayan Para Politikası, FED, Varlık Fiyatları, ARDL

Kaynakça

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