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Autor
İlhan Ali (Tekirdağ Namık Kemal University, Tekirdağ, Turkey)
Tytuł
Examining the Effect of Credit on Monetary Policy with Markov Regime Switching: Evidence from Turkey
Źródło
Economics and Business Review, 2022, vol. 8 (22), nr 4, s. 68-87, rys., tab., bibliogr. 76 poz.
Słowa kluczowe
Kredyt, Stabilność finansowa, Polityka pieniężna, Polityka makroekonomiczna, Modele Markowa
Credit, Financial sustainability, Monetary policy, Macroeconomic policy, Markov models
Uwagi
Klasyfikacja JEL: C24, E44, E52, E58
summ.
Kraj/Region
Turcja
Turkey
Abstrakt
This paper analyses the effect of credit on monetary policy responses for different regimes in Turkey. To do so, the Taylor rule augmented with the credit gap is estimated by using a Markov regime switching model from January 2006 to December 2019. The empirical findings identify two regimes: the low- and high-interest rate regimes. The prevalence of the former indicates policy authorities' growth priorities. Furthermore, differing responses across the regimes reflect that the Central Bank of the Republic of Turkey has an asymmetric policy stance. In the low-interest rate regime, the monetary policy only significantly responds to inflation. In the high-interest rate regime, both inflation and credit have significant positive impacts on interest rate setting. This indicates that credit conditions affected the tightening of the monetary policy stance in Turkey despite the use of macroprudential tools after the global financial crisis. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
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Bibliografia
Pokaż
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Cytowane przez
Pokaż
ISSN
2392-1641
Język
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2022.4.4
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