The impact of interest rate corridor on monetary policy efficiency: VEC Granger causality evidence from the central bank of the Republic of Turkey

被引：0

作者：

Yilmaz, Arzu ^{[1
]}

Serin, Zehra Vildan ^{[2
]}

Tasdogan, Celal ^{[3
]}

机构：

[1] Hasan Kalyoncu Univ, Dept Econ, Gaziantep, Turkey

[2] Hasan Kalyoncu Univ, Fac Econ Adm & Social Sci, Gaziantep, Turkey

[3] Ankara Haci Bayram Veli Univ, Fac Econ & Adm Sci, Dept Econ, Ankara, Turkey

来源：

INTERNATIONAL JOURNAL OF ADVANCED AND APPLIED SCIENCES | 2021年 / 8卷 / 09期

关键词：

Monetary policy; Interest rate corridor; Turkey; Vector error correction; Granger causality; VAR;

D O I：

10.21833/ijaas.2021.09.010

中图分类号：

O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];

学科分类号：

07 ; 0710 ; 09 ;

摘要：

This paper aimed to analyze the impacts of interest rate corridor policy on monetary efficiency in Turkey, applying the Error Correction Model and VEC Granger causality. The data set consisted of 108 observations for each time series from May 2010 to December 2019. The Granger causality test results indicated a significant impact of the borrowing rate on the inflation rate. Response function revealed that a change in the borrowing interest rate affected the opposite way in the inflation rate with a 3-month lag. An increase in the lending rate caused an increase in the BIST 100 index value. It is concluded that the interest rate corridor implementation successfully increased the flexibility and effectiveness of the monetary policy in Turkey. (C) 2021 The Authors. Published by IASE.

引用

页码：75 / 78

页数：4

共 26 条

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