Oduncu, Arif and Ermişoğlu, Ergun and Polat, Tandogan (2013): Credit Growth Volatility.
Preview |
PDF
MPRA_paper_49058.pdf Download (1MB) | Preview |
Abstract
The Central Bank of the Republic of Turkey has started to implement its new policy mix since late 2010. In this new approach expectations, credit growth and reel exchange rate are monitored closely as key indicators for financial stability on top of price stability. The effect of this new monetary policy framework on the volatility of credit growth is the main theme of this note. To the best of our knowledge, we are the first to analyze the impact of new policy mix on the credit growth volatility. It is shown that there is a significant decrease in the volatility of credit growth after the introduction of new policy framework at late 2010. Therefore, it can be said that this new monetary policy framework contributes to financial stability in Turkey by lessening the credit growth volatility.
| Item Type: | MPRA Paper |
|---|---|
| Original Title: | Credit Growth Volatility |
| Language: | English |
| Keywords: | Volatility, Credit growth, Central banking, CBRT’s new policy mix, Financial Stability |
| Subjects: | C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies |
| Item ID: | 49058 |
| Depositing User: | Dr. Arif Oduncu |
| Date Deposited: | 21 Aug 2013 11:32 |
| Last Modified: | 29 Sep 2019 10:47 |
| References: | Akçelik, Y., Ermişoğlu, E., Oduncu, A. ve Taşkın, T. (2012). “Ek Parasal Sıkılaştırma’nın Döviz Kurları Üzerindeki Etkisi” CBT Research Notes in Economics No. 12/30. Akçelik, Y., Başçi, E., Ermişoğlu, E. and Oduncu, A. (2013). “The Turkish Approach to Capital Flow Volatility” CBRT Working Paper No. 13/06. Alper, K., Hülagu, T. and Keleş, G. (2012). “An Empirical Study on Liquidity and Bank Lending” CBRT Working Paper No. 12/04. Alper, K., Kara, H. and Yörükoğlu, M. (2012). Rezerv Opsiyonu Mekanizması. CBT Research Notes in Economics No. 12/28 Başçı, E. (2013). “Governor Başçı's presentation at the BIS-Bank of Russia Conference (Moscow, July 19, 2013)”. Başçı, E. (2013). “Governor Başçı's speech at 81. Annual General Meeting of CBRT (Ankara, April 9, 2013)”. Başçı, E. ve Kara, H. (2011). “Finansal İstikrar ve Para Politikası,” CBRT Working Paper No. 11/08. Binici, M., Erol, H., Kara, H., Özlü, P. and Ünalmış, E. (2013). “Faiz Koridoru bir Makro İhtiyati Araç Olabilir mi?” CBT Research Notes in Economics No. 13/20. Bollerslev, T. (1986). Generalized autoregressive conditional heteroscedasticity, Journal of Econometrics, 31, 307–27. Borio, C. (2011). “Central Banking Post-Crisis: What Compass for Uncharted Waters?” BIS Working Papers No. 353. Değerli, A. and Fendoğlu, S. (2013). “Reserve Option Mechanism as a Stabilizing Policy Tool: Evidence from Exchange Rate Expectations,” CBRT Working Paper No. 13/28. Kara, H. (2012). “Küresel Kriz Sonrası Para Politikası,” CBRT Working Paper No 12/17. Oduncu, A., Akçelik, Y. and Ermişoğlu, E. (2013). “Reserve Options Mechanism and FX Volatility,” CBRT Working Paper No. 13/03. |
| URI: | https://mpra.ub.uni-muenchen.de/id/eprint/49058 |
All papers reproduced by permission. Reproduction and distribution subject to the approval of the copyright owners.
| View Item |