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Makro İhtiyati Politikaların Kredi Büyümesini Sınırlamadaki Rolü: Türkiye Örneği

Year 2021, Volume: 16 Issue: 61, 393 - 413, 31.01.2021
https://doi.org/10.19168/jyasar.821930

Abstract

Küresel finansal kriz sonrası dönemde, gelişmiş ülkelerin krizden çıkış için uyguladıkları niceliksel genişleme politikaları, gelişmekte olan ülkelere yönelik yoğun sermaye girişlerine neden olmuştur. Sermaye girişlerinin beraberinde getirdiği makro-finansal riskler karşısında politika otoriteleri, fiyat istikrarı ve finansal istikrar arasında çeşitli politika açmazları ile karşı karşıya kalmıştır. Fiyat istikrarı ve finansal istikrarın eş anlı sağlanmasında para politikasının ilave araçlarla desteklenme ihtiyacı, birçok gelişmekte olan ülkenin makro ihtiyati politika kullanımını arttırmalarına neden olmuştur. Türkiye de yoğun sermaye girişlerinin yol açtığı makro-finansal risklere maruz kalan yükselen piyasa ekonomileri arasındadır. Ekonominin iç ve dış dengesinin farklılaşmasıyla biriken riskleri mevcut politika çerçevesi ile kontrol altına alamayan Türkiye, yeni politika bileşimini Kasım 2010’dan itibaren uygulamaya başlamıştır. Bu doğrultuda geleneksel enflasyon hedeflemesi, fiyat istikrarına zarar vermeyecek şekilde finansal istikrarın tamamlayıcı bir araç olarak dahil edilmesiyle değiştirilmiş ve para politikası ile makro ihtiyati politika birlikte yürütülmüştür. Bu çalışma, Türkiye’de yeni politika bileşimi çerçevesinde uygulanan makro ihtiyati politikaların kredi büyümesindeki aşırılıkları kontrol altına almadaki etkinliği incelemektedir. Türkiye deneyimine ait literatürden farklı olarak, makro ihtiyati politikanın analizinde bir endeks oluşturulmuştur. Makro ihtiyati politika endeksi ile reel toplam kredi büyümesi arasındaki ilişki, 2010:11-2017:12 dönemini kapsayacak şekilde Johansen vd. (2000) yapısal kırılmalı koentegrasyon yaklaşımı kullanılarak tahmin edilmiştir. Ampirik bulgular, Türkiye’de makro ihtiyati politika uygulamalarının kredi büyümesini sınırlayıcı etkisinin bulunduğunu göstermektedir. Bununla birlikte, söz konusu etkinin makro ihtiyati politika duruşunun sıkılaştırma derecesinin arttırılmasının ardından ortaya çıktığı görülmüştür.

References

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  • Alam, Z., Alter, A., Eiseman, J., Gelos, G., Kang, H., Narita, M., Nier, E., and Wang, N. 2019. “Digging Deeper – Evidence on the Effects of Macroprudential Policies from a New Database”, IMF Working Paper, 19/66.
  • Alper, K., Binici, M., Demiralp, S., Kara, H., and Özlü, P. 2018. “Reserve Requirements, Liquidity Risk, and Bank Lending Behavior”, Journal of Money, Credit and Banking, 50(4), 817-827. https://doi.org/10.1111/jmcb.12475
  • Anh, P. T. H., Anh, T. T. X, Chi, V. T. K., Ha, L. H., Hai, T. N. M., Hong, D. T. B., Hung, N. M., Huong, H. L., and Tung, D. T. 2018. “Effectiveness of Macroprudential Policy through Lending Standard Channel: The Case of Vietnam”, in J. Ansari (ed.) Macroprudential Policies in SEACEN Economies, 89-116. Kuala Lumpur: The SEACEN Centre.
  • Başçı, E. and Kara, H. 2011. “Financial Stability and Monetary Policy”, CBRT Working Paper, 11/08.
  • Binici, M., Erol H., Kara, H., Özlü, P., and Ünalmış, D. 2013. “Interest Rate Corridor: A New Macroprudential Tool?”, CBT Research Notes in Economics, 2013-20.
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  • Bumin M. and Taşkın, F. D. 2016. “The Impact of Macro-Prudential Measures on Retail Loans: Evidence from Turkey”, International Journal of Contemporary Economics and Administrative Sciences, 5(1-2), 48-66.
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  • Cerutti, E., Correa, R., Fiorentino, E., and Segalla, E. 2017. “Changes in Prudential Policy Instruments-A New Cross-Country Database”, International Journal of Central Banking, 13(S1), 477-503.
  • Dawson, P. J. and Sanjuan, A. I. 2006. “Structural Breaks, the Export Enhancement Program and the Relationship between Canadian and US Hard Wheat Prices”, Journal of Agricultural Economics, 57(1), 101-116. http://dx.doi.org/10.1111/j.1477-9552.2006.00034.x
  • Değerli, A. and Fendoğlu, S. 2015. “Reserve option mechanism as a stabilizing policy tool: Evidence from exchange rate expectations”, International Review of Economics and Finance, 35, 166-179. https://doi.org/10.1016/j.iref.2014.09.011
  • Dell’Ariccia, G., Igan, D., Laeven, L., Tong, H., Bakker, B., and Vandenbussche, J. 2012. “Policies for Macrofinancial Stability: How to Deal with Credit Booms”, IMF Staff Discussion Note, 12/06.
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  • Dumicic, M. 2018. “Effectiveness of macroprudential policies in Central and Eastern European Countries”, Public Sector Economics, 42(1), 1-19. https://doi.org/10.3326/pse.42.1.1
  • Epure, M., Mihai, I., Minoiu, C., and Peydro, J. L. 2018. “Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country”, IMF Working Paper, 13.
  • Erdem Küçükbıçakçı, F. P., Özen, E., and Ünalmış, İ. 2020. “Are Macroprudential Policies Effective Tools to Reduce Credit Growth in Emerging Markets?”, World Journal of Applied Economics, 6(1), 73-89. https://doi.org/ 10.22440/wjae.6.1.5
  • Ermişoğlu, E., Oduncu, A., and Akçelik, Y. 2013. “Reserve Options Mechanism and FX Volatility”, CBRT Working Paper, 13/03.
  • Fendoğlu, S. 2017. “Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies”, Journal of Banking and Finance, 79: 110-128. https://doi.org/10.1016/j.jbankfin.2017.03.008
  • FSB, IMF, and BIS. 2009. Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations, Report the G-20 Finance Ministers and Central Bank Governors, https://www.imf.org/external/np/g20/pdf/100109.pdf. (Accessed: 25.08.2020)
  • FSB, IMF, and BIS. 2011. Macroprudential policy tools and frameworks, Update to G-20 Finance Ministers and Central Bank Governors, https://www.imf.org/external/np/g20/pdf/021411.pdf. (Accessed: 28.08.2020)
  • Gök, İ. Y. 2017. “Reserve Option Mechanism: The New Monetary Policy Tool of CBRT and Its Effect on Exchange Rate Volatility”, International Journal of Business and Economic Sciences Applied Research, 9(3), 50-54.
  • Göver, Z. T. and Oğuz, A. A. 2017. “The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis”, Bulletin of Economic Theory and Analysis, 2(1), 1-12. https://doi.org/10.25229/beta.286188
  • Harris, R. and Sollis, R. 2003. Applied Time Series Modelling and Forecasting, 1st ed., W. Sussex: Wiley.
  • Hendry, D. F. and Mizon, G. E. 1993. “Evaluating dynamic econometric models by encompassing the VAR”, in P. C. B. Phillips (ed.), Models, methods, and applications of econometrics: Essays in honor of an A. R. Bergstrom, Oxford, UK. Blackwell, 272-300.
  • Hilbers, P., Ötker-Robe, İ., and Pazarbaşıoğlu, C. 2007. “Analysis of and Policy Responses to Rapid Credit Growth”, in C. Enoch and İ. Ötker-Robe (eds.), Rapid Credit Growth in Central and Eastern Europe: Endless Boom or Early Warning, London: Palgrave Macmillan, 84-136.
  • IMF. 2017. “Increasing Resilience to Large and Volatile Capital Flows: The Role of Macroprudential Policies – Case Studies”, IMF Policy Paper, 17/260.
  • Johansen, S. 1988. “Statistical analysis of cointegration vectors”, Journal of Economic Dynamics and Control, 12(2-3), 231-254. https://doi.org/10.1016/0165-1889(88)90041-3
  • Johansen, S. and Juselius, K. 1990. “Maximum Likelihood Estimation and Inference on Cointegration – With Applications to the Demand for Money”, Oxford Bulletin of Economics and Statistics, 52(1), 169-210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
  • Johansen, S., Mosconi, R., and Nielsen, B. 2000. “Cointegration analysis in the presence of structural breaks in the deterministic trend”, The Econometrics Journal, 3(2), 216-249. https://10.1111/1368-423X.00047
  • Johansen, S. 2005. “The Interpretation of Cointegrating Coefficients in the Cointegrated Vector Autoregressive Model”, Oxford Bulletin of Economics and Statistics, 67, 93-104. https://doi.org/10.1111/j.1468-0084.2005.00111.x
  • Jorda, O., Schularick, M., and Taylor, A. M. 2011. “Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons”, IMF Economic Review, 59(2), 340-378. https://doi.org/10.1057/imfer.2011.8
  • Kara, H., Küçük, H., Tiryaki, S. T., and Yüksel, C. 2013. “In Search of a Reasonable Credit Growth Rate for Turkey”, CBT Research Notes in Economics, 2013-03.
  • Kara, H. 2016. “Turkey’s Experience with Macroprudential Policy”, BIS Papers, 86, 123-140.
  • Kim, S. and Mehrotra, A. 2017. “Effects of monetary and macro-prudential policies – evidence from inflation targeting economies in the Asia-Pacific region and potential implications for China”, BOFIT Discussion Papers, 4.
  • Kim, S. 2019. “Macroprudential Policy in Asian Economies”, ADB Economics Working Paper Series, 577.
  • Kindleberger, C. P. 1978. Manias, Panics, and Crashes: A History of Financial Crises, New York: Basic Books.
  • Klingelhöfer, J. and Sun, R. 2019. Macroprudential policy, central banks and financial stability: Evidence from China, Journal of International Money and Finance, 93, 19-41. https://doi.org/10.1016/j.jimonfin.2018.12.015
  • Kuttner, K. N. and Shim, I. 2016. “Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies”, Journal of Financial Stability, 26, 31-44. https://doi.org/10.1016/j.jfs.2016.07.014
  • Lee, J. and Strazicich, M. C. 2003. “Minimum Lagrange Multiple Unit Root Test with Two Structural Breaks”, Review of Economics and Statistics, 85(4), 1082-1089. https://doi.org/10.1162/003465303772815961
  • Lee, J. and Strazicich, M. C. 2004. Minimum LM Unit Root Test with One Structural Break, Appalachian State University Department of Economics: Working Paper Series, 04-17.
  • Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., and Wu, X. 2011. “Macroprudential Policy: What Instruments and How to Use Them?”, IMF Working Paper, 11/238.
  • Minsky, H. P. 1977. “The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to “Standard” Theory”, Challenge, 20(1), 20-27.
  • Özatay, F. 2011. “Merkez Bankası’nın yeni para politikası: İki hedef-üç ara hedef-üç araç”, İktisat, İşletme ve Finans, 26(302), 27-43. https://doi.org/10.3848/iif.2011.302.2743
  • Pereira da Silva, L. A. 2016. “Towards an Integrated Inflation Targeting Framework in Middle-Income Countries: A Research Agenda”, 2nd ECBN Policy Research Conference on Macroprudential Instruments and Financial Cycles, Ljubljana, 29 September, https://www.bis.org/speeches/sp160929.pdf (Accessed: 15.08.2020).
  • Rauf, A. 2018. “Measuring the Effectiveness of Macroprudential Policies – The Malaysian Experience”, in J. Ansari (ed.), Macroprudential Policies in SEACEN Economies, 55-70, Kuala Lumpur: The SEACEN Centre.
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The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey

Year 2021, Volume: 16 Issue: 61, 393 - 413, 31.01.2021
https://doi.org/10.19168/jyasar.821930

Abstract

Following the global financial crisis, the quantitative easing policies implemented by developed countries to recover from the crisis led to large capital inflows into developing countries. In the face of macro-financial risks associated with capital flows, policy authorities had to deal with various policy dilemmas between price stability and financial stability. The need to support monetary policy with additional tools to ensure price stability and financial stability simultaneously has led many developing countries to increase in use of macroprudential policy. Turkey is also among the emerging market economies exposed to the macro-financial risks caused by large capital inflows. Unable to control the risks that accumulated due to the divergence between domestic demand and external demand, the Central Bank of the Republic of Turkey began to implement a new policy mix from November 2010. To this end, the conventional inflation targeting was modified by incorporating financial stability as a supplementary objective without prejudice to price stability and monetary policy was conducted together with macroprudential policy. This study investigates the effectiveness of macroprudential policies to control excesses in credit growth under the new policy mix in Turkey. Different from the literature on Turkish experience, an index is constructed to analyze macroprudential policy. By employing cointegration approach with structural breaks of Johansen et al. (2000) the relationship between macroprudential policy index and real total credit growth was estimated covering the period from November 2010 to December 2017. Our empirical findings indicated that macroprudential policy implementations in Turkey have had a limiting effect on credit growth. However, this effect emerged after the tightening of the macroprudential policy stance was increased.

References

  • Akinci, O. and Olmstead-Rumsey, J. 2015. “How Effective are Macroprudential Policies? An Empirical Investigation”, International Finance Discussion Papers, 1136. http://dx.doi.org/10.17016/IFDP.2015.1136
  • Alam, Z., Alter, A., Eiseman, J., Gelos, G., Kang, H., Narita, M., Nier, E., and Wang, N. 2019. “Digging Deeper – Evidence on the Effects of Macroprudential Policies from a New Database”, IMF Working Paper, 19/66.
  • Alper, K., Binici, M., Demiralp, S., Kara, H., and Özlü, P. 2018. “Reserve Requirements, Liquidity Risk, and Bank Lending Behavior”, Journal of Money, Credit and Banking, 50(4), 817-827. https://doi.org/10.1111/jmcb.12475
  • Anh, P. T. H., Anh, T. T. X, Chi, V. T. K., Ha, L. H., Hai, T. N. M., Hong, D. T. B., Hung, N. M., Huong, H. L., and Tung, D. T. 2018. “Effectiveness of Macroprudential Policy through Lending Standard Channel: The Case of Vietnam”, in J. Ansari (ed.) Macroprudential Policies in SEACEN Economies, 89-116. Kuala Lumpur: The SEACEN Centre.
  • Başçı, E. and Kara, H. 2011. “Financial Stability and Monetary Policy”, CBRT Working Paper, 11/08.
  • Binici, M., Erol H., Kara, H., Özlü, P., and Ünalmış, D. 2013. “Interest Rate Corridor: A New Macroprudential Tool?”, CBT Research Notes in Economics, 2013-20.
  • BRSA. 2017. 2016 Faaliyet Raporu. https://www.bddk.org.tr/ContentBddk/dokuman/hakkinda_0003_07.pdf, (Accessed: 01.09.2020)
  • Bulut, U. 2015. “The Interest Rate Corridor as a Macroprudential Tool to Mitigate Rapid Growth in Credits: Evidence from Turkey”, Theoretical and Applied Economics, 4(605), 133-144.
  • Bumin M. and Taşkın, F. D. 2016. “The Impact of Macro-Prudential Measures on Retail Loans: Evidence from Turkey”, International Journal of Contemporary Economics and Administrative Sciences, 5(1-2), 48-66.
  • CBRT. 2010. Monetary and Exchange Rate Policy for 2011, Ankara.
  • CBRT. 2011. Monetary and Exchange Rate Policy for 2012, Ankara.
  • CBRT. 2014. Financial Stability Report, 19, Ankara.
  • CBRT. 2018. Press Release on the Operational Framework of the Monetary Policy, 2018-21, Ankara.
  • Cerutti, E., Claessens, S., and Laeven, L. 2015. “The Use and Effectiveness of Macroprudential Policies: New Evidence”, IMF Working Paper, 15/61.
  • Cerutti, E., Claessens, S., and Laeven, L. 2018. The increasing faith in macroprudential policies, https://voxeu.org/article/increasing-faith-macroprudential-policies. (Accessed: 02.10.2020)
  • Cerutti, E., Correa, R., Fiorentino, E., and Segalla, E. 2017. “Changes in Prudential Policy Instruments-A New Cross-Country Database”, International Journal of Central Banking, 13(S1), 477-503.
  • Dawson, P. J. and Sanjuan, A. I. 2006. “Structural Breaks, the Export Enhancement Program and the Relationship between Canadian and US Hard Wheat Prices”, Journal of Agricultural Economics, 57(1), 101-116. http://dx.doi.org/10.1111/j.1477-9552.2006.00034.x
  • Değerli, A. and Fendoğlu, S. 2015. “Reserve option mechanism as a stabilizing policy tool: Evidence from exchange rate expectations”, International Review of Economics and Finance, 35, 166-179. https://doi.org/10.1016/j.iref.2014.09.011
  • Dell’Ariccia, G., Igan, D., Laeven, L., Tong, H., Bakker, B., and Vandenbussche, J. 2012. “Policies for Macrofinancial Stability: How to Deal with Credit Booms”, IMF Staff Discussion Note, 12/06.
  • Doğan, B., Şahin, A., and Berument, M. H. 2016. “Rethinking interest rate volatility as a macroprudential policy tool”, Middle East Development Journal, 8(1), 109-126. https://doi.org/10.1080/17938120.2016.1150009
  • Dumicic, M. 2018. “Effectiveness of macroprudential policies in Central and Eastern European Countries”, Public Sector Economics, 42(1), 1-19. https://doi.org/10.3326/pse.42.1.1
  • Epure, M., Mihai, I., Minoiu, C., and Peydro, J. L. 2018. “Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country”, IMF Working Paper, 13.
  • Erdem Küçükbıçakçı, F. P., Özen, E., and Ünalmış, İ. 2020. “Are Macroprudential Policies Effective Tools to Reduce Credit Growth in Emerging Markets?”, World Journal of Applied Economics, 6(1), 73-89. https://doi.org/ 10.22440/wjae.6.1.5
  • Ermişoğlu, E., Oduncu, A., and Akçelik, Y. 2013. “Reserve Options Mechanism and FX Volatility”, CBRT Working Paper, 13/03.
  • Fendoğlu, S. 2017. “Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies”, Journal of Banking and Finance, 79: 110-128. https://doi.org/10.1016/j.jbankfin.2017.03.008
  • FSB, IMF, and BIS. 2009. Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations, Report the G-20 Finance Ministers and Central Bank Governors, https://www.imf.org/external/np/g20/pdf/100109.pdf. (Accessed: 25.08.2020)
  • FSB, IMF, and BIS. 2011. Macroprudential policy tools and frameworks, Update to G-20 Finance Ministers and Central Bank Governors, https://www.imf.org/external/np/g20/pdf/021411.pdf. (Accessed: 28.08.2020)
  • Gök, İ. Y. 2017. “Reserve Option Mechanism: The New Monetary Policy Tool of CBRT and Its Effect on Exchange Rate Volatility”, International Journal of Business and Economic Sciences Applied Research, 9(3), 50-54.
  • Göver, Z. T. and Oğuz, A. A. 2017. “The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis”, Bulletin of Economic Theory and Analysis, 2(1), 1-12. https://doi.org/10.25229/beta.286188
  • Harris, R. and Sollis, R. 2003. Applied Time Series Modelling and Forecasting, 1st ed., W. Sussex: Wiley.
  • Hendry, D. F. and Mizon, G. E. 1993. “Evaluating dynamic econometric models by encompassing the VAR”, in P. C. B. Phillips (ed.), Models, methods, and applications of econometrics: Essays in honor of an A. R. Bergstrom, Oxford, UK. Blackwell, 272-300.
  • Hilbers, P., Ötker-Robe, İ., and Pazarbaşıoğlu, C. 2007. “Analysis of and Policy Responses to Rapid Credit Growth”, in C. Enoch and İ. Ötker-Robe (eds.), Rapid Credit Growth in Central and Eastern Europe: Endless Boom or Early Warning, London: Palgrave Macmillan, 84-136.
  • IMF. 2017. “Increasing Resilience to Large and Volatile Capital Flows: The Role of Macroprudential Policies – Case Studies”, IMF Policy Paper, 17/260.
  • Johansen, S. 1988. “Statistical analysis of cointegration vectors”, Journal of Economic Dynamics and Control, 12(2-3), 231-254. https://doi.org/10.1016/0165-1889(88)90041-3
  • Johansen, S. and Juselius, K. 1990. “Maximum Likelihood Estimation and Inference on Cointegration – With Applications to the Demand for Money”, Oxford Bulletin of Economics and Statistics, 52(1), 169-210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
  • Johansen, S., Mosconi, R., and Nielsen, B. 2000. “Cointegration analysis in the presence of structural breaks in the deterministic trend”, The Econometrics Journal, 3(2), 216-249. https://10.1111/1368-423X.00047
  • Johansen, S. 2005. “The Interpretation of Cointegrating Coefficients in the Cointegrated Vector Autoregressive Model”, Oxford Bulletin of Economics and Statistics, 67, 93-104. https://doi.org/10.1111/j.1468-0084.2005.00111.x
  • Jorda, O., Schularick, M., and Taylor, A. M. 2011. “Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons”, IMF Economic Review, 59(2), 340-378. https://doi.org/10.1057/imfer.2011.8
  • Kara, H., Küçük, H., Tiryaki, S. T., and Yüksel, C. 2013. “In Search of a Reasonable Credit Growth Rate for Turkey”, CBT Research Notes in Economics, 2013-03.
  • Kara, H. 2016. “Turkey’s Experience with Macroprudential Policy”, BIS Papers, 86, 123-140.
  • Kim, S. and Mehrotra, A. 2017. “Effects of monetary and macro-prudential policies – evidence from inflation targeting economies in the Asia-Pacific region and potential implications for China”, BOFIT Discussion Papers, 4.
  • Kim, S. 2019. “Macroprudential Policy in Asian Economies”, ADB Economics Working Paper Series, 577.
  • Kindleberger, C. P. 1978. Manias, Panics, and Crashes: A History of Financial Crises, New York: Basic Books.
  • Klingelhöfer, J. and Sun, R. 2019. Macroprudential policy, central banks and financial stability: Evidence from China, Journal of International Money and Finance, 93, 19-41. https://doi.org/10.1016/j.jimonfin.2018.12.015
  • Kuttner, K. N. and Shim, I. 2016. “Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies”, Journal of Financial Stability, 26, 31-44. https://doi.org/10.1016/j.jfs.2016.07.014
  • Lee, J. and Strazicich, M. C. 2003. “Minimum Lagrange Multiple Unit Root Test with Two Structural Breaks”, Review of Economics and Statistics, 85(4), 1082-1089. https://doi.org/10.1162/003465303772815961
  • Lee, J. and Strazicich, M. C. 2004. Minimum LM Unit Root Test with One Structural Break, Appalachian State University Department of Economics: Working Paper Series, 04-17.
  • Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., and Wu, X. 2011. “Macroprudential Policy: What Instruments and How to Use Them?”, IMF Working Paper, 11/238.
  • Minsky, H. P. 1977. “The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to “Standard” Theory”, Challenge, 20(1), 20-27.
  • Özatay, F. 2011. “Merkez Bankası’nın yeni para politikası: İki hedef-üç ara hedef-üç araç”, İktisat, İşletme ve Finans, 26(302), 27-43. https://doi.org/10.3848/iif.2011.302.2743
  • Pereira da Silva, L. A. 2016. “Towards an Integrated Inflation Targeting Framework in Middle-Income Countries: A Research Agenda”, 2nd ECBN Policy Research Conference on Macroprudential Instruments and Financial Cycles, Ljubljana, 29 September, https://www.bis.org/speeches/sp160929.pdf (Accessed: 15.08.2020).
  • Rauf, A. 2018. “Measuring the Effectiveness of Macroprudential Policies – The Malaysian Experience”, in J. Ansari (ed.), Macroprudential Policies in SEACEN Economies, 55-70, Kuala Lumpur: The SEACEN Centre.
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There are 56 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Ali İlhan 0000-0001-6201-5353

Metin Özdemir 0000-0002-3944-4018

Kadir Eryiğit 0000-0001-6857-7402

Publication Date January 31, 2021
Published in Issue Year 2021 Volume: 16 Issue: 61

Cite

APA İlhan, A., Özdemir, M., & Eryiğit, K. (2021). The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey. Yaşar Üniversitesi E-Dergisi, 16(61), 393-413. https://doi.org/10.19168/jyasar.821930
AMA İlhan A, Özdemir M, Eryiğit K. The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey. Yaşar Üniversitesi E-Dergisi. January 2021;16(61):393-413. doi:10.19168/jyasar.821930
Chicago İlhan, Ali, Metin Özdemir, and Kadir Eryiğit. “The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey”. Yaşar Üniversitesi E-Dergisi 16, no. 61 (January 2021): 393-413. https://doi.org/10.19168/jyasar.821930.
EndNote İlhan A, Özdemir M, Eryiğit K (January 1, 2021) The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey. Yaşar Üniversitesi E-Dergisi 16 61 393–413.
IEEE A. İlhan, M. Özdemir, and K. Eryiğit, “The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey”, Yaşar Üniversitesi E-Dergisi, vol. 16, no. 61, pp. 393–413, 2021, doi: 10.19168/jyasar.821930.
ISNAD İlhan, Ali et al. “The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey”. Yaşar Üniversitesi E-Dergisi 16/61 (January 2021), 393-413. https://doi.org/10.19168/jyasar.821930.
JAMA İlhan A, Özdemir M, Eryiğit K. The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey. Yaşar Üniversitesi E-Dergisi. 2021;16:393–413.
MLA İlhan, Ali et al. “The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey”. Yaşar Üniversitesi E-Dergisi, vol. 16, no. 61, 2021, pp. 393-1, doi:10.19168/jyasar.821930.
Vancouver İlhan A, Özdemir M, Eryiğit K. The Role of Macroprudential Policies on Controlling Credit Growth: The Case of Turkey. Yaşar Üniversitesi E-Dergisi. 2021;16(61):393-41.