Examining the effect of credit on monetary policy with Markov regime switching: Evidence from Turkey

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dc.authoridİLHAN, Ali/0000-0001-6201-5353
dc.authorwosidİLHAN, Ali/ACJ-0180-2022
dc.contributor.authorİlhan, Ali
dc.date.accessioned2023-05-06T17:22:06Z
dc.date.available2023-05-06T17:22:06Z
dc.date.issued2022
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.description.abstractThis 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.
dc.identifier.doi10.18559/ebr.2022.4.4
dc.identifier.endpage87
dc.identifier.issn2392-1641
dc.identifier.issn2450-0097
dc.identifier.issue4en_US
dc.identifier.scopus2-s2.0-85146238051
dc.identifier.scopusqualityQ4
dc.identifier.startpage68
dc.identifier.urihttps://doi.org/10.18559/ebr.2022.4.4
dc.identifier.urihttps://hdl.handle.net/20.500.11776/12028
dc.identifier.volume8
dc.identifier.wosWOS:000926534200003
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorİlhan, Ali
dc.language.isoen
dc.publisherSciendo
dc.relation.ispartofEconomics And Business Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectcredit
dc.subjectfinancial stability
dc.subjectmonetary policy
dc.subjectmacroprudential policy
dc.subjectMarkov regime switching
dc.subjectTurkey
dc.subjectFinancial Stability
dc.subjectExchange-Rate
dc.subjectCentral Bank
dc.subjectRules
dc.subjectInflation
dc.subjectPressure
dc.subjectCrises
dc.titleExamining the effect of credit on monetary policy with Markov regime switching: Evidence from Turkey
dc.typeArticle

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