The Relationship between Monetary Policy and Asset Prices: Evidence from the Turkish Economy
DOI:
https://doi.org/10.5281/zenodo.4659039Abstract
The developments in the US housing and real estate sectors played an important role during the Global Financial Crisis of 2008. The findings of previous theoretical and empirical studies have revealed that there was a strong relationship between the expansionary monetary policy that included high liquidity and low interest rates in the US economy and the housing price bubble, which played a central role in the development of the crisis. These developments have revealed the importance of the relationship between monetary policies and asset prices.In this direction, the present study aims to conduct an empirical investigation of the relationship between monetary policies and asset prices in the Turkish economy. In line with this purpose, the SVAR approach was used in the study. The period included within the scope of the present study was determined as 2011:5-2018:5. According to the findings obtained, it is observed that the only significant reaction of monetary policies to the variables included within the model was to real effective exchange rate and treasury bill rate. Additionally, the effects of monetary policies on real effective exchange rate, housing price index, BIST 100 index, treasury bill rate and interest of government securities were found to be significant.
Downloads
Published
How to Cite
Issue
Section
License
The Author(s) must make formal transfer of copyright for each article prior to publication in the International Journal of Contemporary Economics and Administrative Sciences. Such transfer enables the Journal to defend itself against plagiarism and other forms of copyright infringement. Your cooperation is appreciated. You agree that copyright of your article to be published in the International Journal of Contemporary Economics and Administrative Sciences is hereby transferred, throughout the World and for the full term and all extensions and renewals thereof, to International Journal of Contemporary Economics and Administrative Sciences.
The Author(s) reserve(s): (a) the trademark rights and patent rights, if any, and (b) the right to use all or part of the information contained in this article in future, non-commercial works of the Author's own, or, if the article is a "work-for-hire" and made within the scope of the Author's employment, the employer may use all or part of the information contained in this article for intra-company use, provided the usual acknowledgements are given regarding copyright notice and reference to the original publication.
The Author(s) warrant(s) that the article is Author's original work, and has not been published before. If excerpts from copyrighted works are included, the Author will obtain written permission from the copyright owners and shall credit the sources in the article. The author also warrants that the article contains no libelous or unlawful statements, and does not infringe on the rights of others. If the article was prepared jointly with other Author(s), the Author agrees to inform the co-Author(s) of the terms of the copyright transfer and to sign on their behalf; or in the case of a "work-for-hire" the employer or an authorized representative of the employer.
The journal is registered with the ISSN : 1925-4423.
IJCEAS is licensed under a Creative Commons Attribution 4.0 International License.
This license lets others distribute, remix, tweak, and build upon your work, even commercially, as long as they credit you for the original creation. This is the most accommodating of licenses offered. Recommended for maximum dissemination and use of licensed materials.
