Pass-through between policy interest and various bank interests: the case of Türkiye

Ayşe Ergin Ünal

Makale detayları

Pass-through between policy interest and various bank interests: the case of Türkiye

Yazarlar:

Ayşe Ergin Ünal

Yayıncı:

Trakya University

Ana Başlıklar:

Para Politikası | Para-Bankacılık

Dergi:

Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi E-Dergi Vol.14 Issue 1, pp.38-48

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001352532

pISSN:

2147-2483

Anahtar kelimeler:

Özet:

 In this study, the reflection effect between the policy interest rate and various bank interest rates such as vehicles, housing, necessities is examined and the aim is to determine the extent to which a change in short-term interest rates affects long-term bank interest rates. The purpose of this study is to determine the effect of a change in short-term interest rates on long-term bank interest rates. While this mechanism, also called interest rate pass through, measures the reaction of bank interest rates to policy interest rate changes, the monetary transmission mechanism also constitutes the first stage of the interest rate channel. Because the degree of reflection between the mentioned interest rates is full and high, it increases the functionality of the transfer mechanism interest channel Dec. In this context, the cointegration relationship between the policy interest rate data for the periods 2012:07-2024:08 in Turkey and the deposit, need, vehicle, housing, commercial loan interest rates was examined using the Fourier Autoregressive Deceleration Distributed cointegration test FADL. The analysis findings prove the existence of a Decoupling relationship between the policy interest rate and the deposit, need, vehicle and housing loan interest rate. Again, in the study, it was determined that the loan interest rate with the highest interest transition rate and transition level is the deposit interest rate, while the loan interest rate with the lowest passability is the interest rate of the need loan.

 In this study, the reflection effect between the policy interest rate and various bank interest rates such as vehicles, housing, necessities is examined and the aim is to determine the extent to which a change in short-term interest rates affects long-term bank interest rates. The purpose of this study is to determine the effect of a change in short-term interest rates on long-term bank interest rates. While this mechanism, also called interest rate pass through, measures the reaction of bank interest rates to policy interest rate changes, the monetary transmission mechanism also constitutes the first stage of the interest rate channel. Because the degree of reflection between the mentioned interest rates is full and high, it increases the functionality of the transfer mechanism interest channel Dec. In this context, the cointegration relationship between the policy interest rate data for the periods 2012:07-2024:08 in Turkey and the deposit, need, vehicle, housing, commercial loan interest rates was examined using the Fourier Autoregressive Deceleration Distributed cointegration test FADL. The analysis findings prove the existence of a Decoupling relationship between the policy interest rate and the deposit, need, vehicle and housing loan interest rate. Again, in the study, it was determined that the loan interest rate with the highest interest transition rate and transition level is the deposit interest rate, while the loan interest rate with the lowest passability is the interest rate of the need loan.

 In this study, the reflection effect between the policy interest rate and various bank interest rates such as vehicles, housing, necessities is examined and the aim is to determine the extent to which a change in short-term interest rates affects long-term bank interest rates. The purpose of this study is to determine the effect of a change in short-term interest rates on long-term bank interest rates. While this mechanism, also called interest rate pass through, measures the reaction of bank interest rates to policy interest rate changes, the monetary transmission mechanism also constitutes the first stage of the interest rate channel. Because the degree of reflection between the mentioned interest rates is full and high, it increases the functionality of the transfer mechanism interest channel Dec. In this context, the cointegration relationship between the policy interest rate data for the periods 2012:07-2024:08 in Turkey and the deposit, need, vehicle, housing, commercial loan interest rates was examined using the Fourier Autoregressive Deceleration Distributed cointegration test FADL. The analysis findings prove the existence of a Decoupling relationship between the policy interest rate and the deposit, need, vehicle and housing loan interest rate. Again, in the study, it was determined that the loan interest rate with the highest interest transition rate and transition level is the deposit interest rate, while the loan interest rate with the lowest passability is the interest rate of the need loan.

 Bu çalışmada politika faizi ile taşıt, konut, ihtiyaç gibi çeşitli banka faizleri arasındaki yansıma etkisi incelenmekte olup amaç; kısa vadeli faiz oranlarında meydana gelen bir değişimin uzun vadeli banka faiz oranlarına ne derece etki ettiğinin saptanmasıdır. Faiz geçişkenliği olarak da adlandırılan bu mekanizma, politika faiz oranları değişimine karşı banka faiz oranlarının verdiği tepkiyi ölçmekte iken parasal aktarım mekanizması faiz kanalının da ilk aşamasını oluşturmaktadır. Zira söz konusu faizler arasındaki yansıma derecesinin tam ve yüksek olması aktarım mekanizması faiz kanalının da işlevselliğini artırmaktadır. Bu bağlamda çalışmada Türkiyede 2012:07-2024:08 dönemlerine ait politika faiz oranı verileri ile mevduat, ihtiyaç, taşıt, konut, ticari kredi faizleri arasındaki eşbütünleşme ilişkisi Fourier Otoregresif Gecikmesi Dağıtılmış eşbütünleşme testi FADL kullanılarak incelenmiştir. Analiz bulguları politika faiz oranı ile mevduat, ihtiyaç, taşıt ve konut kredisi faiz oranları arasındaki eşbütünleşme ilişkisinin varlığını kanıtlar niteliktedir. Yine çalışmada, faiz yansımasının en yüksek olduğu kredi faiz oranının ihtiyaç kredi faiz oranı iken yansımanın en düşük olduğu faiz türünün konut kredi faizi olduğu tespit edilmiştir.

Makale detayları

Pass-through between policy interest and various bank interests: the case of Türkiye

Yazarlar:

Ayşe Ergin Ünal

Yayıncı:

Trakya University

Ana Başlıklar:

Para Politikası | Para-Bankacılık

Dergi:

Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi E-Dergi Vol.14 Issue 1, pp.38-48

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001352532

pISSN:

2147-2483

Interest rates PassThrough

Monetary Transmission Mechanism

Fourier ADL.Faiz oranları Geçişkenliği

Parasal Aktarım Mekanizması

Fourier ADL.

Sayı

Makale detayları

Pass-through between policy interest and various bank interests: the case of Türkiye

Yazarlar: Ayşe Ergin Ünal

Yayıncı: Trakya University

Ana Başlıklar: Para Politikası | Para-Bankacılık

Dergi: Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi E-Dergi Vol.14 Issue 1, pp.38-48

Belge Tipi: Makale

Yayın Tarihi: 6/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001352532

pISSN: 2147-2483

Interest rates PassThrough

Monetary Transmission Mechanism

Fourier ADL.Faiz oranları Geçişkenliği

Parasal Aktarım Mekanizması

Fourier ADL.

Sayı

Yazarlar:

Ayşe Ergin Ünal

Yayıncı:

Trakya University

Ana Başlıklar:

Para Politikası | Para-Bankacılık

Dergi:

Trakya Üniversitesi İktisadi ve İdari Bilimler Fakültesi E-Dergi Vol.14 Issue 1, pp.38-48

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001352532

pISSN:

2147-2483