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Effectiveness of Unconventional Monetary Policy Tools on Financial Stability: A NARDL Approach for Turkey

Year 2023, Volume: 7 Issue: 1, 63 - 80, 26.06.2023
https://doi.org/10.33399/biibfad.1179640

Abstract

The primary purpose of central banks is to achieve and maintain price stability. Until the global financial crisis in 2008, it was accepted that financial stability was achieved in an economy where price stability was achieved. However, after the crisis, it was seen that financial stability could not be achieved in economies where price stability was achieved, and alternative policies began to be sought. In this context, many developed and developing countries have started using unconventional monetary policy tools to ensure financial stability along with price stability. As a result of the expansionary policies implemented by the central banks of developed countries, there has been an intense capital inflow to Turkey, which has led to credit expansion and overvaluation of the domestic currency. Therefore, as of 2011, the Central Bank of the Republic of Turkey (CBRT) started to use non-traditional monetary policy instruments to support financial stability. In this study, a financial stability index has been calculated for the Turkish economy and the effects of interest rate corridor and required reserve implementations on this index were examined with the Non-Linear Auto Regressive Distributed Lag (NARDL) model. According to the results of the analysis, it has been understood that the effects of unconventional monetary policy tools in ensuring financial stability are limited and monetary policy implementations alone are insufficient.

References

  • ADB (2015). Financial soundness indicators for financial sector stability in Vietnam. Manila: Asian Development Bank.
  • Akinci, O. & Olmstead-Rumsey, J. (2018). How effective are macroprudential policies? An empirical investigation. Journal of Financial Intermediation, 33, 33-57.
  • Albulescu, C. T. (2008). Assessing Romanian financial sector stability: The importance of the international economic climate. MPRA, Paper No. 16581, 1-21.
  • Albulescu, C. T. (2010). Forecasting the Romanian financial system stability using a stochastic simulation model. Romanian Journal of Economic Forecasting, 13(1), 81-98.
  • Alper, K., Binici, M., Demiralp, S., Kara, H. & Özlü, P. (2018). Reserve requirements, liquidity risk, and bank lending behavior. Journal of Money, Credit and Banking, 50(4), 817-827.
  • Arip, M.A., Kuek, T.H., & Puah, C.H. (2019). Forecasting financial vulnerability in Malaysia: A non-parametric indicator approach. Asian Journal of Business Research, 9(2), 113-120.
  • Aydi, M. & Aguir, A. (2017). Financial development and economic growth: The empirical evidence of the southern mediterranean countries. International Journal of Economics and Financial Issues, 7(3), 196-209.
  • Arzamasov, V. & Penikas, H. (2014a). A financial stability index for Israel. Procedia Computer Science, 31, 985-994.
  • Arzamasov, V. & Penikas, H. (2014b). Modeling integral financial stability index: A cross-country study. Higher School Of Economics Research Paper No. WP BRP, 75.
  • Atılğan, M. H. (2016). Yeni para politikası anlayışı ve finansal istikrar. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 249-268.
  • Babihuga, R. (2007). Macroeconomic and financial soundness indicators: An empirical investigation. IMF Working papers, 2007(115).
  • Başçı, E. & Kara, H. (2011). Finansal istikrar ve para politikası. İktisat İşletme ve Finans, 26(302), 9-25.
  • Başkaya, Y., Kenç, T., Shim, I. & Turner, P. (2016). Financial development and the effectiveness of macroprudential measures. Macroprudential Policy, vol. 86, 103-116, BIS.
  • Berger, A.N., Klapper, L.F. & Turk-Arris, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35, 99-118.
  • Binici, M., Erol, H., Kara, A. H., Özlü, P. & Ünalmış, D. (2013). Interest rate corridor: a new macroprudential tool? (No. 1320). Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Bulut, U. (2015). The interest rate corridor as a macroprudential tool to mitigate rapid growth in credits: Evidence from Turkey. Theoretical & Applied Economics, 22(4), 133-144.
  • Cheang, N. & Choy, I. (2011). Aggregate financial stability index for an early warning system. Research and Statistics Department, Monetary Authority of Macao.
  • Cordella, T., Federico, P., Vegh, C. & Vuletin, G. (2014). Reserve requirements in the brave new macroprudential world. World Bank Publications.
  • Creel, J., Hubert, P. & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, 48, 25-40.
  • Darıcı, B. (2012). Finansal istikrar ve finansal istikrara yönelik kamusal sorumluluk çerçevesinde para politikası: Türkiye analizi. TBB Bankacılar Dergisi. 23(83), 34-66.
  • Dhal, S., Kumar, P. & Ansari, J. (2011). Financial stability, economic growth, inflation and monetary policy linkages in India: An empirical reflection. Reserve Bank of India Occasional Papers, 32(3), 1-35.
  • Fendoğlu, S. (2017). Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies. Journal of Banking & Finance, 79, 110-128.
  • Fidanoski, F., Lazarov, D., Simeonovski, K. & Sergi, S.B. (2018). Where macroeconomic instability meets economic growth. Monetary Policy After Global Crisis. 2018 WEA Online Conference.
  • Glocker, C. & Towbin, P. (2012). The Macroeconomic effects of reserve requirements. WIFO Working Papers 420, WIFO.
  • Haznedaroğlu, A.B. (2014). Finansal istikrar: Türkiye’de finansal istikrara yönelik olarak uygulanan faiz koridorunun etkinliği üzerine bir analiz (2006-2013) (Yayımlanmamış Doktora Tezi). İstanbul: Maltepe Üniversitesi Sosyal Bilimler Enstitüsü.
  • İlhan, A. (2018). Finansal istikrarı sağlamaya yönelik makro ihtiyati politikalar: Türkiye örneği (Yayımlanmamış Doktora Tezi). Bursa: Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.
  • Jakubík, P. & Slačík, T. (2013). Measuring financial (in) stability in emerging europe: A new index-based approach. Financial Stability Report, 25, 102-117.
  • Kara, H. (2012). Küresel kriz sonrası para politikası. TCMB Çalışma Tebliği, 12(17), 1-25.
  • Kaya, O. (2017). Türkiye’defFinansal istikrar odaklı orthodoks olmayan politikaların etkinliği (Yayımlanmamış Doktora Tezi). İstanbul: İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
  • Keliuotytė-Staniulėnienė, G. (2015). Fiscal sustainability and its impact on financial stability in Lithuania and other new member states of The European Union. Ekonomika, 94, 28-46.
  • Kim, S. & Mehrotra, A. (2018). Effects of monetary and macroprudential policies—evidence from four inflation targeting economies. Journal of Money, Credit and Banking, 50(5), 967-992.
  • Klingelhöfer, J. & Sun, R. (2019). Macroprudential policy, central banks and financial stability: Evidence from China. Journal of International Money and Finance, 93, 19-41.
  • Koong, S. S., Law, S. H. & Ibrahim, M. H. (2017). Credit expansion and financial stability in Malaysia. Economic Modelling, 61, 339-350.
  • Kuek, T.H., Puah, C.H., & Arip, M.A. (2019). Predicting financial vulnerability in Malaysia; Evidence from the signal approach. Research in World Economy, 10(3), 89-98.
  • Kuttner, K.N. ve Shim, I. (2013). Can non-interest rate policies stabilise housing markets? Evidence from a panel of 57 economies. BIS Working Papers.
  • Lee, M., Asuncion, R.C. ve Kim, J. (2015). Effectiveness of macroprudential policies in developing Asia: An emprical analysis. ADB Economics Working Paper Series.
  • Manolescu, C. M. & Manolescu, E. (2017). The financial stability index-an insight into the financial and economic conditions of Romania. Theoretical & Applied Economics, 24(4).
  • Morales, M. A. ve Estrada, D. (2010). “A financial stability index for Colombia”. Annals of Finance, 6(4), 555-581.
  • Morgan, P. (2009). The role and effectiveness of unconventional monetary policy. ADBI Working Paper Series, Asian Development Bank Institute, No. 163.
  • Morris, V. C. (2010). Measuring and forecasting financial stability: The composition of an aggregate financial stability index for Jamaica. Bank of Jamaica, 6(2), 34-51.
  • Nasreen, S. &Anwar, S. (2017). Financial stability and the role of economic and financial integration in South Asia: Evidence from time-series data. The Singapore Economic Review, 63(1), 1-31.
  • Nasreen, S. & Anwar, S. (2019). Financial stability and monetary policy reaction function for south asian countries: An Econometrıc Approach. The Singapore Economic Review, 1-30.
  • Nayn, M. Z. & Siddiqui, M. S. (2014). Measuring financial stability: The composition of an aggregate financial stability index for Bangladesh. Bank Parikrama, 39(2), 109-134.
  • Noman, A. H. M., Gee, C. S. & Isa, C. R. (2017). Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis. PloS one, 12(5), e0176546.
  • Özcan, S. (2006). Para politikası tercihleri ile finansal istikrar arasındaki ilişki, enflasyon hedeflemesi politikasında finansal istikrar ve Türkiye analizi (Uzmanlık Yeterlilik Tezi). Ankara: CBRT.
  • Peseran, M.H., Shin, Y. & Smith, J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phan, D. H. B., Iyke, B. N., Sharma, S. S. & Affandi, Y. (2021). Economic policy uncertainty and financial stability–Is there a relation?. Economic Modelling, 94, 1018-1029.
  • Phillips, P.C.B. &Perron, P. (1988). Testing for unit roots in time series regression. Biometrika, 75(2), 335-346.
  • Popovska, J. (2014). Modelling financial stability: The case of the banking sector in Macedonia. Journal of Applied Economics and Business, 2(1), 68-91.
  • Potter, S. M. & Smets, F. (2019). Unconventional monetary policy tools: A cross-country analysis. BIS Working Papers.
  • Sere-Ejembi, A., Udom, I. S., Salihu, A., Atoi, N. V. & Yaaba, B. N. (2014). Developing banking system stability index for Nigeria. CBN Journal of Applied Statistics (JAS), 5(1), 4.
  • Shin, Y., Yu, B. &Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In: Sickles R., Horrace W. (Eds) Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications (pp. 281-314). New York Springer.
  • Sollis, R. (2009). A simple unit root test against asymmetric STAR nonlinearity with an application real exchange rates in Nordic countries. Economic Modelling,(26), 118-119.
  • Thach, N. N., Oanh, T. T. K. & vChuong, H. N. (2019). The interaction between fiscal policy, macroprudential policy and financial stability in Vietnam-An application of structural equation modeling. In International Conference of the Thailand Econometrics Society (pp. 275-288). Springer, Cham.
  • Tovar Mora, C. E., Garcia-Escribano, M. & Vera Martin, M. (2012). Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America. IMF Working Paper.
  • Zdzienicka, M. A., Chen, M. S., Kalan, F. D., Laseen, S. & Svirydzenka, K. (2015). Effects of monetary and macroprudential policies on financial conditions: Evidence from the United States. International Monetary Fund.
  • Zivot, E. & Andrew, D.W.K. (1992). Further evidence on the G-great crash, the oil pricesShock and the unit root hypothesis. Journal of Business and Economic Statistics, 10(3), 251-270.

Geleneksel Olmayan Para Politikası Araçlarının Finansal İstikrar Üzerindeki Etkinliği: Türkiye İçin Bir NARDL Yaklaşımı

Year 2023, Volume: 7 Issue: 1, 63 - 80, 26.06.2023
https://doi.org/10.33399/biibfad.1179640

Abstract

Merkez bankalarının birincil amacı fiyat istikrarını sağlamak ve sürdürmektir. 2008 yılında yaşanan küresel finans krizine kadar fiyat istikrarının sağlandığı bir ekonomide finansal istikrarın da sağlandığı kabul ediliyordu. Fakat kriz sonrasında fiyat istikrarının sağlandığı ekonomilerde finansal istikrarın sağlanamadığı görülmüş ve alternatif politika arayışları başlamıştır. Bu bağlamda, birçok gelişmiş ve gelişmekte olan ülke, fiyat istikrarı ile birlikte finansal istikrarı sağlamak için geleneksel olmayan para politikası araçlarını kullanmaya başlamıştır. Gelişmiş ülke merkez bankalarının uyguladığı genişletici politikalar sonucunda Türkiye’ye yoğun bir sermaye girişi olmuş ve bu durum kredi genişlemesine ve yerli paranın aşırı değerlenmesine neden olmuştur. Bu nedenle 2011 yılı itibarıyla Türkiye Cumhuriyet Merkez Bankası (TCMB), finansal istikrarı desteklemek amacıyla geleneksel olmayan para politikası araçlarını kullanmaya başlamıştır. Bu çalışmada, Türkiye ekonomisi için bir finansal istikrar endeksi hesaplanmış ve TCMB tarafından kullanılan faiz koridoru ve zorunlu karşılık uygulamalarının bu endeks üzerindeki etkileri, Doğrusal Olmayan Oto Regresif Dağıtılmış Gecikme (NARDL) modeli ile incelenmiştir. Analiz sonuçlarına göre, geleneksel olmayan para politikası araçlarının finansal istikrarın sağlanmasındaki etkilerinin sınırlı olduğu ve para politikası uygulamalarının tek başına yetersiz olduğu anlaşılmıştır.

References

  • ADB (2015). Financial soundness indicators for financial sector stability in Vietnam. Manila: Asian Development Bank.
  • Akinci, O. & Olmstead-Rumsey, J. (2018). How effective are macroprudential policies? An empirical investigation. Journal of Financial Intermediation, 33, 33-57.
  • Albulescu, C. T. (2008). Assessing Romanian financial sector stability: The importance of the international economic climate. MPRA, Paper No. 16581, 1-21.
  • Albulescu, C. T. (2010). Forecasting the Romanian financial system stability using a stochastic simulation model. Romanian Journal of Economic Forecasting, 13(1), 81-98.
  • Alper, K., Binici, M., Demiralp, S., Kara, H. & Özlü, P. (2018). Reserve requirements, liquidity risk, and bank lending behavior. Journal of Money, Credit and Banking, 50(4), 817-827.
  • Arip, M.A., Kuek, T.H., & Puah, C.H. (2019). Forecasting financial vulnerability in Malaysia: A non-parametric indicator approach. Asian Journal of Business Research, 9(2), 113-120.
  • Aydi, M. & Aguir, A. (2017). Financial development and economic growth: The empirical evidence of the southern mediterranean countries. International Journal of Economics and Financial Issues, 7(3), 196-209.
  • Arzamasov, V. & Penikas, H. (2014a). A financial stability index for Israel. Procedia Computer Science, 31, 985-994.
  • Arzamasov, V. & Penikas, H. (2014b). Modeling integral financial stability index: A cross-country study. Higher School Of Economics Research Paper No. WP BRP, 75.
  • Atılğan, M. H. (2016). Yeni para politikası anlayışı ve finansal istikrar. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 249-268.
  • Babihuga, R. (2007). Macroeconomic and financial soundness indicators: An empirical investigation. IMF Working papers, 2007(115).
  • Başçı, E. & Kara, H. (2011). Finansal istikrar ve para politikası. İktisat İşletme ve Finans, 26(302), 9-25.
  • Başkaya, Y., Kenç, T., Shim, I. & Turner, P. (2016). Financial development and the effectiveness of macroprudential measures. Macroprudential Policy, vol. 86, 103-116, BIS.
  • Berger, A.N., Klapper, L.F. & Turk-Arris, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35, 99-118.
  • Binici, M., Erol, H., Kara, A. H., Özlü, P. & Ünalmış, D. (2013). Interest rate corridor: a new macroprudential tool? (No. 1320). Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Bulut, U. (2015). The interest rate corridor as a macroprudential tool to mitigate rapid growth in credits: Evidence from Turkey. Theoretical & Applied Economics, 22(4), 133-144.
  • Cheang, N. & Choy, I. (2011). Aggregate financial stability index for an early warning system. Research and Statistics Department, Monetary Authority of Macao.
  • Cordella, T., Federico, P., Vegh, C. & Vuletin, G. (2014). Reserve requirements in the brave new macroprudential world. World Bank Publications.
  • Creel, J., Hubert, P. & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, 48, 25-40.
  • Darıcı, B. (2012). Finansal istikrar ve finansal istikrara yönelik kamusal sorumluluk çerçevesinde para politikası: Türkiye analizi. TBB Bankacılar Dergisi. 23(83), 34-66.
  • Dhal, S., Kumar, P. & Ansari, J. (2011). Financial stability, economic growth, inflation and monetary policy linkages in India: An empirical reflection. Reserve Bank of India Occasional Papers, 32(3), 1-35.
  • Fendoğlu, S. (2017). Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies. Journal of Banking & Finance, 79, 110-128.
  • Fidanoski, F., Lazarov, D., Simeonovski, K. & Sergi, S.B. (2018). Where macroeconomic instability meets economic growth. Monetary Policy After Global Crisis. 2018 WEA Online Conference.
  • Glocker, C. & Towbin, P. (2012). The Macroeconomic effects of reserve requirements. WIFO Working Papers 420, WIFO.
  • Haznedaroğlu, A.B. (2014). Finansal istikrar: Türkiye’de finansal istikrara yönelik olarak uygulanan faiz koridorunun etkinliği üzerine bir analiz (2006-2013) (Yayımlanmamış Doktora Tezi). İstanbul: Maltepe Üniversitesi Sosyal Bilimler Enstitüsü.
  • İlhan, A. (2018). Finansal istikrarı sağlamaya yönelik makro ihtiyati politikalar: Türkiye örneği (Yayımlanmamış Doktora Tezi). Bursa: Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.
  • Jakubík, P. & Slačík, T. (2013). Measuring financial (in) stability in emerging europe: A new index-based approach. Financial Stability Report, 25, 102-117.
  • Kara, H. (2012). Küresel kriz sonrası para politikası. TCMB Çalışma Tebliği, 12(17), 1-25.
  • Kaya, O. (2017). Türkiye’defFinansal istikrar odaklı orthodoks olmayan politikaların etkinliği (Yayımlanmamış Doktora Tezi). İstanbul: İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
  • Keliuotytė-Staniulėnienė, G. (2015). Fiscal sustainability and its impact on financial stability in Lithuania and other new member states of The European Union. Ekonomika, 94, 28-46.
  • Kim, S. & Mehrotra, A. (2018). Effects of monetary and macroprudential policies—evidence from four inflation targeting economies. Journal of Money, Credit and Banking, 50(5), 967-992.
  • Klingelhöfer, J. & Sun, R. (2019). Macroprudential policy, central banks and financial stability: Evidence from China. Journal of International Money and Finance, 93, 19-41.
  • Koong, S. S., Law, S. H. & Ibrahim, M. H. (2017). Credit expansion and financial stability in Malaysia. Economic Modelling, 61, 339-350.
  • Kuek, T.H., Puah, C.H., & Arip, M.A. (2019). Predicting financial vulnerability in Malaysia; Evidence from the signal approach. Research in World Economy, 10(3), 89-98.
  • Kuttner, K.N. ve Shim, I. (2013). Can non-interest rate policies stabilise housing markets? Evidence from a panel of 57 economies. BIS Working Papers.
  • Lee, M., Asuncion, R.C. ve Kim, J. (2015). Effectiveness of macroprudential policies in developing Asia: An emprical analysis. ADB Economics Working Paper Series.
  • Manolescu, C. M. & Manolescu, E. (2017). The financial stability index-an insight into the financial and economic conditions of Romania. Theoretical & Applied Economics, 24(4).
  • Morales, M. A. ve Estrada, D. (2010). “A financial stability index for Colombia”. Annals of Finance, 6(4), 555-581.
  • Morgan, P. (2009). The role and effectiveness of unconventional monetary policy. ADBI Working Paper Series, Asian Development Bank Institute, No. 163.
  • Morris, V. C. (2010). Measuring and forecasting financial stability: The composition of an aggregate financial stability index for Jamaica. Bank of Jamaica, 6(2), 34-51.
  • Nasreen, S. &Anwar, S. (2017). Financial stability and the role of economic and financial integration in South Asia: Evidence from time-series data. The Singapore Economic Review, 63(1), 1-31.
  • Nasreen, S. & Anwar, S. (2019). Financial stability and monetary policy reaction function for south asian countries: An Econometrıc Approach. The Singapore Economic Review, 1-30.
  • Nayn, M. Z. & Siddiqui, M. S. (2014). Measuring financial stability: The composition of an aggregate financial stability index for Bangladesh. Bank Parikrama, 39(2), 109-134.
  • Noman, A. H. M., Gee, C. S. & Isa, C. R. (2017). Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis. PloS one, 12(5), e0176546.
  • Özcan, S. (2006). Para politikası tercihleri ile finansal istikrar arasındaki ilişki, enflasyon hedeflemesi politikasında finansal istikrar ve Türkiye analizi (Uzmanlık Yeterlilik Tezi). Ankara: CBRT.
  • Peseran, M.H., Shin, Y. & Smith, J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phan, D. H. B., Iyke, B. N., Sharma, S. S. & Affandi, Y. (2021). Economic policy uncertainty and financial stability–Is there a relation?. Economic Modelling, 94, 1018-1029.
  • Phillips, P.C.B. &Perron, P. (1988). Testing for unit roots in time series regression. Biometrika, 75(2), 335-346.
  • Popovska, J. (2014). Modelling financial stability: The case of the banking sector in Macedonia. Journal of Applied Economics and Business, 2(1), 68-91.
  • Potter, S. M. & Smets, F. (2019). Unconventional monetary policy tools: A cross-country analysis. BIS Working Papers.
  • Sere-Ejembi, A., Udom, I. S., Salihu, A., Atoi, N. V. & Yaaba, B. N. (2014). Developing banking system stability index for Nigeria. CBN Journal of Applied Statistics (JAS), 5(1), 4.
  • Shin, Y., Yu, B. &Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In: Sickles R., Horrace W. (Eds) Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications (pp. 281-314). New York Springer.
  • Sollis, R. (2009). A simple unit root test against asymmetric STAR nonlinearity with an application real exchange rates in Nordic countries. Economic Modelling,(26), 118-119.
  • Thach, N. N., Oanh, T. T. K. & vChuong, H. N. (2019). The interaction between fiscal policy, macroprudential policy and financial stability in Vietnam-An application of structural equation modeling. In International Conference of the Thailand Econometrics Society (pp. 275-288). Springer, Cham.
  • Tovar Mora, C. E., Garcia-Escribano, M. & Vera Martin, M. (2012). Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America. IMF Working Paper.
  • Zdzienicka, M. A., Chen, M. S., Kalan, F. D., Laseen, S. & Svirydzenka, K. (2015). Effects of monetary and macroprudential policies on financial conditions: Evidence from the United States. International Monetary Fund.
  • Zivot, E. & Andrew, D.W.K. (1992). Further evidence on the G-great crash, the oil pricesShock and the unit root hypothesis. Journal of Business and Economic Statistics, 10(3), 251-270.
There are 57 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Makaleler
Authors

Murat Akça 0000-0002-9974-8697

Vedat Kaya 0000-0002-7206-4236

Early Pub Date June 23, 2023
Publication Date June 26, 2023
Submission Date September 24, 2022
Published in Issue Year 2023 Volume: 7 Issue: 1

Cite

APA Akça, M., & Kaya, V. (2023). Effectiveness of Unconventional Monetary Policy Tools on Financial Stability: A NARDL Approach for Turkey. Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 7(1), 63-80. https://doi.org/10.33399/biibfad.1179640


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