Does the Bank Lending Channel of Monetary Transmission Work in Turkey?

Petya Koeva Brooks

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

Does the bank lending channel of monetary transmission work in Turkey? Using the May- June 2006 financial turbulence as an exogenous shock that prompted a significant tightening of monetary policy, this paper examines the loan supply response of Turkey's banks, depending on their balance sheet characteristics. The empirical results indicate that banks can play a role in Turkey's monetary transmission mechanism. Specifically, bank liquidity is found to have a significant effect on loan supply in Turkey. This suggests that the effect of monetary policy in Turkey can be propagated by the banking sector, depending on its liquidity position.

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References

1995Inside the Black Box: The Credit Channel of Monetary Policy Transmission 1995The impact of monetary policy on bank balance sheets 2000Bank Size, Bank Capital, and the Bank Lending Channel 2006New Evidence on the Lending Channel 2005Does Bank Capital Matter for Monetary Transmission 2005The Monetary Transmission Mechanism: Some Answers and Further Questions 2000The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets 2002The Reaction of Bank Lending to Monetary Policy Measures in Germany

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2012An Empirical Study on Liquidity and Bank Lending 2012Bank-characteristics, lending channel and monetary policy in emerging markets: bank-level evidence from Malaysia 2022The bank-lending channel of monetary policy transmission in a dual banking system: empirical evidence from panel VAR modeling 2012Bank Lending in Turkey: Effects of Monetary and Fiscal Policies

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