| Description |
1 online resource (33 pages) : color illustrations |
| Series |
IMF working paper ; WP/10/233 |
|
IMF working paper ; WP/10/233.
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Background; A. Turkish Economy and Banking Sector; Figure 1. Inflation and Growth Dynamics, 1964-2008; Figure 2. Government Debt Financing by Banks; Figure 3. Bank Credit to the Private Sector and Crises; Table 1. Banks by Market Share; Table 2. Banks in the Sample; Figure 4. Restructuring of the Banking System Capital Adequacy; B. Related Literature; III. Data and Methodology; A. Data; Table 3. Summary Statistics; Table 4. Summary Statistics of Major Balance Sheet Items; B. Methodology; IV. Empirical Results |
|
A. Baseline ResultsTable 5. Sum of Coefficients on Monetary and Fiscal Policy Indicators; B. Impact of Monetary and Fiscal Policies on Credit Supply: Currency Denomination of Loans; Table 6. Sum of Coefficients on Monetary and Fiscal Policy Indicators with respect to Currency Decomposition of Credit; C. Impact of Monetary and Fiscal Policies on Credit Supply: Maturity of Loans; Table 7. Sum of Coefficients on Monetary and Fiscal Policy Indicators with respect to Maturity of Credit; D. Impact of Monetary and Fiscal Policies on Credit Supply: Bank Ownership |
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Table 8. Sum of Coefficients on Monetary and Fiscal Policy Indicators for Foreign BanksV. Conclusion; Appendix; A. Definition of Variables; B. Quarterly Smoothing of Fiscal Policy Variables; Figure 5. Observed and Quarterly-Smoothed Fiscal Variables; C. Coefficient Estimates from Step-1 Regressions; Table 9. Sum of Liquidity and Retail Rank Coefficients Estimated in Step-1; References; Footnotes |
| Summary |
The period following the 2000-01 crisis was marked by a successful disinflation program sustained through inflation targeting and fiscal discipline in Turkey. This paper studies the impact of monetary and fiscal policies on credit growth during this period. Using quarterly bank-level data covering 2002-08, we find evidence that liquidity-constrained banks have sharper decline in lending during contractionary monetary policies and that crowding-out effect disappears more for banks with a retail-banking focus when fiscal policies are prudent. The results are statistically weak, suggesting that bank lending channel is not strong in Turkey and government finances has limited direct impact on credit |
| Bibliography |
Includes bibliographical references |
| Notes |
English |
|
Print version record |
| Subject |
Bank loans -- Turkey
|
|
Monetary policy -- Turkey
|
|
Bank loans
|
|
Monetary policy
|
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Turkey
|
| Form |
Electronic book
|
| Author |
Igan, Deniz, author.
|
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International Monetary Fund. Research Department, issuing body.
|
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IMF Institute, issuing body.
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| ISBN |
1283560607 |
|
9781283560603 |
|
9781455242597 |
|
1455242594 |
|
1462308309 |
|
9781462308309 |
|
1455209910 |
|
9781455209910 |
|
9786613873057 |
|
6613873055 |
|
