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The Role of Interest Rates and Credits in Explaining Output Variations: Empirical Evidence from Turkey and the Euro Area

Oguzhan Ozcelebi


Puni tekst: hrvatski pdf 131 Kb

str. 47-78

preuzimanja: 646

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Puni tekst: engleski pdf 379 Kb

str. 47-78

preuzimanja: 973

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Sažetak

This study aims to analyze the effects of monetary policy on real economic activity in the cases of Turkey and the euro area by investigating the role of financial intermediaries. Structural vector error correction (SVEC) models are used to examine the effects of short-term interest rates and credit activity on output. Empirical results reveal that short-term interest rates and credits may affect Turkey’s output in the short run, whereas changes in short-term interest rate and credit volume do not have a significant long-term impact on real economic activity either in Turkey or the euro area.

Ključne riječi

interest rates; credits; real economic activity; SVEC model; Turkey; the euro area

Hrčak ID:

97599

URI

https://hrcak.srce.hr/97599

Datum izdavanja:

26.2.2013.

Podaci na drugim jezicima: hrvatski

Posjeta: 3.187 *