Bank lending channel in Turkey

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This thesis analyses empirically the role of bank lending in monetary policy transmission on the
basis of Turkish bank level data. First, the research addresses the theoretical framework of the
bank lending channel, examines necessary conditions for its existence, and presents a simplified,
but still explanatory theoretical model in the spirit of Kashyap and Stein’s work empowered by
Peek and Rosengren’s assumptions. Second, attention is paid to the institutional features of

Turkish financial system that make the bank lending channel (apart from traditional interest rate

channel) a plausible candidate to explain the influence of the Turkish Central Bank’s monetary

policy on real sector. Third, the paper conducts an econometric analysis of whether bank lending

channel in fact operates in Turkey. The main result suggests that there is a strong evidence

supporting the operation of bank lending channel in Turkey, depending to the capital adequacy

of the commercial banks, which is consistent with the bank lending channel hypothesis.

Cihan Aktaş
Bank lending channel in Turkey · 2006 · 73 sayfa.
Danışman: Doç.Dr. Kıvılcım Metin Özcan

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