The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey
Yıl: 2018 Cilt: 18 Sayı: 4 Sayfa Aralığı: 699 - 710 Metin Dili: İngilizce DOI: 10.21121/eab.2018443010 İndeks Tarihi: 28-12-2020
The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey
Öz: Purpose of this study is to analyze theasymmetric response of stock market returnsand volatility to monetary policy in bull and bearmarkets in Turkey over the period of 2002:1-2016:12. We used Markov switching model inorder to identify bull and bear markets. Weused policy rate as monetary policy instrument.From the empirical results, we deduced thatmonetary policy is more effective in bull marketperiods.
Anahtar Kelime: Para Politikasının Boğa ve Ayı Piyasalarında Hisse Senedi Getirilerine Etkisi: Türkiye Örneği
Öz: Bu çalışmanın amacı, 2002:1-2016:12 döneminde Türkiye’de ayı ve boğa piyasaları açısından hisse senedi getirilerinin ve oynaklığının para politikasına asimetrik tepkisini analiz etmektir. Ayı ve boğa piyasalarını tanımlamak amacıyla Markov rejim değişim modeli kullanılmıştır. Para politikası aracı olarak ise politika faiz oranı kullanılmıştır. Çalışmanın sonucunda, para politikasının boğa piyasasında daha etkin olduğu sonucuna ulaşılmıştır.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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| APA | Gacener Atış A, ERER D (2018). The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. , 699 - 710. 10.21121/eab.2018443010 |
| Chicago | Gacener Atış Aydanur,ERER Deniz The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. (2018): 699 - 710. 10.21121/eab.2018443010 |
| MLA | Gacener Atış Aydanur,ERER Deniz The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. , 2018, ss.699 - 710. 10.21121/eab.2018443010 |
| AMA | Gacener Atış A,ERER D The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. . 2018; 699 - 710. 10.21121/eab.2018443010 |
| Vancouver | Gacener Atış A,ERER D The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. . 2018; 699 - 710. 10.21121/eab.2018443010 |
| IEEE | Gacener Atış A,ERER D "The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey." , ss.699 - 710, 2018. 10.21121/eab.2018443010 |
| ISNAD | Gacener Atış, Aydanur - ERER, Deniz. "The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey". (2018), 699-710. https://doi.org/10.21121/eab.2018443010 |
| APA | Gacener Atış A, ERER D (2018). The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. Ege Akademik Bakış, 18(4), 699 - 710. 10.21121/eab.2018443010 |
| Chicago | Gacener Atış Aydanur,ERER Deniz The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. Ege Akademik Bakış 18, no.4 (2018): 699 - 710. 10.21121/eab.2018443010 |
| MLA | Gacener Atış Aydanur,ERER Deniz The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. Ege Akademik Bakış, vol.18, no.4, 2018, ss.699 - 710. 10.21121/eab.2018443010 |
| AMA | Gacener Atış A,ERER D The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. Ege Akademik Bakış. 2018; 18(4): 699 - 710. 10.21121/eab.2018443010 |
| Vancouver | Gacener Atış A,ERER D The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey. Ege Akademik Bakış. 2018; 18(4): 699 - 710. 10.21121/eab.2018443010 |
| IEEE | Gacener Atış A,ERER D "The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey." Ege Akademik Bakış, 18, ss.699 - 710, 2018. 10.21121/eab.2018443010 |
| ISNAD | Gacener Atış, Aydanur - ERER, Deniz. "The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey". Ege Akademik Bakış 18/4 (2018), 699-710. https://doi.org/10.21121/eab.2018443010 |
