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An Empirical Analysis of the Risk-Taking Channel of Monetary Policy in Turkey
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Date
2016-03-01
Author
Ozsuca, Ekin Ayse
Akbostancı Özkazanç, Elif
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This article investigates the bank-specific characteristics of risk-taking behavior of the Turkish banking sector as well as the existence of risk-taking channel of monetary policy in Turkey. Using bank-level quarterly data over the period 2002-2012 a dynamic panel model is estimated. We find evidence that low short-term interest rates reduce the risk of outstanding loans; however short-term interest rates below a theoretical benchmark increase risk-taking of banks. This result holds for macroeconomic controls and external factors as well. Furthermore, in terms of bank-specific characteristics, our analysis suggests that large, liquid, and well-capitalized banks are less prone to risk-taking.
Subject Keywords
Panel data
,
Turkey
,
Risk-taking channel
,
Transmission mechanisms
,
Monetary policy
URI
https://hdl.handle.net/11511/41072
Journal
EMERGING MARKETS FINANCE AND TRADE
DOI
https://doi.org/10.1080/1540496x.2015.1047300
Collections
Department of Economics, Article
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E. A. Ozsuca and E. Akbostancı Özkazanç, “An Empirical Analysis of the Risk-Taking Channel of Monetary Policy in Turkey,”
EMERGING MARKETS FINANCE AND TRADE
, pp. 589–609, 2016, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/41072.