Gölge Bankacılığın Parasal Aktarım Mekanizması Üzerindeki Etkisi

Abstract

The question of how monetary policy affects the real economy has been a debate that has been going on for many years in terms of macroeconomics. Nowadays, the impact of monetary policy on aggregate demand is no longer inured. The argument is why prices are not exactly adjusted to the demand. While 30 years ago this debate was unfamiliar with price adjustments, the subject is now the size of the effect of the monetary policy on aggregate demand, and through which channels this effect occurred. Shadow banking term was first used by economist McCulley in a symposium in 2007. Shadow banks increase short-term funds in the money market and use these funds to buy long-term assets. Since shadow banks are not subject to traditional banking regulations, they can not borrow from central banks like traditional banks in an emergency. In addition, shadow bank funds do not have deposits secured by insurance. The purpose of this study is to contribute to the literature by examining the effect of shadow banking on the monetary transmission mechanism. In the analysis made for this purpose, 35 OECD countries and 9 developing countries in total 44 countries were examined. The impact of shadow banking on the monetary transmission mechanism in the study has been studied with dynamic panel data methods (GMM) for a sample covering the 2008-2016 period and 44 countries as previously mentioned. At the end of the analysis, when the shadow banks are taken into account, it is concluded that the effects of the monetary policy on the economic activity are reduced. Keywords: Monetary Policy, Monetary Transmission Mechanism, Shadow Banking, GMM