Özet:

The global spillover effect of the great recession also shaped the monetary policies designed by the central banks against the crisis. During the crisis, where firsts were experienced in monetary policy implementations, most central banks, especially the Fed, used unconventional and macro-prudential policies and tools. These tools aimed to minimize the adverse effects of the crisis through monetary transmission channels and bring macroeconomic aggregates to equilibrium levels. The credit channel is one of the most effective monetary transmission channels for most economies, especially emerging economies. In this study, the monetary policy of the CBRT in the 2011M01-2019M09 period, Industrial production index (GDP), total loans (consumer+SME), public budget expenditure, USD/TL exchange rate, and weighted funding cost (WFP) variables were analyzed using the Toda-Yamamoto causality method. Results indicate causality from the loan amount and AOFM to GDP in the relevant period. A bidirectional causality relationship exists between loans, AOFM, and USD/TL rate variables. In addition, one-way causality has been determined from public budget expenditure to loans, AOFM, and USD/TL exchange rate. Key Words: Great Recession, Macro Prudential Policies, Financial Stability, Loan, Toda-Yamamoto JEL Classification: E51, E52, E58

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