Özet:

In this paper, it is aimed to empirically examine the credit channel which is one of the channels of monetary transmission mechanism. The operation of credit channel is investigated for the countries Brazil, Indonesia, India, South Africa and Turkey which are categorized as fragile five countries. For this purpose panel Granger causality analysis is conducted with 2001:Q1-2019:Q4 quarterly data. According to the results, the interest rates Granger-cause the credit volume and the credit volume Granger-causes inflation. But the credit volume fails to Granger-cause growth. The absence of a causal relationship between growth and credit implies that the credit channel is partially operating in these countries.

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