Özet:

In the 2008 financial crisis, the Fed has made a significant change in monetary policy practices to overcome the liquidity crisis in the U.S. financial markets. These practices, known as non-traditional monetary policy, have led to an unprecedented liquidity expansion in the American financial markets. The new policy instruments implemented have had significant impacts on the U.S. economy along with the other countries’ economies. In this regard, the study’s objective is to investigate the effects of non-traditional monetary policy on the Turkish asset markets. In this context, the impact on the long-term bonds and stock markets is studied empirically. In the Econometric Analysis, the limit test and the ARDL approach were used. The analysis period covers the periods 2007:12-2014:10 and the analysis is carried out using monthly data. The empirical findings have shown that the non-traditional monetary policy of the Fed has a reductive effect on the long-term bond interest rates in the Turkish economy. However, the effect on the interest rates appears to be more evident than the stock price.

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