Abstract:

The changes in the monetary policies that the central banks implement are affecting the real economy through the monetary transfer mechanism. The monetary transfer mechanism is generally grouped as the interest rate channel, asset prices channel, exchange rate channel, credit channel and expectations channel. There are some factors that influence the functioning of these transmission channels effectively. These factors are generally classified in the form of official interventions, the pricing mechanism in the economy, the structure of the financial system, the valley structure of financial contracts, the financial state of the banking system, capital movements, funding resources and the financial structure of households and companies. In this study, the factors affecting the monetary transfer mechanism and the transfer mechanism have been theoretically evaluated. In addition, the impact of monetary policies in the economy of Turkey after the 2001 crisis on the functioning of the monetary transfer mechanism has been studied. In the literary studies studied in this direction, it is seen that in Turkey in general the interest rate channel, the credit channel and the expectations channel are processed but the asset prices channel and the exchange rate channel are not processed effectively. The study is expected to contribute to literature due to the information on the current state of the operation of the cash transfer channel in Turkey and the policy recommendations for the effective processing of the cash transfer mechanism.

Keywords: