Özet:

After the 2008 global crisis, the world’s major central banks began to implement excessively expanding monetary policies. Consequently, the stability targets and macroeconomic indicators of developing countries have been negatively affected. This new situation in the global financial system has led the central banks of developing countries, such as Turkey, to design alternative monetary policies. In this context, the Central Bank of the Republic of Turkey has developed a new monetary policy strategy from April 2010. Thus, the interest corridors, a weekly repo interest and compulsory rewards have begun to be used as new monetary policy tools. In the framework of this newly designed monetary policy strategy, credit and exchange rates have been included as a bridge between the vehicles and the final objectives as the transmission channels. In this study, the relationship between monetary policy tools and transfer channels and economic growth was analyzed for Turkey using the monthly data of the 2011:01-2018:12 period. As an analysis method, the unlimited error correction model and the limit test approach were used within the ARDL model. In the framework of the ARDL analysis method, a long-term relationship between the variables applied in the first limit test was identified. Moreover, both in the short and long term, there has been a statistically and economically meaningful relationship between the political interest rate and currency currency and economic growth. 0000-0001-5572-2404

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