Monetary policy and the banking sector in Turkey

Akinci, Dervis Ahmet; Matoušek, Roman; Radic, Nemanja; Stewart, Chris

doi:10.1016/j.intfin.2013.08.001

Cited by 22 publications

(16 citation statements)

References 57 publications

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“…It was evident that monetary policy has a stronger effect on small banks compared to large banks. In Turkey, Akinci et al (2013) used the GMM technique and panel data, during the period from 1991 to 2007. They found that the bank lending channel was effective.…”

Section: Evidence Of the Bank Lending Channel: Bank-level Studymentioning

confidence: 99%

The Bank Lending Channel of Monetary Policy? The Panel Evidence from Egypt

Shokr

Karim

Jusoh

et al. 2014

GADJAH MADA INT. J. BUS.

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This paper examines the relevance of the bank lending channel of monetary policy in Egypt using bank-level data. Previous empirical studies in Egypt that used macro-level data have not supported the relevance of the bank lending channel. However, using a sample of 32 commercial banks for the period from 1998 until 2011 and a dynamic panel GMM technique, the empirical findings revealed the relevance of the bank lending channel of monetary policy in Egypt. Moreover, there is a heterogeneity effect of monetary policy on bank loans according to bank size, in which the small banks are more affected during a monetary contraction than larger banks. This finding signals that the monetary authorities in Egypt should take cognizance of the stability of interest rates in order to stabilize the bank loan supply.Abstrak: Makalah ini membahas relevansi bank penyalur pinjaman kebijakan moneter/bank sentral di Mesir dengan menggunakan data bank bertingkat. Beberapa studi empiris sebelumnya yang menggunakan data tingkat makro belum mendukung relevansi penyaluran pinjaman bank. Namun, dengan menggunakan sampel dari 32 bank umum dari periode 1998 hingga 2011 dan dengan memakai teknik panel GMM dinamis, kami menemukan bukti empiris yang menunjukkan adanya relevansi saluran peminjaman bank kebijakan moneter di Mesir. Selain itu, ada efek heterogenitas kebijakan moneter pinjaman bank sesuai dengan ukuran bank, di mana pada umumnya bank yang kecil lebih terpengaruh selama kontraksi moneter dibandingkan dengan bank yang lebih besar. Temuan ini menunjukan bahwa pihak otoritas moneter di Mesir harus bertanggung jawab atas kestabilan suku bunga agar terjaga kestabilan pasokan pinjaman bank.

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Section: Evidence Of the Bank Lending Channel: Bank-level Studymentioning

confidence: 99%

The Bank Lending Channel of Monetary Policy? The Panel Evidence from Egypt

Shokr

Karim

Jusoh

et al. 2014

GADJAH MADA INT. J. BUS.

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show abstract

“…Although it has been employed the first lagged values according to Akinci et al (2013), because of the potential problem with multicollinearity among regressors due to significant higher level of correlation coefficient between logarithmic changes of selected FX rates (0.85) it has been estimated three models with each FX rate variable separately. From the results of the panel GMM models in Tab.…”

Section: Resultsmentioning

confidence: 99%

“…We are able to see whether one arrival's revenues for the hotel as well as the costs to one employee have an impact on individual turnover to one staff. Akinci et al (2013) arg that applying a pseudo general model reduction method in the application of the GMM estimator avoids multicollinearity problems. The pseudo general model includes the current and first lagged value of variables C i(t − 1) , CN i(t − 1) , E i(t − 1) , EX i(t − 1) , CPI i(t − 1) , ER i(t − 1) .…”

Section: Gmm Model With Panel Datamentioning

confidence: 99%

Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment?

Heryán¹

2017

Acta Univ. Agric. Silvic. Mendelianae Brun.

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HERYÁN TOMÁŠ. 2017. Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment? Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 65(6): 1925Brunensis, 65(6): -1933 This paper has focused on the issue of foreign exchange markets in relation to tourism and hotel industry in the small open economy such as the Czech Republic. After more than three years when the Czech National Bank (CNB) intervened on the foreign exchange market, everybody look forward to development of exchange rates after the end of the exchange rate commitment. The aim of this study is to show how Czech hotels were been able to confront current appreciation of the Czech koruna before the CNB had ended the exchange rate commitment. According to this aim it was necessary to investigate relations between exchange rates and turnover of Czech hotels as the first. Therefore, it has been obtained time series of the hotels' profit and loss statements from Bureau van Dijk's Amadeus international statistical database as well as exchange rates from the CNB online database. Other data is from the Eurostat and the World Bank online statistical database. As the main estimation method it is used the GMM approach with panel data for period from 2007 till 2014. After the estimation of those statistical significant relations it is essential to describe the ways, how were the hotels been able to face the exchange rate risk before the end of the commitment. Furthermore, it has been differentiated between natural hedging for smaller hotels and the usage of the financial derivatives for these bigger. Three types of hedging are described: (i) natural hedging, (ii) usage of a currency forward, and (iii) taking a loan in foreign currency.

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“…Symbols α it and ε are a constant and residuals of panel regression. According to Akinci et al (2013) we employ the first lags of all exogenous. They argue that that applying a pseudo general-to-specific model reduction method in the application of the GMM estimator avoids multicollinearity problems.…”

Section: Methodsmentioning

confidence: 99%

“…uncorrelated with the error term, and that the excluded instruments are correctly excluded from the estimated equations in all cases. Because of usage of orthogonal deviations (no first differences) and further applying a pseudo general-to-specific model reduction method as in Akinci et al (2013) we can reject any problems with multicollinearity between exogenous variables.…”

Section: Saganmentioning

confidence: 99%

What Drives Liquidity of Tourism Companies? Microeconomic Evidence from Bulgaria, Czech Republic and Poland

Heryán¹

2018

Acta Univ. Agric. Silvic. Mendelianae Brun.

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Current paper focuses on business economics of tourism industry. Liquidity of a company has the key role within financial management among all industries, including the tourism as well. However, the question still remains: What drives the liquidity among hotels and travel agencies? The aim of the paper is to investigate whether or not is the liquidity among tourism companies in Bulgaria, Czech Republic and Poland affected by other selected microeconomic variables. It is obtained financial data from annual reports of 1,892 tourism companies collected within Amadeus, the international statistical database. Estimated period is from 2006 till 2015. In particular it has been explored three variables (i) return on assets, (ii) share of stockholders’ funds, and (iii) average length of loans from creditors. As the main estimation method is employed the Generalized Method of Moments (GMM) with panel data. A comparison is made between both, large as well as medium sized hotels and travel agencies in selected countries. Except of a few, it was proven that reinvestments of the decreasing profit supported liquidity among tourism companies during a period affected by the global financial crisis.

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Monetary policy and the banking sector in Turkey

Cited by 22 publications

References 57 publications

The Bank Lending Channel of Monetary Policy? The Panel Evidence from Egypt

The Bank Lending Channel of Monetary Policy? The Panel Evidence from Egypt

Were the Czech Hotels Able to Confront Current Appreciation of the Czech Currency Before the End of the Exchange Rate Commitment?

What Drives Liquidity of Tourism Companies? Microeconomic Evidence from Bulgaria, Czech Republic and Poland

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