Parasal Aktarım Mekanizmasında Kredi Kanalının Uluslararası Görünümü
International View of the Credit Channel in Monetary Transmission Mechanism

Summary/Abstract: Central banks use various tools to achieve the basic objectives of economic policies. The decisions taken for the use of these instruments are transferred to the real economy through the monetary transmission mechanism. The monetary transmission mechanism refers to the processes that a change in monetary policy affects until it affects the real economy. From a theoretical point of view, the channels in this transmission mechanism are considered as traditional and modern approaches. While the traditional approach is explained by the interest rate channel, the exchange rate channel, asset prices channel, expectation channel and credit channel are included in the theory as basic monetary transmission channels in modern approaches. In this study, the international view of the bank credit channel, which is included in modern approaches, is examined. In relation to this, it is aimed to reveal the mechanism of operation of this channel. The main finding of the study is that the credit channel can create different results in the international process. In addition, a basic finding is that the international view of the credit channel in the transmission mechanism is supported by many empirical studies.

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