文章基本信息

标题：An Empirical Analysis of Impact of Central Bank Policy Interest Rate on the Decisions of Share Investors: Evidence from Turkey
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作者：Mustafa Ibicioglu ; Mustafa Ibicioglu ; Ayhan Kapusuzoglu 等
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2012
卷号：62
页码：489-493
DOI：10.1016/j.sbspro.2012.09.079
语种：English
出版社：Elsevier
摘要：AbstractThe purpose of this study is to analyse the impact of policy interest rate decisions of the Central Bank on investment decisions of share investors who make investment within Istanbul Stock Exchange Market (ISE) in Turkey whether the ISE is an efficient market as of the monetary policy. These analyses were carried out by data composed of 88 observations covering 2002-2010 period. Two variables are used in the scope of the analysis. The first variable is the policy interest rate applied by the Central Bank. And the second variable is the ISE National 100 index. Two separate impulse-response analyses were applied within the scope of the analysis.According to findings of both of the analyses which are obtained as a result of the study, it is seen that investors to not react to interest shock in the short term.
关键词：Interest rate;index;share investor;Istanbul stock exchange;impulse-response analysis