This paper addresses two fundamental questions about monetary policy, credit conditions and corporate activity. First, can we relate differences in the composition of debt between tight and loose periods of monetary policy to firm characteristics like size, age, indebtedness or risk? Second, do...

[EN] Non-financial companies in Turkey have a significant amount of foreign currency (FX) denominated debt on aggregate. Macro figures suggest that corporate sector is in substantial short position in terms of FX debt, implying a significant currency risk. This note tends to explore this risk...

[TR] Turkiye’de yurtici tasarruf orani son yillarda belirgin bir dusus gostermistir. Soz konusu dusus tasarruf-yatirim aciginin buyumesinde dolayisiyla yuksek cari islemler aciginin ortaya cikmasinda etkili olmustur. Bu cercevede, soz konusu acigi dusurmek uzere hanehalki tasarruflarini...

Standard neoclassical growth models assume that foreign savings are perfect substitutes of domestic savings in financing domestic capital. Therefore, domestic saving rates are supposed to have no impact on investments and growth rates of countries. However, these models fail to explain the...

How investment is financed matters a great deal to growth, especially in countries like Turkey, where domestic savings are low and financial systems are not deep enough in supplying the funds needed for growth-generating corporate investment. In these countries there is a close link between...

Turkiye’de yurtici tasarruf orani son yillarda belirgin bir dusus gostermistir. Soz konusu dusus tasarruf-yatirim aciginin buyumesinde dolayisiyla yuksek cari islemler aciginin ortaya cikmasinda etkili olmaktadir. Bu cercevede, hanehalki tasarruflarini artirmaya yonelik olarak Bireysel...

Bu calisma, Turkiye imalat sanayiinde ithal girdi kullanimini artiran faktorleri arastirmaktadir. Bu amacla, buyuk olcekli 145 firmaya uygulanan anket yoluyla firmalarin ara ve yatirim mali ithalatina yonelmelerinin artan oranda ithal ara ve yatirim mali kullanmasi, ve(ii) sanayinin uretim...

This study investigates the trade credit channel of monetary policy transmission in Turkey by using a large data set of corporate firms, which includes detailed information on balance sheets and income statements of firms regularly reported to the Central Bank of the Republic of Turkey (CBRT) in...