Investment spending and interest rate policy: The case of financial liberalisation in Turkey
研究土耳其金融压制和自由化时期利率政策对投资支出的影响，发现利率过高或过低均有害经济，且自由化期间投资函数自主下移可能源于不确定性增加。
The purpose of the present study is to analyse the impact of interest rate policy on investment spending in Turkey over a period which covers years of both financial repression and financial liberalisation. The model presented suggests that investment will be positively correlated with below‐equilibrium interest rates and negatively correlated with above‐equilibrium rates. The model is tested using a switching regime model with an unknown equilibrium rate of interest. The results suggest that setting interest rates too high may be as detrimental to economic health as setting them too low. Moreover there is evidence of an autonomous downward shift in the investment function during the liberalisation period which may have resulted from heightened uncertainty during the period.