The Impact of the Interest Rate on Industrial Production During the 2008 Financial Crisis and the COVID-19 Pandemic

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dc.contributor.authorKöse, Nezir
dc.contributor.authorÜnal, Emre
dc.date.accessioned2025-03-09T10:53:25Z
dc.date.available2025-03-09T10:53:25Z
dc.date.issued2024
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractThe impact of the real interest rate on industrial production growth in developed and developing countries was analyzed during the 2008 financial crisis and the COVID-19 pandemic. Panel data analysis was implemented for the monthly period between January 2002 and December 2020. The impact of the real interest rate on industrial production growth was negative for both developed and developing countries in all periods. Moreover, during the 2008 financial crisis, the relationship between the real interest rate and industrial production growth was negative for both developed and developing countries. However, the effect of the real interest rate was stronger in developed countries. During the COVID-19 pandemic, the impact of the real interest rate on industrial production growth has been much stronger than that of the 2008 financial crisis. Its effect has also been more significant in developed countries. The result indicates that during the crisis and the pandemic, a decrease in the real interest rate plays an important role in stimulating industrial production. Pulling the real interest rate down can be an effective tool for promoting growth and can lessen negative consequences in economic activities during the COVID-19 pandemic. Nevertheless, as the inflation rate is very low in developed countries, the risk of depreciation in the exchange rate in developing countries can be limited following expansionary monetary policy. Hence, other alternatives such as government intervention into economic activities by fiscal policy increase in importance beside monetary policy.
dc.identifier.doi10.26745/ahbvuibfd.1459450
dc.identifier.endpage446
dc.identifier.issn2667-405X
dc.identifier.issue2
dc.identifier.startpage427
dc.identifier.trdizinid1256142
dc.identifier.urihttps://doi.org/10.26745/ahbvuibfd.1459450
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1256142
dc.identifier.urihttps://hdl.handle.net/20.500.12662/4827
dc.identifier.volume26
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.relation.ispartofAnkara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online)
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_TR_20250310
dc.subjectPanel data analysis
dc.subjectCOVID-19 pandemic
dc.subjectinterest rate
dc.subjectindustrial production
dc.subject2008 financial crisis
dc.titleThe Impact of the Interest Rate on Industrial Production During the 2008 Financial Crisis and the COVID-19 Pandemic
dc.typeArticle

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