The effects of the COVID-19 pandemic on the Turkish banking sector and new business models

The word crisis generally refers to an unpredictable and uncertain situation that occurs suddenly and is often characterised by tension or insecurity. Crises can be caused by many factors, including natural disasters, medical, economic, social, political and political factors. Each crisis has its own characteristics according to the social, political and economic conditions in which it occurs. The financial crisis, which emerged in the USA in 2008 and gained a global dimension, and the COVID 19 pandemic in 2019 can be given as examples. It can be said that central banks, which are the institutions responsible for the implementation of monetary policies in countries, and monetary policy instruments play an active role in the process of combating the crisis. The monetary transmission mechanism refers to the process by which monetary policy decisions affect economic units. Among monetary policy decisions, the most influential factor on this mechanism is interest rate decisions. In particular, the duration of the effect of policy rates on deposit and loan rates is considered as the most important indicator of the efficiency of the transmission mechanism. In this study, the pass-through of monthly policy rates to deposit and loan rates between 2007-01 and 2024-01 in Turkey is investigated. In order to see this result, the quantile regression method, which has a broader perspective than classical regression methods, is preferred.