Comparative analysis of the effect of Central Bank Monetary Policy Committee decisions on businesses on a sectoral basis

The main purpose of central banks is to protect the internal and external value of the currency. While fulfilling this purpose, the preservation of the value of the currency has historically been achieved by changing the interest rate of the central bank, usually with the same tool, although its instruments have constantly changed and new instruments have been acquired. Besides price stability, financial stability has been added to the objectives of the central bank. With the development of technology, money transfers accelerated and the obligation to make these transfers safely and healthily was given to central banks. Over time, monetary policy decisions of central banks have gained importance in stabilizing the economy, and have become the most reliable indicator for investors and followed by everyone. While making monetary policy decisions, central banks take decisions in order to ensure economic stability and price stability. Among these decisions, interest rate decisions are a very important tool in ensuring price stability. When interest rates are increased, exchange rates are kept at desired levels thanks to the inflow of foreign currency resources into the country, and since the interest rate in the market will be close to the policy rate, it is important for the stability of the markets. In addition, the change in required reserve ratios can affect the loan supply and enable the sectors to obtain the financing they need at less cost. Recently, monetary transmission mechanisms of central banks have gained importance and good functioning of transmission channels has become a must for the actors of the economy. In particular, the credit channel has become an important indicator for economic growth. The decrease in credit costs reflects positively on the sectors and causes the stakeholders of the economy to increase their investments and increase their economic size. The fact that businesses can go out of their local nature and work in the international arena and the money of each country enters the circulation of other countries, albeit indirectly, has increased the importance of central banks even more and they have become very effective institutions in directing investments. In this study, the effects of interest rates and required reserve ratios, which are among the monetary policy tools used by the Central Bank of the Republic of Turkey to manage the market and ensure stability, on sectoral basis, and which interest rate and reserve requirement ratios are more beneficial for which sectors are examined. In addition, the effects of the sectors on the intellectual capital structure were examined and interpreted. In this context, firstly, a theoretical framework was created and the establishment of central banks, their aims and the tools they used to ensure price and financial stability were explained in detail. It is not possible for the Monetary Policy Committee's interest and reserve requirement ratio decisions to directly affect the sectors. However, it affects the sectors through the monetary transmission mechanism. How they affect the sectors through these tools is explained in the section of the channels of the monetary transmission mechanism. In the last part of the research, the relations between the interest and reserve requirement ratio decisions of the Monetary Policy Committee and the closing values of Borsa İstanbul stocks of sector-based enterprises taken from the Public Disclosure Platform are analyzed with the help of one-way analysis of variance (t-test), ANOVA, Correlation and Regression techniques, has been done. As a result of the analysis, it has been found that interest and required reserve ratios have different effects on each sector. It has also been determined that the intellectual capitals of the sectors are also affected by the decisions of the Monetary Policy Committee. In the results section, ideal interest and reserve requirement ratios for each sector are given in tables and suggestions are made.