Negative Interest Rate Policy Experience of Central Banks in Advanced Country after the Global Crisis: An Evaluation

Year 2018, Volume: 21 Issue: 40, 289 - 312, 15.12.2018

Meryem Filiz Baştürk , Emin Ertürk

https://doi.org/10.31795/baunsobed.492892

Abstract

Short-term interest rates used as conventional policy
tools were lowered to near zero by developed country’s central banks following
the financial crisis of 2008. As a result, the possibility of using short-term
interest rates as a policy tool disappeared. This situation gave central banks
of developed countries more opportunity to adopt unconventional policy tools,
and it can be observed that negative interest rate policy was finally included
into this policy set. The purpose of negative interest rate policy is to
increase the resources that will be used by the private sector by decreasing
excessive reserves kept at central banks, thereby contributing to economic
recovery. This paper deals with negative interest rate policy as a tool of
unconventional monetary policy that central banks of some developed countries
have adopted. In this way experiences of central banks which carry on negative
interest rate policy were evaluated. Although it is hard to outline a definite
judgement about this policy’s consequences considering the short period of time
in practice it is important to appreciate unconventional and partly prevalent
implementations in the sight of current monetary policy contest.

Keywords

Negative Interest Rate, Experiences of Countries, Global Crisis, Unconventional Monetary Policy

KÜRESEL KRİZ SONRASI GELİŞMİŞ ÜLKE MERKEZ BANKALARININ NEGATİF FAİZ ORANI POLİTİKASI UYGULAMALARI: BİR DEĞERLENDİRME

Abstract

2008
Finansal krizinin ardından geleneksel politika aracı olarak kullanılan kısa
vadeli faiz oranları gelişmiş ülke merkez bankaları tarafından sıfıra yakın
düzeye indirilmiştir. Böylece kısa vadeli faiz oranının bir politika aracı
olarak uygulanma imkânı ortadan kalkmıştır. Bu durum, gelişmiş ülke merkez
bankaları arasında geleneksel olmayan para politikalarının uygulama alanını
genişletmiştir ve bu politika setine son olarak negatif faiz politikasının da
eklendiği gözlemlenmektedir. Negatif faiz politikasının amacı, merkez
bankalarında tutulan aşırı rezervleri azaltarak özel sektöre kullandırılacak
olan kaynakları arttırmak ve böylece ekonomik canlanmaya katkı sağlamaktır. Çalışmada
sıra dışı bir para politikası aracı olan negatif faiz oranı politikası
incelenmiştir. Bu doğrultuda negatif faiz oranı politikasını uygulayan merkez
bankalarının deneyimlerine yer verilmiştir. Politikanın uygulanma süresi
dikkate alındığında sonuçlarına dair kesin bir değerlendirme yapmak mümkün
değildir. Ancak geleneksel olmayan ve kısmen yaygınlaşan uygulamaların etkileri
para politikasına ilişkin güncel tartışmaları kavrayabilme açısından önem
taşımaktadır.

Keywords

Negatif Faiz Oranı, Ülke Deneyimleri, Küresel Kriz, Geleneksel Olmayan Para Politikası

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