The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis

Year 2017, Volume: 2 Issue: 1, 1 - 30, 24.03.2017

Zeki Tuğrul Göver , A. Alper Oğuz

https://doi.org/10.25229/beta.286188

Cited By: 1

Abstract

The objective of this study is to examine the macro-prudential measures that were taken
in Turkey between 2010 and 2015 within a holistic, and, an organized framework, to
demonstrate the extent to which the prudential policy tools were used, and, to explain
which Basel III standards were adopted in Turkey. In this sense, to our knowledge, this
is the first and the most comprehensive study that deals with the macro-prudential
measures in Turkey during the period 2010-2015. We reviewed all relevant legislation
and reports regarding financial stability and macro-prudential measures. Then, we fit all
macro-prudential policy tools into a framework which consists of loan-related measures,
liquidity-related measures, and, capital-related measures. Furthermore, we incorporated
Basel III standards with our framework in order to expand the scope of our analysis.
Within the period under consideration, Turkey utilized all of the tools, except the limit
on foreign currency lending, the limit on net open foreign currency position, the limit on
currency mismatches. The authorities put 93 regulations into practice in total. 2013,
2011 and 2015 were the years in which the regulations were issued most extensively.

Keywords

Global financial crisis, financial stability, macro-prudential policy, Basel III

The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis

Abstract

Bu çalışmanın amacı, Türkiye'de 2010-2015 yılları arasında alınan makro-ihtiyati
tedbirleri bütüncül ve sistematik bir çerçevede incelemek, ihtiyati politika araçlarının
ne ölçüde kullanıldığını göstermek ve Türkiye'de uygulamaya koyulan Basel III
standartlarını açıklamaktır. Bu anlamda, bildiğimiz kadarıyla, bu çalışma 2010-2015
döneminde Türkiye'de alınan makro ihtiyati tedbirlerin tamamını ele alan ilk ve en
kapsamlı çalışmadır. Bu çalışma yapılırken finansal istikrara ve makro-ihtiyati
tedbirlere ilişkin tüm ilgili mevzuat ve raporlar incelenmiş ve kullanılan makro-ihtiyati
politika araçları, krediyle ilgili, likiditeyle ilgili ve sermaye ile ilgili tedbirlerden
oluşan bir çerçeve içerisinde değerlendirilmiştir. Ayrıca, çalışmanın analiz kapsamını
genişletmek için literatürdeki mevcut çerçeveye Basel III standartları da dahil
edilmiştir. Çalışma kapsamındaki dönemde, Türkiye’de döviz cinsi kredileri kısıtlama,
net açık döviz pozisyonunu kısıtlama ve para birimi uyumsuzluklarını kısıtlama hariç
olmak üzere tüm araçlar kullanılmıştır. 2010-2015 yılları arasında politika yapıcı
kurumlar tarafından toplam 93 düzenleme uygulamaya konmuştur. Makro-ihtiyati
tedbirlerin en yoğun şekilde kullanıldığı yıllar sırasıyla 2013, 2011 ve 2015’tir.

Keywords

Küresel Finansal Kriz, Finansal İstikrar, Makro İhtiyati Politikalar, Basel III

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