TÜRKİYE CUMHURİYET MERKEZ BANKASI’NIN COVID-19 PANDEMİSİNE KARŞI PARA POLİTİKASININ BİR DEĞERLENDİRMESİ

Abstract

COVID-19 Pandemisi tüm dünya ekonomilerini etkilemiştir. Salgının ekonomi üzerindeki olumsuz etkilerini azaltmak için hükümetler 2008 Küresel Finansal Krizinde olduğu gibi para ve maliye politikalarına başvurmuştur. Bu çerçevede, merkez bankalarının en yaygın olarak uyguladığı politika yine parasal genişleme olmuştur. Gelişmiş ekonomilerde, parasal genişlemeye transfer ödemeleri gibi maliye politikaları eşlik ettiğinden, para politikalarının olumsuz etkileri nispeten düşük olmuştur. Türkiye'de ise, maliye politikalarının sınırlı olması ve para arzı ve kredilerdeki aşırı genişleme sonucunda enflasyon ve döviz kurları üzerinde olumsuz etkiler ortaya çıkmıştır. Çalışmanın amacı, pandemi krizinin ortaya çıkmasından sonra Türkiye'de uygulanan Merkez Bankası politikalarının etkinliğini ve alınan finansal önlemleri değerlendirmektedir. Çalışma, Türkiye Cumhuriyet Merkez Bankası'nın politikalarını ve sonuçlarını uluslararası karşılaştırmalarla sunmakta ve önerilerde bulunmaktadır.

Keywords

• Para Politikası
• Covid-19
• Parasal Genişleme

AN ASSESSMENT OF THE MONETARY POLICY RESPONSE OF THE CENTRAL BANK OF TURKEY TO THE COVID-19 PANDEMIC

Abstract

The COVID-19 Pandemic has affected all the economies globally. In order to reduce the adverse effects of the pandemic on the economy, governments have resorted to fiscal policies and monetary policies as they did in the 2008 Global Financial Crisis. In this framework, the most common policy that is conducted by the central banks has been quantitative easing again. The adverse effects of the monetary policies have been relatively low in developed economies since the monetary expansion was accompanied with fiscal policies such as transfer payments. However in Turkey, the negative effects on inflation and exchange rates arose due to the huge expansion in money supply and credits as the fiscal policies were limited. The aim of this study is to assess the effectiveness of the Central Bank policies and the financial measures taken in Turkey after the emergence of the pandemic crisis. The paper presents the policies of the Central Bank of Turkey and their results with international comparisons and provides recomendations.

Keywords

• Monetary Policy
• Covid-19
• Quantitative Easing

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