CENTRAL BANKING IN THE SHADOW OF SHADOW BANKING: A HISTORICAL JOURNEY TO THE POST-GLOBAL FINANCIAL CRISIS

Year 2024, Volume: 14 Issue: 27, 1 - 39, 31.05.2024

Tansel Güçlü

https://doi.org/10.53092/duiibfd.1377567

Abstract

Over the 15 years following the global financial crisis, we have witnessed the emergence of numerous new tools and approaches, particularly those pioneered by the Federal Reserve. These innovations have become part of the toolkit for other central banks and remain under consideration by others. Although these approaches are widely discussed in the literature, it is common to find evaluations assessing how new practices differ from traditional central banking practices, the desired new results they aim to achieve, and whether they succeed in attaining these results. Another common point of debates is the tendency to associate policies like quantitative easing with the current inflationary trend. However, this paper changes the question and discusses the reasons for injecting greater levels of liquidity into markets, particularly quantitative easing, which are embedded in the current form of capital accumulation. While central banking undergoes institutional transformation, this process occurs within the broader and long historical transformation of the financial environment and relationships. It is essential to remember that central banks are the institutions tasked with addressing numerous challenges related to the stability of capital accumulation during crises. Following the 1980s, central bankers increasingly focused on enhancing their intervention capacity due to the complex internationalization of neoliberal policy shifts and of the accompanying financial innovations (which are also referred to as financialization by some authors). To be more precise, the focus here is on the Fed's transformation in this new financial architecture, focusing on the emergence of fiat money, the withdrawal of the structure that supports it, and its new position in the financial structure that has evolved over time into today's internationalized shadow banking. This article primarily centers on the asset purchase programs, initially conceived as temporary measures but now considered almost permanent political tools. Our main objective is to explore the evolving nature of monetary and financial dynamics in conjunction with the transformation of central banking, rather than attempting to identify the 'right' political tools.

Keywords

Shadow Banking, Central Banking, Quantitative Easing, Asset Purchase Programs, Global Financial Crisis

GÖLGE BANKACILIĞIN GÖLGESİNDE MERKEZ BANKACILIĞI: KÜRESEL FİNANSAL KRİZ SONRASINA TARİHSEL BİR YOLCULUK

Abstract

Küresel finansal krizden sonraki 15 yıl süresince özellikle Federal Reserve’in öncü olarak uygulamaya soktuğu ve diğer merkez bankalarının da repertuvarına giren ve girmeye aday olan birçok yeni araç ve yaklaşımın ortaya çıktığına şahit olduk. Bu yaklaşımlar literatürde çokça tartışılsa da yeni uygulamaların geleneksel merkez bankacılığı uygulamalarından ne yönde ayrıldıklarına, hedefledikleri yeni sonuçlara ve bu sonuçlara ulaşıp ulaşmadıklarına dönük değerlendirmeler yaygın olarak görülmektedir. Yaygın olarak görülen bir diğer tartışma-kanı da miktarsal genişleme (quantitative easing) olarak adlandırılan politikaları güncel enflasyonist trendle ilişkilendirme eğilimidir. Ancak bu çalışmada soru değiştirilip miktarsal genişleme başta gelmek üzere piyasalara daha yüksek düzeyde likidite enjekte edilmesinin, sermaye birikiminin güncel biçimine gömülü olan sebepleri üzerine tartışılacaktır. Merkez bankacılığı kurumsal olarak dönüşürken esasında finansal ortamın ve ilişkilerin uzun tarihsel dönüşümü içerisinde bunu gerçekleştirmektedir. Bu bağlamda merkez bankalarının birçok krizli meydan okumaya sermaye birikiminin istikrarı açısından cevap üretmeye çalışmakta olan kurumlar olduğunu hatırlatmak gerekir. 1980’li yılların sonrasında merkez bankacıları neoliberal politika dönüşümleri ve beraberindeki (kimi yazarlarca finansallaşma olarak da referans verilen) finansal inovasyonların karmaşık uluslararasılaşması sürecinde müdahale kapasitelerini artıracak bir dönüşüme odaklanmışlardır. Daha açık olmak gerekirse burada itibari paranın ortaya çıkışı, onu destekleyen yapının geri çekilmesi ve zamanla bugünün uluslararasılaşan gölge bankacılığına evrilen finansal yapısındaki yeni konumunu merkeze alarak Fed’in bu yeni finansal mimarideki dönüşümüne odaklanılacaktır. Geçici olacağı düşünülen fakat artık neredeyse kalıcı bir politik araca dönüşen ve bu makalenin de esas odak noktasını oluşturan varlık alım programları bu gelişmelerin en önemlilerinden biri olarak karşımızda durmaktadır. Burada “doğru” politik araçların keşfinden ziyade parasal-finansal dinamiklerin değişen doğası ile merkez bankacılığındaki dönüşümü beraber ele almak temel hedef olacaktır.

Keywords

Gölge Bankacılık, Merkez Bankacılığı, Miktarsal Genişleme, Varlık Alım Programları, Küresel Finansal Kriz

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