Dünyada Yaşanan 1980- 2008 Yılı Krizlerinde Para Politikası Uygulaması, Finansal Riskler ve Uluslararası Rezervlerin Durumu

Year 2020, Volume: 9 Issue: 3, 129 - 159, 01.09.2020

Metin D. Akyüz Hüseyin Mahir Fisunoğlu

Abstract

Özellikle 1980-2008 arasında ortaya çıkan krizlerin büyük ölçüde, gelişen ve gelişmekte ülkelerin para piyasalarında ortaya çıkması, bununla birlikte rezervlerdeki ani artışların bu dönemlere rastlaması, merkez bankalarının bu rezervleri krizlere karşı kalkan olarak kullanma isteklerinin bir sonucu olarak görülmesine neden olmuştur.
Merkez bankası yabacı para rezerv seviyesini kısa dönemli finans piyasasına giren yabancı sermayenin ani çıkışlarında ortaya çıkabilecek döviz kuru risklerinden kurtulmak amacıyla tutuyorsa, ihtiyaç duyabileceği rezerv ne seviyede olmalıdır?
Rezervlerin oluşması başka risklerin oluşmasına neden olabilir mi? Uygulamada her işlemin piyasaya ciddi etkileri olacağından ekonomide ortaya çıkan bu durum nasıl giderilecektir? Makroekonomik dengeler nasıl korunacak bu işlemler sırasındaki para politikası nasıl yönlendirilecektir?
Merkez bankalarının fiyat ve finansal istikrar hedeflerini sağlama faaliyetleri sonunda bilançolarında oluşan rezervlerin makroekonomik dengeler üzerinde nasıl etki oluşturduğu bilinmektedir. Bu doğrultuda merkez bankasının para politikası uygulaması tanımlarına açıklık getirilmelidir. Bu doğrultuda para politikası araçlarından, operasyonel hedeflere ve para politikası ara hedeflerine uygun tanımlar bulunmalıdır.

Keywords

Sermaye Girişleri, Döviz Kurları, Ödemeler Dengesi, Bulaşma, Cari Açık, Para Politikası, Finansal Riskler, Finansal Krizler

Monetary Policy Implementation for Crises Between 1980-2008 in The World, Financial Risks and Statement on International Reserves

Abstract

Between 1980 and 2008, the crises which emerged in the financial market occurred among developed and emerging economy countries and sudden increases in their reserves coincided with these periods, subsequently causing the central banks to see the reserves as a shield against the crises and use them as such.
If a central bank uses the accumulated foreign currency reserve level in order to avoid the exchange rate risks that may arise in the sudden outflows of foreign capital entering the short-term financial market, what should be the optimal level of the reserve in that case? Could the creation of reserves cause other risks? Since every monetary policy implementation has serious effects on the market, how could this situation be avoided? How should macroeconomic balances be maintained, and the monetary policy be guided during these implementations?
Central banks as a result of trying to achieve price and financial stability create reserves in the balance sheets which in turn affects macroeconomic balances. Accordingly, the definition of the central bank's monetary policy implementation should be clarified, therefore, definitions of monetary policy tools, operational targets and monetary policy intermediate targets should be determined.

Keywords

Capital Flows, Exchange Rate, Balance of Payment, Contagious, Current Account Deficit, Monetary Policy, Financial Risks, Financial Crises

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