Geleneksel Olmayan Para ve Maliye Politikalarının Değerlendirilmesi

Year 2023, Volume: 12 Issue: 3, 123 - 148, 05.02.2024

Gulcin Ozkan , Yaprak Tavman

Abstract

2009'daki küresel mali krizin benzeri görülmemiş doğası, politika yapıcılarını daha sonra Kovid-19 salgını sırasında da yaygın olarak kullanılan geleneksel olmayan, alışılmadık politika önlemlerini benimsemeye zorladı. Zengin bir mali yapı ve finansal sürtüşmeleri yapısında barındıran bir Yeni Keynesyen genel denge modeli kullanan bu makale, bu tür iki politikanın - kredi gevşemesi ve banka sermayesi enjeksiyonları - kapsamlı bir maliyet-fayda analizini sunmaktadır. Ağırlıklı olarak bu önlemlerin faydalarına odaklanan mevcut çalışmaların çoğunun aksine, bu çalışma her iki politikanın ödeme maliyetini açıkça dikkate almaktadır. Bulgularımız, kredi gevşemesi ile karşılaştırıldığında, banka sermayesi enjeksiyonlarının ekonomi üzerinde daha büyük istikrar sağlayıcı etkisine ve daha yüksek refah kazanımlarına işaret etmektedir.

Keywords

finansal krizler, kredi genişlemesi, sermaye enjeksiyonları, refah

Assessing Unconventional Monetary and Fiscal Policies

Abstract

Unprecedented nature of the global financial crisis in 2009 forced policymakers to adopt unconventional policy measures which then became part of the policy tool set that was widely used during the Covid-19 pandemic. Utilizing a New Keynesian general equilibrium model with a rich fiscal structure and financial frictions, this paper provides a comprehensive cost-benefit analysis of two such policies; credit easing and bank capital injections. In contrast to much of the existing work on unconventional policy that predominantly focuses on the benefits of these measures, our work explicitly considers the cost of paying for each policy. Interestingly, we find that both unconventional measures are welfare improving even under distortionary taxes. Compared to credit easing, the use of bank capital injections has a greater stabilizing effect on the economy and generates higher welfare gains even with lower returns to equity supplied through the latter relative to the former.

Keywords

financial crises, cerdit easing, capital injections, welfare

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