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GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI

Year 2020, Volume: 11 Issue: 1, 1 - 20, 31.01.2020
https://doi.org/10.18354/esam.644616

Abstract

Gelişmiş
ülkeler genel olarak konjonktür karşıtı para politikasıyla ekonomi
yavaşladığında gevşek, ekonomi hızlandığında ise sıkı para politikası
uygulamaktadırlar. Böylelikle iktisadi dalgalanmalardaki çöküş ya da patlama
engellenmekte ve ekonomik istikrar sağlanmaktadır. Aksine, gelişen piyasa
ekonomilerinde uygulanan para politikaları genellikle konjonktür yanlısı
niteliktedir.  Bir başka deyişle, gelişen
piyasa ekonomilerinde uygulanan makro iktisadi tedbirler çoğunlukla iktisadi
dalgaları güçlendirmekte, güneşli günleri kavurucu sıcağa, yağmurlu günleri ise
şiddetli sağanak yağışlara dönüştürmektedir. Sonuç olarak parasal otoriteler, önemli
bir strateji olan konjonktür karşıtı para politikasını uygulayamamakta ve
ekonomik istikrarsızlık ile etkin bir şekilde mücadele edememektedirler. Bu
çalışmada, Türkiye gibi gelişmekte olan piyasa ekonomilerinde konjonktür
karşıtı para politikasının uygulanmasını güçleştiren etmenlerin ortaya
konulması ve bu konudaki çözüm önerilerinin sunulması amaçlanmaktadır. 

References

  • Alesina, A., & Tabellini, G. (2007). Bureaucrats or Politicians ? Part I : A Single Policy Task. The American Economic Review, 97(1), 169–179.
  • Angrist, J. D., Jordà, Ò., & Kuersteiner, G. M. (2013). Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited (Working Paper Series No. 24).
  • Ball, L. (2002). Policy Rules and External Shocks. In N. Loayza & K. Schmidt-Hebbel (Eds.), Monetary Policy: Rules and Transmission Mechanisms (pp. 47–63). Santiago, Chile: Central Bank of Chile.
  • Bank of Zambia. (2013). Countercyclical Monetary Policy Interventions in an Economy. A Paper Presentation to the Committee of Central Bank Governors in SADC, 1–18.
  • Barnichon, R., Matthes, C., & Sablik, T. (2017). Are the effects of monetary policy asymmetric (Richmond Fed Economic Brief No. EB17- 03).
  • Bartels, A. H. (1985). Volcker’s Revolution at the Fed. Challenge, 28(4), 35–42. Borio, C., Furfine, C., & Craig, L. (2001). Procyclicality of the financial system and financial stability: issues and policy options. Bank For International Settlements Papers.
  • Calderón, C., Duncan, R., & Schmidt-Hebbel, K. (2003). The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies (No. N° 237 Noviembre). Central Bank of Chile Working Papers.
  • Calderón, C., & Schmidt-Hebbel, K. (2003). Macroeconomic policies and performance in Latin America. Journal of International Money and Finance, 22(7), 895–923.
  • Chang, H.-J., & Grabel, I. (2004). Kalkınma Yeniden: Alternatif İktisat Politikaları El Kitabı (2nd ed.). Ankara: İmge Kitabevi.
  • De Long, J. B., Summers, L. H., Mankiw, N. G., & Romer, C. D. (1988). How Does Macroeconomic Policy Affect Output? Brookings Papers on Economic Activity, 1988(2), 433–494.
  • Devereux, M. B., & Lane, P. R. (2003). Understanding bilateral exchange rate volatility. Journal of International Economics, 60(1), 109–132.
  • Eğilmez, M., & Kumcu, E. (2008). Ekonomi Politikası (12. Basım). Etiler-İstanbul: Remzi Kitabevi.
  • Florio, A. (2004). The asymmetric effects of monetary policy. Journal of Economic Surveys, 18(3), 409–426.
  • Friedman, M. (1961). The Lag In Effect of Monetary Policy. Journal of Political Economy, 69(5), 447–466.
  • Friedman, M. (1968). The Role of Monetary Policy. American Economic Review, 58(1), 1–17.
  • Gavin, M., & Perotti, R. (1997). Fiscal Policy in Latin America. NBER Macroeconomics Annual, 12, 11–61.
  • Grabel, I. (2004). Trip Wires and Speed Bumps: Managing Financial Risks and Reducing The Potential for Financial Crises in Developing Economies. G-24 Discussion Papers 33, United Nations Conference on Trade and Development.
  • Lane, P. R. (2003). Business cycles and macroeconomic policy in emerging market economics. International Finance, 6(1), 89–108.
  • Mishkin, F. S. (2014). Para Politikası Stratejisi. (Ö. F. Çev. Editörü Çolak & A. Zengin, Eds.). Ankara: Efil Yayınevi.
  • Morgan, D. P. (1993). Asymmetric effects of monetary policy. Federal Reserve Bank Of Kansas City Economic Review.
  • N’Diaye, P. (2009). Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy (No. WP/09/257). IMF Working Paper.
  • Ocampo, J. A. (2002). Developing Countries’ Anti-Cyclical Policies in A Globalized World. Santiago, Chile: United Nations Publications.
  • Özkan, İ., & Erden, L. (2007). Türkiye Ekonomisinde İş Çevrimlerinin Tarih ve Süre Aralıklarının Tespiti. Akdeniz İ.İ.B.F. Dergisi, (14), 1–19.
  • Papademos, L. (2003). Economic Cycles and Monetary Policy. Retrieved September 13, 2018, from https://www.ecb.europa.eu/press/key/date/2003/html/sp030307_1.en.html
  • Persson, T. (2002). Do Political Institutions Shape Economic Policy ? Econometrica, 70(3), 883–905.
  • Ricci-Risquete, A., Ramajo, J., & De Castro, F. (2016). Time-varying effects of fiscal policy in Spain: a Markov-switching approach. Applied Economics Letters, 23(8), 597–600.
  • Romer, C. D., & Romer, D. H. (1994). What Ends Recessions ? In S. Fischer & J. J. Rotemberg (Eds.), NBER Macroeconomics Annual 1994 (Vol. 9, pp. 13–80). Cambridge, Massachusetts: MIT Press.
  • Sargent, T. J., & Wallace, N. (1976). Rational expectations and the theory of economic policy. Journal of Mo, 2, 169–183.
  • Sargent, T. J., & Wallace, N. (1981). Some Unpleasant Monetarist Arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1–17.
  • Turner, A. (2010). What do Banks do? Why do Credit Booms and Busts Occur and What can Public Policy Do about it? In A. Turner, A. Haldane, P. Woolley, S. Wadhwani, C. Goodhart, A. Smithers, … R. Layard (Eds.), The Future of Finance. London School of Economics Report.
  • Ünsal, E. (2017). Makro İktisat (11th ed.). Ankara: Murat Yayınları.
  • Welch, P. J., & Welch, G. F. (2009). Economics: Theory and Practice (9th ed.). New Jersey: John Wiley & Sons.
Year 2020, Volume: 11 Issue: 1, 1 - 20, 31.01.2020
https://doi.org/10.18354/esam.644616

Abstract

References

  • Alesina, A., & Tabellini, G. (2007). Bureaucrats or Politicians ? Part I : A Single Policy Task. The American Economic Review, 97(1), 169–179.
  • Angrist, J. D., Jordà, Ò., & Kuersteiner, G. M. (2013). Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited (Working Paper Series No. 24).
  • Ball, L. (2002). Policy Rules and External Shocks. In N. Loayza & K. Schmidt-Hebbel (Eds.), Monetary Policy: Rules and Transmission Mechanisms (pp. 47–63). Santiago, Chile: Central Bank of Chile.
  • Bank of Zambia. (2013). Countercyclical Monetary Policy Interventions in an Economy. A Paper Presentation to the Committee of Central Bank Governors in SADC, 1–18.
  • Barnichon, R., Matthes, C., & Sablik, T. (2017). Are the effects of monetary policy asymmetric (Richmond Fed Economic Brief No. EB17- 03).
  • Bartels, A. H. (1985). Volcker’s Revolution at the Fed. Challenge, 28(4), 35–42. Borio, C., Furfine, C., & Craig, L. (2001). Procyclicality of the financial system and financial stability: issues and policy options. Bank For International Settlements Papers.
  • Calderón, C., Duncan, R., & Schmidt-Hebbel, K. (2003). The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies (No. N° 237 Noviembre). Central Bank of Chile Working Papers.
  • Calderón, C., & Schmidt-Hebbel, K. (2003). Macroeconomic policies and performance in Latin America. Journal of International Money and Finance, 22(7), 895–923.
  • Chang, H.-J., & Grabel, I. (2004). Kalkınma Yeniden: Alternatif İktisat Politikaları El Kitabı (2nd ed.). Ankara: İmge Kitabevi.
  • De Long, J. B., Summers, L. H., Mankiw, N. G., & Romer, C. D. (1988). How Does Macroeconomic Policy Affect Output? Brookings Papers on Economic Activity, 1988(2), 433–494.
  • Devereux, M. B., & Lane, P. R. (2003). Understanding bilateral exchange rate volatility. Journal of International Economics, 60(1), 109–132.
  • Eğilmez, M., & Kumcu, E. (2008). Ekonomi Politikası (12. Basım). Etiler-İstanbul: Remzi Kitabevi.
  • Florio, A. (2004). The asymmetric effects of monetary policy. Journal of Economic Surveys, 18(3), 409–426.
  • Friedman, M. (1961). The Lag In Effect of Monetary Policy. Journal of Political Economy, 69(5), 447–466.
  • Friedman, M. (1968). The Role of Monetary Policy. American Economic Review, 58(1), 1–17.
  • Gavin, M., & Perotti, R. (1997). Fiscal Policy in Latin America. NBER Macroeconomics Annual, 12, 11–61.
  • Grabel, I. (2004). Trip Wires and Speed Bumps: Managing Financial Risks and Reducing The Potential for Financial Crises in Developing Economies. G-24 Discussion Papers 33, United Nations Conference on Trade and Development.
  • Lane, P. R. (2003). Business cycles and macroeconomic policy in emerging market economics. International Finance, 6(1), 89–108.
  • Mishkin, F. S. (2014). Para Politikası Stratejisi. (Ö. F. Çev. Editörü Çolak & A. Zengin, Eds.). Ankara: Efil Yayınevi.
  • Morgan, D. P. (1993). Asymmetric effects of monetary policy. Federal Reserve Bank Of Kansas City Economic Review.
  • N’Diaye, P. (2009). Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy (No. WP/09/257). IMF Working Paper.
  • Ocampo, J. A. (2002). Developing Countries’ Anti-Cyclical Policies in A Globalized World. Santiago, Chile: United Nations Publications.
  • Özkan, İ., & Erden, L. (2007). Türkiye Ekonomisinde İş Çevrimlerinin Tarih ve Süre Aralıklarının Tespiti. Akdeniz İ.İ.B.F. Dergisi, (14), 1–19.
  • Papademos, L. (2003). Economic Cycles and Monetary Policy. Retrieved September 13, 2018, from https://www.ecb.europa.eu/press/key/date/2003/html/sp030307_1.en.html
  • Persson, T. (2002). Do Political Institutions Shape Economic Policy ? Econometrica, 70(3), 883–905.
  • Ricci-Risquete, A., Ramajo, J., & De Castro, F. (2016). Time-varying effects of fiscal policy in Spain: a Markov-switching approach. Applied Economics Letters, 23(8), 597–600.
  • Romer, C. D., & Romer, D. H. (1994). What Ends Recessions ? In S. Fischer & J. J. Rotemberg (Eds.), NBER Macroeconomics Annual 1994 (Vol. 9, pp. 13–80). Cambridge, Massachusetts: MIT Press.
  • Sargent, T. J., & Wallace, N. (1976). Rational expectations and the theory of economic policy. Journal of Mo, 2, 169–183.
  • Sargent, T. J., & Wallace, N. (1981). Some Unpleasant Monetarist Arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1–17.
  • Turner, A. (2010). What do Banks do? Why do Credit Booms and Busts Occur and What can Public Policy Do about it? In A. Turner, A. Haldane, P. Woolley, S. Wadhwani, C. Goodhart, A. Smithers, … R. Layard (Eds.), The Future of Finance. London School of Economics Report.
  • Ünsal, E. (2017). Makro İktisat (11th ed.). Ankara: Murat Yayınları.
  • Welch, P. J., & Welch, G. F. (2009). Economics: Theory and Practice (9th ed.). New Jersey: John Wiley & Sons.
There are 32 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Can Karabıyık 0000-0002-7255-7946

Coşkun Çılbant 0000-0002-7406-423X

Publication Date January 31, 2020
Published in Issue Year 2020 Volume: 11 Issue: 1

Cite

APA Karabıyık, C., & Çılbant, C. (2020). GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI. Ege Stratejik Araştırmalar Dergisi, 11(1), 1-20. https://doi.org/10.18354/esam.644616
AMA Karabıyık C, Çılbant C. GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI. ESAM. January 2020;11(1):1-20. doi:10.18354/esam.644616
Chicago Karabıyık, Can, and Coşkun Çılbant. “GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI”. Ege Stratejik Araştırmalar Dergisi 11, no. 1 (January 2020): 1-20. https://doi.org/10.18354/esam.644616.
EndNote Karabıyık C, Çılbant C (January 1, 2020) GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI. Ege Stratejik Araştırmalar Dergisi 11 1 1–20.
IEEE C. Karabıyık and C. Çılbant, “GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI”, ESAM, vol. 11, no. 1, pp. 1–20, 2020, doi: 10.18354/esam.644616.
ISNAD Karabıyık, Can - Çılbant, Coşkun. “GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI”. Ege Stratejik Araştırmalar Dergisi 11/1 (January 2020), 1-20. https://doi.org/10.18354/esam.644616.
JAMA Karabıyık C, Çılbant C. GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI. ESAM. 2020;11:1–20.
MLA Karabıyık, Can and Coşkun Çılbant. “GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI”. Ege Stratejik Araştırmalar Dergisi, vol. 11, no. 1, 2020, pp. 1-20, doi:10.18354/esam.644616.
Vancouver Karabıyık C, Çılbant C. GELİŞEN PİYASA EKONOMİLERİNDE KONJONKTÜR KARŞITI PARA POLİTİKASI. ESAM. 2020;11(1):1-20.