Makro İhtiyati Politikalara Kavramsal Bakış ve Türkiye Tecrübesi

Year 2018, Issue: 641, 309 - 340, 01.07.2018

Mümin Atalay Çetin , İbrahim Bakırtaş

Abstract

2008 yılında yaşanan küresel finansal krizin ardından, yükselmekte olan piyasa ekonomileri oldukça yüksek miktarlarda kısa vadeli sermaye akımlarına maruz kalmıştır. Bu durum, yükselen piyasa ekonomilerinin finans sistemlerinde kırılganlıklar meydana getirmiş ve olası finansal krizlerin habercisi olmuştur. Yükselen piyasa ekonomileri, sermaye akımlarında, döviz kurlarında ve likidite oranlarında yaşanan bu dalgalanmaların meydana getireceği olumsuz etkileri dizginlemek için makro ihtiyati politikalara başvurmuştur. Bilindiği gibi makro ihtiyati politikalar finansal sistemi bir bütün olarak ele alarak, sistematik riski sınırlandırmayı amaçlamaktadır. Türkiye özellikle 2010 yılı sonlarından itibaren, sermaye akımlarının çekim merkezlerinden biri haline gelmiştir. Bu bağlamda, Türkiye’de merkez bankası ve finansal istikrar komitesi geliştirdikleri makro ihtiyati politika araçlarıyla, döviz kurlarında, kredi oranlarında ve sermaye piyasalarında yaşanan dalgalanmaların olumsuz etkilerini yumuşatmayı hedeflemiştir. Tüm bunlar birlikte düşünüldüğünde, bu çalışmanın amacı makro ihtiyati politikaların teorik arka planını ele almak ve Türkiye’nin makro ihtiyati politikalara ilişkin tecrübesini incelemektir

Keywords

Finansal İstikrar, Makro İhtiyati Politikalar, Faiz Koridoru, Rezerv Opsiyon

Conceptual Overview of Macroprudential Policy and The Experience of Turkey

Abstract

Following the global financial crisis of 2008, emerging market economies were exposed to short-term capital inflows in high rates. This has created a fragility in the financial systems of emerging markets and has become a precursor of possible financial crisis. Emerging markets have applied to macroprudential policies to restrain the adverse effects of these fluctuations in capital flows, exchange rates and liquidity ratios. Macro prudential policies aim to limit the systemic risk by taking the financial system as a whole. Turkey has become one of the important countries that attracts global capital flows at the end of 2010. In this context, the central bank and the financial stability committee in Turkey aimed to soften the negative effects of fluctuations in exchange rates, credit ratios and capital markets through macroprudential policy instruments. This study examines the theoretical background of macroprudential policies and examines the Turkey's macroeconomic policy experience

Keywords

Financial Stability, Macroprudential Policies, Interest Rate Corridor, Reserve Option

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