Modern Para Teorisi (MPT): Farklı Bir Bakış

Abstract

Modern Para Teorisi , özellikle kamu finansmanı ile ilgili olarak para sistemlerinin işleyişini yeniden tanımlayan alternatif bir ekonomik çerçeve sunmaktadır. Bu yaklaşım, ülkelerin hükümet açıklarını enflasyon risklerine bağlayan ve dengeli bütçeleri savunan geleneksel bakış açılarının aksine, her zaman ek para yaratabileceğini varsaymaktadır. Modern Para Teorisi, devletlerin ekonomideki kritik rolünü vurgulayarak, dikkatlice yönetilen bütçe açıklarının tam istihdamı ve ekonomik büyümeyi teşvik edebileceğini savunmaktadır. Heteredoks bir yaklaşım olarak kabul edilen teori, enflasyon ve işsizlik hakkındaki geleneksel görüşlerin aksine, enflasyon ile mücadelede kaynakların efektif kullanımının gerekliliğini vurgulamaktadır. Öte yandan, Modern Para Teorisi'ne yöneltilen eleştirilerin başında artan hükümet harcamalarının olası enflasyonist etkileri gelmektedir. Bu endişelere rağmen, Modern Para Teorisi, özellikle COVID-19 salgını sırasında etkinliğini kanıtlamış ve ekonomik dalgalanmaları etkili bir şekilde yönetme potansiyelini ortaya koymuştur. Bu çalışmanın birincil amacı, Modern Para Teorisinin tarihsel evrimini ve temel varsayımlarını incelemek, mevcut literatürü sunmak, politika çıkarımlarının bir değerlendirmek ve teorinin potansiyel geleceğini tartışmaktır.

Keywords

• Modern Para Teorisi
• Yeni Ekonomi Politikası
• Çartalizm

Modern Monetary Theory (MMT): A Different Perspective

Abstract

Modern Monetary Theory (MMT) offers an alternative economic framework that redefines the functioning of monetary systems, particularly in relation to government financing. It posits that sovereign currency issuers, such as Japan, can create additional money at all times, in contrast to traditional perspectives that link government deficits to inflation risks and advocate for balanced budgets. MMT highlights the crucial role of the government in the economy, arguing that carefully managed budget deficits can stimulate full employment and economic growth. It challenges conventional beliefs about inflation and unemployment, proposing that the availability of resources is more significant than budget constraints in managing inflation. Critics of Modern Monetary Theory (MMT) express worries about the possible inflationary effects of increased government spending and raise questions about the theory's empirical basis and practical relevance. Despite these concerns, MMT has demonstrated its efficacy in real-world situations, particularly during the COVID-19 pandemic, underscoring its potential for effectively managing economic fluctuations. In essence, MMT presents a contemporary approach to economic policy, advocating for reassessing government spending and fiscal strategies to advance public welfare and address urgent issues such as climate change. The primary objective of this study is to conduct an in-depth analysis of the historical progression and fundamental assumptions of MMT, provide a comprehensive review of existing literature and policy implications, and discuss the potential future of MMT.

Keywords

• Modern Monetary Theory
• New Economy Policy
• Chartalism.

References

1. Archacki, B. (2022, May 4). The Policy Implication of Modern Monetary Theory. Retrieved January 11, 2025, from https://mcgillpolicyassociation.com/latest-articles/2022/5/4/the-policy-implications-of- modern-monetary-theory.
2. Australian Treasury. (2021). Economic Response to COVID-19: Treasury's Role and Contributions.
3. Baker, A., & Murphy, R. (2020). Modern Monetary Theory and the Changing Role of Tax in Society. Social Policy and Society, 19(3), 454–469.
4. Beck, H., & Prinz, A. (2019). Wie revolutionär ist die Modern Monetary Theory?. Wirtschaftsdienst, 99, 415–420.
5. Carnevali, E., & Deleidi, M. (2023). The trade-off between inflation and unemployment in an ‘MMT world’: an open-economy Perspective. European Journal of Economics and Economic Policies: Intervention, 20(1), 90-124.
6. Carnevali, E., & Fontana, G. (2023). What modern monetary theory is, and what is not. European Journal of Economics and Economic Policies: Intervention, 20(1), 56-66.
7. Coats, W. (2019). Modern monetary theory: critique. Cato Journal, 39(3), 563-576.
8. Connors, L., & Mitchell, W. (2017). Framing Modern Monetary Theory. Journal of Post Keynesian Economics, 40(2), 239–259.

9. Curcic, N. (2024, Feb 2). What is Modern Monetary Theory? MMT Explained. Retrieved January 9, 2025, from https://finbold.com/guide/what-is-modern-monetary-theory/.
10. D’Souza, D. (2024, June 30). Modern Monetary Theory (MMT): Definition, History, and Principles. Retrieved January 8, 2025, from https://www.investopedia.com/modern-monetary-theory-mmt- 4588060#citation-5.
11. Drumetz, F., & Pfister, C. (2021). Modern Monetary Theory: A Wrong Compass for Decision- Making.Intereconomics, 56, 355–361.
12. Edwards, S. (2019). Modern monetary theory: cautionary tales from latin america. Cato Journal, 39(3), 529-562.
13. Ehnst, D. (2022). Modern Monetary Theory: The Right Compass for Decision- Making.Intereconomics. 57, 128–134.
14. Espinosa, E.G. (2024). Modern Monetary Theory: A Comprehensive and Constructive Criticism. UK: Routledge Press.
15. Fiebiger, B. (2011). Modern Money Theory and the ‘Real-World’ Accounting of 1 − 1 < 0: The U.S. Treasury Does not Spend as per a Bank. Political Economy Research Institute Working Paper Series Number 279.
16. Galbraith, J.K. (2011). The Euro Crisis and MMT: What Can We Learn?. Levy Economics Institute.
17. Gu, C., Han, H., & Wright, R. (2019, May 23). New Monetarist Economics. Retrieved January 9, 2025, from https://oxfordre.com/economics/view/10.1093/acrefore/9780190625979.001.0001/acrefore- 9780190625979-e-397.
18. Ha, T. (2022). Economic crises and fiscal measures in South Korea: Asian Financial Crisis, Global Financial Crisis, and COVID-19. Journal of Asian Public Policy, 17(2), 255–271.
19. Helgadóttir, O., & Grosen, M. (2024). Indie economics: social purpose, lay expertise and the unusual rise of modern monetary theory. New Political Economy, 1–14.
20. Juniper, J., Sharpe, T. P., & Watts, M. J. (2014). Modern monetary theory: contributions and critics. Journal of Post Keynesian Economics, 37(2), 281–307.
21. Knapp, G. F. (1905). The State Theory of Money. Toronto: The Macmillan Company (1924). https://archive.org/details/in.ernet.dli.2015.227879
22. Knapp, G. F. (1924). The state theory of money (H. M. Lucas & J. Bonar, Trans.). Macmillan. (Original work published 1905)
23. Koo, R. (2018). The Escape from Balance Sheet Recession and the QE Trap: A Hazardous Road for the World. Nomura Research Institute.
24. Kotilainen, K. (2021). A Cosmopolitan Reading of Modern Monetary Theory. Global Society, 36(1), 89–112.
25. Krugman, P. (2019, February 25). Running on MMT (Wonkish). Retrieved January 14, 2025, from https://www.nytimes.com/2019/02/25/opinion/running-on-mmt-wonkish.html.
26. Mankiw, N. G. (2020). A Skeptic's Guide to Modern Monetary Theory. AEA Papers and Proceedings, 110,141–44.
27. Mitchell, W., Wray, L.R., & Watts, M. (2019). Macroeconomics. London: Red Globe Press.
28. Mosler, W. (1993). Soft Currency Economics, Paper edition: AVM, 1995.
29. Mucato, M., & Jacobson, F. (2020). How the Eurozone Can Benefit from MMT: Lessons from the Debt Crisis. Institute for New Economic Thinking.
30. Nesiba, R. F. (2013). Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?. European Journal of Economics and Economic Policies: Intervention, 10(1), 44–60.
31. Newman, P. (2020). Modern Monetary Theory: An Austrian Interpretation of Recrudescent Keynesianism. Atl Econ J, 48, 23–31.
32. Noko, J. (2011). Dollarization: The Case of Zimbabwe. Cato Journal, 31, 339–365.
33. Olaf, S. (2021). Is Now the Time for Modern Monetary Theory or Permanent Monetary Finance?. Credit and Capital Markets, 54(1),17-36.
34. Öztürk, N. (2006). Ekonomide devletin değişen rolü. Amme İdaresi Dergisi, 39(1), 17–38.
35. Palley, T. I. (2019). The Economic Crisis: Causes, Consequences, and Lessons for Economic Policy. Real-world Economics Review.
36. Quiggin, J. (2020). Macroeconomics, by W. Mitchell, L.R. Wray and M. Watts (Red Globe Press, London, 2019). Econ Rec, 96, 528-530.
37. Roberts, M. (2019). Modern Monetary Theory: A Marxist Critique. Class, Race and Corporate Power, 7(1).
38. Sultanum, B. (January 2024). Essentiality of Money: A Historical Perspective. Federal Reserve Bank of Richmond Economic Brief, No. 24-01.
39. Sumner, S., & Horan, P. (2019). How Reliable Is Modern Monetary Theory as a Guide to Policy?. Mercatus Policy Brief Series.
40. Sylla, N. S. (2024). Modern Monetary Theory as an analytical framework and a policy lens: an African Perspective. In Y. Nersisyan, L. R. Wray (Ed.). The Elgar Companion to Modern Money Theory. pp. 314-328.
41. The Economist (2019, 13 March). Is modern monetary theory nutty or essential?. Retrieved January 8, 2025, from https://www.economist.com/finance-and-economics/2019/03/13/is-modern-monetary- theory-nutty-or-essential.
42. Tymoigne, E., & and Wray, L.R. (2013). Modern Money Theory 101: A Reply to Critics. Political Economy Research Institute, University of Massachusetts Amherst.
43. Vergnhanini, R., & De Conti, B. (2018). Modern Monetary Theory: a criticism from the periphery. Brazilian Keynesian Review, 3(2), 16-31.
44. Wray, L. R. (2011). Lessons We Should Have Learned from the Global Financial Crisis but Didn’t. Levy Institute Working Paper No. 681.
45. Wray, L. R. (2014). From the state theory of money to modern money theory: An alternative to economic orthodoxy (Levy Economics Institute Working Paper No. 792). Levy Economics Institute of Bard College.
46. Yavan, S. (2024). Tobin vergisinin Robin Hood etkisi: Gelir dağılımında adaleti yaratır mı? Biga İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(2), 96–109.