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İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI

Year 2016, Volume: 34 Issue: 1, 115 - 136, 31.03.2016
https://doi.org/10.17065/huniibf.309287

Abstract

İmkansız üçleme kavramı
Bretton Woods (BW) sistemi para politikasını anlamak için yararlı olabilir. Ancak,
BW sistemi sırasında görece bağımsız para politikası uygulanabilmesine, sermaye
hareketleri üzerindeki kontrollerin yanı sıra merkez bankası araç çeşitliliği
ve yurt içi piyasaların kontrol altında tutulması da katkı sunmuştur. BW
sistemi sonrası dönemde sermaye hareketleri tamamen serbest bırakılırken finansal
piyasalardaki kurallar gevşetilmiştir. Var olan kurallar ise
kullanılmamıştır.Kısa dönem faiz oranları merkez bankalarının yegane aracı
olarak ön plana çıkmıştır. Sermaye hareketleri ve finansal piyasalar çok büyük
boyutlara ulaşırken merkez bankalarının sadece gecelik faizlerle temel
maktoekonomik değişkenleri etkileme kapasitesi özellikle gelişmekte olan
ülkelerde aşınmıştır. Bu süreç bir anlamda zamanla imkansız üçlemeden imkansız
ikilemeye geçiş olarak da düşünülebilir.

References

  • Aizenman, J., Chinn, M. D., & Ito, H. (2008), “Assessing the emerging global financial architecture: measuring the trilemma's configurations over time”, (No. w14533), National Bureau of Economic Research.
  • Adrian, T., & Shin, H. S. (2009), “Money, liquidity, and monetary policy”., FRB of New York Staff Report”, No: 360.
  • Barth, J. R., Brumbaugh, R. D., & Wilcox, J. A. (2000), “Policy watch: The repeal of Glass-Steagall and the advent of broad banking”, The Journal of Economic Perspectives, 14(2), 191-204.
  • Benlialper, A., & Cömert, H. (2015a), “Implicit asymmetric exchange rate peg under inflation targeting regimes: the case of Turkey”, Cambridge Journal of Economics, doi:10.1093/cje/bev073, first published online November 12, 2015. “ Benlialper ve Cömert (2015b), “Global constraints to central banking: the case of Turkey”, No:15/13, ERC Working Paper.
  • Benlialper ve Cömert (2015c), “Central banking in developing countries after the crisis: What has changed?”, No: 395, PERI Working Paper.
  • Bernanke, B. S. (2007), “Globalization and monetary policy”. Remarks by the Chairman of the Board of Governors of the US Federal Reserve System, at the Fourth Economic Summit, Stanford Institute for Economic Policy Research, Stanford, California, March, 2.
  • Bloomfield, A. I. (1959), Monetary policy under the international gold standard: 1880-1914. Federal Reserve Bank of New York.
  • Bordo, M. D. (1993), “The Bretton Woods international monetary system: a historical overview”, in A retrospective on the Bretton Woods system: Lessons for international monetary reform (pp. 3-108). University of Chicago Press.
  • Bruno, V., & Shin, H. S. (2015), “Capital flows and the risk-taking channel of monetary policy”. Journal of Monetary Economics, 71, 119-132.
  • Cömert, H. (2012), “Decoupling between the federal funds tate and long-term interest tates: decreasing effectiveness of monetary ğolicy in the US”, No. wp295. Political Economy Reserch Center Working Paper.
  • Cömert, H. (2013), Central banks and financial markets: the declining power of US monetary policy, Edward Elgar Publishing.
  • Crotty, J., & Epstein, G. (1999), “A defense of capital controls in light of the Asian financial crisis”, Journal of Economic Issues, 33(2), 427-433.
  • Darby, M. R., & Lothian, J. R. (1983), The international transmission of inflation, University of Chicago Press.
  • Eichengreen, B. J. (1998), Globalizing capital: a history of the international monetary system. Princeton University Press.
  • Epstein, G. (2006), “Central banks as agents of economic development”, UNU-WIDER. Research Paper, No: 2006/54. United Nations University (UNU).
  • Epstein, G. (2013), “Developmental central banking: winning the future by updating a page from the past”, Review of Keynesian Economics, 1(3), 273-287.
  • Feinman, J. N. (1993)., “Reserve requirements: history, current practice, and potential reform”. ederal. Reserve Bulletin, 79, 569-589.
  • Fleming, J. M. (1962), “Domestic Financial Policies Under Fixed and Under Floating Exchange Rates”, International Monetary Fund Staff Papers, 9( 3), 369-380. Gambacorta, L. (2009), “Monetary policy and the risk-taking channel”. BIS Quarterly Review December, 43-53
  • Geithner, T. (2006), “Global economic and financial integration: Some implications for central banking”, Remarks at the Columbia Business School Center on Japanese Economy and Business 20th Anniversary Conference, Columbia University, New York City, 26 October 2006.
  • Gilbert, M. (1968), “The Gold-Dollar system: conditions of equilibrium and the price of gold” No: 70, Essays in International Finance, Princeton University.
  • Gilbert, R.A. (1986). “Requiem for regulation q: What it did and why it passed away.” Review, (Feb), 22–37.
  • Greenspan, A. (2005), “Federal reserve board's semiannual monetary policy report to the congress”, Testimony: before the committee on banking, housing, and urban affairs, U.S. Senate, 21July 2005.
  • Kenen, P. B. (1960), “International liquidity and the balance of payments of a reserve-currency country”, The Quarterly Journal of Economics, 74(4), 572-586.
  • Makin, J. H. (1971), “Swaps and Roosa bonds as an index of the cost of cooperation in the crisis zone", The Quarterly Journal of Economics, 85(2), 349-356.
  • Mohanty, M. S. and Klau, M. (2001), “What determines inflation in emerging market economies?”, BIS Working Papers no. 8.
  • Mundell, R. A. (1963), “Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates”, The Canadian Journal of Economics and Political Science, 29(4), 475-485.
  • Obstfeld, M., Shambaugh, J. C. and Taylor, A. (2005), “The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility”, NBER Working Paper No. 10396.
  • Papademos, L. (2008). “Globalisation and central bank policies”, speech at the Bridge Forum Dialogue, Luxembourg, 22 January 2008.
  • Rey, H. (2015), “Dilemma not trilemma: the global financial cycle and monetary policy independence”, No. w21162, National Bureau of Economic Research.
  • Schwartz, A. J. (2009), “Inroduction” in Bordo, M. D., & Schwartz, A. J. (eds.), A retrospective on the classical gold standard, 1821-1931, University of Chicago Press.
  • Shiller, R.J. (2000), “Margin calls: Should the Fed step in?”, Wall Street Journal, 10 April 2000.
  • Stiglitz, J. E. (2004), “Capital-market liberalization, globalization, and the IMF”, Oxford Review of Economic Policy, 20(1), 57-71.
  • Triffin, R. (1960), Gold and the dollar crisis, New Haven: Yale Univen.
  • Tew, B. (1982), The evolution of the international monetary system, 1945-81. London: Hutchinson.
  • Volcker, P. (2002), “Monetary policy transmission: Past and future challanges”, Federal Reserve Bank of New York Economic Policy Review, 8(1), 7-11.
  • Woodford, M. (2002), “Financial market efficiency and the effectiveness of monetary policy”, Federal Reserve Bank of New York Economic Policy Review, May, 85-94.
  • Woodford, M. (2003), “Optimal interest-rate smoothing”, The Review of Economic Studies, 70(4), 861-886.

From Trilemma to Dilemma: Monetary Policy During and After The Bretton Woods System

Year 2016, Volume: 34 Issue: 1, 115 - 136, 31.03.2016
https://doi.org/10.17065/huniibf.309287

Abstract

Trilemma can be a useful concept to understand
monetary policy during the Bretton Woods (BW) regime. Under this regime, beside
capital controls, regulated domestic financial markets and diversity in central
bank instruments contributed to existence of independent monetary policy.
However, after the collapse of the BW system, capital controls were lifted,
domestic financial markets were deregulated, existing regulations were not
implemented properly and short-term interest rates became the sole instrument of
central banks. The size of financial flows and financial markets have reached
unprecedented levels. During this process, the ability of central banks in both
developed and developing countries has weakened. Especially in developing
countries, main macroeconomic indicators have become very sensitive to the
developments in the movements of financial flows. In this sense, we argue that
this process can be considered a gradual transition from trilemma to dilemma
especially in developing countries. 

References

  • Aizenman, J., Chinn, M. D., & Ito, H. (2008), “Assessing the emerging global financial architecture: measuring the trilemma's configurations over time”, (No. w14533), National Bureau of Economic Research.
  • Adrian, T., & Shin, H. S. (2009), “Money, liquidity, and monetary policy”., FRB of New York Staff Report”, No: 360.
  • Barth, J. R., Brumbaugh, R. D., & Wilcox, J. A. (2000), “Policy watch: The repeal of Glass-Steagall and the advent of broad banking”, The Journal of Economic Perspectives, 14(2), 191-204.
  • Benlialper, A., & Cömert, H. (2015a), “Implicit asymmetric exchange rate peg under inflation targeting regimes: the case of Turkey”, Cambridge Journal of Economics, doi:10.1093/cje/bev073, first published online November 12, 2015. “ Benlialper ve Cömert (2015b), “Global constraints to central banking: the case of Turkey”, No:15/13, ERC Working Paper.
  • Benlialper ve Cömert (2015c), “Central banking in developing countries after the crisis: What has changed?”, No: 395, PERI Working Paper.
  • Bernanke, B. S. (2007), “Globalization and monetary policy”. Remarks by the Chairman of the Board of Governors of the US Federal Reserve System, at the Fourth Economic Summit, Stanford Institute for Economic Policy Research, Stanford, California, March, 2.
  • Bloomfield, A. I. (1959), Monetary policy under the international gold standard: 1880-1914. Federal Reserve Bank of New York.
  • Bordo, M. D. (1993), “The Bretton Woods international monetary system: a historical overview”, in A retrospective on the Bretton Woods system: Lessons for international monetary reform (pp. 3-108). University of Chicago Press.
  • Bruno, V., & Shin, H. S. (2015), “Capital flows and the risk-taking channel of monetary policy”. Journal of Monetary Economics, 71, 119-132.
  • Cömert, H. (2012), “Decoupling between the federal funds tate and long-term interest tates: decreasing effectiveness of monetary ğolicy in the US”, No. wp295. Political Economy Reserch Center Working Paper.
  • Cömert, H. (2013), Central banks and financial markets: the declining power of US monetary policy, Edward Elgar Publishing.
  • Crotty, J., & Epstein, G. (1999), “A defense of capital controls in light of the Asian financial crisis”, Journal of Economic Issues, 33(2), 427-433.
  • Darby, M. R., & Lothian, J. R. (1983), The international transmission of inflation, University of Chicago Press.
  • Eichengreen, B. J. (1998), Globalizing capital: a history of the international monetary system. Princeton University Press.
  • Epstein, G. (2006), “Central banks as agents of economic development”, UNU-WIDER. Research Paper, No: 2006/54. United Nations University (UNU).
  • Epstein, G. (2013), “Developmental central banking: winning the future by updating a page from the past”, Review of Keynesian Economics, 1(3), 273-287.
  • Feinman, J. N. (1993)., “Reserve requirements: history, current practice, and potential reform”. ederal. Reserve Bulletin, 79, 569-589.
  • Fleming, J. M. (1962), “Domestic Financial Policies Under Fixed and Under Floating Exchange Rates”, International Monetary Fund Staff Papers, 9( 3), 369-380. Gambacorta, L. (2009), “Monetary policy and the risk-taking channel”. BIS Quarterly Review December, 43-53
  • Geithner, T. (2006), “Global economic and financial integration: Some implications for central banking”, Remarks at the Columbia Business School Center on Japanese Economy and Business 20th Anniversary Conference, Columbia University, New York City, 26 October 2006.
  • Gilbert, M. (1968), “The Gold-Dollar system: conditions of equilibrium and the price of gold” No: 70, Essays in International Finance, Princeton University.
  • Gilbert, R.A. (1986). “Requiem for regulation q: What it did and why it passed away.” Review, (Feb), 22–37.
  • Greenspan, A. (2005), “Federal reserve board's semiannual monetary policy report to the congress”, Testimony: before the committee on banking, housing, and urban affairs, U.S. Senate, 21July 2005.
  • Kenen, P. B. (1960), “International liquidity and the balance of payments of a reserve-currency country”, The Quarterly Journal of Economics, 74(4), 572-586.
  • Makin, J. H. (1971), “Swaps and Roosa bonds as an index of the cost of cooperation in the crisis zone", The Quarterly Journal of Economics, 85(2), 349-356.
  • Mohanty, M. S. and Klau, M. (2001), “What determines inflation in emerging market economies?”, BIS Working Papers no. 8.
  • Mundell, R. A. (1963), “Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates”, The Canadian Journal of Economics and Political Science, 29(4), 475-485.
  • Obstfeld, M., Shambaugh, J. C. and Taylor, A. (2005), “The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility”, NBER Working Paper No. 10396.
  • Papademos, L. (2008). “Globalisation and central bank policies”, speech at the Bridge Forum Dialogue, Luxembourg, 22 January 2008.
  • Rey, H. (2015), “Dilemma not trilemma: the global financial cycle and monetary policy independence”, No. w21162, National Bureau of Economic Research.
  • Schwartz, A. J. (2009), “Inroduction” in Bordo, M. D., & Schwartz, A. J. (eds.), A retrospective on the classical gold standard, 1821-1931, University of Chicago Press.
  • Shiller, R.J. (2000), “Margin calls: Should the Fed step in?”, Wall Street Journal, 10 April 2000.
  • Stiglitz, J. E. (2004), “Capital-market liberalization, globalization, and the IMF”, Oxford Review of Economic Policy, 20(1), 57-71.
  • Triffin, R. (1960), Gold and the dollar crisis, New Haven: Yale Univen.
  • Tew, B. (1982), The evolution of the international monetary system, 1945-81. London: Hutchinson.
  • Volcker, P. (2002), “Monetary policy transmission: Past and future challanges”, Federal Reserve Bank of New York Economic Policy Review, 8(1), 7-11.
  • Woodford, M. (2002), “Financial market efficiency and the effectiveness of monetary policy”, Federal Reserve Bank of New York Economic Policy Review, May, 85-94.
  • Woodford, M. (2003), “Optimal interest-rate smoothing”, The Review of Economic Studies, 70(4), 861-886.
There are 37 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hasan Cömert

Publication Date March 31, 2016
Submission Date April 26, 2017
Published in Issue Year 2016 Volume: 34 Issue: 1

Cite

APA Cömert, H. (2016). İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 34(1), 115-136. https://doi.org/10.17065/huniibf.309287
AMA Cömert H. İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. March 2016;34(1):115-136. doi:10.17065/huniibf.309287
Chicago Cömert, Hasan. “İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 34, no. 1 (March 2016): 115-36. https://doi.org/10.17065/huniibf.309287.
EndNote Cömert H (March 1, 2016) İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 34 1 115–136.
IEEE H. Cömert, “İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 34, no. 1, pp. 115–136, 2016, doi: 10.17065/huniibf.309287.
ISNAD Cömert, Hasan. “İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 34/1 (March 2016), 115-136. https://doi.org/10.17065/huniibf.309287.
JAMA Cömert H. İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;34:115–136.
MLA Cömert, Hasan. “İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 34, no. 1, 2016, pp. 115-36, doi:10.17065/huniibf.309287.
Vancouver Cömert H. İMKANSIZ ÜÇLEME’DEN İMKANSIZ İKİLEM’E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;34(1):115-36.

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