İÇSEL PARA TEORİSİ’NE GENEL BİR BAKIŞ

Year 2008, Volume: 26 Issue: 2, 51 - 79, 31.12.2008

Gökçer Özgür

Abstract

Bu çalışmanın ana amacı içsel para teorisinin
kökenlerini incelemek ve bu konudaki güncel tartışmalara ışık tutmaktır. İçsel
para yaklaşımı temel bir önermeye dayanmaktadır: Reel ekonomide faaliyet
gösteren işletmelerin kredi talebi, bankalar tarafından karşılandıkça
bankacılık sektöründe yeni mevduatlar oluşur. Bu yeni mevduatlar için gerekli
rezervlerin bulunması ile de para arzı genişlemeye başlar. Merkez bankası bu
sürece müdahale edebilse de tamamen kontrol edemez.

 

İçsel para yaratım süreci konusunda da tam bir fikir
birliği yoktur ve bu teorinin savunucuları arasında canlı bir tartışma devam
etmektedir. Bu çalışmanın amacı söz konusu tartışmaların miadını doldurduğunu
ve değişen finansal yapı içinde geçerliliğini kaybettiğini ortaya koymaya
çalışmaktır. Bu tartışmalar, teorinin evrilip gelişmesine yol açmış olsa da son
yıllarda finansal alanda yer alan yenilikleri gözden kaçırmıştır. Bu nedenle
söz konusu teorinin bir kez daha gözden geçirilerek günün şartlarına uyumlu
hale getirilmesi gerekmektedir. Bu amaçla, bu çalışmada öncelikle içsel para teorisinin
gelişimi incelenecek ve ardından teorinin günümüzde eksik kalan yönlerine
değinilecektir.

 

Keywords

İçsel para, para arzı, faiz oranları, kredi

A General Outlook to the Endogenous Money Theory

Abstract

The purpose of this study is to shed light on the
origins of the endogenous money theory and analyze the current
debates on this topic. Endogenous money approach depends on a fundamental postulate: As banks meet the credit needs of
non-financial businesses, new deposits emerge in the banking sector. Similarly,
as the necessary reserves found for these new deposits the broad money expands
as well. Even though the central bank can intervene into this process it cannot
fully control it.

 

There is not a
clear-cut consensus on the endogenous money creation process and a lively
debate among the proponents of the theory still continues. The purpose of this
study is to reveal that such debates have outlived their shelf time, and lost
their validity in the changing financial structure. Even though these debates enabled the theory to evolve
and develop, they have disregarded the recent developments in financial
markets. The theory needs to be brought up to date by incorporating the
important transformations that have been taking place in the financial markets.

  

Keywords

Endogenous money, money supply, interest rates, credit

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