Niceliksel Gevşeme Politikalarının Kamu Maliyesi Etkisi

Abstract

Çalışmanın amacı, 2008-2009 küresel ekonomik krizi sonrası dönemde yaygın bir biçimde uygulanan niceliksel gevşeme politikalarının kamu maliyesi üzerindeki etkisini ABD örneği üzerinden analiz etmektir. ABD’nin niceliksel gevşeme politikaları borçlanma faiz oranlarını düşürerek bütçedeki faiz harcamalarını azaltmış, ekonomik aktiviteyi canlandırarak vergi gelirlerini artırmış ve Merkez Bankası’nın Hazine’ye olan kar transferlerini artırarak vergi dışı bütçe gelirlerinin yükselmesine neden olmuştur. Tüm bunların sonucunda, bütçe açığı ve kamu borç stoku bu politikaların uygulanmadığı duruma göre daha düşük gerçekleşmiştir. Dolayısıyla, gelişmiş ülke merkez bankalarının uyguladığı niceliksel gevşeme politikiları kamu maliyesine olumlu etkiler yaparak borcun sürdürülebilirliğine katkı sağlamıştır.

Keywords

• Niceliksel Gevşeme,Kamu Maliyesi,Borcun Sürdürülebilirliği

Public Finance Effect of Quantitative Easing Policies

Abstract

The purpose of the study is to analyze the impact of quantitative easing (QE) policies on public finance through the case study of United States. Quantitative easing policies of United States have reduced interest expenditures by lowering government bond interest rates, have increased tax revenues by supporting economic activity and have enhanced non-tax budget revenue by increasing Central Bank profit transfers to Treasury in United States. As a consequence of these, budget deficit and public debt stock have declined compared with no policy scenario. Hence, quantitative easing policies implemented by advanced country central banks have made positive effects to public finance and contributed to debt sustainability.

Keywords

• Quantitative Easing,Public Finance,Debt Sustainability

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