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SAVINGS GAP FOR TURKEY’S ECONOMY AND MONETARY POLICY

Year 2015, Volume: 11 Issue: 25, 1 - 15, 01.05.2015
https://doi.org/10.17130/ijmeb.2015.11.25.916

Abstract

Savings deficit is shown as the major cause of economic vulnerability and has begun to be the cause of economic problems in Turkey’ Economy recently. The objective of this study is to analyze and discuss whether the monetary policy followed in the 2000s cause failure of the savings in Turkey’s Economy or not within the framework of the dynamic optimization. In this respect, the study seeks to answer two basic questions: Is The Central Bank’s interest rate policy the main reason for the savings gap or not? Does the interest gap policy lead to a further decline in the savings rate by changing the production structure? What has been reached at the end of the study is that the reason of the savings gap is the monetary policies followed in the 2000s

References

  • Airaudo. M., Cardani, R., & Lansing, K. J. (2011). Monetary policy and asset prices with belief- driven fluctuations. Erişim Tarihi: 22.02.2012, http://www.be.wvu.edu/econ_seminar/ documents/11-12/airaudo.pdf.
  • Baydur, C. M. (2013a). Tasarruf gelirin harcanmayan kısmı değildir, Kocaeli Finans Dergisi, 1(1).
  • Baydur, C. M. (2013b). Türkiye’de sanayileşme, bölüşüm ve kur. Türkiye Ekonomisi Çalıştayı, Türkiye Ekonomisinin Dünü, Bugünü, Yarını – Yakup Kepenek’e ve Oktar Türel’e Armağan, 25-26 Nisan 2013.
  • Bernanke, B., & Gertler, M. (1999). Monetary policy and asset volatility. Federal Reserve Bank Of Kansas City Economic Review, 84(4), 17-52.
  • Bhattacharya, S., Goodhart, C. A. E., Tsomocos, D., & Vardoulakis, A. (2011). Minsky’s financial instability hypothesis and the leverage cycle. LSE Financial Markets Group Paper Series, 202, Erişim Tarihi: 12.10.2014, http://www.lse.ac.uk/fmg/workingPapers/ specialPapers/PDF/SP202.pdf.
  • Boratav, K., (2014). Yapısal reform teranesi. Erişim Tarihi: 26.10.2014, http://www.sendika. org/2014/10/yapisal-reform-teranesi-korkut-boratav.
  • Brunhoff, S., & Foley, D. K. (2006). Karl Marx’s theory of money and capital. Phillip Arestis and Amlcom Sawer (Eds.), Handbook of Alternative Monetary Economics, UK: Edward Elgar Publishing.
  • Canzoneri, M., Cumby, R., Diba, B., & Lopez-Salido, D. (2008). Monetary aggregates and liqquidty in a neo-wicksellian framework. NBER Working Paper, No: w14244.
  • Catao, L., & Terrones, M. E. (2003). Fiscal deficits and inflation. IMF Working Paper, No. Wp/03/65.
  • Champ, B., Freeman, S., & Haslah, J. (2011). Modeling monetary economies. 3rd Edition, USA: Cambridge University.
  • Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005). Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy, Vol. 113(1).
  • Cushing, M. J. (1999). The indeterminacy of prices under interest rate pegging: The non- ricardian case. Journal Of Monetary Economics, 44, 131-148.
  • Engel, C., & Kletzer, K. (1987). Saving and investment in an open economy with non-traded goods. NBER Working Paper, No. 2141.
  • Gertler, M., & Kiyotaki, N. (2011). Financial intermediation and credit policy in business cycle. Benjamin Friedman, Michael Woodford. (Eds.), Handbooks in Economics (548- 599). London: North-Holland.
  • Goodfriend, M., & McCallum, B.T. (2006). Banking and interest rates in monetary policy analysis: A quantitative exploration. Journal of Monetary Economics, 54(5).
  • Kiyotaki, N., & Moore, J. (2005). Liquidity And Asset Prices. International Economic Review, 46, 317-349.
  • Leijonhufvud, A. (2007). Monetary and financial stability. CEPR Policy Insight, No. 14.
  • Mazzocchi, R. (2013a). Intertemporal coordination failure and monetary policy. DEM Discussion Papers, No. 2013/15.
  • Mazzocchi, R. (2013b). Scope and flaws of the new neo-classical synthesis. DEM Discussion Papers, No. 2013/13.
  • Obstfeld, M., & Rogoff, K. (1994). The intertemporal approach to the current account. NBER Working Paper, No. 4893.
  • Pamuk, Ş. (2014). Türkiye’nin 200 yıllık iktisadi tarihi. İstanbul: İş Bankası Kültür Yayınları.
  • Ricardo, D. (2013). Siyasal iktisadın ve vergilendirmenin ilkeleri. (Çev. B. Zeren). İstanbul: İş Bankası Kültür Yayınları
  • Sargent, T. J., & Wallace, N. (1981). Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3).
  • Süslü, B. (2013). Türkiye ekonomisi için büyüme beklentisi kendi kendini besleyen süreç mi? Neo-Wicksellyen bir bakış açısı. TİSK Akademi, 2013/II, 188-203.
  • Süslü, B. (2014). Faiz paradoksu: Tasarruf Neden mi, sonuç mu?. İktisat ve Toplum Dergisi, 4(42).
  • Tamborini, R. (2010). Monetary policy with investment-saving imblances. Metroeconomica, 61(3).
  • TCMB Elektronik Veri Dağıtım Sistemi, http://evds.tcmb.gov.tr/
  • Vegh, C. (2013). Open Economy Macroeconomics in Developing Countires. Cambridge: MIT Press.
  • Walsh, C.E. (2014). Multiple objectives and central bank trade-offs under flexible inflation targeting. Erişim Tarihi: 19.10.2014, http://people.ucsc.edu/~walshc/MyPapers/ TradeoffsUnderFIT_20140515.pdf.
  • Woodford, M. (2003). Interest and prices foundations of a theory of monetary policy. New Jersey: Princeton University Press.

TÜRKİYE EKONOMİSİ İÇİN TASARRUF AÇIĞI VE PARA POLİTİKASI

Year 2015, Volume: 11 Issue: 25, 1 - 15, 01.05.2015
https://doi.org/10.17130/ijmeb.2015.11.25.916

Abstract

Son zamanlarda Türkiye ekonomisinde tasarruf açığı ekonomik problemlerin bir nedeni olarak ortaya konmaya başlanmış, ekonomik kırılganlığın başlıca nedeni olarak gösterilmiştir. Bu çalışmanın amacı da, 2000’li yıllarda izlenilen para politikalarının Türkiye ekonomisinde tasarruf yetersizliğine yol açıp açmadığını dinamik optimizasyon çerçevesinde incelemek ve tartışmaktır. Bu açıdan çalışmada iki temel soruya cevap aranacaktır: Merkez bankasının faiz politikası tasarruf açığının temel nedeni midir? Faiz açığı politikası, üretim yapısını değiştirerek tasarruf oranının daha da düşmesine neden olmakta mıdır? Çalışma sonucunda, 2000’li yıllarda izlenilen para politikalarının tasarruf açığının bir nedeni olduğuna ulaşılmıştır.

References

  • Airaudo. M., Cardani, R., & Lansing, K. J. (2011). Monetary policy and asset prices with belief- driven fluctuations. Erişim Tarihi: 22.02.2012, http://www.be.wvu.edu/econ_seminar/ documents/11-12/airaudo.pdf.
  • Baydur, C. M. (2013a). Tasarruf gelirin harcanmayan kısmı değildir, Kocaeli Finans Dergisi, 1(1).
  • Baydur, C. M. (2013b). Türkiye’de sanayileşme, bölüşüm ve kur. Türkiye Ekonomisi Çalıştayı, Türkiye Ekonomisinin Dünü, Bugünü, Yarını – Yakup Kepenek’e ve Oktar Türel’e Armağan, 25-26 Nisan 2013.
  • Bernanke, B., & Gertler, M. (1999). Monetary policy and asset volatility. Federal Reserve Bank Of Kansas City Economic Review, 84(4), 17-52.
  • Bhattacharya, S., Goodhart, C. A. E., Tsomocos, D., & Vardoulakis, A. (2011). Minsky’s financial instability hypothesis and the leverage cycle. LSE Financial Markets Group Paper Series, 202, Erişim Tarihi: 12.10.2014, http://www.lse.ac.uk/fmg/workingPapers/ specialPapers/PDF/SP202.pdf.
  • Boratav, K., (2014). Yapısal reform teranesi. Erişim Tarihi: 26.10.2014, http://www.sendika. org/2014/10/yapisal-reform-teranesi-korkut-boratav.
  • Brunhoff, S., & Foley, D. K. (2006). Karl Marx’s theory of money and capital. Phillip Arestis and Amlcom Sawer (Eds.), Handbook of Alternative Monetary Economics, UK: Edward Elgar Publishing.
  • Canzoneri, M., Cumby, R., Diba, B., & Lopez-Salido, D. (2008). Monetary aggregates and liqquidty in a neo-wicksellian framework. NBER Working Paper, No: w14244.
  • Catao, L., & Terrones, M. E. (2003). Fiscal deficits and inflation. IMF Working Paper, No. Wp/03/65.
  • Champ, B., Freeman, S., & Haslah, J. (2011). Modeling monetary economies. 3rd Edition, USA: Cambridge University.
  • Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005). Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy, Vol. 113(1).
  • Cushing, M. J. (1999). The indeterminacy of prices under interest rate pegging: The non- ricardian case. Journal Of Monetary Economics, 44, 131-148.
  • Engel, C., & Kletzer, K. (1987). Saving and investment in an open economy with non-traded goods. NBER Working Paper, No. 2141.
  • Gertler, M., & Kiyotaki, N. (2011). Financial intermediation and credit policy in business cycle. Benjamin Friedman, Michael Woodford. (Eds.), Handbooks in Economics (548- 599). London: North-Holland.
  • Goodfriend, M., & McCallum, B.T. (2006). Banking and interest rates in monetary policy analysis: A quantitative exploration. Journal of Monetary Economics, 54(5).
  • Kiyotaki, N., & Moore, J. (2005). Liquidity And Asset Prices. International Economic Review, 46, 317-349.
  • Leijonhufvud, A. (2007). Monetary and financial stability. CEPR Policy Insight, No. 14.
  • Mazzocchi, R. (2013a). Intertemporal coordination failure and monetary policy. DEM Discussion Papers, No. 2013/15.
  • Mazzocchi, R. (2013b). Scope and flaws of the new neo-classical synthesis. DEM Discussion Papers, No. 2013/13.
  • Obstfeld, M., & Rogoff, K. (1994). The intertemporal approach to the current account. NBER Working Paper, No. 4893.
  • Pamuk, Ş. (2014). Türkiye’nin 200 yıllık iktisadi tarihi. İstanbul: İş Bankası Kültür Yayınları.
  • Ricardo, D. (2013). Siyasal iktisadın ve vergilendirmenin ilkeleri. (Çev. B. Zeren). İstanbul: İş Bankası Kültür Yayınları
  • Sargent, T. J., & Wallace, N. (1981). Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3).
  • Süslü, B. (2013). Türkiye ekonomisi için büyüme beklentisi kendi kendini besleyen süreç mi? Neo-Wicksellyen bir bakış açısı. TİSK Akademi, 2013/II, 188-203.
  • Süslü, B. (2014). Faiz paradoksu: Tasarruf Neden mi, sonuç mu?. İktisat ve Toplum Dergisi, 4(42).
  • Tamborini, R. (2010). Monetary policy with investment-saving imblances. Metroeconomica, 61(3).
  • TCMB Elektronik Veri Dağıtım Sistemi, http://evds.tcmb.gov.tr/
  • Vegh, C. (2013). Open Economy Macroeconomics in Developing Countires. Cambridge: MIT Press.
  • Walsh, C.E. (2014). Multiple objectives and central bank trade-offs under flexible inflation targeting. Erişim Tarihi: 19.10.2014, http://people.ucsc.edu/~walshc/MyPapers/ TradeoffsUnderFIT_20140515.pdf.
  • Woodford, M. (2003). Interest and prices foundations of a theory of monetary policy. New Jersey: Princeton University Press.
There are 30 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Bora Süslü This is me

Özgür Balmumcu This is me

Publication Date May 1, 2015
Published in Issue Year 2015 Volume: 11 Issue: 25

Cite

APA Süslü, B., & Balmumcu, Ö. (2015). TÜRKİYE EKONOMİSİ İÇİN TASARRUF AÇIĞI VE PARA POLİTİKASI. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 11(25), 1-15. https://doi.org/10.17130/ijmeb.2015.11.25.916