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İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme

Year 2022, , 77 - 95, 01.07.2022

Veysel Karagöl

https://doi.org/10.29224/insanveinsan.1096970

Abstract

İnsan faaliyetleriyle önemli ölçüde ilişkili olan iklim değişikliği, finansal ve ekonomik faaliyetleri derinden etkilemektedir. Aşırı hava olayları ve aşamalı küresel ısınmadan kaynaklanan fiziksel riskler ile düşük karbonlu bir ekonomiye uyum sürecinde karşılaşılan geçiş dönemi riskleri, belirsizlikler yaratmakta ve arz ve talep şoklarına sebep olmaktadır. Ekonomilerde yaşanan bu belirsizlikler ve oynaklıklar, fiyat istikrarını ve finansal istikrarı etkilemekte ve dolayısıyla para politikasının uygulanmasını zorlaştırmaktadır. Bu olgular, para politikası stratejisinde iklim değişikliğinin olası etkilerini de barından yeni bir bakış açısını gerekli kılmaktadır. Bu çalışmada, iklim değişikliğiyle mücadelede uluslararası deneyimler derlenerek, Türkiye’de para politikası uygulamaları için çıkarımlarda bulunulması amaçlanmıştır. Türkiye Cumhuriyet Merkez Bankası, iklim risklerini hafifletebilmek adına iklim değişikliğinin ekonomik etkilerini makroekonomik modellere dahil etmeli, çevreci sektörleri ve çevreci tahvilleri teşvik etmeli, ulusal ve küresel çapta işbirlikleri geliştirmelidir.

Keywords

İklim değişikliği İklim politikası belirsizliği Para politikası Çevreci politikalar Türkiye Cumhuriyet Merkez Bankası

References

  • Batten, Sandra, Rhiannon Sowerbutts ve Misa Tanaka. “Climate Change: Macroeconomic Impact and Implications for Monetary Policy”. Ecological, Societal, and Technological Risks and the Financial Sector. Haz., Thomas Walker, Dieter Gramlich, Mohammad Bitar ve Pedram Fardnia. Switzerland: Palgrave Macmillan, 2020.
  • Batten, Sandra. “Climate Change and the Macro-economy: A Critical Review”. Bank of England Staff Working Paper, 706 (2018): 1-48.
  • Bernal, Joaquin ve Jose Antonio Ocampo. “Climate Change: Policies to Manage its Macroeconomic and Financial Effects”. UNDP Background Paper for the Human Development Report, 2 (2020): 1-41.
  • Boneva, Lena, Gianluigi Ferrucci ve Francesco Paolo Mongelli. “To Be or not To Be “Green”: How Can Monetary Policy React to Climate Change?”. ECB Occasional Paper, 285 (2021): 1-38.
  • Breitenfellner, Andreas ve Wolfgang Pointner. “The Impact of Climate Change on Monetary Policy”. Monetary Policy & the Economy, Q3/21 (2021): 59-80.
  • Breman, Anna. “How the Riksbank Can Contribute to Climate Policy”. Sveriges Riskbank, Speech at the Royal Swedish Academy of Engineering Sciences, Stockholm, 3 Mart, 2020.
  • Campiglio, Emanuele, Yannis Dafermos, Pierre Monnin, Josh Ryan-Collins, Guido Schotten ve Misa Tanaka. “Climate Change Challenges for Central Banks and Financial Regulators”. Nature Climate Change, 8/6 (2018): 462-468.
  • Carney, Mark. “Breaking the Tragedy of the Horizon–Climate Change and Financial Stability”. Speech given at Lloyd’s of London, 29 (2015): 1-16.
  • Dafermos, Yannis, Maria Nikolaidi ve Giorgos Galanis. “Climate Change, Financial Stability and Monetary Policy”. Ecological Economics, 152 (2018): 219-234.
  • Eckstein, David, Vera Künzel ve Laura Schäfer. “Global Climate Risk Index 2021. Who Suffers Most from Extreme Weather Events? Weather-Related Loss Events in 2019 and 2000-2019”. Germanwatch, (2021): 1-47.
  • Environmental Protection Agency (EPA). “Climate Change and Ecosystems”. United States Environmental Protection Agency, April (2010). Erişim 09 Ocak 2022. https://clu-in.org/download/issues/ecotools/Climate_Change_Ecosystems.pdf
  • European Central Bank. “Climate Change and Monetary Policy in the Euro Area”. ECB Strategy Review, 271 (2021): 1-188.
  • Feyen, Erik, Robert Utz, Igor Zuccardi Huertas, Olena Bogdan, Jisung Moon. “Macro-financial Aspects of Climate Change”. World Bank Policy Research working Paper, 9109 (2020): 1-59.
  • Fuss, Sabine, Jana Szolgayova, Michael Obersteiner,Mykola Gusti. “Investment under Market and Climate Policy Uncertainty”. Applied Energy, 85/8 (2008): 708-721.
  • Gavriilidis, Konstantinos. “Measuring Climate Policy Uncertainty”. 16 Mayıs 2021, erişim 09 Ocak 2022. https://ssrn.com/abstract=3847388.
  • Golub, Alexander A., Ruben N. Lubowski ve Pedro Piris-Cabezas. “Business Responses to Climate Policy Uncertainty: Theoretical Analysis of a Twin Deferral Strategy and the Risk-adjusted Price of Carbon”. Energy, 205 (2020): 1-9.
  • Haavio, Markus. “Climate Change and Monetary Policy”. Bank of Finland Bulletin, 84 (2010): 27-36.
  • Harris, Jonathan M., Brian Roach ve Anne-Maria Codur. The Economics of Global Climate Change. Global Development and Environment Institute Tufts University, 2007.
  • Heal, Geoffrey ve Bengt Kriström. “Uncertainty and Climate Change”. Environmental and Resource Economics, 22/1 (2002): 3-39.
  • Lopez, Juan Miguel Rodriguez, Alice Sakhel ve Timo Busch. “Corporate Investments and Environmental Regulation: The Role of Regulatory Uncertainty, Regulation-induced Uncertainty, and Investment History”. European Management Journal, 35/1 (2017): 91-101.
  • Manitoba Sustainable Development (MSS). “What is Climate Change?”. Erişim 09 Ocak 2022. https://www.gov.mb.ca/climateandgreenplan/climatechange.html
  • McKibbin, Warwick J., Adele C. Morris, Peter J. Wilcoxen, Augustus J. Panton. “Climate Change and Monetary Policy: Issues for Policy Design and Modelling”. Oxford Review of Economic Policy, 36/3 (2020): 579-603.
  • Mukherjee, Krishnendu ve Bakary Ouattara. “Climate and Monetary Policy: Do Temperature Shocks Lead to Inflationary Pressures?”. Climatic Change, 167/3 (2021): 1-21.
  • NASA. “Climate Change: How Do We Know?”. Erişim 08 Ocak 2022. https://climate.nasa.gov/evidence/
  • Network for Greening the Financial System. “Climate Change and Monetary Policy Initial Takeaways”. Central Banks and Supervisors NGFS Technical Document, (2020): 1-17.
  • Nordhaus, William. İklim Kumarı: Isınan Dünyada Risk, Belirsizlik ve İktisat. Çev., Cesi Mizrahi. İstanbul: Doğan Kitap, 2013.
  • Rahman, Muhammad Ishaq-ur. “Climate Change: A Theoretical Review”. Interdisciplinary Description of Complex Systems: INDECS, 11/1 (2013): 1-13.
  • Schnabel, Isabel. “Climate Change and Monetary Policy”. Finance & Development, 58/3 (2021): 53-55.
  • Shobande, Olatunji Abdul. “Is Climate Change a Monetary Phenomenon? Evidence from Time Series Analysis”. International Journal of Sustainable Development & World Ecology, (2021): 1-13.
  • TCMB. “Enflasyon Raporu 2021-IV Genel Değerlendirme”. Türkiye Cumhuriyet Merkez Bankası, 4 (2021).
  • TCMB. “Enflasyon Raporu 2022-II”, Türkiye Cumhuriyet Merkez Bankası. 28 Nisan 2022.
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 32 (2021).
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 33 (2021).
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 34 (2022).
  • TCMB. “Para Politikası Kurulu Toplantı Özeti”. Türkiye Cumhuriyet Merkez Bankası. 47 (2021).
  • TCMB. “Para Politikası Kurulu Toplantı Özeti”. Türkiye Cumhuriyet Merkez Bankası. 52 (2021).
  • United Nations (UN). “What is Climate Change?”. Erişim 10 Ocak 2022. https://www.un.org/en/climatechange/what-is-climate-change.

Climate Change and Monetary Policy: An Evaluation for Turkey

Year 2022, , 77 - 95, 01.07.2022

Veysel Karagöl

https://doi.org/10.29224/insanveinsan.1096970

Abstract

Climate change, which is significantly related to human activities, deeply affects financial and economic activities. The physical risks arising from extreme weather events and gradual global warming as well as the transition risks encountered in adapting to a low-carbon economy create uncertainties and cause supply and demand shocks. These uncertainties and volatilities in economies affect price stability and financial stability and thus make it difficult to implement monetary policy. These facts make essential a new perspective on the possible effects of climate change in the monetary policy strategy. This study, it is aimed to make inferences for monetary policy practices in Turkey by compiling international experiences in the fight against climate change. To mitigate climate risks, the Central Bank of the Republic of Turkey should include the economic effects of climate change in macroeconomic models, encourage green sectors and green bonds, and develop national and global collaborations.

Keywords

Climate change Climate policy uncertainty Monetary policy Green policies The Central Bank of the Republic of Turkey

References

  • Batten, Sandra, Rhiannon Sowerbutts ve Misa Tanaka. “Climate Change: Macroeconomic Impact and Implications for Monetary Policy”. Ecological, Societal, and Technological Risks and the Financial Sector. Haz., Thomas Walker, Dieter Gramlich, Mohammad Bitar ve Pedram Fardnia. Switzerland: Palgrave Macmillan, 2020.
  • Batten, Sandra. “Climate Change and the Macro-economy: A Critical Review”. Bank of England Staff Working Paper, 706 (2018): 1-48.
  • Bernal, Joaquin ve Jose Antonio Ocampo. “Climate Change: Policies to Manage its Macroeconomic and Financial Effects”. UNDP Background Paper for the Human Development Report, 2 (2020): 1-41.
  • Boneva, Lena, Gianluigi Ferrucci ve Francesco Paolo Mongelli. “To Be or not To Be “Green”: How Can Monetary Policy React to Climate Change?”. ECB Occasional Paper, 285 (2021): 1-38.
  • Breitenfellner, Andreas ve Wolfgang Pointner. “The Impact of Climate Change on Monetary Policy”. Monetary Policy & the Economy, Q3/21 (2021): 59-80.
  • Breman, Anna. “How the Riksbank Can Contribute to Climate Policy”. Sveriges Riskbank, Speech at the Royal Swedish Academy of Engineering Sciences, Stockholm, 3 Mart, 2020.
  • Campiglio, Emanuele, Yannis Dafermos, Pierre Monnin, Josh Ryan-Collins, Guido Schotten ve Misa Tanaka. “Climate Change Challenges for Central Banks and Financial Regulators”. Nature Climate Change, 8/6 (2018): 462-468.
  • Carney, Mark. “Breaking the Tragedy of the Horizon–Climate Change and Financial Stability”. Speech given at Lloyd’s of London, 29 (2015): 1-16.
  • Dafermos, Yannis, Maria Nikolaidi ve Giorgos Galanis. “Climate Change, Financial Stability and Monetary Policy”. Ecological Economics, 152 (2018): 219-234.
  • Eckstein, David, Vera Künzel ve Laura Schäfer. “Global Climate Risk Index 2021. Who Suffers Most from Extreme Weather Events? Weather-Related Loss Events in 2019 and 2000-2019”. Germanwatch, (2021): 1-47.
  • Environmental Protection Agency (EPA). “Climate Change and Ecosystems”. United States Environmental Protection Agency, April (2010). Erişim 09 Ocak 2022. https://clu-in.org/download/issues/ecotools/Climate_Change_Ecosystems.pdf
  • European Central Bank. “Climate Change and Monetary Policy in the Euro Area”. ECB Strategy Review, 271 (2021): 1-188.
  • Feyen, Erik, Robert Utz, Igor Zuccardi Huertas, Olena Bogdan, Jisung Moon. “Macro-financial Aspects of Climate Change”. World Bank Policy Research working Paper, 9109 (2020): 1-59.
  • Fuss, Sabine, Jana Szolgayova, Michael Obersteiner,Mykola Gusti. “Investment under Market and Climate Policy Uncertainty”. Applied Energy, 85/8 (2008): 708-721.
  • Gavriilidis, Konstantinos. “Measuring Climate Policy Uncertainty”. 16 Mayıs 2021, erişim 09 Ocak 2022. https://ssrn.com/abstract=3847388.
  • Golub, Alexander A., Ruben N. Lubowski ve Pedro Piris-Cabezas. “Business Responses to Climate Policy Uncertainty: Theoretical Analysis of a Twin Deferral Strategy and the Risk-adjusted Price of Carbon”. Energy, 205 (2020): 1-9.
  • Haavio, Markus. “Climate Change and Monetary Policy”. Bank of Finland Bulletin, 84 (2010): 27-36.
  • Harris, Jonathan M., Brian Roach ve Anne-Maria Codur. The Economics of Global Climate Change. Global Development and Environment Institute Tufts University, 2007.
  • Heal, Geoffrey ve Bengt Kriström. “Uncertainty and Climate Change”. Environmental and Resource Economics, 22/1 (2002): 3-39.
  • Lopez, Juan Miguel Rodriguez, Alice Sakhel ve Timo Busch. “Corporate Investments and Environmental Regulation: The Role of Regulatory Uncertainty, Regulation-induced Uncertainty, and Investment History”. European Management Journal, 35/1 (2017): 91-101.
  • Manitoba Sustainable Development (MSS). “What is Climate Change?”. Erişim 09 Ocak 2022. https://www.gov.mb.ca/climateandgreenplan/climatechange.html
  • McKibbin, Warwick J., Adele C. Morris, Peter J. Wilcoxen, Augustus J. Panton. “Climate Change and Monetary Policy: Issues for Policy Design and Modelling”. Oxford Review of Economic Policy, 36/3 (2020): 579-603.
  • Mukherjee, Krishnendu ve Bakary Ouattara. “Climate and Monetary Policy: Do Temperature Shocks Lead to Inflationary Pressures?”. Climatic Change, 167/3 (2021): 1-21.
  • NASA. “Climate Change: How Do We Know?”. Erişim 08 Ocak 2022. https://climate.nasa.gov/evidence/
  • Network for Greening the Financial System. “Climate Change and Monetary Policy Initial Takeaways”. Central Banks and Supervisors NGFS Technical Document, (2020): 1-17.
  • Nordhaus, William. İklim Kumarı: Isınan Dünyada Risk, Belirsizlik ve İktisat. Çev., Cesi Mizrahi. İstanbul: Doğan Kitap, 2013.
  • Rahman, Muhammad Ishaq-ur. “Climate Change: A Theoretical Review”. Interdisciplinary Description of Complex Systems: INDECS, 11/1 (2013): 1-13.
  • Schnabel, Isabel. “Climate Change and Monetary Policy”. Finance & Development, 58/3 (2021): 53-55.
  • Shobande, Olatunji Abdul. “Is Climate Change a Monetary Phenomenon? Evidence from Time Series Analysis”. International Journal of Sustainable Development & World Ecology, (2021): 1-13.
  • TCMB. “Enflasyon Raporu 2021-IV Genel Değerlendirme”. Türkiye Cumhuriyet Merkez Bankası, 4 (2021).
  • TCMB. “Enflasyon Raporu 2022-II”, Türkiye Cumhuriyet Merkez Bankası. 28 Nisan 2022.
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 32 (2021).
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 33 (2021).
  • TCMB. “Finansal İstikrar Raporu”. Türkiye Cumhuriyet Merkez Bankası. 34 (2022).
  • TCMB. “Para Politikası Kurulu Toplantı Özeti”. Türkiye Cumhuriyet Merkez Bankası. 47 (2021).
  • TCMB. “Para Politikası Kurulu Toplantı Özeti”. Türkiye Cumhuriyet Merkez Bankası. 52 (2021).
  • United Nations (UN). “What is Climate Change?”. Erişim 10 Ocak 2022. https://www.un.org/en/climatechange/what-is-climate-change.
There are 37 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Veysel Karagöl 0000-0001-9939-0173

Publication Date July 1, 2022
Published in Issue Year 2022

Cite

APA Karagöl, V. (2022). İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme. İnsan Ve İnsan, 9(33), 77-95. https://doi.org/10.29224/insanveinsan.1096970
AMA Karagöl V. İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme. İnsan ve İnsan Dergisi. July 2022;9(33):77-95. doi:10.29224/insanveinsan.1096970
Chicago Karagöl, Veysel. “İklim Değişikliği Ve Para Politikası: Türkiye için Bir Değerlendirme”. İnsan Ve İnsan 9, no. 33 (July 2022): 77-95. https://doi.org/10.29224/insanveinsan.1096970.
EndNote Karagöl V (July 1, 2022) İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme. İnsan ve İnsan 9 33 77–95.
IEEE V. Karagöl, “İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme”, İnsan ve İnsan Dergisi, vol. 9, no. 33, pp. 77–95, 2022, doi: 10.29224/insanveinsan.1096970.
ISNAD Karagöl, Veysel. “İklim Değişikliği Ve Para Politikası: Türkiye için Bir Değerlendirme”. İnsan ve İnsan 9/33 (July 2022), 77-95. https://doi.org/10.29224/insanveinsan.1096970.
JAMA Karagöl V. İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme. İnsan ve İnsan Dergisi. 2022;9:77–95.
MLA Karagöl, Veysel. “İklim Değişikliği Ve Para Politikası: Türkiye için Bir Değerlendirme”. İnsan Ve İnsan, vol. 9, no. 33, 2022, pp. 77-95, doi:10.29224/insanveinsan.1096970.
Vancouver Karagöl V. İklim Değişikliği ve Para Politikası: Türkiye için bir Değerlendirme. İnsan ve İnsan Dergisi. 2022;9(33):77-95.