2008 Küresel Finans Krizi Sonrasında Sermaye Kontrollerine İlişkin Tartışmalar

Year 2020, , 513 - 529, 30.11.2020

Cemil Varlık

https://doi.org/10.29249/selcuksbmyd.673431

Abstract

Bu çalışmada Küresel Kriz sonrası sermaye kontrollerine dair teorik ve ampirik literatürün gözden geçirilmesi amaçlanmaktadır. Küresel Kriz sonrasında ortaya çıkan teorik literatür, konjonktür karşıtı uygulanan ihtiyati sermaye kontrollerinin, makroekonomik ve finansal istikrarı artırabileceğini savunmaktadır. Aynı dönemde gelişen ampirik literatürde, sermaye kontrollerinin genellikle konjonktür karşıtı kullanılmadığı, fakat Kriz sonrası dönemde bazı ülkelerin kontrolleri konjonktür karşıtı biçimde uygulamayı başardıkları tespit ediliyor. Ayrıca sermaye kontrollerinin hem ihtiyati hem de merkantilist amaçla kullanıldığı, fakat Kriz sonrasında ihtiyati güdünün payının arttığı bulgusuna ulaşılıyor. Çalışmaların çoğunda, sermaye kontrollerinin sermaye girişlerinin bileşimini değiştirmede, para politikası özerkliğini artırmada ve finansal kırılganlıkları hafifletmede etkili olduğu kanıtlanıyor. İlave olarak çok sayıda çalışma, kontrollerin sermaye girişlerinin hacmini ve döviz kuru baskılarını azaltabileceğini buluyor. Diğer yandan, sermaye kontrollerinin diğer ülkeler üzerinde olumsuz yayılma etkilerine yol açabileceği gösteriliyor.

Keywords

Sermaye Kontrolleri, Sermaye Akımları, Finansal İstikrar, Makroekonomik İstikrar

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