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The Interaction between Monetary Policy and Macroprudential Policy in Turkey

Year 2019, , 43 - 71, 30.06.2019
https://doi.org/10.30626/tesamakademi.584282

Abstract

The involvement of the macroprudential policies in
financial stability frameworks in the post-crisis period led to coordination
problems between monetary policy and macroprudential policy. The overlapping of
the transmission mechanisms of the monetary policy and macroprudential policy
where the financial system is at the centre of the pass-through effects and the
ability of a policy to shape the domain of another policy have revealed the
need to examine the interaction between these policies. The need for
coordination along with the degree of mutual interaction have been higher in
countries like Turkey where monetary and macroprudential policies have been
carried out together as a result of the policy dilemmas which occurred due to
the macro-financial risks brought about by the abundance of the global
liquidity that emerged after the global financial crisis. In this context the
aim of study is to examine the interactions between monetary policy and
macroprudential policy in the period of new policy mix in Turkey. As a result
of the evaluations made taking into account the situation of the economic cycle
and the financial cycle, it was observed that the policies were moving in the
same direction until September 2016 and there were no serious conflict between
the ultimate targets. After that time, the policies has been started to move in
the opposite direction and the need for coordination has been increased due to
the conflict between the final targets.

References

  • Aktaş, C., Cortuk, O. (2012). Turkey’s experience with the global crisis: restructring policies within a financial stability framework, Journal of Economic Policy Reform, 15(3), 195-205.
  • Aktaş, Z., Erduman, Y., Kaya Ekşi, N. (2018). Gelişmekte Olan Ülkelere Yönelen Portföy Akımları: Pastadan Kim Daha Fazla Pay Alacak?, Merkezin Güncesi, Erişim Tarihi: 11.01.2019. http://www.tcmbblog.org/wps/wcm/connect/blog/tr/main+menu/analizler/gelismekte+olan+ulkelere+yonelen+portfoy.
  • Antipa, P., Matheron, J. (2014). Interactions between monetary and macroprudential policies. Banque de France Financial Stability Review: Macroprudential Policies Implementation and Interactions, 18, 225-239.
  • Balog, A., Csortos, O., Torös, A., Zsigo, M. (2016). Interaction between monetary and macroprudential policies in practice – a Hungarian example, BIS Papers, 83, 159-179.
  • Başçı, E., Kara, H. (2011). Finansal İstikrar ve Para Politikası, İktisat, İşletme ve Finans, 26(302), 9-25.
  • Beau, D., Clerc, L., Mojon, B. (2012). Macro-Prudential Policy and the Conduct of Monetary Policy, Banque de France Working Papers, 390.
  • Borio, C. (2003). Towards a macroprudential framework for financial supervision and regulation?, BIS Working Papers, 128.
  • Borio, C. (2012). The Financial Cycle and Macroeconomics: What Have We Learnt?, BIS Working Papers, 395.
  • Borio, C. (2014). Monetary Policy and Financial Stability: What Role in Prevention and Recovery?, BIS Working Papers, 440.
  • Claessens, S., Kose, M. A. ve Terrones, M. E. (2011). How Do Business and Financial Cycles Interact?, IMF Working Paper, 88.
  • Drehmann, M., Borio, C. ve Tsatsaronis, K. (2012). Characterising the Financial Cycle: Don’t Lose Sight of the Medium Term!, BIS Working Papers, 380.
  • Dunstan, A. (2014). The interaction between monetary and macro-prudential policy, Reserve Bank of New Zealand Bulletin, 77(2), 15-25.
  • Farhi E. ve Tirole, J. (2012). Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts, American Economic Review, 102(1), 60-93.
  • Frait, J., Malovana, S., Tomsik, V. (2015). The Interaction of Monetary and Macroprudential Policies in the Pursuit of the Central Bank’s Primary Objectives, Czech National Bank/Financial Stability Report, 110-120.
  • FSB, IMF, BIS. (2011). Macroprudential policy tools and frameworks, Update to G20 Finance Ministers and Central Bank Governors, Erişim Tarihi: 26.01.2019. https://www.imf.org/external/np/g20/pdf/021411.pdf.
  • Galati, G., Hindrayanto, I., Koopman, S. J. ve Viekke, M. (2016). Measuring Financial Cycles with a Model-based Filter: Empirical Evidence fort he United States and the Euro Area, DNB Working Paper, 495.
  • Gürkaynak, R. S, Kantur, Z., Taş, M. A., Yıldırım-Karaman, S. (2015). Monetary Policy in Turkey after Central Bank Independece, İktisat, İşletme ve Finans, 30(356), 9-38.
  • Hahm, J., Mishkin, F. S., Shin, H. S., Shin, K. (2012). Macroprudential Policies in Open Emerging Economies, NBER Working Paper Series, 17780.
  • Igan, D. ve Kang, H. (2011). Do Loan-to-Value and Debt-to-Income Limits Work? Evidence from Korea, IMF Working Paper, 297.
  • IMF. (2013). The Interaction of Monetary and Macroprudential Policies. IMF Policy Papers.
  • IMF. (2017). Increasing Resilience to Large and Volatile Capital Flows – The Role of Macroprudential Policies, IMF Policy Paper.
  • IMF. (2018). 2018 Article IV Consultation with Turkey, IMF Country Report, 110.
  • Kara, H. (2012). Küresel kriz sonrası para politikası, İktisat, İşletme ve Finans, 27(315), 9-36.
  • Kara, H. (2016). Turkey’s Experience with Macroprudential Policy, BIS Papers, 86, 123-140.
  • Kara, H., Küçük, H., Tiryaki, S. T., Yüksel, C. (2013). Türkiye İçin Makul Kredi Büyüme Oranı Ne Olmalı?, TCMB Ekonomi Notları, 03.
  • Kara, H., Öğünç, F., Sarıkaya, Ç. (2017). Inflation Dynamics in Turkey: A Historical Accounting, CBRT Research Notes in Economics, 03.
  • Koopman, S. J., Lit, R. ve Lucas, A. (2016). Model-based Business Cycle and Financial Cycle Decomposition for Europe and the U.S., Tinbergen Institute Discussion Paper, 051/IV.
  • Malovana, S. ve Frait J. (2016). Monetary Policy and Macroprudential Policy: Rivals or Teammates?. IES Working Paper, 19.
  • Mundell, R. (1962). The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability, IMF Staff Papers, 9(1), ss. 70-79.
  • Nier, E. ve Kang, H. (2016). Monetary and macroprudential policies – exploring interactions. BIS Papers, 86, 27-38.
  • Özatay, F. (2014). A Note on the New Monetary Policy of the Central Bank of Turkey, The European Debt Crisis: Causes, Consequences, Measures and Remedies, ed. A. Arı, Newcastle: Cambridge Scholars Publishing, 185-194.
  • Özdemir, M. (2014). Krizin Ardından Makro İktisat ve Enflasyon Hedeflemesi: Quo Vadis?, Bir Duayen İle İktisat ve Finansı Çok Boyutlu Düşünmek: Prof. Dr. İlker Parasız’a Armağan, ed. A. Arı, Ankara: Efil Yayınevi, 187-236.
  • Pereira da Silva, L. A. (2016). Towards and Integrated Inflation Targeting Framework in Middle-Income Countries: A Research Agenda, 2nd ECBN Policy Research Conference on Macroprudential Instruments and Financial Cycles, Ljubljana, 29 September.
  • Popoyan, L. (2016). Macroprudential Policy: a Blessing or a Curse?, LEM Working Paper Series, 21.
  • Smets, F. (2014). Financial Stability and Monetary Policy: How Closely Interlinked?, International Journal of Central Banking, 10(2), 263-300.
  • Spencer, G. (2014). Coordination of monetary policy and macro-prudential policy, the Credit Suisse Asian Investment Conference, Hong Kong, 27 March.
  • Strohsal, T., Proano, C. R. ve Wolters, J. (2015). Characterizing the Financial Cycle: Evidence from a Frequency Domain Analysis, Deutsche Bundesbank Discussion Paper, 22.
  • Svensson, L. E. O. (2012). Comment on Michal Woodford: Inflation Targeting and Financial Stability, Sveriges Riksbank Economic Review, 1, ss. 33-39.
  • TCMB. (2010). 2011 Yılında Para ve Kur Politikası.
  • TCMB. (2011a). Finansal İstikrar Raporu, 12.
  • TCMB. (2011b). 2012 Yılında Para ve Kur Politikası.
  • TCMB. (2012). 2013 Yılında Para ve Kur Politikası.
  • TCMB. (2013). Yıllık Rapor – 2012.
  • TCMB. (2014a) Yıllık Rapor – 2013.
  • TCMB. (2014b). Finansal İstikrar Raporu, 18.
  • TCMB. (2014c). Finansal İstikrar Raporu, 19.
  • TCMB. (2015). Yıllık Rapor – 2014.
  • TCMB. (2016a). Yıllık Rapor – 2015.
  • TCMB. (2016b). Finansal İstikrar Raporu, 23.
  • TCMB. (2017a). Yıllık Rapor – 2016.
  • TCMB. (2017b). Finansal İstikrar Raporu, 25.
  • TCMB. (2018a). Yıllık Rapor – 2017.
  • TCMB. (2018b). Finansal İstikrar Raporu, 26.
  • Tinbergen, J. (1952). On the Theory of Economic Policy, Amsterdam: North-Holland Publishing Company.
  • Yeldan, A. E., Ünüvar, B. (2016). An Assessment of the Turkish Economy in the AKP Era, Research and Policy on Turkey, 1(1), 11-28.

TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ

Year 2019, , 43 - 71, 30.06.2019
https://doi.org/10.30626/tesamakademi.584282

Abstract

Makro ihtiyati politikaların,
kriz sonrası dönemde finansal istikrarı sağlamaya yönelik politika
çerçevelerine dahil olması, para politikası ve makro ihtiyati politika
arasındaki koordinasyon problemlerini de beraberinde getirmiştir. Geçiş
etkilerinin merkezinde finansal sistemin bulunduğu para politikası ve makro
ihtiyati politikanın aktarım mekanizmalarının birbiriyle örtüşmesi ve bir
politikanın diğer bir politikanın etki alanını şekillendirebilmesi, politikalar
arasındaki karşılıklı etkileşimi inceleme gerekliliğini ortaya çıkarmıştır.
Küresel finansal kriz sonrası dönemde oluşan küresel likidite bolluğunun
getirdiği makro-finansal risklere bağlı olarak gerçekleşen politika açmazları
karşısında para politikası ile makro ihtiyati politikanın birlikte yürütüldüğü
politika çerçevesini uygulamaya koyan Türkiye gibi ülkelerde karşılıklı
etkileşimin derecesi ve koordinasyon ihtiyacı daha fazla olmuştur. Bu bağlamda
çalışmanın amacı, Türkiye’de yeni politika bileşiminin uygulandığı dönemdeki
para politikası ve makro ihtiyati politika uygulamaları arasındaki karşılıklı
etkileşimleri incelemektir. Ekonomik döngü ve finansal döngünün durumu dikkate
alınarak yapılan değerlendirmeler sonucunda, politikaların Eylül 2016’ya kadar
aynı yönde hareket ettiği ve nihai hedefler arasında ciddi uyuşmazlıkların
yaşanmadığı, bu tarihten itibaren politikaların ters yönde hareket etmeye
başladığı ve nihai hedefler arasındaki çatışmaya bağlı olarak koordinasyon
ihtiyacının arttığı görülmüştür. 

References

  • Aktaş, C., Cortuk, O. (2012). Turkey’s experience with the global crisis: restructring policies within a financial stability framework, Journal of Economic Policy Reform, 15(3), 195-205.
  • Aktaş, Z., Erduman, Y., Kaya Ekşi, N. (2018). Gelişmekte Olan Ülkelere Yönelen Portföy Akımları: Pastadan Kim Daha Fazla Pay Alacak?, Merkezin Güncesi, Erişim Tarihi: 11.01.2019. http://www.tcmbblog.org/wps/wcm/connect/blog/tr/main+menu/analizler/gelismekte+olan+ulkelere+yonelen+portfoy.
  • Antipa, P., Matheron, J. (2014). Interactions between monetary and macroprudential policies. Banque de France Financial Stability Review: Macroprudential Policies Implementation and Interactions, 18, 225-239.
  • Balog, A., Csortos, O., Torös, A., Zsigo, M. (2016). Interaction between monetary and macroprudential policies in practice – a Hungarian example, BIS Papers, 83, 159-179.
  • Başçı, E., Kara, H. (2011). Finansal İstikrar ve Para Politikası, İktisat, İşletme ve Finans, 26(302), 9-25.
  • Beau, D., Clerc, L., Mojon, B. (2012). Macro-Prudential Policy and the Conduct of Monetary Policy, Banque de France Working Papers, 390.
  • Borio, C. (2003). Towards a macroprudential framework for financial supervision and regulation?, BIS Working Papers, 128.
  • Borio, C. (2012). The Financial Cycle and Macroeconomics: What Have We Learnt?, BIS Working Papers, 395.
  • Borio, C. (2014). Monetary Policy and Financial Stability: What Role in Prevention and Recovery?, BIS Working Papers, 440.
  • Claessens, S., Kose, M. A. ve Terrones, M. E. (2011). How Do Business and Financial Cycles Interact?, IMF Working Paper, 88.
  • Drehmann, M., Borio, C. ve Tsatsaronis, K. (2012). Characterising the Financial Cycle: Don’t Lose Sight of the Medium Term!, BIS Working Papers, 380.
  • Dunstan, A. (2014). The interaction between monetary and macro-prudential policy, Reserve Bank of New Zealand Bulletin, 77(2), 15-25.
  • Farhi E. ve Tirole, J. (2012). Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts, American Economic Review, 102(1), 60-93.
  • Frait, J., Malovana, S., Tomsik, V. (2015). The Interaction of Monetary and Macroprudential Policies in the Pursuit of the Central Bank’s Primary Objectives, Czech National Bank/Financial Stability Report, 110-120.
  • FSB, IMF, BIS. (2011). Macroprudential policy tools and frameworks, Update to G20 Finance Ministers and Central Bank Governors, Erişim Tarihi: 26.01.2019. https://www.imf.org/external/np/g20/pdf/021411.pdf.
  • Galati, G., Hindrayanto, I., Koopman, S. J. ve Viekke, M. (2016). Measuring Financial Cycles with a Model-based Filter: Empirical Evidence fort he United States and the Euro Area, DNB Working Paper, 495.
  • Gürkaynak, R. S, Kantur, Z., Taş, M. A., Yıldırım-Karaman, S. (2015). Monetary Policy in Turkey after Central Bank Independece, İktisat, İşletme ve Finans, 30(356), 9-38.
  • Hahm, J., Mishkin, F. S., Shin, H. S., Shin, K. (2012). Macroprudential Policies in Open Emerging Economies, NBER Working Paper Series, 17780.
  • Igan, D. ve Kang, H. (2011). Do Loan-to-Value and Debt-to-Income Limits Work? Evidence from Korea, IMF Working Paper, 297.
  • IMF. (2013). The Interaction of Monetary and Macroprudential Policies. IMF Policy Papers.
  • IMF. (2017). Increasing Resilience to Large and Volatile Capital Flows – The Role of Macroprudential Policies, IMF Policy Paper.
  • IMF. (2018). 2018 Article IV Consultation with Turkey, IMF Country Report, 110.
  • Kara, H. (2012). Küresel kriz sonrası para politikası, İktisat, İşletme ve Finans, 27(315), 9-36.
  • Kara, H. (2016). Turkey’s Experience with Macroprudential Policy, BIS Papers, 86, 123-140.
  • Kara, H., Küçük, H., Tiryaki, S. T., Yüksel, C. (2013). Türkiye İçin Makul Kredi Büyüme Oranı Ne Olmalı?, TCMB Ekonomi Notları, 03.
  • Kara, H., Öğünç, F., Sarıkaya, Ç. (2017). Inflation Dynamics in Turkey: A Historical Accounting, CBRT Research Notes in Economics, 03.
  • Koopman, S. J., Lit, R. ve Lucas, A. (2016). Model-based Business Cycle and Financial Cycle Decomposition for Europe and the U.S., Tinbergen Institute Discussion Paper, 051/IV.
  • Malovana, S. ve Frait J. (2016). Monetary Policy and Macroprudential Policy: Rivals or Teammates?. IES Working Paper, 19.
  • Mundell, R. (1962). The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability, IMF Staff Papers, 9(1), ss. 70-79.
  • Nier, E. ve Kang, H. (2016). Monetary and macroprudential policies – exploring interactions. BIS Papers, 86, 27-38.
  • Özatay, F. (2014). A Note on the New Monetary Policy of the Central Bank of Turkey, The European Debt Crisis: Causes, Consequences, Measures and Remedies, ed. A. Arı, Newcastle: Cambridge Scholars Publishing, 185-194.
  • Özdemir, M. (2014). Krizin Ardından Makro İktisat ve Enflasyon Hedeflemesi: Quo Vadis?, Bir Duayen İle İktisat ve Finansı Çok Boyutlu Düşünmek: Prof. Dr. İlker Parasız’a Armağan, ed. A. Arı, Ankara: Efil Yayınevi, 187-236.
  • Pereira da Silva, L. A. (2016). Towards and Integrated Inflation Targeting Framework in Middle-Income Countries: A Research Agenda, 2nd ECBN Policy Research Conference on Macroprudential Instruments and Financial Cycles, Ljubljana, 29 September.
  • Popoyan, L. (2016). Macroprudential Policy: a Blessing or a Curse?, LEM Working Paper Series, 21.
  • Smets, F. (2014). Financial Stability and Monetary Policy: How Closely Interlinked?, International Journal of Central Banking, 10(2), 263-300.
  • Spencer, G. (2014). Coordination of monetary policy and macro-prudential policy, the Credit Suisse Asian Investment Conference, Hong Kong, 27 March.
  • Strohsal, T., Proano, C. R. ve Wolters, J. (2015). Characterizing the Financial Cycle: Evidence from a Frequency Domain Analysis, Deutsche Bundesbank Discussion Paper, 22.
  • Svensson, L. E. O. (2012). Comment on Michal Woodford: Inflation Targeting and Financial Stability, Sveriges Riksbank Economic Review, 1, ss. 33-39.
  • TCMB. (2010). 2011 Yılında Para ve Kur Politikası.
  • TCMB. (2011a). Finansal İstikrar Raporu, 12.
  • TCMB. (2011b). 2012 Yılında Para ve Kur Politikası.
  • TCMB. (2012). 2013 Yılında Para ve Kur Politikası.
  • TCMB. (2013). Yıllık Rapor – 2012.
  • TCMB. (2014a) Yıllık Rapor – 2013.
  • TCMB. (2014b). Finansal İstikrar Raporu, 18.
  • TCMB. (2014c). Finansal İstikrar Raporu, 19.
  • TCMB. (2015). Yıllık Rapor – 2014.
  • TCMB. (2016a). Yıllık Rapor – 2015.
  • TCMB. (2016b). Finansal İstikrar Raporu, 23.
  • TCMB. (2017a). Yıllık Rapor – 2016.
  • TCMB. (2017b). Finansal İstikrar Raporu, 25.
  • TCMB. (2018a). Yıllık Rapor – 2017.
  • TCMB. (2018b). Finansal İstikrar Raporu, 26.
  • Tinbergen, J. (1952). On the Theory of Economic Policy, Amsterdam: North-Holland Publishing Company.
  • Yeldan, A. E., Ünüvar, B. (2016). An Assessment of the Turkish Economy in the AKP Era, Research and Policy on Turkey, 1(1), 11-28.
There are 55 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ali İlhan

Publication Date June 30, 2019
Published in Issue Year 2019

Cite

APA İlhan, A. (2019). TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ. TESAM Akademi Dergisi, 6, 43-71. https://doi.org/10.30626/tesamakademi.584282
AMA İlhan A. TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ. TESAM Akademi Dergisi. June 2019;6:43-71. doi:10.30626/tesamakademi.584282
Chicago İlhan, Ali. “TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ”. TESAM Akademi Dergisi 6, June (June 2019): 43-71. https://doi.org/10.30626/tesamakademi.584282.
EndNote İlhan A (June 1, 2019) TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ. TESAM Akademi Dergisi 6 43–71.
IEEE A. İlhan, “TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ”, TESAM Akademi Dergisi, vol. 6, pp. 43–71, 2019, doi: 10.30626/tesamakademi.584282.
ISNAD İlhan, Ali. “TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ”. TESAM Akademi Dergisi 6 (June 2019), 43-71. https://doi.org/10.30626/tesamakademi.584282.
JAMA İlhan A. TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ. TESAM Akademi Dergisi. 2019;6:43–71.
MLA İlhan, Ali. “TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ”. TESAM Akademi Dergisi, vol. 6, 2019, pp. 43-71, doi:10.30626/tesamakademi.584282.
Vancouver İlhan A. TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ. TESAM Akademi Dergisi. 2019;6:43-71.