The Interaction between Monetary Policy and Macroprudential Policy in Turkey

Year 2019, Special Issue of Turkish Economy, 43 - 71, 30.06.2019

Ali İlhan

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.

Keywords

Price Stability, Financial Stability, Monetary Policy, Macroprudential Policy, Turkish Economy

TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ

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. 

Keywords

Fiyat İstikrarı, Finansal İstikrar, Para Politikası, Makro İhtiyati Politika, Türkiye Ekonomisi

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