TY  - JOUR
T1  - TÜRKİYE’DE PARA POLİTİKASI VE MAKRO İHTİYATİ POLİTİKANIN KARŞILIKLI ETKİLEŞİMİ
TT  - The Interaction between Monetary Policy and Macroprudential Policy in Turkey
AU  - İlhan, Ali
PY  - 2019
DA  - June
DO  - 10.30626/tesamakademi.584282
JF  - TESAM Akademi Dergisi
PB  - TESAM Ekonomik Siyasal ve Stratejik Araştırmalar Merkezi Derneği
WT  - DergiPark
SN  - 2148-2462
SP  - 43
EP  - 71
VL  - 6
LA  - tr
AB  - Makro ihtiyati politikaların,kriz sonrası dönemde finansal istikrarı sağlamaya yönelik politikaçerçevelerine dahil olması, para politikası ve makro ihtiyati politikaarasındaki koordinasyon problemlerini de beraberinde getirmiştir. Geçişetkilerinin merkezinde finansal sistemin bulunduğu para politikası ve makroihtiyati politikanın aktarım mekanizmalarının birbiriyle örtüşmesi ve birpolitikanın diğer bir politikanın etki alanını şekillendirebilmesi, politikalararasındaki karşılıklı etkileşimi inceleme gerekliliğini ortaya çıkarmıştır.Küresel finansal kriz sonrası dönemde oluşan küresel likidite bolluğunungetirdiği makro-finansal risklere bağlı olarak gerçekleşen politika açmazlarıkarşısında para politikası ile makro ihtiyati politikanın birlikte yürütüldüğüpolitika çerçevesini uygulamaya koyan Türkiye gibi ülkelerde karşılıklıetkileşimin derecesi ve koordinasyon ihtiyacı daha fazla olmuştur. Bu bağlamdaçalışmanın amacı, Türkiye’de yeni politika bileşiminin uygulandığı dönemdekipara politikası ve makro ihtiyati politika uygulamaları arasındaki karşılıklıetkileşimleri incelemektir. Ekonomik döngü ve finansal döngünün durumu dikkatealınarak yapılan değerlendirmeler sonucunda, politikaların Eylül 2016’ya kadaraynı yönde hareket ettiği ve nihai hedefler arasında ciddi uyuşmazlıklarınyaşanmadığı, bu tarihten itibaren politikaların ters yönde hareket etmeyebaşladığı ve nihai hedefler arasındaki çatışmaya bağlı olarak koordinasyonihtiyacının arttığı görülmüştür.
KW  - Fiyat İstikrarı
KW  - Finansal İstikrar
KW  - Para Politikası
KW  - Makro İhtiyati Politika
KW  - Türkiye Ekonomisi
N2  - The involvement of the macroprudential policies infinancial stability frameworks in the post-crisis period led to coordinationproblems between monetary policy and macroprudential policy. The overlapping ofthe transmission mechanisms of the monetary policy and macroprudential policywhere the financial system is at the centre of the pass-through effects and theability of a policy to shape the domain of another policy have revealed theneed to examine the interaction between these policies. The need forcoordination along with the degree of mutual interaction have been higher incountries like Turkey where monetary and macroprudential policies have beencarried out together as a result of the policy dilemmas which occurred due tothe macro-financial risks brought about by the abundance of the globalliquidity that emerged after the global financial crisis. In this context theaim of study is to examine the interactions between monetary policy andmacroprudential policy in the period of new policy mix in Turkey. As a resultof the evaluations made taking into account the situation of the economic cycleand the financial cycle, it was observed that the policies were moving in thesame direction until September 2016 and there were no serious conflict betweenthe ultimate targets. After that time, the policies has been started to move inthe opposite direction and the need for coordination has been increased due tothe conflict between the final targets.
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UR  - https://doi.org/10.30626/tesamakademi.584282
L1  - https://dergipark.org.tr/tr/download/article-file/747936
ER  -