TÜRKİYE’DE YENİ YAKLAŞIM ÇERÇEVESİNDE PARA POLİTİKALARININ FİNANSAL İSTİKRARI SAĞLAMA YÖNÜNDE UYGULANMASI
Öz
Bu çalışmada para politikasının finansal istikrar üzerindeki etkisi Türkiye Cumhuriyet Merkez Bankası örneği aracılığıyla incelenmiştir. Küresel kriz sonrasında para politikası uygulamalarında finansal istikrarın sağlanması amacı para politikası temel araçlarından biri haline gelmiştir. Para politikası uygulamaları finansal istikrar üzerinde likidite desteği, risk alma, banka sermayesi ve kredi kanalları vasıtasıyla etkide bulunmaktadır. Türkiye’de Merkez Bankası yeni politika yaklaşımı çerçevesinde geleneksel araçların yanı sıra çeşitli araçların bileşimini etkin biçimde kullanmaktadır. Bu araçlar zorunlu karşılık oranları, Rezerv Opsiyonu Mekanizması ve asimetrik faiz koridorundan oluşmaktadır. Ayrıca kaldıraca dayalı zorunlu karşılık oranı uygulaması da finansal istikrarı sağlamada kullanılan araçlar arasında yer almaktadır.
Anahtar Kelimeler
Kaynakça
- AGUR, Itai ve DEMERTZIS Maria (2012) Excessive Bank Risk Taking and Monetary Policy, ECB Working Papers, No: 1457.
- ALLEN, William A. ve WOOD, Geoffrey (2006) “Defining and Achieving Financial Stability,” Journal of Financial Stability, 2: 152–172.
- ALTUNBAŞ, Yener; Gambacorta, Leonardo ve Marques-Ibanez, David (2012) “Do Bank Characteristics Influence the Effect of Monetary Policy on Bank Risk?” Economic Letters, 117: 220-222.
- BEAN, Charles; PAUSTIAN, Matthias; PENALVER, Adrian ve TAYLOR, Tim (2010) Monetary Policy after the Fall, Federal Reserve Bank of Kansas City Annual Conference Jackson Hole, Wyoming.
- BERNANKE, Ben ve BLINDER, Alan (1988) “Credit, Money, and Aggregate Demand,” American Economic Review, May 1988, 78: 435-439.
- BERNANKE, Ben ve GERTLER, Mark (1995) “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” The Journal of Economic Perspectives, 9, No. 4: 27-48.
- BİNİCİ Mahir; EROL, Hasan; KARA Hakan; ÖZLÜ Pınar ve ÜNALMIŞ, Deren (2013) Faiz Koridoru bir Makro İhtiyati Araç Olabilir mi?, TCMB Ekonomi Notları, No:2013-20.
- BORIO, Claudio ve WHITE, William (2004) Whither Monetary and Financial Stability? the Implications of Evolving Policy Regimes, BIS Working Papers, No: 147.
- BORIO, Claudio ve ZHU, Haibin (2008) Capital Regulation, Risk- Taking and Monetary Policy: A Missing Link in the Transmission Mechanism, BIS Working Papers No. 268.
- BUITER, Willem H. (2008) Central Banks and Financial Crises, Paper to be presented at the Federal Reserve Bank of Kansas City’s symposium on “Maintaining Stability in a Changing Financial System”, at Jackson Hole, Wyoming, on August 21-23, 2008.
- CHAMI, Ralph ve COSIMANO, Thomas F. (2001) Monetary Policy with a Touch of Basel. IMF Working Paper, No: 01/151, October.
- CUKIERMAN, Alex (2011) “Reflections on the Crisis and on its Lessons for Regulator Reform and for Central Bank Policies,” Journal of Financial Stability,7: 26-37.
- DE NICOLÒ, Gianni ve LUCCHETTA, Marcella (2010) Systemic Risks and the Macroeconomy, IMF Working Paper, WP/10/29.
- DELL'ARICCIA, Giovanni, LAEVEN, Luc ve SUAREZ, Gustavo (2013) Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States, IMF Working Paper, No: 13/143.
- DONATH, Liliana Eva ve CISMAŞ, Laura Mariana (2008) “Determinants of Financial Stability,” The Romanian Economic Journal, 3: 27- 44
- ECB- European Central Bank (2010) Financial Stability Review, June.
- EGERT, Balazs ve MACDONALD, Ronald (2006) Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable, Magyar Nemzeti Bank Working Papers, No: 2006/5.
- INGVES, Stefan (2011) Challenges for the Design and Conduct of Macroprudential Policy,” Macroprudential regulation and policy içinde, Proceedings of a joint conference organised by the BIS and the Bank of Korea in Seoul on 17–18 January 2011:16-28
- KASHYAP, Anil K. ve STEIN Jeremy C. (1993) Monetary Policy and Bank Lending, National Bureau of Economic Research Working Paper, No: 4317.
- MARKOVIC, Bojan (2006) Bank Capital Channels in the Monetary Transmission Mechanism, Bank of England Working Paper, No: 313.
- MISHKIN, Frederic S. (1996) Understanding Financial Crises: A Developing Country Perspective, National Bureau of Economic Research Working paper, No: 5600.
- NIER, Erlend Walter (2009) Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis, IMF Working Paper No. 09/70, Washington, DC.
- ODUNCU, Arif; AKÇELİK Yasin ve ERMİŞOĞLU, Ergun (2013) Reserve Options Mechanism and FX Volatility, TCMB Working Paper, No: 13/03.
- OOSTERLOO, Sander ve de HAAN,Jakob (2004) “Central Banks and Financial Stability: A Survey,” Journal of Financial Stability, 1: 257-273.
- SCHINASI, G.J., (2003) Responsibility of Central Banks for Stability in Financial Markets, IMF Working Paper, No: 03/121, Washington, DC.
- SCHINASI, G.J., (2004) Defining Financial Stability, IMF Working Paper, No: 04/187, Washington, DC.
- STELLA, Peter (2005) “Central Bank Financial Strength, Transparency and Policy Credibility,” IMF Staff Papers, 52 (2): 335–365.
- TABAK, B.M. ve STAUB, R.B. (2007) “Assessing Financial Instability: The Case of Brazil,” Research in International Business and Finance, 21: 188–202.
- TCMB (2011), TCMB Bülten, Eylül, Sayı:23.
- TCMB (2012), TCMB Bülten, Aralık, Sayı:28.
- TCMB (2013), TCMB Bülten, Mart, Sayı:29.
- TCMB, Çeşitli Tarihlere Ait Para Politikası Kurulu Kararları
- VAN DEN HEUVEL, Skander J. (2007) The Bank Capital Channel of Monetary Policy. Working Paper, University of Pennsylvania.
- VAN DEN HEUVEL, Skander J. (2002) “Does Bank Capital Matter for Monetary Transmission,” Federal Reserve Bank of New York, May:259-265.
TÜRKİYE’DE YENİ YAKLAŞIM ÇERÇEVESİNDE PARA POLİTİKALARININ FİNANSAL İSTİKRARI SAĞLAMA YÖNÜNDE UYGULANMASI
Öz
Bu çalışmada para politikasının finansal istikrar üzerindeki etkisi Türkiye Cumhuriyet Merkez Bankası örneği aracılığıyla incelenmiştir. Küresel kriz sonrasında para politikası uygulamalarında finansal istikrarın sağlanması amacı para politikası temel araçlarından biri haline gelmiştir. Para politikası uygulamaları finansal istikrar üzerinde likidite desteği, risk alma, banka sermayesi ve kredi kanalları vasıtasıyla etkide bulunmaktadır. Türkiye’de Merkez Bankası yeni politika yaklaşımı çerçevesinde geleneksel araçların yanı sıra çeşitli araçların bileşimini etkin biçimde kullanmaktadır. Bu araçlar zorunlu karşılık oranları, Rezerv Opsiyonu Mekanizması ve asimetrik faiz koridorundan oluşmaktadır. Ayrıca kaldıraca dayalı zorunlu karşılık oranı uygulaması da finansal istikrarı sağlamada kullanılan araçlar arasında yer almaktadır.
Anahtar Kelimeler
Kaynakça
- AGUR, Itai ve DEMERTZIS Maria (2012) Excessive Bank Risk Taking and Monetary Policy, ECB Working Papers, No: 1457.
- ALLEN, William A. ve WOOD, Geoffrey (2006) “Defining and Achieving Financial Stability,” Journal of Financial Stability, 2: 152–172.
- ALTUNBAŞ, Yener; Gambacorta, Leonardo ve Marques-Ibanez, David (2012) “Do Bank Characteristics Influence the Effect of Monetary Policy on Bank Risk?” Economic Letters, 117: 220-222.
- BEAN, Charles; PAUSTIAN, Matthias; PENALVER, Adrian ve TAYLOR, Tim (2010) Monetary Policy after the Fall, Federal Reserve Bank of Kansas City Annual Conference Jackson Hole, Wyoming.
- BERNANKE, Ben ve BLINDER, Alan (1988) “Credit, Money, and Aggregate Demand,” American Economic Review, May 1988, 78: 435-439.
- BERNANKE, Ben ve GERTLER, Mark (1995) “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” The Journal of Economic Perspectives, 9, No. 4: 27-48.
- BİNİCİ Mahir; EROL, Hasan; KARA Hakan; ÖZLÜ Pınar ve ÜNALMIŞ, Deren (2013) Faiz Koridoru bir Makro İhtiyati Araç Olabilir mi?, TCMB Ekonomi Notları, No:2013-20.
- BORIO, Claudio ve WHITE, William (2004) Whither Monetary and Financial Stability? the Implications of Evolving Policy Regimes, BIS Working Papers, No: 147.
- BORIO, Claudio ve ZHU, Haibin (2008) Capital Regulation, Risk- Taking and Monetary Policy: A Missing Link in the Transmission Mechanism, BIS Working Papers No. 268.
- BUITER, Willem H. (2008) Central Banks and Financial Crises, Paper to be presented at the Federal Reserve Bank of Kansas City’s symposium on “Maintaining Stability in a Changing Financial System”, at Jackson Hole, Wyoming, on August 21-23, 2008.
- CHAMI, Ralph ve COSIMANO, Thomas F. (2001) Monetary Policy with a Touch of Basel. IMF Working Paper, No: 01/151, October.
- CUKIERMAN, Alex (2011) “Reflections on the Crisis and on its Lessons for Regulator Reform and for Central Bank Policies,” Journal of Financial Stability,7: 26-37.
- DE NICOLÒ, Gianni ve LUCCHETTA, Marcella (2010) Systemic Risks and the Macroeconomy, IMF Working Paper, WP/10/29.
- DELL'ARICCIA, Giovanni, LAEVEN, Luc ve SUAREZ, Gustavo (2013) Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States, IMF Working Paper, No: 13/143.
- DONATH, Liliana Eva ve CISMAŞ, Laura Mariana (2008) “Determinants of Financial Stability,” The Romanian Economic Journal, 3: 27- 44
- ECB- European Central Bank (2010) Financial Stability Review, June.
- EGERT, Balazs ve MACDONALD, Ronald (2006) Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable, Magyar Nemzeti Bank Working Papers, No: 2006/5.
- INGVES, Stefan (2011) Challenges for the Design and Conduct of Macroprudential Policy,” Macroprudential regulation and policy içinde, Proceedings of a joint conference organised by the BIS and the Bank of Korea in Seoul on 17–18 January 2011:16-28
- KASHYAP, Anil K. ve STEIN Jeremy C. (1993) Monetary Policy and Bank Lending, National Bureau of Economic Research Working Paper, No: 4317.
- MARKOVIC, Bojan (2006) Bank Capital Channels in the Monetary Transmission Mechanism, Bank of England Working Paper, No: 313.
- MISHKIN, Frederic S. (1996) Understanding Financial Crises: A Developing Country Perspective, National Bureau of Economic Research Working paper, No: 5600.
- NIER, Erlend Walter (2009) Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis, IMF Working Paper No. 09/70, Washington, DC.
- ODUNCU, Arif; AKÇELİK Yasin ve ERMİŞOĞLU, Ergun (2013) Reserve Options Mechanism and FX Volatility, TCMB Working Paper, No: 13/03.
- OOSTERLOO, Sander ve de HAAN,Jakob (2004) “Central Banks and Financial Stability: A Survey,” Journal of Financial Stability, 1: 257-273.
- SCHINASI, G.J., (2003) Responsibility of Central Banks for Stability in Financial Markets, IMF Working Paper, No: 03/121, Washington, DC.
- SCHINASI, G.J., (2004) Defining Financial Stability, IMF Working Paper, No: 04/187, Washington, DC.
- STELLA, Peter (2005) “Central Bank Financial Strength, Transparency and Policy Credibility,” IMF Staff Papers, 52 (2): 335–365.
- TABAK, B.M. ve STAUB, R.B. (2007) “Assessing Financial Instability: The Case of Brazil,” Research in International Business and Finance, 21: 188–202.
- TCMB (2011), TCMB Bülten, Eylül, Sayı:23.
- TCMB (2012), TCMB Bülten, Aralık, Sayı:28.
- TCMB (2013), TCMB Bülten, Mart, Sayı:29.
- TCMB, Çeşitli Tarihlere Ait Para Politikası Kurulu Kararları
- VAN DEN HEUVEL, Skander J. (2007) The Bank Capital Channel of Monetary Policy. Working Paper, University of Pennsylvania.
- VAN DEN HEUVEL, Skander J. (2002) “Does Bank Capital Matter for Monetary Transmission,” Federal Reserve Bank of New York, May:259-265.
Toplam 34 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Yazarlar | |
| Gönderilme Tarihi | 8 Eylül 2015 |
| Yayımlanma Tarihi | 1 Aralık 2013 |
| IZ | https://izlik.org/JA59ER78HU |
| Yayımlandığı Sayı | Yıl 2013 Cilt: 15 Sayı: 2 |
Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi'nde yayınlanan tüm çalışmalar CC BY-NC 4.0 lisansı ile açık erişim ve ücretsiz olarak lisanslanmaktadır.