Negative Interest Rate Policy Experience of Central Banks in Advanced Country after the Global Crisis: An Evaluation

Öz

Short-term interest rates used as conventional policy tools were lowered to near zero by developed country’s central banks following the financial crisis of 2008. As a result, the possibility of using short-term interest rates as a policy tool disappeared. This situation gave central banks of developed countries more opportunity to adopt unconventional policy tools, and it can be observed that negative interest rate policy was finally included into this policy set. The purpose of negative interest rate policy is to increase the resources that will be used by the private sector by decreasing excessive reserves kept at central banks, thereby contributing to economic recovery. This paper deals with negative interest rate policy as a tool of unconventional monetary policy that central banks of some developed countries have adopted. In this way experiences of central banks which carry on negative interest rate policy were evaluated. Although it is hard to outline a definite judgement about this policy’s consequences considering the short period of time in practice it is important to appreciate unconventional and partly prevalent implementations in the sight of current monetary policy contest.

Anahtar Kelimeler

• Negative Interest Rate,Experiences of Countries,Global Crisis,Unconventional Monetary Policy

KÜRESEL KRİZ SONRASI GELİŞMİŞ ÜLKE MERKEZ BANKALARININ NEGATİF FAİZ ORANI POLİTİKASI UYGULAMALARI: BİR DEĞERLENDİRME

Öz

2008 Finansal krizinin ardından geleneksel politika aracı olarak kullanılan kısa vadeli faiz oranları gelişmiş ülke merkez bankaları tarafından sıfıra yakın düzeye indirilmiştir. Böylece kısa vadeli faiz oranının bir politika aracı olarak uygulanma imkânı ortadan kalkmıştır. Bu durum, gelişmiş ülke merkez bankaları arasında geleneksel olmayan para politikalarının uygulama alanını genişletmiştir ve bu politika setine son olarak negatif faiz politikasının da eklendiği gözlemlenmektedir. Negatif faiz politikasının amacı, merkez bankalarında tutulan aşırı rezervleri azaltarak özel sektöre kullandırılacak olan kaynakları arttırmak ve böylece ekonomik canlanmaya katkı sağlamaktır. Çalışmada sıra dışı bir para politikası aracı olan negatif faiz oranı politikası incelenmiştir. Bu doğrultuda negatif faiz oranı politikasını uygulayan merkez bankalarının deneyimlerine yer verilmiştir. Politikanın uygulanma süresi dikkate alındığında sonuçlarına dair kesin bir değerlendirme yapmak mümkün değildir. Ancak geleneksel olmayan ve kısmen yaygınlaşan uygulamaların etkileri para politikasına ilişkin güncel tartışmaları kavrayabilme açısından önem taşımaktadır.

Anahtar Kelimeler

• Negatif Faiz Oranı,Ülke Deneyimleri,Küresel Kriz,Geleneksel Olmayan Para Politikası

Kaynakça

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