Kısa Vadeli Para Politikası Aracı Olarak Faiz Düzleştirme Kuralı: Teorik ve Metodolojik Yaklaşım

Yıl 2010, Cilt: 4 Sayı: 2, 39 - 66, 01.12.2010

Burak Darıcı

Öz

Bu çalışmanın amacı faiz düzleştirme kuralını teorik ve metodolojik açıdan ortaya koyarak literatürdeki yerini göstermektir. Merkez Bankalarının ana hedefi fiyat istikrarını sağlamak ikincil amacı ise finansal istikrarın sağlanması ve sürdürülmesidir. Bu süreçte faiz düzleştirme kuralı para politikasının finansal istikrar sağlaması sürecinde köprü görevi görmektedir. Faiz düzleştirme kuralı kısaca, kısa vadeli faiz oranının, finansal stresi ortaya koyan arzulanan faiz oranındaki değişime göre kısmi olarak yavaşça ayarlanması sürecidir. Faiz düzleştirme kuralının aksine Klasik Taylor Kuralı ve diğer türevleri kısa vadeli faizin gerçekteki hareketini açıklamakta başarılı yaklaşımlar değildir. Faiz düzleştirme kuralı, güven unsurunun sağlanması ve finansal stresin azaltılmasında güçlü bir araçtır

Anahtar Kelimeler

Faiz Düzleştirme Kuralı, Para Politikası, Finansal İstikrar

Interest Rate Smoothing Rule as a Short term Monetary Policy Tool: Theoretical and Methodological Approach

Öz

The aim of this study is to display the place of interest rate smoothing rule in literatüre by means of theory and metodoloji. While the primary aim of Central Banks is to maintain price stability, their secondary aim is to maintain and sustain financial stability. Interest rate smoothing is serving as a bridge in the process of monetary policy to maintain financial stability. The interest rate smoothing rule is a gradually partial adjustment process of the short term interest rate due to the change in the desired interest rate which shows financial stress. Contrary to the interest rate smoothing rule, classical Taylor Rule and other derivatives are not successful approaches in explaining the actual movement of short term interest rate. The interest rate smoothing rule is a powerful tool for maintaining confidence and reducing financial stress

Anahtar Kelimeler

Interest Rate Smoothing, Monetaray Policy, Financial Stability.

Kaynakça

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