The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis
Öz
The objective of this study is to examine the macro-prudential measures that were taken
in Turkey between 2010 and 2015 within a holistic, and, an organized framework, to
demonstrate the extent to which the prudential policy tools were used, and, to explain
which Basel III standards were adopted in Turkey. In this sense, to our knowledge, this
is the first and the most comprehensive study that deals with the macro-prudential
measures in Turkey during the period 2010-2015. We reviewed all relevant legislation
and reports regarding financial stability and macro-prudential measures. Then, we fit all
macro-prudential policy tools into a framework which consists of loan-related measures,
liquidity-related measures, and, capital-related measures. Furthermore, we incorporated
Basel III standards with our framework in order to expand the scope of our analysis.
Within the period under consideration, Turkey utilized all of the tools, except the limit
on foreign currency lending, the limit on net open foreign currency position, the limit on
currency mismatches. The authorities put 93 regulations into practice in total. 2013,
2011 and 2015 were the years in which the regulations were issued most extensively.
Anahtar Kelimeler
Global financial crisis,financial stability,macro-prudential policy,Basel III
Kaynakça
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- Bank of England (2011). “Instruments of macroprudential policy”, Discussion Paper. Alınan yer http://www.bankofengland.co.uk/publications/Documents/other/financialstability/ discussionpaper111220.pdf.
- Banking Regulation and Supervision Agency (BRSA) (2012). Annual Report 2011, Ankara.
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- Bank of International Settlements (BIS) (2010). Guidance for National Authorities Operating the Countercyclical Capital Buffer. Alınan yer http://www.bis.org/publ/bcbs187.pdf.
- _________________________________ (2011). Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems. Alınan yer http://www.bis.org/publ/bcbs189.pdf.
- _________________________________ (2014). Basel III: The Net Stable Funding Ratio. Alınan yer http://www.bis.org/bcbs/publ/d295.pdf.
- Blanchard, O., Dell’Ariccia, G. & Mauro, P. (2010). “Rethinking Macroeconomic Policy,” Journal of Money, Credit, and Banking, 42 (Supplement), 199–215. Alınan yer Econpapers.
