CENTRAL BANK DIGITAL MONEY AND THE EFFICIENCY OF MONETARY POLICY

Öz

In recent years, expectations for central banks have increased excessively due to the major role in resolving financial and real crises of central banks. However, money policy also has its limits. The 2008 Global Crisis and the reduced room for manoeuvre brought about by the Covid-19 process's difficulty with the effective lower bound severely hindered the execution of monetary policy. In addition, globalization of finance and financial innovations are some of the factors limiting the monetary policy. In this study, the efficacy of monetary policy will be examined in relation to the central bank digital currency (CBDC) that central banks are preparing to issue as a part of the present acceleration of digitization in the sector of finance. It is obvious that the economy would be significantly impacted by the release of CBDC. There is general agreement in the literature that monetary policy using CBDC will provide better results than the present system. It is anticipated that, particularly with the deployment of CBDC, the issue of the effective lower bound would be resolved, the negative impacts brought on by quantitative easing will be eliminated, and the interest rate pass-through will be strengthened. The use of CBDC for developed countries may contribute more to the effectiveness of monetary policy than for developing countries. The adoption of CBDC in developing countries is probably going to lead to more currency substitution (dollarization) and a weakened ability to regulate the impacts of capital flows. For developing countries, this will entail losing their ability to execute their own monetary policies.

Anahtar Kelimeler

• Central Bank Digital Currency
• Efficiency of Monetary Policies
• Digitalization

MERKEZ BANKASI DİJİTAL PARASI VE PARA POLİTİKASININ ETKİNLİĞİ

Öz

Son yıllarda merkez bankalarının finansal ve reel krizlerin çözümünde büyük rol oynaması nedeniyle merkez bankalarına yönelik beklentiler aşırı derecede artmıştır. Ancak, para politikasının da sınırları vardır. Özellikle 2008 Küresel Krizi ve Covid-19 sürecinde etkin alt sınır sorunu nedeniyle ortaya çıkan manevra alanı kaybı, para politikası uygulamalarının etkinliğini kısıtlamıştır. Bunun yanı sıra finansın küreselleşmesi ve finansal yenilikler para politikasını sınırlayan etkenler arasındadır. Bu çalışmada yakın geçmişte hızlanan finans alanında dijitalleşme ile birlikte merkez bankalarının yeni düzene uyumu çerçevesinde çıkarmaya hazırlandıkları merkez bankası dijital para birimi (CBDC), para politikalarının etkinliği açısından analiz edilecektir. CBDC ihracının ekonomide çok kapsamlı etkiler yaratacağı açıktır. CBDC’nin kullanımıyla para politikasının mevcut duruma göre daha etkin sonuçlar vereceği yönünde literatürde bir fikir birliği söz konusudur. Özellikle CBDC’nin kullanımı ile etkin alt sınır sorununun aşılması, niceliksel gevşemenin yarattığı olumsuzlukların giderilmesi ve faiz geçişkenliğinin güçlenmesi yoluyla para politikasının etkinliğinin artması beklenmektedir. Gelişmiş ülkeler için CBDC kullanımı gelişmiş ülkelere göre para politikasının etkinliğine daha fazla katkı sağlayabilir. Gelişmekte olan ülkeler için CBDC’nin kullanımı ile para ikamesinin (dolarizasyon) artması ve sermaye hareketlerinin yaratacağı etkilerin kontrolünün zayıflaması olasıdır. Bu durum gelişmekte olan ülkeler için para politikası uygulamalarında egemenlik kaybı anlamına gelecektir.

Anahtar Kelimeler

• Merkez Bankası Dijital Parası
• CBDC
• Para Politikası Ekinliği
• Dijitalleşme
• Central Bank Digital Currency
• Efficiency of Monetary Policies
• Digitalization

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