Finansal Kriz ve Parasal Aktarım Mekanizmasının Avrupa Bölgesi ve Bankacılık Sektörü Açısından Değerlendirilmesi

Yıl 2012, Cilt: 1 Sayı: 2, 151 - 176, 13.08.2014

Esra Kılcı

Öz

Ekonomilerde yaşanan yapısal dönüşümler ve küreselleşmenin olumsuz etkileriyle birlikte giderek şiddetini arttıran finansal kriz, özellikle parasal aktarım mekanizmasında istikrarsızlık yaratarak, para politikasının yürütülmesini zorlaştırmıştır. Mali dengesizliklerin finansal istikrarı ve parasal aktarım mekanizmasını olumsuz yönde etkilemesi, Merkez Bankalarının standart aracı olan kısa dönem faiz oranındaki değişikliklerin etkisini kaybetmesine yol açmıştır. Bu durum karşısında, Avrupa Merkez Bankası’nı da içeren birçok Merkez Bankası, finansal piyasaların sağlıklı bir şekilde işlemesini desteklemek üzere, standart ve standart-dışı araçlar uygulamak durumunda kalmışlar ve fiyat istikrarını esas alan standart Merkez Bankacılığı anlayışından, risk kontrol ve kriz yönetimi anlayışına yönelmişlerdir. Krize tepki olarak, Avrupa Merkez Bankası tarafından, politika faiz oranlarında çok büyük indirimler yapılmasının yanısıra, faiz oranı kararlarının Euro Bölgesi ekonomisine aktarımını sağlamak amacıyla birçok standart-dışı araç da uygulamaya konulmuştur. Düşen üretim ve artan işsizlik açısından bu kriz, birçok ülke için çok ciddi bir hale gelmiştir. Bankacılık sistemi ve borç verenlere etkileri açısından, gelişmiş ülkeler, yeni bir durumla karşı karşı kalmışlardır. Bu durum, para politikasının yürütülmesini çok daha karmaşık hale getirmiştir. Bu çalışmanın amacı, global finansal krizi ve krizin Euro Bölgesi’ndeki parasal aktarım mekanizmasına ve bankacılık sektörüne olan etkisini incelemektir

Anahtar Kelimeler

Finansal Kriz, Avrupa Merkez Bankası, Parasal Aktarım Mekanizması

Financial Crisis and Monetary Policy Transmission in Euro Area and Banking Sector

Öz

With the negative impacts of globalization and structural transformations experienced in the world economy, the financial crisis has made the conduct of monetary policy difficult, especially by creating instability in the transmission mechanism. The crisis has created impairment in the transmission mechanism and the
standard tool of central banks, changes to the short-term interest rate, has become
less influental while the fiscal imbalances threatens financial stability and impairs
the transmission mechanism.
This has forced central banks to operate not only by way of conventional measures, in particular the key interest rate at which liquidity is injected into the
system, but also via unconventional measures, designed to bypass the malfunctioning that has arisen in the financial system. Faced with severe turbulence, all
central banks had to take measures in real time and switch from central banking in
“standard operating mode” to “risk control and crisis management” mode.
In response to the crisis, ECB lowered its key interest rates in an unprecedented
manner, and has also introduced a number of non-standard measures to support
the transmission of its interest rate decisions to the Euro Area economy.
In terms of declining production and increasing unemployment, this severe
crisis has become seriously destructive for many countries. Banking sector and
credit institutions in advanced economies have faced a very challenging situation.
This has complicated the implementation of monetary policy.
The purpose of this paper is to mention the global financial crisis and predominantly to evaluate the monetary transmission mechanism and the banking sector
in Euro Area. 

Anahtar Kelimeler

Financial Crisis, European Central Bank, Monetary Policy Transmission

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