Finansal İstikrarı Sağlamaya Yönelik Alternatif Politika Çerçeveleri

Yıl 2018, Sayı: 635, 21 - 35, 01.01.2018

Ali İlhan

Öz

Küresel finansal krizin, finansal dengesizliklerle mücadelede geleneksel makroekonomik politika çerçevesinin yetersiz kaldığını açık bir şekilde ortaya koyması politika yapıcıları alternatif politika arayışlarına yöneltmiştir. Bu doğrultuda sistemik riskleri ve bunun neden olabileceği olumsuz dışsallıkları kontrol altına almak, olası şoklar karşısında finansal sistemin direncini güçlendirmek ve diğer iktisat politikalarının etkinliğini arttırmak amacıyla makro ihtiyati politikalar tanımlanmıştır. Makro ihtiyati politikaların tanımlanması ile birlikte, para politikasının finansal sistemdeki gelişmeler karşısındaki tutumuna ilişkin geleneksel reaktifproaktif politika tepkisi tartışması, finansal istikrarı sağlamaya yönelik politika çerçevesi tartışmasına dönüşmüştür. Kriz sonrası dönemde, politika yapıcıların finansal dengesizliklere proaktif tepki vermesi yönünde varılan uzlaşıya karşın bu tepkinin hangi politika veya politika bileşimi ile verileceği, politikalar arasındaki ilişkinin ve koordinasyonunun ne olacağı başlıca tartışma konularını oluşturmuştur. Bu çerçevede çalışma ile para ve makro ihtiyati politikaların farklı şekillerde yürütülebildiği finansal istikrara yönelik alternatif politika çerçevelerinin ortaya koyulması ve politika çerçevelerinin karşılaştırmalı analizinin gerçekleştirilmesi amaçlanmıştır.

Anahtar Kelimeler

Finansal İstikrar, Para Politikası, Makro İhtiyati Politikalar, Sistemik Risk

Alternative Policy Frameworks for Financial Stability

Öz

The fact that global financial crisis has showed clearly that the traditional macroeconomic policy framework is insufficient to fight against financial imbalances has led the policy makers to seek alternative policies. In this direction, in order to control systemic risks and the negative externalities caused by these risks, to strengthen the resistance of the financial system in the face of possible shocks and to increase the effectiveness of other economic policies, macro-prudential policies have been defined. With the definition of macroprudential policies, the traditional discussion of the reactive-proactive policy response regarding the monetary policy’s attitude towards developments in the financial system has turned into a discussion of the policy framework for achieving financial stability. Despite the consensus on policymakers’ proactive response to financial imbalances in the post-crisis period, ‘which policy or policy composition will be provided with this response and what the relationship and the coordination between policies will be’ have been the main discussion topics. In this context, it is aimed to provide alternative policy frameworks for financial stability in which monetary and macroprudential policies can be implemented in different ways, and to provide a comparative analysis of policy frameworks.

Anahtar Kelimeler

Financial Stability, Monetary Policy, Macroprudential Policies, Systemic Risk

Kaynakça

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