İÇSEL PARA TEORİSİ’NE GENEL BİR BAKIŞ

Öz

Bu çalışmanın ana amacı içsel para teorisinin kökenlerini incelemek ve bu konudaki güncel tartışmalara ışık tutmaktır. İçsel para yaklaşımı temel bir önermeye dayanmaktadır: Reel ekonomide faaliyet gösteren işletmelerin kredi talebi, bankalar tarafından karşılandıkça bankacılık sektöründe yeni mevduatlar oluşur. Bu yeni mevduatlar için gerekli rezervlerin bulunması ile de para arzı genişlemeye başlar. Merkez bankası bu sürece müdahale edebilse de tamamen kontrol edemez.

 

İçsel para yaratım süreci konusunda da tam bir fikir birliği yoktur ve bu teorinin savunucuları arasında canlı bir tartışma devam etmektedir. Bu çalışmanın amacı söz konusu tartışmaların miadını doldurduğunu ve değişen finansal yapı içinde geçerliliğini kaybettiğini ortaya koymaya çalışmaktır. Bu tartışmalar, teorinin evrilip gelişmesine yol açmış olsa da son yıllarda finansal alanda yer alan yenilikleri gözden kaçırmıştır. Bu nedenle söz konusu teorinin bir kez daha gözden geçirilerek günün şartlarına uyumlu hale getirilmesi gerekmektedir. Bu amaçla, bu çalışmada öncelikle içsel para teorisinin gelişimi incelenecek ve ardından teorinin günümüzde eksik kalan yönlerine değinilecektir.

 

Anahtar Kelimeler

• İçsel para,para arzı,faiz oranları,kredi

A General Outlook to the Endogenous Money Theory

Öz

The purpose of this study is to shed light on the origins of the endogenous money theory and analyze the current debates on this topic. Endogenous money approach depends on a fundamental postulate: As banks meet the credit needs of non-financial businesses, new deposits emerge in the banking sector. Similarly, as the necessary reserves found for these new deposits the broad money expands as well. Even though the central bank can intervene into this process it cannot fully control it.

 

There is not a clear-cut consensus on the endogenous money creation process and a lively debate among the proponents of the theory still continues. The purpose of this study is to reveal that such debates have outlived their shelf time, and lost their validity in the changing financial structure. Even though these debates enabled the theory to evolve and develop, they have disregarded the recent developments in financial markets. The theory needs to be brought up to date by incorporating the important transformations that have been taking place in the financial markets.

  

Anahtar Kelimeler

• Endogenous money,money supply,interest rates,credit

Kaynakça

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