THE EFFECT OF RESERVE REQUIREMENT AS A MACROPRUDENTIAL TOOL ON FINANCIAL STABILITY; AN APPLICATION ON TURKEY ECONOMY

Abstract

With the 2008 global financial crisis, central banks, whose main objective is to ensure price stability, have also started to use several new monetary policy instruments to provide financial stability. While the instruments directly included in monetary policy implementation are called unconventional monetary policy instruments, the instruments used to regulate financial markets are called macroprudential instruments. Reserve requirement ratios, both among unconventional monetary policy instruments and macroprudential instruments, have been actively used by the CBRT in the post-crisis period. Required reserve ratios significantly affect credit growth, one of the most important factors threatening financial stability. This study analyses the effects of the reserve requirement practice used by the CBRT on credit growth and indirectly on financial stability. As a result of the analyses, it is found that reserve requirements on Turkish Lira deposits have a contractionary effect on credit growth in the short run and reserve requirements on foreign currency deposits have a contractionary effect on credit growth in the long run.

Keywords

• Monetary Policy
• Macroprudential Tools
• Reserve Requirement Implementation
• NARDL

MAKRO İHTİYATİ BİR ARAÇ OLARAK ZORUNLU KARŞILIK UYGULAMASININ FİNANSAL İSTİKRAR ÜZERİNDEKİ ETKİSİ; TÜRKİYE EKONOMİSİ ÜZERİNE BİR UYGULAMA

Öz

Temel amacı fiyat istikrarını sağlamak olan merkez bankaları 2008 küresel finans krizi ile birlikte finansal istikrarı da sağlamaya yönelik bir takım yeni para politikası araçları kullanmaya başlamışlardır. Direkt olarak para politikası uygulaması içerisinde yer alan araçlar geleneksel olmayan para politikası araçları olarak adlandırılırken, finansal piyasaları düzenlemeye yönelik kullanılan araçlar ise makro ihtiyati araçlar olarak adlandırılmıştır. Hem geleneksel olmayan para politikası araçları içerisinde hem de makro ihtiyati araçlar içerisinde yer alan zorunlu karşılık oranları TCMB tarafından kriz sonrası dönemde aktif olarak kullanılmaya başlamıştır. Zorunlu karşılıkların finansal istikrarı tehdit eden en önemli unsurlardan birisi olan kredi büyümesi üzerinde önemli etkileri vardır. Bu çalışmada da TCMB tarafından kullanılan zorunlu karşılık uygulamasının kredi büyümesi üzerindeki ve dolaylı olarak finansal istikrar üzerindeki etkileri incelenmiştir. Yapılan analizler sonucunda, Türk Lirası mevduatlarına uygulanan zorunlu karşılıkların kısa dönemde yabancı para mevduatlarına uygulanan zorunlu karşılıkların ise uzun dönemde kredi büyümesi üzerinde daraltıcı bir etkisi olduğu tespit edilmiştir.

Anahtar Kelimeler

• Para Politikası
• Makro İhtiyati Araçlar
• Zorunlu Karşılık Uygulaması
• NARDL

Kaynakça

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