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

Yıl 2024, Cilt: 20 Sayı: 4, 1129 - 1146, 31.12.2024

Murat Akça

https://doi.org/10.17130/ijmeb.1488782

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

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

Öz

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.

Anahtar Kelimeler

Monetary Policy, Macroprudential Tools, Reserve Requirement Implementation, NARDL

Kaynakça

• Acharya, V. V., & Mora, N. (2015). A crisis of banks as liquidity providers. The journal of Finance, 70(1), 1-43.
• Aiyar, S., Calomiris, C. W., & Wieladek, T. (2016). How does credit supply respond to monetary policy and bank minimum capital requirements?. European Economic Review, 82, 142-165.
• Akinci, O., & Olmstead-Rumsey, J. (2018). How effective are macroprudential policies? An empirical investigation. Journal of Financial Intermediation, 33, 33-57.
• Alper, K., & Tiryaki, S. T. (2011). Zorunlu karşılıkların para politikasındaki yeri. Ekonomi Notları No. 2011-08. Türkiye Cumhuriyet Merkez Bankası.
• Alper, K., Binici, M., Demiralp, S., Kara, H. & Özlü, P. (2018). Reserve requirements, liquidity risk, and bank lending behavior. Journal of Money, Credit and Banking, 50(4), 817-827.
• Başçı, E. & Kara, H. (2011). Finansal istikrar ve para politikası. İktisat İşletme ve Finans, 26(302), 9-25.
• Başçı, E. (2012). Finansal ve Makroekonomik İstikrar: Önümüzdeki Zorluklar. Konferans Açılış Konuşması. Türkiye Cumhuriyet Merkez Bankası, Ankara.
• Bernanke, B. S., & Blinder, A. S. (1988). Credit, money, and aggregate demand. The American Economic Review, 78(2), 435-439.
• Borio, C. (2011). Implementing a macroprudential framework: Blending boldness and realism. Capitalism and Society, 6(1), 1-23.
• Cecchetti, S. G., & Schoenholtz, K. L. (2017). Money, banking, and financial markets. McGraw-Hill. Cerutti, E., Claessens, S., & Laeven, L. (2017). The use and effectiveness of macroprudential policies: New evidence. Journal of financial stability, 28, 203-224.
• Claessens, S. (2014). An overview of macroprudential policy tools. IMF Working Paper No. 14/214. International Monetary Fund.
• Clark, A., & Large, A. (2011). Macroprudential policy: Addressing the things we don’t know. Group of Thirty, Occasional Paper No. 83. Group of Thirty.
• Cordella, T., Federico, P., Vegh, C. ve Vuletin, G. (2014). Reserve requirements in the brave new Macroprudential world. World Bank Publications.
• Dickey, D.A. & Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366), 427-431.
• Federico, P., Vegh, C. A., & Vuletin, G. (2014). Reserve requirement policy over the business cycle. NBER Working Paper No. 20612. National Bureau of Economic Research.
• Fendoğlu, S. (2017). Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies. Journal of Banking & Finance, 79, 110-128.
• Galati, G., & Moessner, R. (2013). Macroprudential policy: A literature review. Journal of Economic Surveys, 27(5), 846–878.
• Glocker, C., & Towbin, P. (2012). The macroeconomic effects of reserve requirements. WIFO Working Papers, No. 420. Austrian Institute of Economic Research.
• Gorton, G. (1988). Banking panics and business cycles. Oxford economic papers, 40(4), 751-781.
• Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1-2), 225-250.
• Hassan, S. T., Batool, B., Wang, P., Zhu, B., & Sadiq, M. (2023). Impact of economic complexity index, globalization, and nuclear energy consumption on ecological footprint: first insights in OECD context. Energy, 263, 125628.
• Kashyap, A. K., & Stein, J. C. (2000). What do a million observations on banks say about the transmission of monetary policy?. American Economic Review, 90(3), 407-428.
• Kashyap, A.K., Stein, J. C. & Wilcox, D. W. (1993). Monetary policy and credit conmditions: Evidence from the composition of external finance. American Economic Review, 83(1), 78-98.
• Kaya, O. (2017). Türkiye’de finansal istikrar odaklı orthodoks olmayan politikaların etkinliği. (Yayımlanmamış Doktora Tezi). İstanbul: İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
• Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., & Wu, X. (2011). Macroprudential policy: What instruments and how to use them? Lessons from country experiences. IMF Working Paper No. 11/238. International Monetary Fund.
• Montoro, C., & Moreno, R. (2011). The use of reserve requirements as a policy instrument in Latin America. BIS Quarterly Review, March.
• Peseran, M.H., Shin, Y. & Smith, J. (2001). Bounds testing spproaches to the snalysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
• Phillips, P.C.B. & Perron, P. (1988). Testing for unit roots in time deries regression. Biometrika, 75(2), 335-346.
• Potter, S. M. & Smets, F. (2019). Unconventional monetary policy tools: A cross-country snalysis. BIS Working Papers.
• Reinhart, C. M., & Reinhart, V. R. (1999). On the use of reserve requirements in dealing with capital flow problems. International Journal of Finance & Economics, 4(1), 27-54.
• Shin, Y., Yu, B. & Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In: Sickles R., Horrace W. (Eds) Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications (pp. 281-314). New York Springer. TCMB (2010). Finansal İstikrar Raporu, Ankara: TCMB.
• Tovar Mora, C. E., Garcia-Escribano, M. & Vera Martin, M. (2012). Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America. IMF Working Paper.