The Relationship Between Climate Change and Monetary Policy: The Case of Türkiye

Öz

Increases in global temperature levels and the changes in the climate system in parallel with this create certain costs on the environment, society and economic structure. Supply and demand shocks in the economy due to climate change can put pressure on prices and this situation can be decisive on the monetary policy practices of central banks. In this context, the study focuses on the relationship between monetary policy and climate change in Turkiye and includes a causality test. Based on the idea that monetary policies implemented in Turkiye may be related to climate change developments, the causality relationship between monetary policy and climate change was examined using the Toda-Yamamoto causality test using 1990-2020 data. The study findings are consistent with the findings of other studies in the literature and prove that there is a causality relationship between monetary policy and climate change in the Turkiye’s economy. This finding is important in terms of showing the relationship between monetary policies implemented in the Turkiye’s economy and the environment, and also provides information on the necessity of green central banking activities.

Anahtar Kelimeler

• Climate Change
• Monetary Policy
• Turkiye

İklim Değişikliği ve Para Politikası Arasındaki İlişki: Türkiye Örneği

Öz

Küresel sıcaklık düzeyinde görülen artışlar ve bunun paralelinde iklim sisteminde oluşan değişiklikler çevre, toplum ve ekonomik yapı üzerinde birtakım maliyetler oluşturmaktadır. İklim değişikliği ile ekonomide oluşan arz ve talep şokları fiyatlar üzerinde baskı yaratabilmekte ve bu durum merkez bankalarının para politikası uygulamaları üzerinde belirleyici olabilmektedir. Bu kapsamda çalışma Türkiye’de iklim değişikliği ve para politikası ilişkisine odaklanmakta ve nedensellik testini içermektedir. Türkiye’de uygulanan para politikaları ile iklim değişikliği gelişmelerinin ilişkili olabileceği düşüncesinden hareketle 1990-2020 verileri kullanılarak iklim değişikliği ve para politikası arasındaki nedensellik ilişkisi Toda-Yamamoto nedensellik testi ile incelenmiştir. Çalışma bulguları literatürde yer alan diğer çalışmaların bulguları ile uyumlu görünmekte, aynı zamanda Türkiye ekonomisinde iklim değişikliği ve para politikası arasında nedensellik ilişkisi olduğunu kanıtlar niteliktedir. Bu bulgu Türkiye ekonomisinde uygulanan para politikalarının çevre ile ilişkisini göstermesi açısından önemli olmakla birlikte yeşil merkez bankacılığı faaliyetlerinin gerekliliği konusunda da bilgi sunmaktadır.

Anahtar Kelimeler

• Türkiye
• İklim Değişikliği
• Para Politikası

Kaynakça

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