Outlook on Money and Capital Markets 10 Years After the 2008 Mortgage Crisis

In this study, the mortgage crisis that emerged in the United States in 2008 and later in the European market was examined. The effects of the said crisis and its consequences in the money and capital market regulations in Turkey make up the framework of this study. The review covers a period of 10 years from 2008 onwards. There have been drastic changes in the capital markets after 2008, and together with the effects of the regulations made abroad, measures for the prevention of adverse effects in the Turkish market were also on the agenda. In 2012, a new restructuring process took place in the capital market upon the entry into force of the new Capital Market Law. Part of the said regulations is related to the capital structure of the intermediary institutions, which addresses a significant problem, especially during the crisis. As a result of the regula-tions, institutionalism gained importance in the capital market, and the principle of protecting investors was reinforced. In Turkish money markets, several measures were taken against the crisis, and new monetary policy tools were introduced. Monetary policy instruments such as interest rate corridor implementation, regulations in reserve requirement ratios, reserve option mechanism, and liquidity management have started to be used against insufficient liquidity in the Turkish Lira and foreign exchange markets. Monetary policy instruments implemented in the post-crisis normalization period and after the crisis are still continuing today.