FINANCIAL STABILITY UNDER THE UNCONVENTIONAL MONETARY POLICY: A THEORETICAL INVESTIGATION

Yıl 2020, Cilt: 9 Sayı: 4, 461 - 468, 31.12.2020

Ayşegül Ladin Sümer

Öz

Unconventional monetary policy instruments manage the supply of loans at optimal borrowing costs. In particular, the quantitative easing implemented in conjunction with the effective lower limit promotes credit supply by providing liquidity to the market in return for financial assets. Accordingly, the set of economic hypotheses underlying the quantitative easing aims to balance the balance sheets of other financial market participants by extending the central bank balance sheet and to increase the monetary base externally. This process is based on the assumption that not all economic agents are indifferent to quantitative easing. In this study, firstly unconventional monetary policy and asset pricing developed after the 2008 global crisis are analyzed methodologically. Afterwards, the relationship between unconventional monetary policy instruments and financial markets is evaluated within the framework of portfolio balance model.

Anahtar Kelimeler

Effective Lower Limit, Quantitative Easing, Asset Pricing

GELENEKSEL OLMAYAN PARA POLİTİKASI KAPSAMINDA FİNANSAL İSTİKRAR: TEORİK BİR İNCELEME

Öz

Geleneksel olmayan para politikası araçları, en uygun borçlanma maliyetinde kredi arzını yönetir. Özellikle, etkili alt sınırla birlikte uygulanan niceliksel genişleme, finansal varlıkların karşılığında piyasaya likidite sağlayarak kredi arzını destekler. Buna göre, niceliksel genişlemenin altında yatan ekonomik hipotezler seti, merkez bankası bilançosunun genişletilerek diğer finansal piyasa katılımcılarının bilançolarının dengelenmesi ve para tabanının dışsal olarak artırılmasını amaçlar. Bu süreç, tüm ekonomik birimlerin niceliksel genişlemeye kayıtsız kalmadığı varsayımına dayanır. Bu çalışmada, öncelikle 2008 küresel kriz sonrasında geliştirilen geleneksel olmayan para politikası ve varlık fiyatlandırması metodolojik olarak incelenmiştir. Sonrasında ise, geleneksel olmayan para politikası araçlarıyla finansal piyasalar arasındaki ilişki portföy dengesi modeli çerçevesinde değerlendirilmiştir.

Anahtar Kelimeler

Etkili Alt Sınır, Niceliksel Genişleme, Varlık Fiyatlandırması

Kaynakça

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