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Makro ihtiyati politikaların, kriz sonrası dönemde finansal istikrarı sağlamaya yönelik politika çerçevelerine dahil olması, para politikası ve makro ihtiyati politika arasındaki koordinasyon problemlerini de beraberinde getirmiştir. Geçiş etkilerinin merkezinde finansal sistemin bulunduğu para politikası ve makro ihtiyati politikanın aktarım mekanizmalarının birbiriyle örtüşmesi ve bir politikanın diğer bir politikanın etki alanını şekillendirebilmesi, politikalar arasındaki karşılıklı etkileşimi inceleme gerekliliğini ortaya çıkarmıştır. Küresel finansal kriz sonrası dönemde oluşan küresel likidite bolluğunun getirdiği makro-finansal risklere bağlı olarak gerçekleşen politika açmazları karşısında para politikası ile makro ihtiyati politikanın birlikte yürütüldüğü politika çerçevesini uygulamaya koyan Türkiye gibi ülkelerde karşılıklı etkileşimin derecesi ve koordinasyon ihtiyacı daha fazla olmuştur. Bu bağlamda çalışmanın amacı, Türkiye’de yeni politika bileşiminin uygulandığı dönemdeki para politikası ve makro ihtiyati politika uygulamaları arasındaki karşılıklı etkileşimleri incelemektir. Ekonomik döngü ve finansal döngünün durumu dikkate alınarak yapılan değerlendirmeler sonucunda, politikaların Eylül 2016’ya kadar aynı yönde hareket ettiği ve nihai hedefler arasında ciddi uyuşmazlıkların yaşanmadığı, bu tarihten itibaren politikaların ters yönde hareket etmeye başladığı ve nihai hedefler arasındaki çatışmaya bağlı olarak koordinasyon ihtiyacının arttığı görülmüştür.
The inclusion of macro warning policies into the policy frameworks to ensure financial stability in the post-crisis period has also brought together problems of coordination between monetary policy and macro warning policy. The monetary policy where the financial system is at the center of the transitional effects and the interconnection of the transfer mechanisms of the macro warning policy and the ability of one policy to shape the field of influence of another policy have revealed the need to examine the mutual interaction between the policies. The need for mutual interaction and coordination in countries such as Turkey, which implement the policy framework in which monetary policy and macro warning policy are jointly carried out, has increased due to the macro-financial risks caused by the global liquidity abundance in the post-Global financial crisis period. The aim of the study in this context is to explore the mutual interactions between monetary policy and macro warning policy practices in the period in which the new policy composition was implemented in Turkey. The assessments, taking into account the situation of the economic and financial cycle, showed that the policies were moving in the same direction until September 2016 and that there were no serious disputes between the final objectives, that from that date the policies began to move in the opposite direction and that the need for coordination increased due to the conflict between the final objectives.
The involvement of the macroprudential policies in financial stability frameworks in the post-crisis period led to coordination problems between monetary policy and macroprudential policy. The overlapping of the transmission mechanisms of the monetary policy and macroprudential policy where the financial system is at the centre of the pass-through effects and the ability of a policy to shape the domain of another policy have revealed the need to examine the interaction between these policies. The need for coordination along with the degree of mutual interaction have been higher in countries like Turkey where monetary and macroprudential policies have been carried out together as a result of the policy dilemmas which occurred due to the macro-financial risks brought about by the abundance of the global liquidity that emerged after the global financial crisis. In this context the aim of study is to examine the interactions between monetary policy and macroprudential policy in the period of new policy mix in Turkey. As a result of the evaluations made taking into account the situation of the economic cycle and the financial cycle, it was observed that the policies were moving in the same direction until September 2016 and there were no serious conflict between the ultimate targets. After that time, the policies has been started to move in the opposite direction and the need for coordination has been increased due to the conflict between the final targets.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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