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Makro İhtiyati Politikaların Genel Çerçevesi

Year 2015, Issue: 608, 65 - 85, 01.10.2015

Ali İlhan

Abstract

2007-09 küresel finansal krizinin ekonomiler üzerindeki olumsuz sonuçları, iktisat politikalarının finansal istikrarı sağlamadaki rollerinin ciddi biçimde sorgulanmasına neden olmuştur. Kriz ile birlikte, her bir politikanın nihai hedefine ulaştığı durumlarda dahi finansal istikrarın garanti olmadığının açık bir şekilde anlaşılması alternatif bir politika çerçevesine yönelik arayışları hızlandırmıştır. Bu doğrultuda sistemik riskleri kontrol altına almak, şoklara karşı finansal sistemin direncini güçlendirmek ve geleneksel politikaların etkinliğini arttırmak amacıyla -Türkiye’nin de aralarında bulunduğu- birçok ülke makro ihtiyati politikaların kullanımına başvurmuştur. Makro ihtiyati politikaların geçmişinin, içinde bulunduğumuz yüzyılın başlarına kadar uzanmasına karşın; yaygın kullanımının birkaç yıllık süreyi kapsaması ve araçların etkinliğine dair ampirik kanıtların yetersizliği, politikaların evrimsel sürecinde ağırlıklı olarak deneme-yanılma yönteminin kullanılmasına neden olmaktadır. Bu da makro ihtiyati politikalara ilişkin çalışmalara duyulan gereksinimi belirgin hale getirmektedir. Bu çerçevede çalışma ile makro ihtiyati politikaların ana hatlarının ortaya konulması ve politikaların tasarlanması ve yürütülmesi sürecinde dikkat edilmesi gereken noktaların vurgulanması amaçlanmıştır

Keywords

Makro İhtiyati Politikalar Fiyat İstikrarı Finansal İstikrar

References

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  • ALLEN, William A. and Geoffrey WOOD; (2006), “Defining and Achieving Financial Stability”, Journal of Financial Stability, Vol. , Issue 2, pp. 152-172.
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  • BASTO, Rita Bessone; (2013), “A Macro-Prudential Policy For
  • Financial Stability”, Banco de Portugal Financial Stability Re- port, November. BEAU, Denis, Laurent CLERC and Benoit MOJON; (2012)
  • “Macro-Prudential Policy and the Conduct of Monetary Policy”, Banque de France Working Papers, No. 390. BEIRNE, John and Christian FRIEDRICH; (2014), “Capital
  • Flows and Macroprudential Policies: A Multiliteral Assessment of Effectiveness and Externalities”, ECB Working Paper Series, No. 1721.
  • BENNANI, Taryk, Morgan DESPRES, Marine DUJARDIN, Thibaut DUPREY and Anna KLEBER; (2014), “Macropruden- tial framework: key questions applied to French case”, Banque de France Occassional Papers, No.9.
  • BİNİCİ, Mahir, Hasan EROL, Hakan KARA, Pınar ÖZLÜ and Deren ÜNALMIŞ; (2013), “Interest Rate Corridor: A New Mac- roprudential Tool?”, CBT Research Notes in Economics, No. 20.
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  • Credit Booms”, IMF Staff Discussion Notes, No. 12/06. DUNSTAN, Ashley; (2014), “The interaction between monetary and macro-prudential policy”, Reserve Bank of New Zealand: Bulletin, Vol. 77, No. 2, pp. 15-25.
  • EIJFFINGER, Sylvester; (2012), “Defining and Measuring Sys- temic Risk”, Sylvester EIJFFINGER and Donato MASCIAN
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  • GALATI, Gabriele and Richhild MOESSNER; (2011), “Macro- prudential Policy – a literature review”, BIS Working Papers, No. 337.
  • GALATI, Gabriele and Richhild MOESSNER; (2014), “What do we know about the effects of macroprudential policy?”, DNB Working Papers, No. 440.
  • GRACE, Therese, Niamh HALLISSEY and Maria WOODS; (2015), “The Instruments of macro-prudential policy”, Central
  • Bank of Ireland Quarterly Bulletin, No. 1, pp. 90-105. HANNOUN, Herve; (2010), “Towards a Global Financial Sta- bility Framework”, 45th SEACEN Governers Conference, 27 February, http://www.bis.org/speeches/sp100303.pdf, 06.2015.
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  • Chicago Booth Research Paper, No.10-29. HOFFMANN, Andreas and Axel LOEFFLER; (2014), “Low In- terest Rate Policy and the Use of Reserve Requirements in
  • Emerging Markets”, The Quarterly Review of Economics and Finance, Vol. 54, Issue 3, pp. 307-314. HUH, In and Jiyoun AND; (2014), “An Empirical Evaluation
  • Macroprudential Measures in Korea: Focusing on Debt In- flows”, Asian Economic Papers, Vol. 13, No. 2. JEANNE, Olivier and Anton KORINEK; (2014), “Macropruden- tial policy beyond banking regulation”, Banque de France Fi- nancial Stability Review, No. 18, September, pp. 163-171.
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  • IMF; (2014), “Staff Guidance Note on Macroprudential Policy”, December.
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  • Cohabitation”, IMF Staff Discussion Note, No. 13/05. OSTRY, Jonathan D., Atish R. GHOSH, Karl HABERMEIER, Luc LAEVEN, Marcos CHAMON, Mahvash S. QURESHI and Annamaria KOKENYNE; (2011), “Managing Capital Inflows
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General Framework of Macroprudential Policies

Year 2015, Issue: 608, 65 - 85, 01.10.2015

Ali İlhan

Abstract

The negative results of 2007-09 global financial crisis on economies, have led to serious controversions about economic policies’ roles to assure financial stability. As a result of this crisis, even in conditions where each policy has reached their ultimate goal, it is clearly understood that financial stability is not guaranteed and this new view accelerated the search for an alternative economic policy. Accordingly, in an attempt to control the systemic risks, to strengthen the financial system’s resistance against shocks and to gear up the conventional policies, numerous countries -including Turkey- have applied to macroprudential policies. Although the foundations of macroprudential policies had been laid at the early 21st century, the extensive use of these policies limited to few years and lack of empirical evidence concerning efficient instruments, it is indicated that trial and error technique will be used in these policies’ evolutionary process. The necessity of works concerning macroprudential policies is apparent. In this context, this study aims at revealing the outline of macroprudential policies and emphasizing the points to consider in the process of designing and executing these policies

Keywords

Macroprudential Policies Price Stability Financial Stability Systemic Risk

References

  • AGUR, Itai and Sunil SHARMA; (2013), “Rules, Discretion and Macro-Prudential Policy”, DSF Policy Paper Series, No. 36.
  • AKINCI, Özge and Jane OLMSTEAD-RUMSEY; (2015), “How
  • Effective are Macroprudential Policies? An Empirical Investiga- tion”, International Finance Discussion Papers, No. 1136.
  • ALLEN, William A. and Geoffrey WOOD; (2006), “Defining and Achieving Financial Stability”, Journal of Financial Stability, Vol. , Issue 2, pp. 152-172.
  • ANGELINI, Paolo, Sergio NICOLETTI-ALTIMARI and Ignazio VISCO; (2012), “Macroprudential, microprudential and mon- etary policies: conflicts, complementarities and trade-offs”
  • Questioni di Economia e Finanza Occasional Papers, No. 140. BANK OF ENGLAND; (2011), “Instruments of macroprudential policy”, A Discussion Paper, December.
  • BASTO, Rita Bessone; (2013), “A Macro-Prudential Policy For
  • Financial Stability”, Banco de Portugal Financial Stability Re- port, November. BEAU, Denis, Laurent CLERC and Benoit MOJON; (2012)
  • “Macro-Prudential Policy and the Conduct of Monetary Policy”, Banque de France Working Papers, No. 390. BEIRNE, John and Christian FRIEDRICH; (2014), “Capital
  • Flows and Macroprudential Policies: A Multiliteral Assessment of Effectiveness and Externalities”, ECB Working Paper Series, No. 1721.
  • BENNANI, Taryk, Morgan DESPRES, Marine DUJARDIN, Thibaut DUPREY and Anna KLEBER; (2014), “Macropruden- tial framework: key questions applied to French case”, Banque de France Occassional Papers, No.9.
  • BİNİCİ, Mahir, Hasan EROL, Hakan KARA, Pınar ÖZLÜ and Deren ÜNALMIŞ; (2013), “Interest Rate Corridor: A New Mac- roprudential Tool?”, CBT Research Notes in Economics, No. 20.
  • BIS; (2015), “Regulatory Change and Monetary Policy”, CGFS Papers, No. 54.
  • BISIAS, Dimitrios, Mark FLOOD, Andrew W. LO and Stavros VALAVANIS; (2012), “A Survey of Systemic Risk Analytics”, Of- fice of Financial Research Working Paper, No. 0001.
  • BLANCHARD, Olivier, Giovanni DELL’ARICCIA and Paolo MAURO; (2010), “Rethinking Macroeconomic Policy”, IMF
  • Staff Discussion Note, April 15. BLANCHARD, Olivier, Giovanni DELL’ARICCIA and Paolo MAURO; (2013), “Rethinking Macroeconomic Policy II: Getting
  • Granular”, Journal of Money, Credit, Banking, Vol. 42, No. 6, pp. 199-215. BORIO, Claudio; (2003), “Towards a macroprudential frame- work for financial supervision and regulation?”, BIS Working Papers, No. 128.
  • BORIO, Claudio; (2009), “Implementing the macroprudential approach to financial regulation and supervision”, Banque de
  • France Financial Stability Review, No.13, September, pp. 31- BORIO, Claudio; (2011), “Rediscovering the macroeconomic roots of financial stability policy: journey, challanges and a way forward”, BIS Working Papers, No. 354.
  • BRUNO, Valentina and Hyun Song SHIN; (2013), “Assessing
  • Macroprudential Policies: Case of Korea”, NBER Working Pa- per Series, No. 19084.
  • BRUNO, Valentina, Ilhyock SHIM and Hyun Song SHIN; (2015), “Comperative Assessment of Macroprudential Poli- cies”, BIS Working Papers, No. 502.
  • CARUANA, Jaime and Benjamin H. COHEN; (2014), “Five questions and six answers about macroprudential policy”
  • Banque de France Financial Stability Review, No. 18, April, pp. 24. CHOI, Changho; (2013), “Assessing the Effects of Macropru- dential Policy Measures in Korea”, Society for Economic Dy- namics Meeting Papers, No. 1364.
  • CLAESSENS, Stijn, Swati R. GHOSH and Roxana MIHET; (2013), “Macro Prudential Policies to Mitigate Financial System
  • Vulnerabilities in Emerging Markets”, Otaviano CANUTO and Swati R. GHOSH (Ed.), Dealing with the Challenges of Macro Financial Linkages in Emerging Markets, World Bank, Wash- ington D.C., pp. 155-178. CLAESSENS, Stijn, Swati R. GHOSH and Roxana MIHET; (2014), “Macro-Prudential Policies to Mitigate Financial System
  • Vulnerabilities”, IMF Working Papers, No. 155. CLAESSENS, Stijn; (2014), “An Overview of Macroprudential
  • Tools”, IMF Working Papers, No.214. CLEMENT, Piet; (2010), “The term “macroprudential”: origins and evolution”, BIS Quarterly Review, March.
  • CORDELLA, Tito, Pablo FEDERICO, Carlos VEGH ve Guill- ermo VULETIN; (2014), “Reserve Requirements in the Brave
  • New Macroprudential World”, The World Bank Policy Research Working Paper, No. 6793.
  • CROCKETT, Andrew; (2000), “Marrying the micro and macro- prudential dimensions of financial stability” BIS Speeches, 20- September.
  • DE NICOLO, Gianni, Giovanni FAVARA and Lev RATNOVSKI; (2012), “Externalities and Macroprudential Policy”, IMF Staff
  • Discussion Notes, No. 12/05. DELL’ARICCIA, Giovanni, Deniz IGAN, Luc LAEVEN, Hui TONG, Bas BAKKER and Jerome VANDENBUSSCHE; (2012), “Policies for Macrofinancial Stability: How to Deal with
  • Credit Booms”, IMF Staff Discussion Notes, No. 12/06. DUNSTAN, Ashley; (2014), “The interaction between monetary and macro-prudential policy”, Reserve Bank of New Zealand: Bulletin, Vol. 77, No. 2, pp. 15-25.
  • EIJFFINGER, Sylvester; (2012), “Defining and Measuring Sys- temic Risk”, Sylvester EIJFFINGER and Donato MASCIAN
  • DRO (Ed.), Handbook of Central Banking, Financial Regulation and Supervision, Edward Elgar, Cheltenham, Northampton, pp. 325. ESRB; (2014), “The ESRB Handbook on Operationalising
  • Macro-prudential Policy in the Banking Sector”, https://www. esrb.europa.eu/pub/pdf/other/140303_esrb_handbook.pdf, 07.2015.
  • ESRB; (2015), “A review of macro-prudential policy in the EU one year after the introduction of the CRD/CRR”, https://www. esrb.europa.eu/pub/pdf/other/150625_review_macropruden- tial_policy_one_year_after_intro_crdcrr.en.pdf, 15.07.2015.
  • FERNANDEZ DE LIS, Santiago and Alicia GARCIA-HERRE- RO; (2012), “Dynamic provisioning: a buffer rather than a coun- tercyclical tool?”, BBVA Research Papers, No.22
  • FSB, IMF, BIS; (2011), “Macroprudential policy tools and frame- works”, Update to G20 Finance Ministers and Central Bank
  • Governors, 14 February. http://www.financialstabilityboard.org/ wp-content/uploads/r_1103.pdf, 20.06.2015.
  • G30; (2010), “Macroprudential Policy, Tools and Systems for the Future”, Working Group on Macroprudential Policy, Wash- ington D.C.
  • GALATI, Gabriele and Richhild MOESSNER; (2011), “Macro- prudential Policy – a literature review”, BIS Working Papers, No. 337.
  • GALATI, Gabriele and Richhild MOESSNER; (2014), “What do we know about the effects of macroprudential policy?”, DNB Working Papers, No. 440.
  • GRACE, Therese, Niamh HALLISSEY and Maria WOODS; (2015), “The Instruments of macro-prudential policy”, Central
  • Bank of Ireland Quarterly Bulletin, No. 1, pp. 90-105. HANNOUN, Herve; (2010), “Towards a Global Financial Sta- bility Framework”, 45th SEACEN Governers Conference, 27 February, http://www.bis.org/speeches/sp100303.pdf, 06.2015.
  • HANSON, Samuel G., Anil KASHYAP and Jeremy C. STEIN; (2010), “A Macroprudential Approach to Financial Regulation”
  • Chicago Booth Research Paper, No.10-29. HOFFMANN, Andreas and Axel LOEFFLER; (2014), “Low In- terest Rate Policy and the Use of Reserve Requirements in
  • Emerging Markets”, The Quarterly Review of Economics and Finance, Vol. 54, Issue 3, pp. 307-314. HUH, In and Jiyoun AND; (2014), “An Empirical Evaluation
  • Macroprudential Measures in Korea: Focusing on Debt In- flows”, Asian Economic Papers, Vol. 13, No. 2. JEANNE, Olivier and Anton KORINEK; (2014), “Macropruden- tial policy beyond banking regulation”, Banque de France Fi- nancial Stability Review, No. 18, September, pp. 163-171.
  • JIMENEZ, Gabriel, Steven ONGENA, Jose-Luis PEYDRO and Jesus SAURINA; (2012), “Macroprudential Policy, Countercy- clical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiment”, National Bank of Belgium Working Paper, No. 231.
  • IMF; (2011), “Macroprudential Policy: An Organizing Frame- work”, March.
  • IMF; (2013a), “The Interaction of Monetary and Macropruden- tial Policy”, IMF Policy Papers, January.
  • IMF; (2013b), “Key Aspects of Macroprudential Policy”, IMF Policy Papers, June.
  • IMF; (2014), “Staff Guidance Note on Macroprudential Policy”, December.
  • KLINGELHÖFER, Jan and Rongrong SUN; (2015), “Macropru- dential Policy, Central Banks and Financial Stability: Evidence from China”, http://www.mwpweb.eu/1/102/resources/publica- tion_2235_1.pdf, 20.09.2015.
  • LEE, Minsoo, Ruben Carlo ASUNCION and Jungsuk KIM; (2015), “Effectiveness of Macroprudential Policies In Develop- ing Asia: An Empirical Analysis”, ADB Economics Working Pa- per Series, No. 439.
  • LIM, Cheng Hoon, Francesco COLUMBA, Alejo COSTA, Pi- yabha KONGSAMUT, Akira OTANI, Mustafa SAIYID, Torsten WEZEL and Xiaoyong WU; (2011), “Macroprudential Policy
  • What Instruments and How to Use Them? Lessons from Coun- try Experiences”, IMF Working Papers, No. 11/238. LOPEZ, Claude, Donald MARKWARDT and Keith SAVARD; (2015), “Macroprudential Policy: A Silver Bullet or Refighting the Last War?”, MPRA Papers, No. 64499, http://mpra.ub.uni- muenchen.de/64499/1/MPRA_paper_64499.pdf, 22.06.2015.
  • MISHKIN, Frederic S.; (2011), “Monetary Policy Strategy: Les- sons From The Crisis”, NBER Working Papers, No. 16755.
  • NIER, Erlend; (2011), “Macroprudential Policy-Taxonomy and Challenges”, National Institute Economic Review, April, http:// ner.sagepub.com/content/216/1/R1, 18.06.2015.
  • NOYER, Christian; (2014), “Macroprudential policy: from the- ory to implementation” Banque de France Financial Stability
  • Review, No. 18, September, pp. 7-11. ODUNCU, Arif, Yasin AKÇELİK and Ergun ERMİŞOĞLU; (2013), “Reserve Options Mechanism and FX Volatility”, CBRT Working Papers, No. 13/03.
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There are 79 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Ali İlhan

Publication Date October 1, 2015
Published in Issue Year 2015 Issue: 608

Cite

APA İlhan, A. (2015). Makro İhtiyati Politikaların Genel Çerçevesi. Finans Politik Ve Ekonomik Yorumlar(608), 65-85.
AMA İlhan A. Makro İhtiyati Politikaların Genel Çerçevesi. FPEYD. October 2015;(608):65-85.
Chicago İlhan, Ali. “Makro İhtiyati Politikaların Genel Çerçevesi”. Finans Politik Ve Ekonomik Yorumlar, no. 608 (October 2015): 65-85.
EndNote İlhan A (October 1, 2015) Makro İhtiyati Politikaların Genel Çerçevesi. Finans Politik ve Ekonomik Yorumlar 608 65–85.
IEEE A. İlhan, “Makro İhtiyati Politikaların Genel Çerçevesi”, FPEYD, no. 608, pp. 65–85, October 2015.
ISNAD İlhan, Ali. “Makro İhtiyati Politikaların Genel Çerçevesi”. Finans Politik ve Ekonomik Yorumlar 608 (October 2015), 65-85.
JAMA İlhan A. Makro İhtiyati Politikaların Genel Çerçevesi. FPEYD. 2015;:65–85.
MLA İlhan, Ali. “Makro İhtiyati Politikaların Genel Çerçevesi”. Finans Politik Ve Ekonomik Yorumlar, no. 608, 2015, pp. 65-85.
Vancouver İlhan A. Makro İhtiyati Politikaların Genel Çerçevesi. FPEYD. 2015(608):65-8.