The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis
Bu çalışmanın amacı, Türkiye'de 2010-2015 yılları arasında alınan makro-ihtiyati tedbirleri bütüncül ve sistematik bir çerçevede incelemek, ihtiyati politika araçlarının ne ölçüde kullanıldığını göstermek ve Türkiye'de uygulamaya koyulan Basel III standartlarını açıklamaktır. Bu anlamda, bildiğimiz kadarıyla, bu çalışma 2010-2015 döneminde Türkiye'de alınan makro ihtiyati tedbirlerin tamamını ele alan ilk ve en kapsamlı çalışmadır. Bu çalışma yapılırken finansal istikrara ve makro-ihtiyati tedbirlere ilişkin tüm ilgili mevzuat ve raporlar incelenmiş ve kullanılan makro-ihtiyati politika araçları, krediyle ilgili, likiditeyle ilgili ve sermaye ile ilgili tedbirlerden oluşan bir çerçeve içerisinde değerlendirilmiştir. Ayrıca, çalışmanın analiz kapsamını genişletmek için literatürdeki mevcut çerçeveye Basel III standartları da dahil edilmiştir. Çalışma kapsamındaki dönemde, Türkiye’de döviz cinsi kredileri kısıtlama, net açık döviz pozisyonunu kısıtlama ve para birimi uyumsuzluklarını kısıtlama hariç olmak üzere tüm araçlar kullanılmıştır. 2010-2015 yılları arasında politika yapıcı kurumlar tarafından toplam 93 düzenleme uygulamaya konmuştur. Makro-ihtiyati tedbirlerin en yoğun şekilde kullanıldığı yıllar sırasıyla 2013, 2011 ve 2015’tir.
Anahtar Kelimeler:
Küresel Finansal Kriz, Finansal İstikrar, Makro İhtiyati Politikalar, Basel III
The Macro-Prudential Measures Taken in Turkey Following the 2008-2009 Global Financial Crisis
The objective of this study is to examine the macro-prudential measures that were taken in Turkey between 2010 and 2015 within a holistic, and, an organized framework, to demonstrate the extent to which the prudential policy tools were used, and, to explain which Basel III standards were adopted in Turkey. In this sense, to our knowledge, this is the first and the most comprehensive study that deals with the macro-prudential measures in Turkey during the period 2010-2015. We reviewed all relevant legislation and reports regarding financial stability and macro-prudential measures. Then, we fit all macro-prudential policy tools into a framework which consists of loan-related measures, liquidity-related measures, and, capital-related measures. Furthermore, we incorporated Basel III standards with our framework in order to expand the scope of our analysis. Within the period under consideration, Turkey utilized all of the tools, except the limit on foreign currency lending, the limit on net open foreign currency position, the limit on currency mismatches. The authorities put 93 regulations into practice in total. 2013, 2011 and 2015 were the years in which the regulations were issued most extensively.
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- Yayın Aralığı: Yılda 2 Sayı
- Başlangıç: 2016
- Yayıncı: Mehmet SONGUR