Makro İhtiyati Politikaların Genel Çerçevesi

2007-09 küresel finansal krizinin ekonomiler üzerindeki olumsuz sonuçları, ikti- sat politikalarının finansal istikrarı sağlamadaki rollerinin ciddi biçimde sorgulan- masına neden olmuştur. Kriz ile birlikte, her bir politikanın nihai hedefine ulaş- tığı durumlarda dahi finansal istikrarın garanti olmadığının açık bir şekilde an- laşılması 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 amacıy- la -Türkiye’nin de aralarında bulunduğu- birçok ülke makro ihtiyati politikaların kullanımına başvurmuştur. Makro ihtiyati politikaların geçmişinin, içinde bulun- duğumuz yüzyılın başlarına kadar uzanmasına karşın; yaygın kullanımının bir- kaç yıllık süreyi kapsaması ve araçların etkinliğine dair ampirik kanıtların yeter- sizliği, politikaların evrimsel sürecinde ağırlıklı olarak deneme-yanılma yöntemi- nin kullanılmasına neden olmaktadır. Bu da makro ihtiyati politikalara ilişkin ça- lışmalara duyulan gereksinimi belirgin hale getirmektedir. Bu çerçevede çalışma ile makro ihtiyati politikaların ana hatlarının ortaya konulması ve politikaların ta- sarlanması ve yürütülmesi sürecinde dikkat edilmesi gereken noktaların vurgu- lanması amaçlanmıştır.

General Framework of Macroprudential Policies

The negative results of 2007-09 global financial crisis on economies, have led to serious controversions about economic policies’ roles to assure financial sta- bility. 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 guarante- ed and this new view accelerated the search for an alternative economic policy. Accordingly, in an attempt to control the systemic risks, to strengthen the financi- al 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 neces- sity 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.

Kaynakça

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