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 -Türkiyenin 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.
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 systems 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.
GUR, 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. 2, 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. 2013-20. 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 DELLARICCIA and Paolo MAURO; (2010), Rethinking Macroeconomic Policy, IMF Staff Discussion Note, April 15. BLANCHARD, Olivier, Giovanni DELLARICCIA 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- 41. 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. 15-24. 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- 21 September. DE NICOLO, Gianni, Giovanni FAVARA and Lev RATNOVSKI; (2012), Externalities and Macroprudential Policy, IMF Staff Discussion Notes, No. 12/05. DELLARICCIA, 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. 315-325. 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, 14.07.2015. 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, 26-27 February, http://www.bis.org/speeches/sp100303.pdf, 15.06.2015. 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. 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. OSINSKI, Jacek, Katharine SEAL and Lex HOOGDUIN; (2013), Macroprudential and Microprudential Policies: Toward 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: What Tools to Use?, IMF Staff Discussion Note, No. 11/06. SAURINA, Jesus; (2009), Dynamic Provisioning: The Experi- ence of Spain Crisis Response: Public Policy for the Private Sector, Note No. 7. SCHINASI, Garry J.; (2004), Defining Financial Stability, IMF Working Paper Series, No. 04/187. SCHOENMAKER, Dirk and Peter WIERTS; (2011), Macropru- dential Policy: The Need for a Coherent Policy Framework, DSF Policy Paper, No. 13. SHIN, Hyun Song; (2013), Adapting Macro Prudential Ap- proaches to Emerging and Developing Economies, Otaviano CANUTO and Swati R. GHOSH (Ed.), Dealing with the Chal- lenges of Macro Financial Linkages in Emerging Markets, World Bank, Washington D.C., pp. 17-56 SMAGA, Pawel; (2014), The Concept of Systemic Risk, SRC Special Paper Series, No. 5, August. SMETS, Frank; (2014), Financial Stability and Monetary Poli- cy: How Closely Interlinked?, International Journal of Central Banking, Vol. 10, No. 2, pp. 263-300. ŞAHİN, Afşar, Burak DOĞAN and M. Hakan BERUMENT; (2015), Effectiveness of the reserve option mechanism as a macroeconomic prudential tool: evidence from Turkey, Applied Economics, Vol. 47, Issue 56. TOVAR, Camilio E., Mercedes GARCIA-ESCRIBANO and Mercedes Vera MARTIN; (2012), Credit Growth and the Effec- tiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America, IMF Working Paper Series, No. 12/142 TUCKER, Paul, Simon HALL and Aashish PATTANI; (2013), Macroprudential Policy at the Bank of England, Bank of Eng- land Quarterly Bulletin, pp. 192-200. VANDENBUSSCHE, Jerome, Ursula VOGEL and Enrica De- tragiache; (2012), Macroprudential Policies and Housing Prices-A New Database and Empirical Evidence for Central, Eastern and South-Eastern Europe, IMF Working Paper Se- ries, No. 12/303. WONG, Eric, Kelvin HO and Andrew TSANG; (2015), Effec- tiveness of Loan-To-Value Ratio Policy and Its Transmission Mechanism Empirical Evidence From Hong Kong, HKIMR Working Paper, No.20 WANG, Bin and Tao SUN; (2013), How Effective Are Macro- prudential Policies in China?, IMF Working Paper Series, No. 13/75. ZHANG, Longmei and Edda ZOLI; (2014), Leaning Against the Wind: Macroprudential Policy in Asia, IMF Working Paper Series, No. 14/22.