Para politikalarının uygulanmasında faiz koridoru sistemi ve Kanada, İngiltere ve Yeni Zelanda deneyimleri

Finansal araçların, aracıların ve krizlerin sayısındaki artıştan dolayı Merkez Bankaları, 2000’li yılların başından itibaren, fiyat istikrarı ile beraber finansal istikrar hedefine de odaklanmaya ve finansal istikrarın da fiyat istikrarı ile birlikte para politikalarının birincil amacı olarak kabul edilmesi gerektiğini kabul etmeye başladılar. Bununla birlikte Merkez Bankaları, fiyat istikrarı ile birlikte finansal istikrarı sağlamak için para politikası araç setinde bazı değişiklikler yapmak zorun- da kaldılar. Bir para politikası stratejisi olarak koridor uygulaması, karmaşık bir finansal ve ekonomik sistem içerisinde, Merkez Bankalarının aynı anda hem fiyat istikrarına hem de finansal istikrara odaklanmalarını mümkün kılan bir sistemdir. Bu makalede, koridor sisteminin teori ve uygulamada nasıl çalıştığı konusu in- celenecektir.

Interest rate corridor system in implementing monetary policies and the Experiences of Canada, England and New Zealand

Because the number of financial instruments, intermediaries and crises has inc- reased, many central banks started to accept that they should focus on financi- al stability along with price stability, and that securing financial stability should be primary objective of monetary policies since the beginning of the 2000’s. Howe- ver, in order to secure financial stability along with price stability, central banks were obligated to make some changes in monetary policy toolkit. As a monetary policy framework, corridor application enables central banks to focus on both price and financial stability simultaneously in a complex financial and economic system. In this article, it will be examined that how a corridor system works in theory and practice.

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