Unorthodox monetary poliy of Turkey after the global financial crisis

Küresel finansal kriz ertesinde gelişmiş ülkeler ciddi zorluklar yaşadılar ve aşırı parasal genişleme stratejisini kullandılar. Ayrışma bağlamında, gelişmekte olan ülkeler artan sermaye hareketleri sayesinde yüksek büyüme oranlarına ulaştılar. Bu yeni dönemde, fiyat istikrarı ve enflasyon hedeflemesi rejimini finansal istikrara duyarlı yeni bir para politikası ile ikame etme çabası görüldü. Türkiyede de merkez bankası ortodoks olmayan bir para politikasına yöneldi. Yeni para politikası faiz oranı koridoru ve rezerv opsiyon mekanizması gibi yeni araçları içermektedir. Bu çalışma finansal istikrarı dikkate alarak makroekonomik istikrarı korumayı amaçlayan ortodoks olmayan para politikasını ele almaktadır.

Küresel finansal kriz sonrası Türkiye de ortadoks olmayan para politikası

Abstract: Developed countries experienced serious difficulties after the global financial crisis and used an excessive monetary easing strategy. Due to the decoupling, developing countries recorded high growth rates through raising capital inflows. In this new era, there is an effort to replace the price stability and the inflation targeting regime with a new monetary policy sensitive to financial stability. Also the central bank headed an unorthodox monetary policy in Turkey. The new monetary policy includes new tools such as interest rate corridor and reserve options mechanism. This paper examines this unorthodox monetary policy aiming to sustain macroeconomic stability taking into account the financial stability.

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