2008 Küresel Krizi ve Değişen Para Politikaları: Dünyada ve Türkiye’de Faiz Koridoru Uygulaması

Hemen hemen tüm dünya ekonomileri geride bıraktığımız yaklaşık son 10 yılda,

Anahtar Kelimeler:

Faiz Koridoru, Küresel Ekonomik Kriz, Merkez Bankası, Para Politikası

2008 Global Crisis and Changing Monetary Policy: The Practise of Interest Rate Corridor in the World and Turkey

Almost every world economies has diversified the opportunities of marketinterventions in the last 10 years by developing different monetary policies than theexisting ones, in result of the economic crisis that was experienced heavily. The crisisthreatened the financial stability in Turkey and other developing countries. Also, outof the practice of traditional monetary policy, the crises brought up the search of amore flexible policy that enables to react to shocks rapidly.In the second half of 2008, as a result of Lehman Brothers bankruptcy a global crisisoccured, which was considered as a financial crisis at first but then affected the realsector. In this crisis, along with the world central banks, the Central Bank of theRepublic of Turkey too added cylical tools such as interest rate corridor and liquiditymanagement to the tools of monetary policy like open market operations, which isused traditionally, and discount rate policy. Consequently, as a monetary authority,central banks both expanded their scope, directed to market, and expedited the processof adopting to unexpected economical developments and involving the situationeasily.Since the beginning of 2011, the CBT, has applied interest rate corridor and fundingpolicy that were not practised before, in order to react to the financial volatility intime. According to this, it is aimed to swap the composion of short term fund, whichis provided by central bank, to high frequencies and so market rate may deviate fromthe funding rate of central bank, when needed.In this study; it was aimed to contribute to get a better understanding on interest ratecorridor tools, which may be defined as a window between the monetary policy, whichCBT applied, as result of global crisis and global economical developments, in orderto effect the financial stability, that added to price stability goals and overnightborrowing - lending rates of central banks in the private and also on the effects ofinterest rate corridor tool.

Keywords:

Central Bank, Global Economic Crisis, Interest Rate Corridor, Monetary Policy,

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