THE LOGIC OF THE CURRENCY BOARD MONETARY REGIME

Para Kurulu yasal olarak sabitlenmiş bir kur ve ulusal paraya tam kapsama getiren bir para rejimidir. Tam kapsama güçlü bir rezerv para birimi cinsinden yüksek miktarda likidite bulundurulması ve ulusal otoritenin aktif para politika uygulamalarını terk etmesini içerir. Bununla amaçlanan güvenilirliği arttırmaktır. Para kurulu ödemeler dengesi dinamikleri ile ifade edilen ulusal ekonominin performansının teorik işleyişini göstermektedir. Kısa vadede para kurulu ekonomik dengeleme politikaları, enjlasyonla mücadele, ekonomiyi canlandırma ve sıkı bütçe uygulamaları konularında katkı sağlamaktadır. Para kurulu dövizin ulusal para ile ikamesini ifade etmekte ve en zor kur çapalardan (peg) birisi olarak kabul edilmektedir. Böylelikle, para kurulu uygulamaları, parasal prosedürler aracılığı ile parasal ürünler ve ekonomik ajanların rasyonel davranışları arasında sağlanan hayati bağı koparmış, engellemiş olur. Sonuç olarak para kurulu sürekli reel kur artışları aracılığıyla bağıl fiyat bozulması (distortion) sağlar. Para kurulu, merkez bankalarının para politikaları sonucunda gizlenen veya ötelenerek ileride daha büyük finansal sorunları veya "dolarlaştırma / avrolaştırma" nedeniyle yabancı para politikalarına bağımlı hale gelmeyi engeller.

Anahtar Kelimeler:

Currency Board, monetary procedure, hard peg exchange rate, relative price system distortion

THE LOGIC OF THE CURRENCY BOARD MONETARY REGIME

The Currency Board (CB) is a particular monetary regime combining legally set fixed exchange rate and full coverage of domestic currency by highly liquid holdings in a stable reserve currency with an explicit relinquishment of active monetary policy by national monetary authorities aiming at enhancing and making this commitment more credible. It exhibits the theoretical functioning of an automatic mechanism linking the performances of the domestic economy as represented by the balance of pay men ts dynamics providing reserve currency to the Currency Board and the money supply dynamics based on it. In the short-run such a political decision largely contributes to stabilisation policies and exhibits significantly positive results in fighting injlation, rejlating economic activity and setting hard budget constraints to all economic agents. Although it is often related as the hardest of all pegs, it is argued here that it is but a mere monetary substitution of external to domestic currency thus breaking the necessary or even vital link provided by the monetary procedure, as a relation between the monetary product and the economic behaviour of economic agents. Therefore the CB introduces a relative-price distortion through a continuous real exchange rate appreciation. It consists therefore in hiding and postponing economic troubles amplified by the necessity of an exit strategy towards discretionary managed monetary policy by the Central Bank or dollarization / euroization and total dependence on foreign discretionary monetary policy.

Keywords:

Currency Board, monetary procedure, hard peg exchange rate, relative price system distortion,

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