Financial stability and central banks: Can central banks secure financial stability?

1980lerden beri tüm dünyada finansal sistem hem finansal araçların hem de finansal araçların sayısı bağlamında çok hızlı bir şekilde büyümektedir. Ve bu hızlı büyüme finansal sistemi çok karmaşık bir hale getirmektedir. Bu karmaşık finansal sistem merkez bankalarını yeni nihai hedefler bulmaları için zorlamaktadır. Nihai hedefler bağlamında, 1990lardan günümüze kadar fiyat istikrarı ve finansal istikrar olmak üzere iki temel hedef ve bu hedeflere ilişkin iki temel yaklaşım söz konusudur. Bu yaklaşımlardan birincisine göre, merkez bankaları hem fiyat istikrarını hem de finansal istikrarı sağlamayı kendi sorumluluğu olarak kabul etmelidirler. Diğer görüşe göre ise, merkez bankaları sadece fiyat istikrarını kendileri için birincil hedef olarak kabul etmeli, finansal istikrarın sağlaması için ise yeni bir kurum oluşturulmalıdır.

Finansal istikrar ve merkez bankaları: Merkez bankaları finansal istikrarı sağlayabilirler mı?

The financial system around the world has been growing very fast in terms of the number of agents and instruments since the 1980s, and this growth has made the financial system very complex. This new complex financial environment has forced central banks to find new ultimate targets. In the context of ultimate targets, there have been two important targets since the 1990s: price stability and financial stability. In this regard, there are two viewpoints related to central banks responsibities. According to one of these views, central banks should accept both price stability and financial stability as their own responsibities. The other view argues that a central bank has to accept only price stability as its primary objective, and a new institution must be established in order to secure the financial stability objective.

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