CEMAC’ta Finansal Sektör Gelişiminin Parasal İstikrar Hedefine Etkisi

Araştırma, finansal sektör gelişimi ile parasal istikrar hedefi arasındaki ilişki üzerinde bankacılık istikrar politikalarının oynadığı rolü belirlemektedir. Gallic ve diğerleri (2017) tarafından oluşturulan enflasyon denklemi üzerinde Blundell ve Bond'un (1998) genelleştirilmiş momentler (GMM) sistemini uygulandığı araştırmada finansal sektör gelişiminin (kredi riski) istenmeyen etkilerinin CEMAC'ta enflasyon oranını artırdığını bulunmuştur. Bunun yanı sıra, literatürde alıntılanan finansal sektör gelişimi ile parasal istikrar hedefi arasındaki negatif ilişki CEMAC'ta tersine çevrilmemiştir. Parasal istikrarsızlığın temel nedeni olan kredi riskleri ve finansal sektör gelişiminin başlıca istenmeyen etkileri CEMAC'ta enflasyon oranını yükseltmektedir. Bu nedenle, CEMAC'ta bu risk enflasyonu artırdığından, politika yapıcıların finansal sektör gelişimiyle ilişkili artan kredi risklerini engellemeleri gerekmektedir.

Effect of Financial Sector Development on Monetary Stability Objective in CEMAC

The paper determines the role played by banking stabilization policies over the relationship between financial sector development and monetary stability objective. Applying generalised method of the moments (GMM) system of Blundell and Bond (1998) over the inflation equation constructed by Gallic and al (2017), we found that undesirable effects of financial sector development (credit risk) increase inflation rate in CEMAC. Besides, the negative relationship between financial sector development and monetary stability objective quoted in the literature is not reversed in CEMAC. The credit risks, the main cause of monetary instability and the main undesirable effects of financial sector development increase the inflation rate in CEMAC. Therefore, policymakers need to curb any increased of credit risks associated with financial sector development as this risk increase inflation in CEMAC.

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