Cilt 7, Sayı 12, Sayfalar 227 - 243 2015-04-20

PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME

Mete YAĞMUR [1]

522 420

This paper analyzes the run up of the financial crisis from monetary policy point of view. After showing that the Taylor rule closely conforms to policy interest rate setting practices of the Federal Reserve System (Fed) from 1987 onwards, we use the Taylor rule in order to represent the Fed’s interest rate setting policy. Utilizing cumulative sum (cusum) and Chow forecast tests we show that starting from the early 2000s the Fed started to follow a loose monetary policy. We argue that loose monetary policy and the consequent excess liquidity in the markets, accompanied by easy credit policies and deregulation in the financial system helped to fledge a housing bubble and hence the 2007-08 global financial crisis. We also discuss unconventional monetary policies during the crisis period and the desire of the Fed to return to normal time policies as the economic situation improves
Bu çalışma küresel finansal krize giden süreçte Amerika Merkez Bankası’nın (Fed) izlediği para politikasını incelemiştir. Taylor kanununun Fed’in politika faiz oranlarını belirlemesini başarılı bir şekilde açıkladığını gösterdikten sonra Taylor kanununu para politikası analizimiz için kullandık. Krize giden süreçte Fed’in politikalarında bir kırılma olup olmadığını ardışık kalıntılar toplamı (cusum) ve Chow testleriyle sınadık. Test sonuçları bize 2003 yılından itibaren Fed’in genişleyici bir para politikası takip ettiğini gösterdi. Bu çalışmada, genişleyici para politikası ve likidite bolluğuna eşlik eden bankaların kolay kredi verme politikalarının bir konut balonuna ve nihayetinde 2007-08 küresel finansal krizine yol açtığı tartışıldı. Son olarak da, kriz boyunca takip edilen geleneksel olmayan para politikalarından ve geleneksel para politikalarına dönme eğiliminden bahsedildi.
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Yazar: Mete YAĞMUR
E-posta: myagmur@ticaret.edu.tr

Bibtex @ { marufacd4623, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, address = {Marmara Üniversitesi}, year = {2015}, volume = {7}, pages = {227 - 243}, doi = {10.14784/jfrs.96105}, title = {PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME}, language = {tr}, key = {cite}, author = {YAĞMUR, Mete} }
APA YAĞMUR, M . (2015). PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME. Finansal Araştırmalar ve Çalışmalar Dergisi, 7 (12), 227-243. DOI: 10.14784/jfrs.96105
MLA YAĞMUR, M . "PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME". Finansal Araştırmalar ve Çalışmalar Dergisi 7 (2015): 227-243 <http://e-dergi-marmara.dergipark.gov.tr/marufacd/issue/509/4623>
Chicago YAĞMUR, M . "PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME". Finansal Araştırmalar ve Çalışmalar Dergisi 7 (2015): 227-243
RIS TY - JOUR T1 - PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME AU - Mete YAĞMUR Y1 - 2015 PY - 2015 N1 - doi: 10.14784/jfrs.96105 DO - 10.14784/jfrs.96105 T2 - Finansal Araştırmalar ve Çalışmalar Dergisi JF - Journal JO - JOR SP - 227 EP - 243 VL - 7 IS - 12 SN - 1309-1123- M3 - doi: 10.14784/jfrs.96105 UR - http://dx.doi.org/10.14784/jfrs.96105 Y2 - 2017 ER -
EndNote %0 Finansal Araştırmalar ve Çalışmalar Dergisi PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME %A Mete YAĞMUR %T PARA POLİTİKASI VE 2007-2008 KÜRESEL FİNANSAL KRİZİ: GENEL BİR DEĞERLENDİRME %D 2015 %J Finansal Araştırmalar ve Çalışmalar Dergisi %P 1309-1123- %V 7 %N 12 %R doi: 10.14784/jfrs.96105 %U 10.14784/jfrs.96105