Zorunlu Karsiliklarin Para Politikasindaki Yeri

Abstract

[TR] Bu calismada, zorunlu karsiliklarin para politikasindaki yeri kuresel finans krizi sonrasinda olusan yeni iktisadi konjonkturun ortaya koydugu gereksinimler baglaminda incelenmektedir. Zorunlu karsiliklarin para politikasi acisindan onemi, zorunlu karsiliklarin, politika faizinin aksine yalnizca belirli faiz oranlari uzerinde etkili olmasindan oturu, sermaye akimlarini artirmadan sikilastirici para politikasi uygulama imkani tanimasindan kaynaklanmaktadir. Calismada, zorunlu karsiliklarin kredi ve mevduat faizleri uzerindeki etkisi maliyet ve likidite kanallari uzerinden irdelenmektedir. [EN] In this study, we examine the role of reserve requirements as a monetary policy tool in the backdrop of the requirements emerged as a result of the new economic environment following the global financial crisis. The importance of reserve requirements, unlike the policy rate, stems from its ability to affect only certain interest rates, hence allowing the central bank to pursue countercyclical monetary policy without attracting capital inflows. The effect of reserve requirements on credit and deposit rates is analyzed through cost and liquidity channels.