Effects of Macro-Prudential Policies on Macro-Financial Stability

Burhan Biçer, Fikret Dülger, Almıla Burgaç
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Abstract

The 2008 global crisis, which emerged in the financial markets and spread to the real economy, and the subsequent developments revealed the inefficiency of traditional monetary policies for financial stability and led to the use of macro prudential policy (MPP) tools that also target financial stability. As in many countries affected by the crisis, various MPPs have been implemented in the Turkish economy in order to prevent the spread of negative shocks arisen from credit expansion, capital movements affecting asset prices and credit financing quality, and the banking system throughout the economy. In this context, it becomes important whether MPPs, which increased after 2010 and require the efficiency of the credit-asset channel, contribute to macro-financial stability. Therefore, in this study, it is aimed to investigate the possible effects of MPPs implemented in the Turkish economy on selected variables such as capital movements, credit expansion, production and especially inflation for the period 2010-2021 using VAR analysis. The findings support the use of these policies for macro-financial stability.
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宏观审慎政策对宏观金融稳定的影响
2008年全球金融危机在金融市场爆发并蔓延到实体经济,随后的事态发展揭示了传统货币政策对金融稳定的低效作用,并导致了同样以金融稳定为目标的宏观审慎政策(MPP)工具的使用。与许多受危机影响的国家一样,土耳其经济中实施了各种mpp,以防止信贷扩张、影响资产价格和信贷融资质量的资本流动以及整个经济中的银行体系所产生的负面冲击蔓延。在此背景下,在2010年之后增加并要求信贷-资产渠道效率的mpp是否有助于宏观金融稳定变得非常重要。因此,在本研究中,它的目的是调查在土耳其经济中实施的mpp对选定变量的可能影响,如资本流动、信贷扩张、生产,特别是2010-2021年期间的通货膨胀。研究结果支持使用这些政策来维持宏观金融稳定。
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