Öz
2007 yılı sonlarında başlayan global finansal krizle birlikte, para politikası birçok zorlukla karşılaşmıştır. Finansal kriz, özellikle parasal aktarım mekanizmasında istikrarsızlık yaratarak para politikasının yürütülmesini zorlaştırmıştır. Ayrıca,
parasal birlik içerisinde, üye ülkeler arasındaki farklılıklar, belirsizlik ve karışıklığın artmasına neden olmuştur.
Avrupa Merkez Bankası’nı da içeren birçok merkez bankası finansal piyasaların sağlıklı bir şekilde işlemesini desteklemek üzere geleneksel ve geleneksel olmayan önlemler uygulamaya koymuşlardır.
AMB tarafından yürütülen geleneksel olmayan önlemler, bankalara limitsiz
fon desteğinin sağlanması, kabul edilebilir teminat listesinin genişletilmesi, teminatlı bonoların kesin alımlarının yapılması ve menkul kıymet piyasaları programı
aracılığıyla, Euro bölgesinde yapılan müdahalelerden oluşmaktadır.
Bu çalışmanın amacı, Amerika’da konut balonunun patlamasını takip eden
sub-prime krizi ve hala etkisini sürdüren ülke borç krizini içeren küresel finansal
krizi ve özellikle AMB’nin krizdeki rolünü incelemektir.
Anahtar Kelimeler
Kaynakça
- Bekaert, G., Hoerova, M. and Lo Duca, M. (2010), “Risk, Uncertainty and Monetary Policy,” CEPR Discussion Paper, No. 8154
- Blinder, Alan S. (2010), “How Central Should the Central Bank Be?”, CEPS Working Paper, No. 198
- Blundell-Wignall, A. and Slovik, P. (2011), “A market Perspective on the European Sovereign Debt and Banking Crisis”, OECD Journal, Financial Market Trends
- Borio, C. (2011), “Central banking post-crisis: What compass for unchartered waters?”, BIS Working Paper, No. 353, September
- Cooper, G. (2008), “The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy”
- Cşrdia, V. and Woodford, M. (2009), “Conventional and unconventional monetary policy”, CEPR Working Paper, No. 7514
- De Grauwe, P. and Gros, D. (2009), “A new two-pillar strategy for the ECB”, CESifo Working Paper, No. 2818
- Fahr, S., Motto, R., Rostagno, M., Smets, F. and Tristani O. (2011), “Lessons for monetary policy strategies from the recent past”, European Central Bank Event
- Fischer, B., Lenza, M., Pill, H. And Reichlin, L. (2009), “Monetary analysis and monetary policy in the euro area 1999-2006,” Journal of International Money and Finance, Elsevier, Vol. 28(7), pages 1138- 1164, November, 2009
- Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2012), “The ECB and the Interbank Market” Working Papers ECARES 2012-005
- Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2011), “Non-standard monetary policy measures and monetary developments”, CEPR Discussion Paper, No. 8125
- Lenza, M., Pill, H. and Reichlin, L. (2010), “Monetary policy in exceptional times,” CEPR Discussion Paper, No. 7669
- Mishkin, F.S. (2010), “Monetary policy strategy: Lessons from the crisis”, Paper presented at the ECB Central Banking Conference, “Monetary policy revisited: Lessons from the crisis”, Frankfurt, November 18-19.
- Jackson, James K. (2009), “The Financial Crisis: Impact on and Response by The European Union”, CRS Report
- Wyplosz, C. (2010), “The European debt crisis: Worrisome delusions”, December 2010
- Whelan, K. (2009), “The ECB Role in Financial Supervision”, European Pariıament Paper
- (2007), “Output Growth Differentials in the Euro Area: Sources and Implications”, ECB Monthly Bulletin Article, April 2007
- (2009), “Crisis and Recovery”, IMF World Economic Outlook, April 2009
- (2011), “Euro Bölgesi Çevre Ülke Ekonomilerinin Kırılganlıkları ve Bankacılık Sektörünün Karşılıklı Duyarlılıkları”, TCMB Ekonomi Notları, No:11/09
Öz
From the start of the crisis in summer 2007, monetary policy has faced a number of challenges. The financial crisis has complicated the implementation of monetary policy, in particular by creating instability in the transmission mechanism.
And, within a monetary union, differences between member countries have added
to the uncertainty and complexity. Many central banks, including the ECB, have put into effect not only conventional measures, in particular the key interest rate at which liquidity is injected
into the system, but also unconventional measures to support the functioning of
financial markets.
The unconventional measures, which have been maintained by the ECB and
called non-standard, comprised; the provision of unlimited funding support to
banks, extension of the list of eligible collateral, outright purchases of covered
bonds and interventions in the euro area debt securities markets through the “Securities Markets Programme”. The goal is to remedy the malfunctioning of the
money market connected to the increase in the counterparty risk premium that
has led to a substantial decrease in volume and liquidity.
The purpose of this paper is to mention the global financial crisis which consists of two episodes; sub-prime crisis that followed the collapse of the housing
bubble in the USA and the sovereign debt crisis which still keeps the effectiveness
and predominantly to discuss the role of European Central Bank in the crisis.
Anahtar Kelimeler
Financial Crisis European Central Bank Sovereign Debt Crisis
Kaynakça
- Bekaert, G., Hoerova, M. and Lo Duca, M. (2010), “Risk, Uncertainty and Monetary Policy,” CEPR Discussion Paper, No. 8154
- Blinder, Alan S. (2010), “How Central Should the Central Bank Be?”, CEPS Working Paper, No. 198
- Blundell-Wignall, A. and Slovik, P. (2011), “A market Perspective on the European Sovereign Debt and Banking Crisis”, OECD Journal, Financial Market Trends
- Borio, C. (2011), “Central banking post-crisis: What compass for unchartered waters?”, BIS Working Paper, No. 353, September
- Cooper, G. (2008), “The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy”
- Cşrdia, V. and Woodford, M. (2009), “Conventional and unconventional monetary policy”, CEPR Working Paper, No. 7514
- De Grauwe, P. and Gros, D. (2009), “A new two-pillar strategy for the ECB”, CESifo Working Paper, No. 2818
- Fahr, S., Motto, R., Rostagno, M., Smets, F. and Tristani O. (2011), “Lessons for monetary policy strategies from the recent past”, European Central Bank Event
- Fischer, B., Lenza, M., Pill, H. And Reichlin, L. (2009), “Monetary analysis and monetary policy in the euro area 1999-2006,” Journal of International Money and Finance, Elsevier, Vol. 28(7), pages 1138- 1164, November, 2009
- Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2012), “The ECB and the Interbank Market” Working Papers ECARES 2012-005
- Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2011), “Non-standard monetary policy measures and monetary developments”, CEPR Discussion Paper, No. 8125
- Lenza, M., Pill, H. and Reichlin, L. (2010), “Monetary policy in exceptional times,” CEPR Discussion Paper, No. 7669
- Mishkin, F.S. (2010), “Monetary policy strategy: Lessons from the crisis”, Paper presented at the ECB Central Banking Conference, “Monetary policy revisited: Lessons from the crisis”, Frankfurt, November 18-19.
- Jackson, James K. (2009), “The Financial Crisis: Impact on and Response by The European Union”, CRS Report
- Wyplosz, C. (2010), “The European debt crisis: Worrisome delusions”, December 2010
- Whelan, K. (2009), “The ECB Role in Financial Supervision”, European Pariıament Paper
- (2007), “Output Growth Differentials in the Euro Area: Sources and Implications”, ECB Monthly Bulletin Article, April 2007
- (2009), “Crisis and Recovery”, IMF World Economic Outlook, April 2009
- (2011), “Euro Bölgesi Çevre Ülke Ekonomilerinin Kırılganlıkları ve Bankacılık Sektörünün Karşılıklı Duyarlılıkları”, TCMB Ekonomi Notları, No:11/09
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Eğitim ve Toplum Sayı 1 |
| Yazarlar | |
| Yayımlanma Tarihi | 13 Ağustos 2014 |
| Gönderilme Tarihi | 9 Nisan 2015 |
| Yayımlandığı Sayı | Yıl 2012 Cilt: 1 Sayı: 1 |
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