Covid-19 Salgını Çerçevesinde Modern Para Teorisi ve Helikopter Para Yaklaşımının Değerlendirilmesi

Year 2022, Volume: 6 Issue: 1, 147 - 181, 29.08.2022

Zeki Akbakay

https://doi.org/10.33399/biibfad.940037

Abstract

Ülkeler Covid-19 pandemisinin yol açtığı ekonomik krizin etkilerini yumuşatmak için çeşitli önlemler almaktadırlar. Bunlardan biri de açıklanan mali teşvik paketleridir. Özellikle gelişmiş ülkelerin uygulamaya koydukları mali teşvik önlemlerinin önemli bir kısmı Modern Para Teorisi’nin bir uygulaması olarak kabul edilen “helikopter para” uygulaması şeklindedir. Helikopter para uygulamasının temel hedefi kriz döneminde azalan toplam talebi canlandırarak ekonominin derin bir resesyona girmesini önlemektir. Bu yüzden helikopter paranın öncelikle hane halkı tüketimini artırıp tasarruf oranlarını düşürmesi beklenmektedir. Bu beklentinin gerçekleşmesi enflasyon oranlarının artması ile sonuçlanabilir. Bu çalışmanın amacı, 2008 küresel ekonomik krizi ile birlikte popüler olan Modern Para Teorisi ve bunun bir uygulaması olan helikopter para tüketim, tasarruf ve enflasyon üzerindeki etkilerini Covid-19 süreci çerçevesinde değerlendirmektir. Gelişmiş ülkelerdeki devasa mali teşvik önlemlerine rağmen tüketim harcamalarının düştüğü, tasarrufların ise arttığı görülmektedir. Bu durum enflasyon oranlarının düşmesine neden olsa da, aşılama düzeyinin yeterli bir seviyeye ulaşması ve kısıtlamaların gevşetilmesi ile birlikte ertelenen talep ve artan tasarrufların enflasyon oranlarını istenmeyen bir noktaya yükselteceği değerlendirilmektedir. Bu yüzden toplam talebi artırmak ve enflasyonda ani artışları önlemek için mali teşviklerin yanında ekonomik güven ortamını sağlayan ve belirsizlikleri ortadan kaldıran önlemlerin alınması gerekmektedir.

Keywords

Covid-19, modern para teorisi, helikopter para, mali teşvik

Evaluation of Modern Monetary Theory and Helicopter Money Approach in The Framework of The Covid-19 Pandemic

Abstract

Countries are taking various measures to moderate the effects of the economic crisis caused by the Covid-19 pandemic. One of them is the announced fiscal stimulus packages. An important part of these fiscal stimulus measures put into practice mostly in developed countries is in the form of "helicopter money", which is accepted as an application of the Modern Monetary Theory. The main goal of the helicopter money application is to prevent the economy from entering a deep recession by stimulating the total demand that decreased during the crisis period. Hence, helicopter money is expected to increase household consumption and lower savings rates primarily. The realization of this expectation may result in an increase in inflation rates. The purpose of this study is to evaluate the effects of the Modern Monetary Theory and its application, the helicopter money, on consumption, saving and inflation within the framework of The Covid-19 process. Despite the huge fiscal stimulus measures in developed countries, it is observed that consumption expenditures decreased and savings increased. Although this situation causes the inflation rates to decrease, it is considered that the deferred demand and increased savings will increase the inflation rates to an undesirable point after the vaccination level reaches a sufficient level and the restrictions are relaxed. Therefore, in order to increase aggregate demand and prevent sudden increases in inflation, besides fiscal incentives, it is necessary to take measures that provide an environment of economic confidence and eliminate uncertainties.

Keywords

Covid-19, modern monetary theory, helicopter money, fiscal stimulus

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