TEORİ VE UYGULAMADA MERKEZ BANKASI ŞEFFAFLIĞI

Year 2008, Volume: 8 Issue: 30, 221 - 228, 10.06.2008

Hülya Kanalıcı Akay Mehmet Nargeleçekenler

https://doi.org/10.14783/maruoneri.679710

Abstract

Merkez Bankası şeffaflığı, son yıllarda para politikasının temel özelliklerinden biri haline gelmiştir. Merkez Bankası şeffaflığının artması, özel sektör belirsizliğini azaltır, ekonomik karışıklıkları istikrarlı hale getirmek için Merkez Bankasına daha çok esneklik verir, üretimin volatilitesini düşürür ve Merkez Bankacılarının hareketlerini sosyal olarak optimal hale getirir. Çalışmada Merkez Bankasının İnterbank Faiz Oranları üzerine olan şeffaflık etkisi ampirik olarak ortaya konulmaktadır. Ekonomik şeffaflık arttığında faizin azalacağı ve enflasyon ile faiz oranı arasındaki pozitif ve anlamlı ilişki nedeniyle enflasyonun da azalacağı görülmektedir. Sonuç olarak ekonomik şeffaflık daha etkin bir para politikası için uygun ve öngörülebilir bir ortam oluşturmaktadır.

Keywords

Merkez Bankası Şeffaflığı, Ekonomik Şeffaflık, Para Politikası, Enflasyon Oranı, Faiz Oranı

References

• [1] Faust, J. & Svensson, L.E.O. (2001). Transparency and Credibility: Monetary Policy with Unobservable Goals. International Economic Paper, 42(2), 369-397.
• [2] Faust, J. & Svensson, L.E.O. (2002). The Equilibrium Degree of Transparency and Control in Monetary Policy. Journal of Money, Credit and Banking, 34(2), 520-539.
• [3] Jensen, H. (2000). Optimal Degrees of Transparency in Monetary Policymaking. Working Paper, University of Copenhagen.
• [4] Geraats, P.M. (2001). Why Adopt Transparency? The Publication of Central Bank Forecasts. Working Paper No. 41, European Central Bank.
• [5] Tarkka, J. & Mayer, D.G. (1999). The Value of Publishing Offlcial Central Bank Forecasts. Discussion Paper 22/99, Bank of Finland.
• [6] Cuikerman, A. (2000). Are Contemporary Central Banks Transparent About Economic Models and Objectives and What Difference Does It Make? Working Paper, Tel-Aviv University.
• [7] Kuttner, K.N. & Posen, A.S. (2000). Inflation, Monetary Transparency, and G3 Exchange Rate Volatility. 1Vorking Paper 00-06, İnstitute for International Economics.
• [8] Cuikerman, A. (2000). Establishing a Reputation for Dependability by Means of Inflation Targets. (Eds.: Mahadeva, L. & Steme, G.). Monetary Frameworks in a Global Context. London: Routledge.
• [9] Chortareas, G.; Stasavage, D. & Steme, G. (2002). Does It Pay To Be Transparent? International Evidence From Central Bank Forecasts. The Federal Reserve Bank of St. Louis Review, 84(4), 99-118.
• [10] DeHaan, J. & Eijffmger, S.C.W. (2000). The Democratic Accountability of the European Central Bank: A Comment on Two Fairy-Tales. Journal of Comnton Market Studies, 38(3), 393-407.
• [11] Fry, M.J.; Julius, D.; Mahadeva, L.; Roger, S. & Steme, G. (2000). Key Issues in the Choice of Monetary Policy Framevvork. (Eds.: Mahadeva, L. & Steme, G.). Monetary Frameworks in a Global Context. London: Routledge.
• [12] Geraats, P.M. (2002). Central Bank Transparency. The Economic Journal, (112), 532-565.
• [13] Blinder, A.; Goodhart, C.; Hildebrand, P.; Lipton, D. & Wyplosz, C. (2001). “FIow Do Central Banks Talk? Geneva Report on the World Economy. Vol.3.
• [14] Bini-Smaghi, L. & Gros, D. (2001). Is the ECB Suffıciently Accountable and Transparent? CEPS Working Documeııt, No. 169.
• [15] Fracasso, A.: Genberg, H. & Wyplosz, C. (2003). How Do Central Banks Write? An Evaluation of Inflation Targeting Central Banks. Vol. Special Report 2 of Geneva Reports on the World Economy, Centre for Economic Policy Research.
• [16] Eijffmger, S.C.W. & Geraats, P.M. (2006). FIow Transparent Are Central Banks? European Journal of Political Economy, 22(2), 1-21.
• [17] Hallett, H.A.J. & Viegi, N. (2001). Credibility, Transparency and Asymmetric Information in Monetary Policy. CEPR Discussion Paper 2671.
• [18] Nolan, C. & Schaling, E. (1996). Monetary Policy Uncertainty and Central Bank Accountability. Working Paper, Bank of England, No. 54.
• [19] Clare, A. & Courtenay, R. (2001). What can we learn about monetary policy transparency from fınancial market data? Discussion Paper No. 06/01.
• [20] Blinder, A. (2000). Central Banking in Theory and Practice. Cambridge: MIT Press.
• [21] Gersbach, H. (2003). On the Negative Social Value of Central Banks’ Transparency. Economics of Governance, 4(2), 91-102.
• [22] Cuikerman, A. (2001). Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem. (Ed.: Wypolsz, C.). The Impact of EMU on Europe and the Developing Countries, Oxford: Oxford University Press.
• [23] Goodfriend, M. (1986). Monetary Mystique: Secrecy and Central Banking. Journal of Monetary Economics, 17(1), 63-92.
• [24] Gersbach, H. & Hahn, V. (2001a). Should Individual Voting Records of Central Bankers Be Published? Bundesbank Discussion Paper 02/01.
• [25] Gersbach, Fİ. & Hahn, V. (2001b). Voting Transparency and Conflicting Interests in Central Bank Councils. Bundesbank Discussion Paper 03/01.
• [26] Tabellini, G. (1987). Secrecy of Monetary Policy and the Variability of Interest Rates. Journal of Money, Credit and Banking, 19(4), 425-436.
• [27] Cuikerman, A. & Meltzer, A.H. (1986). A Theory of Ambiguity, Credibility and Inflation Under Discretion and Asymmetric Information. Econometrica, 54(5), 1099-128.