Paranın orijini, para arzı içselliği ve ödemeler bilançosu ilişkisi: Post Keynesyen yaklaşım

Year 2020, Volume: 13 Issue: 4, 824 - 839, 01.10.2020

Yelda Tekgül

https://doi.org/10.25287/ohuiibf.735910

Abstract

Para nesnesinin orijini ile ilgili tartışmalar ortodoks ve heterodoks olarak iki ayrı akımda temsil edilmektedir. Ortodoks akım Metalist yaklaşım olarak ifade edilirken paraya mübadele aracı olarak bakmakta, heterodoks akım ise Cartalist olarak adlandırılmakta ve para olarak tanımlanan nesnede otorite olgusunu öne çıkarmaktadır. Ortodoks akım para arzını halkın para tutma tercihlerine göre merkez bankası tarafından artırılıp azaltılabilen stok ve dışsal bir değişken olarak görmekte ve para sadece işlem amaçlı talep edilmektedir. Bu akım içerisinde yer alan ve ödemeler bilançosunu analize katan Mundell-Fleming Modeli (MFM), para arzını sadece sabit döviz kuru sisteminde içsel kabul etmektedir. Çalışmada amacımız açık bir ekonomide para arzının içselliğini, yatırım ve üretim sürecinin tamamen parasal bir ekonomi içerisinde gerçekleştiğine dayandıran ve heteredoks akım içerisinde yer alan Post Keynesyen iktisat (PKİ) çerçevesinde ele almaktır. Bu çerçevede açık ekonomiler için alternatif bir açıklama getiren telafi etme tezi (compensation thesis), Post Keynesyenlerin para arzının içselliği açıklamalarında önemli bir yer tutmaktadır. Telafi etme tezi, para arzının içselliği konusunda MFM’den tamamen farklı yeni bir açılım getirmiştir. Bu açılımda overdraft (açık kredi) ve asset-based (varlığa dayalı) olarak iki tür finansal sistem tanımlanmaktadır. PK’de her iki sistemde de para arzının içselliği geçerliliğini sürdürebilmektedir. Bu görüşler MFM’de ele alınan para arzının içselliği yaklaşımına karşı çıkmakta ve aynı zamanda esnek kur sisteminde varlığını sürdüren para arzının dışsallığı da kabul görmemektedir.

Keywords

Ödemeler Bilançosu, Mundell-Fleming Modeli, Para Arzının İçselliği

The origin of the money, endogeneity of money supply and balance of payments: Post Keynesian approach

Abstract

Discussions about the origin of the money object are represented in two separate streams as orthodox and heterodox. Orthodox flow is expressed as a Metallist approach while looking at money as a means of exchange, heterodox flow is called Cartalist and emphasizes the phenomenon of authority in the object defined as money. Orthodox current sees the money supply as an inventory and external variable that can be increased and decreased by the central bank (CB) according to the money holding preferences of the people and money is demanded only for transaction purposes. The Mundell-Fleming Model (MFM), which is included in this flow and adds the balance of payments to analysis, accepts the money supply only endogenously in the fixed exchange rate system. The aim of this study is to explain the endogenity of money supply in an open economy within the framework of Post Keynesian economics (PKI), which is based on the fact that the investment and production process takes place in a purely monetary economy. In this framework, compensation thesis which provides an alternative explanation for open economies has brought about a new expansion that is completely different from the MFM. In this expansion, two types of financial systems are defined as overdraft and asset-based. The endogeneity of the money supply in both systems in the PK can continue to be valid. These opinions oppose the endogeneity approach of the money supply discussed in MFM, and concurrently, the externality of the money supply which exists in the flexible exchange system is not accepted.

Keywords

Balance of Payments, Mundell-Fleming Model, Endogeneity of Money Supply

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