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New Monetary Policy Concept and Financial Stability


The Monetary Policy that was designed with only one objective and one tool has been replaced with extraordinary implementation after 2008 financial crisis. Financial instability played an important role in this policy change. It was believed that price stability provided financial stability. The crisis showed that price stability is not a sufficient condition for macro stability. Price stability is necessary, but not enough for financial stability. Financial stability represents the entire financial system, not a financial institution. Financial instability also creates negative impact on the real sector, and it is inevitable according to Minsky's Financial Instability Hypothesis. Due to the globalization, this negative effect is spread to other countries.

In order to provide financial stability is required macro-financial regulation and supervision. Financial imbalances weighed significantly on monetary policy decision during the crisis. For this period, as Central Banks set financial stability in their goals, this new target requires a new tool named macro-prudential policy. Macro-prudential policy tools such as capital and liquidity requirements, credit growth restrictions and loan eligibility criteria (loan-to-value (LTV), debt-to-income (DTI)) reduce financial fragility. Instead of micro-regulations, the macro-prudential policy is applied to the financial system as a whole.

The connection between monetary policy and macro-prudential policy is one of the central issues. Decision-making structures may be either two separate authorities or under the same roof. There are different country’s practices. Information sharing and policy coordination determine the success of the policy.

Passing away effects of the crisis, countries began to work some practices about monetary policy that is in extraordinary conditions for normalizing. This raises the question of whether extraordinary practices should also be used in tranquil times. There is an intense discussion about what shape monetary policy should take once economic and financial conditions have settled down into the post-crisis ‘‘new normal’’. This study aimed to inform processing with normalizing monetary policy and refers to the current debate. For this purpose, it has tried to explain the concept of financial stability. And then it has given information about changing the role of monetary policy and macro-prudential policy. Last, the study has ended with debates regarding the final version monetary policy.


Financial stability, defined as global public property by UNDP and World Bank, is discussed firstly in this paper. Then, this paper  informs about macro-prudential policy and how to deal with the problem of financial instability. It explains how to use two policies to reach two targets. It expresses harmony and coordination between policy makers. How to be formed new monetary policy is the main theme of the study. With this aim, a literature review about the subject has been carried out.

3.Result and Discussion

This paper concluded that instruments which are used for financial stability are unique and inefficient. It requires that monetary policy is in coordination with macro-prudential policy. Giving up price stability is no necessary for financial stability. Inflation targeting regime can be modeled to include financial stability. Some economists, such as Woodford has been working in this direction (Woodford, 2009).

It showed that macro-prudential policy was practiced by some countries before the financial crises. Some countries such as Bulgaria, Croatia, Estonia and Ukraine practiced capital and liquidity requirements. In addition, loan eligibility criteria applications were also observed in Spain and Poland. Credit growth limits practiced in Korea and Hong Kong were effective in reducing consumption. Required reserves in Peru and LTV in Brazil are the other practices. After the crises, required reserve practice, interest rate corridor and reserve option mechanism (ROM) may be defined as macro-prudential practices in Turkey. This may include the credit limit applied by the Central Bank of  the Republic of  Turkey (CBRT) and the Banking Regulation and Supervision  Agency (BRSA).

Another conclusion of the study is who will be in charge of monetary and macro-prudential policy decision makers. General situation in the country is faced with two applications. The first is that the central bank collected all the powers. This practice used in the United States is also seen in New Zealand. The second one is that they take a joint decision by the central bank regulatory and supervisory agencies in the form of a coordinating unit. Practices in the EU countries are close to the solution. There is a finance committee in Latin America countries such as Chile, Mexico, and Uruguay. In Turkey, the financial stability committee consisting of Treasury, BRSA, Capital Markets Board (CMB), Saving Deposits Insurance Fund (SDIF) and CBRT is responsible for ensuring financial stability.


We believe that the financial crisis has expanded the role of the central bank crisis and its framework. Central banks should limit the market liquidity facilities, on the one hand, financial facilities provided to institutions outside the banking sector should be restricted on the other hand. It should supervise both price and financial stability. Instead of controlling money, liquidity control is important. So an examination of the theoretical background emerges as a need.

After the crisis, many countries begin to prepare a new model of monetary policy dubbed as 'New Normal’ to regulate their economic and financial structures. Policy authority should choose the right toolkits providing both price and financial stability. It is no doubt that the toolkit consists of monetary and macro-prudential policies. Our study proposes that it should pay attention to policy coordination and timing of the exit strategy of new monetary policy.

Anahtar Kelimeler
New Monetary Policy Concept and Financial Stability


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