İÇİNDEKİLER
Preface vii List Of Symbols xiii Chapter 1: INTRODUCTION 1 1.1. NEED FOR MONETARY POLICY 1 PART I
BASIC CONCEPTS Chapter 2: DEFINITIONS AND CONCEPTS 39 3.1 THE CENTRAL BANK OF THE REPUBLIC OF TURKEY (CBRT OR C.B. IN SHORT) 40 3.2 MONETARY POLICY TOOLS 46 3.2.1 Reserve Requirement Ratio 47 3.2.2 Bank Liquidity Requirement 58 3.2.3 Open Market Operations 72 3.2.4 Discount Rate 75 3.2.5 Interest Rate On Deposits 80 3.2.6 Moral Suasion 85 3.2.7 Import Deposits 85 3.2.8 Margin Requirements 86 3.2.9 Selective Credit Control 86 3.2.10 Foreign Currency Surrender Ratio 88 Appendix 1: INTERBANK MONEY MARKET - FOREIGN EXCHANGE
MARKET - GOLD MARKET 91 Appendix 2: MAJOR POLICY CHANGES AND THE RELATED
STABILIZATION PACKAGES 99 Chapter 4: TURKISH FINANCIAL SYSTEM OUTSIDE OF THE CBRT 129 4.1 DEPOSITORY INSTITUTIONS 129 4.1.1. State Banks 136 4.1.2. Private Banks 136 4.1.3. Foreign Banks 138 4.2 FINANCIAL SERVICE INSTITUTIONS 138 4.2.1 Stock Exchanges 138 4.2.2. The Money Lending Brokers 152 4.3 OTHER FINANCIAL INSTITUTIONS WHICH HAVE NO AUTHORITY TO CREATE
MONEY 154 4.3.1 Investment and Development Banks 154 4.3.2 Credit Cooperatives 166 4.3.3 Insurance Companies 166 4.3.4 Mutual Funds 166 4.3.5 Investment Trusts 170 4.3.6 Venture Capital Investment Trust 171 4.3.7. Real Estate Investment Trust 173 4.4. SEMIFINANCIAL INSTITUTIONS 174 PART III
MONEY SUPPLY ANALYSIS Chapter 5: MONEY SUPPLY 181 5.1. DEFINITION OF MONEY 181 5.1.1. The Conventional Approach 181 5.1.2. The Chicago Approach 182 5.1.3. The Gurley and Shaw Approach 182 5.2. MONETARY ANALYSIS AND THE ESTIMATION OF MONEY SUPPLY IN TURKEY 184 5.3. MONEY STOCK DEFINITIONS USED BY THE CENTRAL BANK OF THE REPUBLIC
OF TURKEY 185 Chapter 6: RESERVE MONEY – MONETARY BASE AND THE CENTRAL
BANK MONEY 193 6.1. C.B. BALANCE SHEET (Statement) 199 6.1.1 Assets 199 6.1.2. Liabilities 203 6.2 RESERVE MONEY-MONETARY BASE-CENTRAL BANK MONEY 219 6.2.1 General Mechanism 223 6.2.2. C.B. Balance Sheet And Derivation Of Alternative Monetary Aggregates For Turkey 224 6.3. AVERAGE AND RELATIVE CONTRIBUTIONS OF ITS COMPONENTS TO THE
CHANGE IN RESERVE MONEY 229 6.4 CHOOSING THE MONETARY AGGREGATE TO BE MONITORED 230 6.4.1 Monetary Aggregate Monitored by the Central Bank 231 6.5. TARGETS OF THE 1990 MONETARY PROGRAM REGARDING THE C.B.
BALANCE SHEET 232 Appendix 1: CONVERTIBLE TURKISH LIRA DEPOSIT ACCOUNTS (CTLDs) 233 Chapter 7: MONETARY EXPANSION MECHANISM 239 7.1 DEPOSIT AND LOAN MULTIPLIERS 239 7.1.1 Deposit Multiplier 239 7.1.2 Loan Multiplier 243 7.1.3 Relaxing Assumptions and the Deposit and Loan Multipliers 244 7.1.3.1 Deposit Multiplier 244 7.1.3.2 Loan Multiplier 249 7.2 MONEY MULTIPLIER 252 7.2.1 Money Multiplier in General 252 7.2.1.1 Money Multiplier for M1 252 7.2.1.2 Money Multiplier for M2 252 7.2.2 Money Supply Prediction Using the Multiplier 253 7.2.2.1 Money Supply Prediction Using Reserves 253 7.2.2.2 Money Supply Prediction Using The High Powered Money 253 7.2.3 Money Multiplier for the Special Case of Turkey 254 7.2.3.1 Role of Government Deposits In The Money Multiplier 254 7.2.3.2 Derivation Of The Formulae Of The Money Multiplier For Turkey 255 7.3 DETERMINANTS OF THE MONEY SUPPLY 257 7.4 DERIVATION OF THE FORMULAE TO ESTIMATE THE SOURCES OF THE CHANGE IN
THE MONEY STOCK 258 Chapter 8: AN APPLICATION THE MONEY STOCK DETERMINATION IN TURKEY (19962001) 265 8.1 BASE MONEY (RESERVE MONEY (RM)) 268 8.2 THE MONEY MULTIPLIER 277 8.3 MONEY MULTIPLIER-MONEY SUPPLY ESTIMATION AND CONTRIBUTION OF ITS DETERMINANTS TO THE CHANGE IN MONEY SUPPLY 278 PART IV
DEMAND FOR MONEY Chapter 9: THEORIES OF THE DEMAND FOR MONEY 291 9.1 THE MONETARIST APPROACH 291 9.1.1 Classical Quantity Theory 292 9.1.1.1 Irving Fisher's Version of the Classical Quantity Theory 292 9.1.1.2 Cambridge Approach (A.C. Pigou's version of the Classical Quantity Theory) 296 9.1.2 Modern Quantity Theory 298 9.2. NEOKEYNESIAN THEORIES 303 9.2.1 The Liquidity Preference Approach 304 9.2.1.1. The Liquidity Preference Approach Generally Stated 304 9.2.1.2 Regressive Expectations Model 308 9.2.1.3 Refinement in the Liquidity Preference Theory 312 9.2.2 Portfolio Balance Approach 312 9.2.3 Wealth Adjustment Approach 314 9.2.3.1 The Demand For Money Equation In The Wealth Adjustment Approach 314 9.2.3.2 Prediction of "V" and Income 315 9.3 COMPARISON OF THE DIFFERENT THEORIES OF THE DEMAND FOR MONEY 315 Chapter 10: DEMAND FOR MONEY EQUATION 321 10.1 SPECIFICATION OF THE DEMAND FOR MONEY EQUATION 321 10.2 MONEY DEMANDVELOCITYMONETARY TARGETING 324 10.2.1 ShortRun And LongRun Demand For Money Functions 325 10.2.2. The Velocity (V) Function 328 10.2.3. Velocity and Monetary Targeting 329 10.3 DATA AND EMPIRICAL PROBLEMS 329 10.3.1 Demand For Money Equation and the Identification Problem 329 10.3.2. Data 330 10.4 THE DEMAND FOR MONEY EQUATION FOR TURKEY 336 PART V
INTEREST RATE Chapter 11: THE INTEREST RATE THEORY AND MATHEMATICS OF
FINANCIAL ANALYSIS 359 11.1 THE THEORY ON THE DETERMINATION AND FUNCTIONS OF INTEREST RATE 359 11.1.1 The Classical Interest Rate Theory 359 11.1.2 Wicksell's Loanable Funds Theory 359 11.1.3 Keynesian Interest Rate Theory 360 11.1.4 HicksHansen's NeoKeynesian Synthesis 361 11.1.5 Tobin's Portfolio Theory of Interest Rate 361 11.2 MATHEMATICS OF FINANCIAL ANALYSIS 361 11.3 INTEREST RATE DIVERGENCY ON ALTERNATIVE ASSETS 374 PART VI
MONEY AND INCOME DETERMINATION Chapter 12: MONETARY TRANSMISSION 379 12.1 THE CHANNELS 379 12.1.1 The Interest Rate Channel 379 12.1.2. Wealth Effect Channel 382 12.1.3 Credit Rationing Channel 383 12.2. MONETARY TRANSMISSION MECHANISM UNDER DIFFERENT APPROACHES 383 12.2.1. Transmission Mechanisms under the Monetarist School 383 12.2.2 The Monetary Transmission Mechanisms in NeoKeynesian Approach 388 12.3 IMPLICATIONS OF THE ALTERNATIVE DEMAND FOR MONEY THEORIES 393 Appendix 1: DERIVATION OF IS AND LM CURVES 395 Chapter 13: THE MONETARY APPROACH TO BALANCE OF PAYMENTS 403 13.1. THE RELATIONSHIP BETWEEN MONEY AND THE BALANCE OF PAYMENTS 404 13.3. A SIMPLE MODEL 405 Chapter 14: MONEY IN MACRO MODELS 407 14.1. AN INTRODUCTION TO MACRO MODELS 407 14.2 SELECTED MACRO MODELS 410 14.2.1. Examples To Monetarist Models 411 14.2.1.1 The St. Louis Model (Money Exogenous) 411 14.2.1.2 The AghevliKhan Model (Money Endogenous) 415 14.2.2 A NeoKeynesian Model: "The FRBMIT Model" 417 14.2.3 Polak Model (Monetary Approach to Balance of Payments) 420 14.2.3.1 The Model 420 14.2.3.2. Derivation of the Reduced Form of the Model 423 14.2.3.3. Using the Model for Prediction 425 14.2.3.4 The Application of the Polak Model to Turkey 429 PART VII
MONETARY POLICY REGIMES Chapter 15: STABILIZATION PROGRAMS AND MONETARY POLICY 437 15.1 EXCHANGE RATE TARGETING 437 15.2 MONETARY TARGETING (MONETARY AGGREGATE TARGETING) 443 5.3 INFLATION TARGETING 450 5.4 IMPLICIT BUT NOT EXPLICIT TARGETING 452 Bibliography 453 Author Index 463 Subject Index 465 |
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