Türkiye`de T.C. Merkez Bankası tarafından uygulanan faiz politikaları ve finans sektörüne etkileri

Abstract

SUMMARY I ) INTEREST POLICIES ACCORDING TO ECONOMIC SCHOOLS Classic View: The classic view is based on the Say's law and the Theory of Amount of Money. According to Say's law each supply creates its own demand. According to this theory economy will never face with the problem of unemployment and low consumption. The market will be regulated by `invisible hand`. Keynesian View: According to Keynesian View the level of production is being determined by the demand for good and services. The difference of Keynesian View from the classical view; according to Keynesian View the balance can also be achieved in case of deficient employment. According to Keynesian' s money is demanded because of exchange, reserve and speculation motives and for this reason it was sensitive respect to the interest rate in the economy. For Keynes, economical stability cannot always be achieved via interest rates because of the `liquidity trap`. According to this after a certain interest rate the money demand will become insensitive against the changes in interest rates and the desired effects in the economy can not be gained. In Keynesian theory the success of monetary policy lies in, low elasticity of money demand respect to interest rates and the high elasticity of investment respect to interest rates. & ?r `?` V *&Monetarist View: According to monetarist view the monetary policies are more effective than the fiscal policies. Money supply is important not only in determining the price level, but also as the main factor in determining the economical activities in short run. The monetarist approach follows the classical view and it accepts that the case of deficient employment is possible and more flexible to the `quantity theory`. During the process of achieving full employment, an increase in money supply to extend the economical activities will directly reflect to the price level and there will be no extension in real economical activities. Neo-Classical View: In fact the neo-classical view is a variant of the monetarist approach and it accepts the political suggestions of standard monetarist view. The difference is ; Neo-Classics has reacted against the problems in market economies at technical and intellectual level and have based the monetarist theory upon technical and theoretical base. According to the hypothesis of rational expectations the individuals are evaluating the economical information with their best and making right estimations. And if the estimation fails than they do not do the same mistake again. Neo-Keynesian View: According to neo-Keynesian Theory in developing countries, because of their own special market structure, it is difficult for them to have an accumulated capital. For this reason ^^fe^isassumed that, the high interest rates given for bank accounts will be beneficial for their economical development. V