CENTRAL BANKING IN THE SHADOW OF SHADOW BANKING: A HISTORICAL JOURNEY TO THE POST-GLOBAL FINANCIAL CRISIS

Tansel Güçlü

Makale detayları

CENTRAL BANKING IN THE SHADOW OF SHADOW BANKING: A HISTORICAL JOURNEY TO THE POST-GLOBAL FINANCIAL CRISIS

Yazarlar:

Tansel Güçlü

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi Politik Teorisi | Heterodoks İktisat | Para Politikası | Para-Bankacılık | Uluslararası Finans

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.1-39

Belge Tipi:

Makale

Yayın Tarihi:

5/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001314501

pISSN:

1309-4602

Anahtar kelimeler:

Özet:

 Over the 15 years following the global financial crisis, we have witnessed the emergence of numerous new tools and approaches, particularly those pioneered by the Federal Reserve. These innovations have become part of the toolkit for other central banks and remain under consideration by others. Although these approaches are widely discussed in the literature, it is common to find evaluations assessing how new practices differ from traditional central banking practices, the desired new results they aim to achieve, and whether they succeed in attaining these results. Another common point of debates is the tendency to associate policies like quantitative easing with the current inflationary trend. However, this paper changes the question and discusses the reasons for injecting greater levels of liquidity into markets, particularly quantitative easing, which are embedded in the current form of capital accumulation. While central banking undergoes institutional transformation, this process occurs within the broader and long historical transformation of the financial environment and relationships. It is essential to remember that central banks are the institutions tasked with addressing numerous challenges related to the stability of capital accumulation during crises. Following the 1980s, central bankers increasingly focused on enhancing their intervention capacity due to the complex internationalization of neoliberal policy shifts and of the accompanying financial innovations which are also referred to as financialization by some authors. To be more precise, the focus here is on the Feds transformation in this new financial architecture, focusing on the emergence of fiat money, the withdrawal of the structure that supports it, and its new position in the financial structure that has evolved over time into todays internationalized shadow banking. This article primarily centers on the asset purchase programs, initially conceived as temporary measures but now considered almost permanent political tools. Our main objective is to explore the evolving nature of monetary and financial dynamics in conjunction with the transformation of central banking, rather than attempting to identify the right political tools.

 Over the 15 years following the global financial crisis, we have witnessed the emergence of numerous new tools and approaches, particularly those pioneered by the Federal Reserve. These innovations have become part of the toolkit for other central banks and remain under consideration by others. Although these approaches are widely discussed in the literature, it is common to find evaluations assessing how new practices differ from traditional central banking practices, the desired new results they aim to achieve, and whether they succeed in attaining these results. Another common point of debates is the tendency to associate policies like quantitative easing with the current inflationary trend. However, this paper changes the question and discusses the reasons for injecting greater levels of liquidity into markets, particularly quantitative easing, which are embedded in the current form of capital accumulation. While central banking undergoes institutional transformation, this process occurs within the broader and long historical transformation of the financial environment and relationships. It is essential to remember that central banks are the institutions tasked with addressing numerous challenges related to the stability of capital accumulation during crises. Following the 1980s, central bankers increasingly focused on enhancing their intervention capacity due to the complex internationalization of neoliberal policy shifts and of the accompanying financial innovations which are also referred to as financialization by some authors. To be more precise, the focus here is on the Feds transformation in this new financial architecture, focusing on the emergence of fiat money, the withdrawal of the structure that supports it, and its new position in the financial structure that has evolved over time into todays internationalized shadow banking. This article primarily centers on the asset purchase programs, initially conceived as temporary measures but now considered almost permanent political tools. Our main objective is to explore the evolving nature of monetary and financial dynamics in conjunction with the transformation of central banking, rather than attempting to identify the right political tools.

 Over the 15 years following the global financial crisis, we have witnessed the emergence of numerous new tools and approaches, particularly those pioneered by the Federal Reserve. These innovations have become part of the toolkit for other central banks and remain under consideration by others. Although these approaches are widely discussed in the literature, it is common to find evaluations assessing how new practices differ from traditional central banking practices, the desired new results they aim to achieve, and whether they succeed in attaining these results. Another common point of debates is the tendency to associate policies like quantitative easing with the current inflationary trend. However, this paper changes the question and discusses the reasons for injecting greater levels of liquidity into markets, particularly quantitative easing, which are embedded in the current form of capital accumulation. While central banking undergoes institutional transformation, this process occurs within the broader and long historical transformation of the financial environment and relationships. It is essential to remember that central banks are the institutions tasked with addressing numerous challenges related to the stability of capital accumulation during crises. Following the 1980s, central bankers increasingly focused on enhancing their intervention capacity due to the complex internationalization of neoliberal policy shifts and of the accompanying financial innovations which are also referred to as financialization by some authors. To be more precise, the focus here is on the Feds transformation in this new financial architecture, focusing on the emergence of fiat money, the withdrawal of the structure that supports it, and its new position in the financial structure that has evolved over time into todays internationalized shadow banking. This article primarily centers on the asset purchase programs, initially conceived as temporary measures but now considered almost permanent political tools. Our main objective is to explore the evolving nature of monetary and financial dynamics in conjunction with the transformation of central banking, rather than attempting to identify the right political tools.

 Küresel finansal krizden sonraki 15 yıl süresince özellikle Federal Reservein öncü olarak uygulamaya soktuğu ve diğer merkez bankalarının da repertuvarına giren ve girmeye aday olan birçok yeni araç ve yaklaşımın ortaya çıktığına şahit olduk. Bu yaklaşımlar literatürde çokça tartışılsa da yeni uygulamaların geleneksel merkez bankacılığı uygulamalarından ne yönde ayrıldıklarına, hedefledikleri yeni sonuçlara ve bu sonuçlara ulaşıp ulaşmadıklarına dönük değerlendirmeler yaygın olarak görülmektedir. Yaygın olarak görülen bir diğer tartışma-kanı da miktarsal genişleme quantitative easing olarak adlandırılan politikaları güncel enflasyonist trendle ilişkilendirme eğilimidir. Ancak bu çalışmada soru değiştirilip miktarsal genişleme başta gelmek üzere piyasalara daha yüksek düzeyde likidite enjekte edilmesinin, sermaye birikiminin güncel biçimine gömülü olan sebepleri üzerine tartışılacaktır. Merkez bankacılığı kurumsal olarak dönüşürken esasında finansal ortamın ve ilişkilerin uzun tarihsel dönüşümü içerisinde bunu gerçekleştirmektedir. Bu bağlamda merkez bankalarının birçok krizli meydan okumaya sermaye birikiminin istikrarı açısından cevap üretmeye çalışmakta olan kurumlar olduğunu hatırlatmak gerekir. 1980li yılların sonrasında merkez bankacıları neoliberal politika dönüşümleri ve beraberindeki kimi yazarlarca finansallaşma olarak da referans verilen finansal inovasyonların karmaşık uluslararasılaşması sürecinde müdahale kapasitelerini artıracak bir dönüşüme odaklanmışlardır. Daha açık olmak gerekirse burada itibari paranın ortaya çıkışı, onu destekleyen yapının geri çekilmesi ve zamanla bugünün uluslararasılaşan gölge bankacılığına evrilen finansal yapısındaki yeni konumunu merkeze alarak Fedin bu yeni finansal mimarideki dönüşümüne odaklanılacaktır. Geçici olacağı düşünülen fakat artık neredeyse kalıcı bir politik araca dönüşen ve bu makalenin de esas odak noktasını oluşturan varlık alım programları bu gelişmelerin en önemlilerinden biri olarak karşımızda durmaktadır. Burada doğru politik araçların keşfinden ziyade parasal-finansal dinamiklerin değişen doğası ile merkez bankacılığındaki dönüşümü beraber ele almak temel hedef olacaktır.

Makale detayları

CENTRAL BANKING IN THE SHADOW OF SHADOW BANKING: A HISTORICAL JOURNEY TO THE POST-GLOBAL FINANCIAL CRISIS

Yazarlar:

Tansel Güçlü

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi Politik Teorisi | Heterodoks İktisat | Para Politikası | Para-Bankacılık | Uluslararası Finans

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.1-39

Belge Tipi:

Makale

Yayın Tarihi:

5/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001314501

pISSN:

1309-4602

Shadow Banking

Central Banking

Quantitative Easing

Asset Purchase Programs

Global Financial CrisisGölge Bankacılık

Merkez Bankacılığı

Miktarsal Genişleme

Varlık Alım Programları

Küresel Finansal Kriz

Sayı

Makale detayları

Yazarlar: Tansel Güçlü

Yayıncı: Dicle University

Ana Başlıklar: Ekonomi Politik Teorisi | Heterodoks İktisat | Para Politikası | Para-Bankacılık | Uluslararası Finans

Dergi: Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.1-39

Belge Tipi: Makale

Yayın Tarihi: 5/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001314501

pISSN: 1309-4602

Sayı

Yazarlar:

Tansel Güçlü

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi Politik Teorisi | Heterodoks İktisat | Para Politikası | Para-Bankacılık | Uluslararası Finans

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.14 Issue 27, pp.1-39

Belge Tipi:

Makale

Yayın Tarihi:

5/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001314501

pISSN:

1309-4602