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The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis

İsmail Hakkı İŞCAN.

Abstract
This study analyzes last systemic financial crisis with the framework of monetary policies of Federal Reserve Banks (FED) and European Central Bank (ECB). Central banks of advanced countries have not achieved positive results with the interest rate cut decisions. These banks have started bond purchase program from the market a huge amount of with quantitative easing policies and almost strangled money in the world markets. In this study, the results of this kind of monetary policy against the crisis have discussed. The most important matter of this study is the insight difference of FED and FCB through the measures they took towards the crisis together. While basic concerns that directed monetary policies of ECB were fluctuations in monetary markets and fear of inflation, for FED problems in real markets and unemployment were added to these concerns.

Key words: Quantitative Easing, FED, ECB, Central Banking, Financial Crisis. JEL codes: E52, E58, E50, E44.



Dünyada Merkez Bankacılığının Gelişimi ve 2008 Finansal Krizi’ne Yönelik Yaklaşımları ile Amerikan ve Avrupa Merkez Bankacılığı

Özet
Bu çalışma son sistemik finans krizini, Amerikan Merkez Bankası (FED) ve Avrupa Merkez Bankası (ECB)’nın yürüttükleri para politikaları çerçevesinde incelemektedir. Krizin hemen ertesinde aldıkları faiz indirimi kararları ile krize karşı olumlu sonuçlar elde edemeyen gelişmiş ülke merkez bankaları, niceliksel gevşeme politikaları ile yüksek miktarlara ulaşan tahvil alım programları başlatmışlar ve dünya piyasalarını adeta paraya boğmuşlardır. Krizlere karşı alınan bu türde parasal politikaların, sonuçları ile birlikte tartışıldığı çalışmanın ortaya çıkarmaya çalıştığı en önemli husus, FED ve ECB’nin krize karşı aldığı tedbirlerde görülen anlayış farklılığıdır. Parasal piyasalardaki dalgalanmalar ile enflasyon korkusu ECB’nin para politikalarına yön veren temel endişeler olduğu halde, FED için bu endişelere reel piyasalardaki olumsuzluklar ve işsizlik unsurunun da eklendiği görülmektedir.

Anahtar Kelimeler: Niceliksel Gevşeme, FED, ECB, Merkez Bankacılığı, Finansal Kriz. Jel sınıflaması: E52, E58, E50, E44


 
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How to Cite this Article
Pubmed Style

Ismail Hakki ISCAN. [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim. 2016; 27(101): 63-109. Turkish. doi:10.5455/ey.35953



Web Style

Ismail Hakki ISCAN. [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. www.scopemed.org/?mno=207753 [Access: June 29, 2017]. Turkish. doi:10.5455/ey.35953



AMA (American Medical Association) Style

Ismail Hakki ISCAN. [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim. 2016; 27(101): 63-109. Turkish. doi:10.5455/ey.35953



Vancouver/ICMJE Style

Ismail Hakki ISCAN. [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim. (2016), [cited June 29, 2017]; 27(101): 63-109. Turkish. doi:10.5455/ey.35953



Harvard Style

Ismail Hakki ISCAN (2016) [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim, 27 (101), 63-109. Turkish. doi:10.5455/ey.35953



Turabian Style

Ismail Hakki ISCAN. 2016. [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim, 27 (101), 63-109. Turkish. doi:10.5455/ey.35953



Chicago Style

Ismail Hakki ISCAN. "[The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]." Ekonomik Yaklasim 27 (2016), 63-109. Turkish. doi:10.5455/ey.35953



MLA (The Modern Language Association) Style

Ismail Hakki ISCAN. "[The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]." Ekonomik Yaklasim 27.101 (2016), 63-109. Print.Turkish. doi:10.5455/ey.35953



APA (American Psychological Association) Style

Ismail Hakki ISCAN (2016) [The Development of Central Banking in the World and The American and The European Central Banking with Approaches to 2008 Financial Crisis]. Ekonomik Yaklasim, 27 (101), 63-109. Turkish. doi:10.5455/ey.35953



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