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Minsky Perpective on the Macroprudential Policy

Author

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  • Oğuz Esen

    (Izmir University of Economics, Department of Economics)

  • Ayla Oğuş Binatlı

    (Izmir University of Economics, Department of Economics)

Abstract

The recent global financial crisis has underlined the need to go beyond the microprudential perspective to financial instability and move in a macroprudential direction. There is a growing consensus among policymakers and academics that macroprudential policy should be adopted. Through these changes, policymakers appear to be moving in a direction broadly consistent with Minsky’s view.The theoretical framework of macroprudential policy can be found in Minsky’s financial instability theory. Emerging economies, including Turkey, have adopted macroprudential tools to prevent and mitigate system wide risks. This paper offers a Minsky perspective on macroprudential policy and evaluates macroprudential tools through an examination of the Turkish experience as a case study.

Suggested Citation

  • Oğuz Esen & Ayla Oğuş Binatlı, 2013. "Minsky Perpective on the Macroprudential Policy," EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey 305, Ekonomik Yaklasim Association.
  • Handle: RePEc:eyd:cp2013:305
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    Keywords

    Macroprudential policy; Minsky; Reserve Requirement;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G01 - Financial Economics - - General - - - Financial Crises

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