Publication: 1960-1970 döneminde Türkiye’de uygulanan para politikası
Abstract
Para, ekonomistler arasında çeşitli tanımlamalara tabi tutulmuş bir kavramdır. Para miktarı, ekonomik istikrarın sağlanması konusundaki en önemli faktörlerden biridir. Açık piyasa işlemleri, reeskont politikası, zorunlu karşılıklar, disponibilite oranları ve kredi tavanı uygulamaları gibi belirli para politikası araçları, para miktarı üzerinde etkili olmaktadırlar. Türkiye açısından incelediğimizde ise açık piyasa işlemleri, reeskont politikası ve zorunlu karşılıklar para politikası araçları arasında yaygın olarak uygulanmaktadır. 1960 öncesi önlemlerin beklenen başarıya ulaşmaması, kontrollü para politikası dönemlerine geçilmemesine neden olmuştur. Genel anlamda, 1960-1970 Dönemi Para Politikasını özetleyecek olursak 1960'da ekonomiyi dengeye getirmek için yeniden önlemler alınmıştır. Mevduat dışında kalan bankalar mevduatının vadesiz bölümünün karşılık oranlarının en az % 20, en çok % 45, vadeli mevduatta ise en az % 10, en çok % 35 sınırları içinde olması öngörülmüştür. Öte yandan faiz oranları da yükseltilmiştir, kredi işlemlerinde en yüksek faiz % 7'den % 12'ye çıkarılmıştır. Ayrıca, reeskont oranları da yükseltilmiştir. Bu önlemler dahilinde para arzı kısılmış, emisyonun ve mevduatın kredi yaratma etkisi azaltılmıştır. 1961'de ekonomi durgunlaşmış, 1962'de ise yeniden genişleme dönemine girmiştir. 1963'lere gelince Birinci Beş Yıllık Kalkınma Planı yürürlüğe girmiş ve para politikası tedbirleri de plan hedeflerine uygun olarak açıklanmıştır. 1963 ve 1964 Kamu teşebbüslerinin finansmanında ise, önemli bir disiplin sağlanmıştır. 1965 yılında belirlenen maliyet enflasyonu karşısında, 1966 bütçesinde enflasyonist tedbirler alınacak politika uygulanmıştır. 1966 yılında iklimin çok iyi gitmesi ve zirai kredilerine gerek duyulmaması, hedeflerin çok üzerinde bir büyüme artışına yol açmış (% 8,8), hem de fiyat istikrarı sağlanmıştır. 1963-1967 yılları arasında GSMH'nin yıllık ortalama artış oranı % 6,5 ve toptan eşya fiyatlarının yıllık ortalama artış oranı % 5,2 hedefiyle fiyat istikrarının sağlanması olmuş ve hedeflenen amaçlar bu dönemde gerçekleşmiştir. 1968 yılına gelince, İkinci Beş Yıllık Kalkınma Planı yürürlüğe girmiş, bu planda para politikasının amacı fiyat istikrarı ile birlikte ekonomik gelişmeyi sağlamaktı. Birinci Planda farklı olarak, para arz ve talebi için hedefler yer almıştır. 1970'lere gelindiğinde ise, 10 Ağustos 1970 istikrar önlemleri alınmıştır. Genel bir bakış içersinde 10 yıllık period da hedeflerin gerçekleşme oranı Birinci Planda daha yüksek olmuş, geriye kalan 2 yıl içinde (1968-1969) ise hedeflerden sapma görülmüştür.Hane halklarının, bankaların ve kamunun da para miktarı değiştiren etkileri olduğu göz önünde bulundurularak, alınan politikaların etkileşimini sağlamak daha kolay olacaktır.
Money has been subjected to a great deal of explanations by various economists so far. The amount of money has been the major factor in ensuring the economic stabilization. Particular money policy instruments such as the open-market procedures, rediscount policy, compulsory refunds, and credit limitations have been impacting the amount of money. On the point of Turkey, the open-market operations, rediscount policy and compulsory refunds have been taking the major role amongst money instruments. The failure or the unsatisfactory consequences of the pre-1960 measures served as an obstacle to entering into a controllable money policy. In general, as a summary of the Money Policy adopted during the term 1960-1970, we can say new measures were taken in order to balance the economy in 1960. The refund ratios of the current rate of the banks excluded from the ones of deposit account, were stipulated to be at least %20, at most %45; and at least %10 and at most %35 for deposit account. Furthermore, the interest rates were appreciated., where the highest interest rate in credit operations were appreciated to %12 from %7. Additionally the rediscount rates were also appreciated. Upon the foregoing measures, the money supply was limited, and the credit-supply effect of the emission and deposit was minimized. In 1961, the economy declined whereas entered into a developing trend in 1962. In 1963, The 5-Year-Recovery Plan was put into force and the money policy measures were designed in conformity with the plan objectives. A considerable discipline was reached in the finance of the Public Enterprises in 1963 and 1964. A policy, stuplating the application of inflation-oriented measures, was adopted in 1966 budget upon the cost inflation determined in 1965. The perfect performance of the climate thus eliminating the need of agricultural credits led a great deal of development (%8.8) that was much more than the expected, and a cost stabilization was reached. In 1963-1967, costs had been stabilized by means of targeting whereby reaching an annual average appreciation rate of the Gross National Profit of %6,5 and an annual average appreciation rate of the wholesale prices of goods of %5,2. In 1968, the second 5-Year-Recovery Plan was put into force and the money policy was directed to reaching cost stabilization and a considerable economical development. The point differing from the first plan was the objective stipulated for money supply and request. In 1970's, the stabilization measures were taken at the 10th of August 1970. As an overall point of view, we can say that the rate of realization of the targets in the 10-year period had been higher in the first plan, and in the remaining 2 years (1968-1969), the targets were deviated. Taking the impacts of banks and public on the change of money amount into consideration, the policies will certainly be designed and adopted correctly and logically.
Money has been subjected to a great deal of explanations by various economists so far. The amount of money has been the major factor in ensuring the economic stabilization. Particular money policy instruments such as the open-market procedures, rediscount policy, compulsory refunds, and credit limitations have been impacting the amount of money. On the point of Turkey, the open-market operations, rediscount policy and compulsory refunds have been taking the major role amongst money instruments. The failure or the unsatisfactory consequences of the pre-1960 measures served as an obstacle to entering into a controllable money policy. In general, as a summary of the Money Policy adopted during the term 1960-1970, we can say new measures were taken in order to balance the economy in 1960. The refund ratios of the current rate of the banks excluded from the ones of deposit account, were stipulated to be at least %20, at most %45; and at least %10 and at most %35 for deposit account. Furthermore, the interest rates were appreciated., where the highest interest rate in credit operations were appreciated to %12 from %7. Additionally the rediscount rates were also appreciated. Upon the foregoing measures, the money supply was limited, and the credit-supply effect of the emission and deposit was minimized. In 1961, the economy declined whereas entered into a developing trend in 1962. In 1963, The 5-Year-Recovery Plan was put into force and the money policy measures were designed in conformity with the plan objectives. A considerable discipline was reached in the finance of the Public Enterprises in 1963 and 1964. A policy, stuplating the application of inflation-oriented measures, was adopted in 1966 budget upon the cost inflation determined in 1965. The perfect performance of the climate thus eliminating the need of agricultural credits led a great deal of development (%8.8) that was much more than the expected, and a cost stabilization was reached. In 1963-1967, costs had been stabilized by means of targeting whereby reaching an annual average appreciation rate of the Gross National Profit of %6,5 and an annual average appreciation rate of the wholesale prices of goods of %5,2. In 1968, the second 5-Year-Recovery Plan was put into force and the money policy was directed to reaching cost stabilization and a considerable economical development. The point differing from the first plan was the objective stipulated for money supply and request. In 1970's, the stabilization measures were taken at the 10th of August 1970. As an overall point of view, we can say that the rate of realization of the targets in the 10-year period had been higher in the first plan, and in the remaining 2 years (1968-1969), the targets were deviated. Taking the impacts of banks and public on the change of money amount into consideration, the policies will certainly be designed and adopted correctly and logically.