Publication: Merkez Bankası-Hazine ilişkisi ve kısa vadeli bir avans üzerine bir değerlendirme
Abstract
Bu çalışmanın temel amacı, ülke ekonomisinin iki temel direği Merkez Bankası ve Hazine kurumlarının ilişkilerini kısa vadeli avansın gelişimi bağlamında incelemektir. Merkez Bankası ve Hazine kurumları zamanla klasik fonksiyonlarının yanı sıra çok fonksiyonlu birer modern ekonomik kurumlar haline gelmişlerdir. Günümüzde, Merkez Bankaları sadece emisyon bankaları değildir. Artık, Merkez bankaları ülke ekonomisinde piyasaların içinde aktif bir rol oynayan bir numaralı para kuruluşu konumundadır. Hazine kurumu ise, devletin kasası ve bankası olmaktan çıkmıştır. Hazine müessesesi paranın istikrarını sağlama, ekonomiyi düzenleme, kaynak yaratma ve mali politikaların yürütülmesi gibi yeni görevler üstlenmiştir. Kısa vadeli avans uygulaması ülkemizde çeşitli aşamalardan geçmiştir. 1211 sayılı Merkez Bankası kanununun 50. maddesine göre, cari yıl genel bütçe ödeneklerinin belirli bir oranını her yıl mali açıdan sıkıntıya düşen Hazine ' ye avans vermekle yükümlüdür. Bu oran çeşitli kereler değişmekle beraber 1994 yılına kadar %15 uygulanmıştır. Kısa vadeli avans uygulaması, zamanla uzun dönemli donuk krediler haline dönüşmüştür. Merkez Bankası, bu avansı karşılamak için emisyona başvurmuştur. Bundan dolayı emisyon hacmi artışı ve enflasyonist ortamın şiddetlenmesinde hazinenin aldığı bu avans çok büyük bir rol oynamıştır. 1994 yılında bu nedenlerden dolayı kısa vadeli avansın azaltılması hedeflenmiştir. Buna göre; 1996 yılı için %10, 1997 yılı için %6, 1998 yılı ve izleyen yıllar için %3 olarak kısa vadeli avansa limit getirilmiştir. En son olarak 2001 yılında Merkez Bankası kanununda yapılan değişiklikle Hazine' ye kamu sektörüne avans ve kredi uygulaması kaldırılmış ve Hazine ile kamu kuruluşlarının ihraç ettiği borçlanma araçlarının birincil piyasadan alınması yasaklanmıştır. Böylece, kısa vadeli avans uygulamasının parasal genişleme ve enflasyon üzerindeki etkisi yok edilmesi amaçlanmış ve araç bakımından bağımsız bir Merkez Bankası yolunda büyük bir adım atılmıştır.
The main idea of this study is to explore the relation between the central bank and the treasury in the manner of growht of short term advance. As the time passed, the central bank and the treasury institutions in addition to their classical functions have been started to become more functional modern economic institutions. Central banks are not only emission banks anymore. Nowadays, they are the most important money institutions in the economy that have active roles in the money market. At the same time the treasury is not the cash and bank of the government anymore. It has taken of new functions which are called maintaining stability of the money, arranging the economy, creating sources and performing the fiscal politics . In our country, the practice of short term advance has passed over many stages. According to the 50th substance of Central Bank Law with the number of 1211, the Central Bank is obligated to give a definite part of fiscal year general budget subsidies as advance if the treasury falls into financial difficulties. Although this ratio has changed many times, it has been applied as %15 up to the year 1994. By the time, the practice of short term advance has become long term dim credits. The Central Bank has applied emission to be able to meet this advance. Usage of this advance by the treasury has acted great role in an increase of emission volume and inflationist environment. Because of these reasons, in the year 1994 the main aim was to decrease the short term advance so ,the ratio of short term advance is limited by %10 in 1996, %6 in 1997 and %3 in 1998 and following years. In the end, in 2001 by making an arrangement in the Central Bank Law, the advance and the credit that are given to the public sector by the treasury and the sale of the debt means that are provided by treasury and the public institutions from the primary market have been forbidden. Therefore, getting rid of completely the effect of the short term advance on the monetary expand and the inflation has been aimed, this aim has been resulted in a big step on the way of an independent Central Bank. At the end, in the year of 2001, by making an arrangement in the Central Bank Law, the application of advance and credit to the public sector has been removed and buying of the borrowing tools which is exported by the Treasury and the public institutions has been prohibited. Therefore, it was aimed to annihilate the effect of the short term advance application on the monetary expand and inflation and a great step has been taken on the way of an independent Central Bank.
The main idea of this study is to explore the relation between the central bank and the treasury in the manner of growht of short term advance. As the time passed, the central bank and the treasury institutions in addition to their classical functions have been started to become more functional modern economic institutions. Central banks are not only emission banks anymore. Nowadays, they are the most important money institutions in the economy that have active roles in the money market. At the same time the treasury is not the cash and bank of the government anymore. It has taken of new functions which are called maintaining stability of the money, arranging the economy, creating sources and performing the fiscal politics . In our country, the practice of short term advance has passed over many stages. According to the 50th substance of Central Bank Law with the number of 1211, the Central Bank is obligated to give a definite part of fiscal year general budget subsidies as advance if the treasury falls into financial difficulties. Although this ratio has changed many times, it has been applied as %15 up to the year 1994. By the time, the practice of short term advance has become long term dim credits. The Central Bank has applied emission to be able to meet this advance. Usage of this advance by the treasury has acted great role in an increase of emission volume and inflationist environment. Because of these reasons, in the year 1994 the main aim was to decrease the short term advance so ,the ratio of short term advance is limited by %10 in 1996, %6 in 1997 and %3 in 1998 and following years. In the end, in 2001 by making an arrangement in the Central Bank Law, the advance and the credit that are given to the public sector by the treasury and the sale of the debt means that are provided by treasury and the public institutions from the primary market have been forbidden. Therefore, getting rid of completely the effect of the short term advance on the monetary expand and the inflation has been aimed, this aim has been resulted in a big step on the way of an independent Central Bank. At the end, in the year of 2001, by making an arrangement in the Central Bank Law, the application of advance and credit to the public sector has been removed and buying of the borrowing tools which is exported by the Treasury and the public institutions has been prohibited. Therefore, it was aimed to annihilate the effect of the short term advance application on the monetary expand and inflation and a great step has been taken on the way of an independent Central Bank.