Likidite Süreçlerinde Stabilizator Mekanizmalar ve Mali Krizler

Abstract

This study attempts to determine the stabilization mechanism's items in the liquidity process as a consequence of the effect of Central Banking and Treasury bills. In a growing economy, both money-financed and bonds-fmanced increases in the liquidity process have generally determinate effects on the liquidity return process. Although the relative expansionary effects of these modes of government finance depends on whether the elasticity of the demand for money with respect to the counter-cyclical and time-consistent fiscal policy, accommodating monetary and fiscal policy in the recent years (included Turkish case) has been the dynamic of the fiscal stability in which a fundamental cause of the dynamics is the government budget constraint and compositions. The main aim of the present paper is not to deal with the dynamic analysis of fiscal policy problems, but, it focus on results that could change the real return of liquidity and requires more time to achieve convergence than does the fiscal policy of fixing the real stock of bounds.