Bankacılığın dönüşümü: Negatif faiz oranları ve Merkez Bankası dijital para birimi tasarım ilkeleri ve önerileri

This thesis argues the feasibility of phasing out paper currency, not entirely but mostly, to provide a solution to the lower bound of nominal interest rates. The study also attempts to shed light on possible expansion in monetary policy tools by eliminating the zero lower bound of nominal interest rates. Thus, it suggests a substitution, not entirely, of paper currency, which is a digital currency, belongs to a central bank. The main benefits and challenges regarding the CBDC will be briefly discussed. This thesis's scope to analyze the CBDC, whether it can be displaced bank deposits and cause runs from bank deposits to CBDC. Four design principles have stated for a monetary system that includes CBDC and possible solutions regarding the digital bank run. According to the principles, (I) CBDC should bear interest, adjustably. (II) CBDC and reserves should be separated and not directly convertible. (III) There should be no guarantee for the convertibility of deposits to CBDC. (IV) CBDC should only be issued for eligible securities. This study intended to serve as useful background material for both negative interest rate policies and the central bank digital currencies. Regarding the bank runs with the introduction of the CBDC, although the policies' effectiveness will depend on the design, the design principles are essential. In particular, the central bank should control CBDC with either a price rule or the quantity rule to have an effective mechanism to meet the demands in a time of need. In order to argue CBDC's potential impact, it is necessary, to begin with, an explicit designation of the real-world example of a CBDC and how it might operate. Since the system naturally enables to impose negative interest rates on the central bank's liability, the works first propose a CTC ratio to handle the cash demand elastically against bank deposits and CBDC. After the separation of the money's roles, cash will be a less preferred form of the central bank money since the CBDC will be the new legal tender. The study discusses how central banks could design and operate such a system and raise some unanswered questions regarding the system.