Sigorta
Ahlaki Ikna / Sozlu Yonlendirme (Jawbone Policy)
İngilizce: jawbone policy
Türkçe Tanım
Merkez bankasi ya da hukumetin, resmi bir duzenleme ya da yaptirim aracina basvurmadan, kamuoyu aciklamalari ve telkinle piyasa aktorlerinin davranisini yonlendirmeye calismasidir. Etkisi tumuyle otoritenin kredibilitesine baglidir; beklentileri sekillendirebildigi olcude ise yarar, aksi halde bos bir tehdide donusur. Proje finansmani acisindan onemi, faiz, kur ya da sermaye akisi konusundaki sozlu yonlendirmenin, henuz mevzuata donusmemis olsa bile finansman kosullarini ve yatirimci istahini onceden fiyatlamasidir; deneyimli sponsor, boyle bir sinyali baglayici duzenlemenin habercisi olarak okur ve kapanis takvimini buna gore ayarlar.
English Definition
The attempt by a central bank or government to steer the behavior of market participants through public statements and suasion rather than formal regulation or sanction. Its force depends entirely on the credibility of the authority: it works to the extent it shapes expectations, and dissolves into an empty threat otherwise. For project financing its significance is that verbal guidance on rates, currency, or capital flows prices financing terms and investor appetite in advance of any statute; an experienced sponsor reads such a signal as the precursor of binding regulation and adjusts the closing timetable accordingly.