Banka Rezerv Tutma Egilimleri ve Sistemin Gunluk Fonlama Ihtiyaci

Dilek Kocyigit, Tandogan Polat () and M. Emin Bocuoglu

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] Bu notla, sistemin gunluk fonlama ihtiyacinin onemli bir bileseni olan bankacilik kesimi rezerv tutma egilimini etkileyen faktorlerin belirlenmesi amaclanmaktadir. Bu dogrultuda, oncelikle bankalarin rezerv tutma egilimleri betimsel olarak resmedilmis, daha sonra panel veri analizi ile bu egilimi belirleyen faktorler tespit edilmeye calisilmistir. Panel veri analizi kullanilarak, Merkez Bankasi likidite durusu, kisa vadeli faiz beklentileri, Hazine kaynakli likidite hareketleri, tatil arifeleri, bilanco donemi, ek parasal sikilastirma uygulanan donemler ve rezerv opsiyonu mekanizmasi kullanim oraninin bankacilik kesimi rezerv tutma egilimleri uzerindeki etkileri analiz edilmistir. Model sonuclarina gore, soz konusu aciklayici degiskenlerin anlamliligi ortaya koyulmustur. Notta yer alan bulgularin bankacilik kesimi rezerv davranisi ongorulebilirligini artirarak, Merkez Bankasi likidite yonetiminin etkinligine katki sagladigi dusunulmektedir. [EN] In this note, we aim to identify the factors that affect the banking sector’s reserve maintaining behavior, which is an essential component of the daily funding need of the banking system. In this regard, we first make a descriptive analysis of the reserve maintaining behavior of the banking sector and then we conduct a panel data analysis to determine the factors affecting this behavior. The impacts of the liquidity stance of the Central Bank, short term interest rate expectations, The Treasury’s cash flows, holiday eves, balance sheet periods, the periods of additional monetary tightening, and the usage ratio of Reserve Option Mechanism, on the behaviors of reserve maintaining of the banking sector are analyzed by applying panel data. The mentioned explanatory variables are found statistically significant according to the results of the model. The findings of this note are believed to enhance the effectiveness of the Central Bank’s liquidity management by contributing to the predictability of the reserve maintaining behavior of the banking sector.

Date: 2014
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