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Ek Parasal Sikilastirma’nin Doviz Kurlari Uzerindeki Etkisi

Yasin Akcelik, Ergun Ermisoglu, Arif Oduncu and Temel Taskin ()

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

Abstract: [TR] Kuresel finansal krizin ardindan, merkez bankalarinin fiyat istikrarinin yani sira finansal istikrari da gozetmeleri farkli politika araclarinin kullanimini gerekli kilmistir. Turkiye Cumhuriyet Merkez Bankasi tarafindan son donemde kullanilan politika araclarindan bir tanesi de Ek Parasal Sikilastirma olmustur. Bu aracin doviz kurlari uzerindeki etkisi bu calismanin konusunu teskil etmektedir. Elde edilen sonuclar, ek parasal sikilastirmanin doviz kuru oynakligini dusurucu yonde belirgin bir etkisinin oldugunu gostermektedir. Calismada ayrica, ek parasal sikilastirma yapilan gunlerde Turk Lirasi’nin gelismekte olan ulke kurlarina kiyasla degerlendigi gosterilmistir. [EN] Since the global financial crisis, Central Banks have used various policy tools to sustain financial stability besides price stability. Additional Monetary Tightening is one of these tools that the Central Bank of the Republic of Turkey has started to use recently. The effect of this tool on the exchange rate is the main theme of this note. Our analysis indicates that additional monetary tightening has a significant role in reducing volatility in the exchange rate. We also show that during the days of additional tightening Turkish Lira appreciated against the emerging market currencies.

Date: 2012
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