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Rezerv Opsiyonu Mekanizmasi ve Kur Oynakligi

Ergun Ermisoglu, Arif Oduncu and Yasin Akcelik

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

Abstract: [TR] Kuresel finansal krizin ardindan, fiyat istikrarini saglamanin yani sira finansal istikrara da katki yapan bir merkez bankaciligi cercevesi akademisyenler ve politika yapicilar arasinda tartisilmaya baslanmistir. Turkiye Cumhuriyet Merkez Bankasi tarafindan son donemde uygulamaya konulan yenilikci politika araclari arasinda yer alan Rezerv Opsiyonu Mekanizmasi, temel olarak sermaye hareketlerindeki asiri oynakligin makroekonomik ve finansal istikrar uzerindeki olumsuz etkilerini azaltmak amaciyla kullanilmaktadir. Bu aracin doviz kuru oynakligi uzerindeki etkisi bu calismanin konusunu teskil etmektedir. Elde edilen sonuclar, Rezerv Opsiyonu Mekanizmasi’nin doviz kuru oynakligini dusurmede belirgin bir etkisinin oldugunu gostermektedir. [EN] After the global financial crisis, academicians and policymakers have been discussing possible solutions on how to incorporate financial stability in the implementation of monetary policy without diluting the price-stability objective of central banks. Reserve Options Mechanism is one of the innovative tools that the Central Bank of the Republic of Turkey has started to use recently in order to reduce the adverse effects of volatile short term capital flows on macroeconomic and financial stability. The effect of this tool on the exchange rate volatility is the main theme of this note. Our analysis indicates that Reserve Options Mechanism has a significant role in reducing the exchange rate volatility.

Date: 2013
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