EconPapers    
Economics at your fingertips  
 

The Turkish Approach to Capital Flow Volatility

Yasin Akcelik, Erdem Basci, Ergun Ermisoglu and Arif Oduncu

Working Papers from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: The shock waves of the 2008-09 global financial crisis and the 2011-12 Eurozone debt crisis hit emerging markets from the trade, the finance and the expectations channels. We focus on the finance channel in this paper. We first discuss the challenges arising from capital flow volatility in emerging economies in general. We then focus on the Turkish approach and describe in detail the new policy mix implemented by the Central Bank of the Republic of Turkey during the 2008-2012 period and the results obtained. This approach differs from others in its emphasis on the use of macroprudential policy measures rather than capital flow measures for improving domestic financial stability in face of volatile capital flows.

Keywords: Capital flow volatility; macroprudential policy; capital flow measures (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-ara, nep-mac and nep-mon
References: Add references at CitEc
Citations: View citations in EconPapers (18) Track citations by RSS feed

Downloads: (external link)
https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN ... g+Paperss/2013/13-06 (application/pdf)

Related works:
Chapter: The Turkish Approach to Capital Flow Volatility (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tcb:wpaper:1306

Access Statistics for this paper

More papers in Working Papers from Research and Monetary Policy Department, Central Bank of the Republic of Turkey Contact information at EDIRC.
Bibliographic data for series maintained by Sermet Pekin () and Ilker Cakar () and ().

 
Page updated 2021-06-06
Handle: RePEc:tcb:wpaper:1306