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Merkez Bankası Döviz Rezervlerinin Belirleyicileri: Türkiye Örneği

Author

Listed:
  • Emek Aslı Cinel

    (Giresun University)

  • Nebiye Yamak

    (Karadeniz Technical University)

Abstract

Bilindiği üzere, merkez bankasının döviz rezerv düzeyi, makroekonomik politika hedeflerinin sağlanmasında, para politikasının uygulanmasında ve uygulanan döviz kuru rejiminin sürdürülebilmesinde merkez bankasına yüksek hareket yeteneği sağlamaktadır. Son on yıl içinde ülkemizde merkez bankası döviz rezervlerinin düzeyi sık sık tartışmalara neden olmuş ve olmaya da devam etmektedir. Kimilerine göre merkez bankası döviz rezerv düzeyi gereğinden fazla, kimilerine göre de olması gerekenden azdır. Bu çalışmada amaç, yukarıdaki tartışmalar doğrultusunda ülkemizde merkez bankası döviz rezervlerinin düzeyini belirleyen makroekonomik değişkenlerin neler olduğunu ekonometrik yönden tespit etmek ve elde edilen bulgular çerçevesinde genelde merkez bankası para politikasının, özelde döviz kuru politikasının etkinliğini değerlendirmektir. Ekonometrik analizde kullanılan veriler üçer aylık olup, 2000-2013 yıllarını kapsamaktadır. Çalışmada hata düzeltme modelleri kullanılmıştır.

Suggested Citation

  • Emek Aslı Cinel & Nebiye Yamak, 2014. "Merkez Bankası Döviz Rezervlerinin Belirleyicileri: Türkiye Örneği," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 25(93), pages 21-38.
    • Handle: RePEc:eyd:eyjrnl:v:25:y:2014:i:93:p:21-38
    DOI: 10.5455/ey.35515
    Note: [English Title] Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey [English Abstract] As known, level of foreign currency reserve gives high mobility to central bank in reaching targets of macroeconomic policy, in conducting monetary policy and in sustaining exchange rate regime applied currently. In the last ten years the level of foreign currency reserves of the central bank in our country has often been in the subject of disputations and these disputations are still going on. For some people, level of the foreign currency reserves of the Central Bank of Turkey is more than required, for some others it is less than required. In the perspective of these discussions, the purpose of our study is first to econometrically determine the macroeconomic variables that affect the level of foreign currency reserves of the Central Bank of Turkey and in general to evaluate the effectiveness of the monetary policy of the central bank, in private, activity of exchange rate policy under the light of our findings. The data used in our econometric analysis are quarterly and between the years 2000 and 2013. In the study error correction models were used. [English Keywords] Foreign currency reserve, Central Bank (of Turkey), foreign currency exchange rate.
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    Keywords

    Döviz rezervi; Merkez Bankası; döviz kuru.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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