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Yeni Bir Para Politikası Aracı: Rezerv Opsiyon Mekanizması

Author

Listed:
  • Tokatlıoğlu, Yağmur

    (Gazi University, Department of Econometrics, Ankara, Turkey)

  • Saraçoğlu, Bedriye

    (Gazi University, Department of Econometrics, Ankara, Turkey)

Abstract

2008 küresel kriz ile birlikte özellikle az gelişmiş ve gelişmekte olan ülkelere yönelik sermaye akımlarında artış gözlemlenmiştir. Bu durum, bahsi geçen ülkelerin finansal sistemlerinde kırılganlık yaratmıştır. Ayrıca günümüzde birçok merkez bankasının hedefi, fiyat istikrarını sağlamanın yanında finansal istikrarı sağlama olmuştur. Merkez bankaları, finansal sistemlerinin kırılganlığını azaltacak yeni para politikası araçları arayışlarına başlamışlardır. Türkiye Cumhuriyet Merkez Bankası da finansal sistemdeki kırılganlığı önlemek için geleneksel olmayan para politikaları geliştirmeye başlamıştır. Bunlardan biri de rezerv opsiyon mekanizmasıdır. Rezerv opsiyon mekanizması, bankalara Türk lirası zorunlu karşılıklarının belli bir bölümünü yabancı para veya altın olarak tutabilmelerine imkan tanıyan bir uygulamadır. Bu imkanın bankalar tarafından ne kadar kullanılacağı rezerv opsiyon oranı ve rezerv opsiyon katsayısı ile belirlenir. Otomatik dengeleyici olarak kullanılan rezerv opsiyon mekanizmasının döviz kuru ve piyasa likiditesi oynaklığını azaltmada etkisinin olduğu söylenmektedir. Bu çalışmada Türkiye Cumhuriyet Merkez Bankası tarafından bir para politikası aracı olarak kullanılan rezerv opsiyon mekanizmasının tanıtılması, işleyişinin açıklanması ve Türkiye’deki finansal sisteme olan etkisinin araştırılması amaçlanmaktadır.Keywords: Rezerv opsiyon mekanizması, geleneksel olmayan para politikası, finansal istikrar

Suggested Citation

  • Tokatlıoğlu, Yağmur & Saraçoğlu, Bedriye, 2013. "Yeni Bir Para Politikası Aracı: Rezerv Opsiyon Mekanizması," EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey 291, Ekonomik Yaklasim Association.
    • Handle: RePEc:eyd:cp2013:291
    Note: [English Title] A New Montary Policy Instrument: Reserve Options Mechanism[ English Abstract] After the global financial crisis, it was observed increasingly capital flow to less developed and developing countries. As a consequence of that fragility of the financial system has experienced in these countries. Nowadays, objective of most of the central banks is not only maintain price stability but also financial stability. So, many central banks have researched on new monetary policy instruments. The Central Bank of the Republic of Turkey designed and launched the unconventional monetary policy instruments for prevents to fragility of the financial system. One of those instruments is Reserve Options Mechanism. Reserve Options Mechanism is an instrument unique to the Central Bank of the Republic of Turkey and it is the option to hold foreign exchange or gold reserves in place of Turkish Lira reserve requirements of Turkish banks. It is reputed to as an automatic stabilizer Reserve Options Mechanism reduces effects of excess capital flow volatility and exchange rate volatility and useful policy instrument for macroeconomic and financial stability. The aim of this study is to introduce an unconventional monetary policy instrument designed by the Central Bank of Turkey, Reserve Option Mechanism, and research on its effect of the financial system in Turkey. English Keywords] Reserve Options Mechanism, unconventional monetary policy, financial stability
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    More about this item

    Keywords

    rezerv opsiyon mekanizması; geleneksel olmayan para politikası; finansal istikrar;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • 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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