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Reserve Option Mechanism

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  • Koray Alper
  • A. Hakan Kara
  • Mehmet Yorukoglu

Abstract

Recently, Central Bank of Turkey designed new policy instruments in order to reduce the adverse impact of volatile capital flows on macroeconomic and financial stability. This note is aims to introduce one of the new instruments: “Reserve Option Mechanism” (ROM). We describe the transmission channel of the ROM and compare it with alternative instruments. Our analysis concludes that ROM has the potential to be a useful policy tool for macroeconomic and financial stability.

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File URL: http://www.tcmb.gov.tr/research/ekonominotlari/2012/eng/EN1228eng.php
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Bibliographic Info

Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series CBT Research Notes in Economics with number 1228.

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Date of creation: 2012
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Handle: RePEc:tcb:econot:1228

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Cited by:
  1. Hakan KARA & Çağrı SARIKAYA, 2013. "Türkiye’de Konjonktürel Etkilerden Arındırılmış Cari İşlemler Dengesi," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 28(332), pages 09-32.
  2. A. Hakan Kara & Cagri Sarikaya, 2013. "Cyclically Adjusted Current Account Balance," CBT Research Notes in Economics 1318, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  3. Basu, Kaushik & Varoudakis, Aristomene, 2013. "How to move the exchange rate if you must: the diverse practice of foreign exchange intervention by central banks and a proposal for doing it better," Policy Research Working Paper Series 6460, The World Bank.
  4. Mahir Binici & Hasan Erol & A. Hakan Kara & Pinar Ozlu & Deren Unalmis, 2013. "Interest Rate Corridor : A New Macroprudential Tool?," CBT Research Notes in Economics 1320, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

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