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Zorunlu Karsiliklarin Para Politikasindaki Yeri

  • Koray Alper
  • S. Tolga Tiryaki

[TR] Bu calismada, zorunlu karsiliklarin para politikasindaki yeri kuresel finans krizi sonrasinda olusan yeni iktisadi konjonkturun ortaya koydugu gereksinimler baglaminda incelenmektedir. Zorunlu karsiliklarin para politikasi acisindan onemi, zorunlu karsiliklarin, politika faizinin aksine yalnizca belirli faiz oranlari uzerinde etkili olmasindan oturu, sermaye akimlarini artirmadan sikilastirici para politikasi uygulama imkani tanimasindan kaynaklanmaktadir. Calismada, zorunlu karsiliklarin kredi ve mevduat faizleri uzerindeki etkisi maliyet ve likidite kanallari uzerinden irdelenmektedir. [EN] In this study, we examine the role of reserve requirements as a monetary policy tool in the backdrop of the requirements emerged as a result of the new economic environment following the global financial crisis. The importance of reserve requirements, unlike the policy rate, stems from its ability to affect only certain interest rates, hence allowing the central bank to pursue countercyclical monetary policy without attracting capital inflows. The effect of reserve requirements on credit and deposit rates is analyzed through cost and liquidity channels.

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File URL: http://www.tcmb.gov.tr/wps/wcm/connect/d1f798ba-16c4-41f6-97a0-ce14fed53789/EN1108.pdf?MOD=AJPERES&CACHEID=d1f798ba-16c4-41f6-97a0-ce14fed53789
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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 1108.

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Date of creation: 2011
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Handle: RePEc:tcb:econot:1108
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  1. Hernando Vargas & Carlos Varela & Yanneth R. Betancourt & Norberto Rodríguez, . "Effects of Reserve Requirements in an Inflation Targeting Regime: The Case of Colombia," Borradores de Economia 587, Banco de la Republica de Colombia.
  2. Scott E. Hein & Jonathan D. Stewart, 2002. "Reserve requirements: A modern perspective," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 41-52.
  3. Fabia Aparecida de Carvalho & Cyntia F. Azevedo, 2008. "The incidence of reserve requirements in Brazil: Do bank stockholders share the burden?," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 61-90, May.
  4. Reinhart, Carmen M & Reinhart, Vincent R, 1999. "On the Use of Reserve Requirements in Dealing with Capital Flow Problems," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 27-54, January.
  5. Simon Gray, 2011. "Central Bank Balances and Reserve Requirements," IMF Working Papers 11/36, International Monetary Fund.
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