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Reserve Option Mechanism

  • Koray Alper
  • A. Hakan Kara
  • Mehmet Yorukoglu

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/wps/wcm/connect/79085fc2-6da0-44cf-a7f1-d0a64a15a9e4/EN1228.pdf?MOD=AJPERES&CACHEID=79085fc2-6da0-44cf-a7f1-d0a64a15a9e4
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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 1228.

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