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Ek Parasal Sikilastirma’nin Doviz Kurlari Uzerindeki Etkisi


  • Yasin Akcelik
  • Ergun Ermisoglu
  • Arif Oduncu
  • Temel Taskin


[TR] Kuresel finansal krizin ardindan, merkez bankalarinin fiyat istikrarinin yani sira finansal istikrari da gozetmeleri farkli politika araclarinin kullanimini gerekli kilmistir. Turkiye Cumhuriyet Merkez Bankasi tarafindan son donemde kullanilan politika araclarindan bir tanesi de Ek Parasal Sikilastirma olmustur. Bu aracin doviz kurlari uzerindeki etkisi bu calismanin konusunu teskil etmektedir. Elde edilen sonuclar, ek parasal sikilastirmanin doviz kuru oynakligini dusurucu yonde belirgin bir etkisinin oldugunu gostermektedir. Calismada ayrica, ek parasal sikilastirma yapilan gunlerde Turk Lirasi’nin gelismekte olan ulke kurlarina kiyasla degerlendigi gosterilmistir. [EN] Since the global financial crisis, Central Banks have used various policy tools to sustain financial stability besides price stability. Additional Monetary Tightening is one of these tools that the Central Bank of the Republic of Turkey has started to use recently. The effect of this tool on the exchange rate is the main theme of this note. Our analysis indicates that additional monetary tightening has a significant role in reducing volatility in the exchange rate. We also show that during the days of additional tightening Turkish Lira appreciated against the emerging market currencies.

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  • Yasin Akcelik & Ergun Ermisoglu & Arif Oduncu & Temel Taskin, 2012. "Ek Parasal Sikilastirma’nin Doviz Kurlari Uzerindeki Etkisi," CBT Research Notes in Economics 1230, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  • Handle: RePEc:tcb:econot:1230

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    Cited by:

    1. Koray Alper & Hakan Kara & Mehmet Yörükoglu, 2013. "Alternative tools to manage capital flow volatility," BIS Papers chapters,in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 335-352 Bank for International Settlements.
    2. Arif Oduncu & Yasin Akcelik & Ergun Ermisoglu, 2013. "Reserve Options Mechanism : A New Macroprudential Tool to Limit the Adverse Effects of Capital Flow Volatility on Exchange Rates," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 13(3), pages 45-60.
    3. Yasin Akçelik & Ahmet Faruk Aysan & Arif Oduncu, 2013. "Central Banking in Making during the Post-Crisis World and the Policy-Mix of the Central Bank of the Republic of Turkey," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(2), pages 5-18.
    4. Oduncu, Arif & Ermişoğlu, Ergun & Polat, Tandogan, 2013. "Credit Growth Volatility," MPRA Paper 49058, University Library of Munich, Germany.

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