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Journals / Finans Politik ve Ekonomik Yorumlar / 2014 / Sayı: 597

The Acts of Fear of Floating of CBRT: A Comparison for Full Fledged and Flexible Inflation Targeting Periods

TCMB’nin Dalgalanma Korkusu Davranışları: Açık ve Esnek Enflasyon Hedeflemesi Dönemleri İçin Bir Karşılaştırma

Serdar VARLIK
Pages
11–30
Publication Date
2014-11-01
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

These results are supported by coefficients of marginal effects

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In this study, the acts of fear of floating of the Central Bank of the Republic of Turkey (CBRT) are investigated for full fledged and flexible inflation targeting periods.
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Key Findings & Data:Although statistical evidence indicates the existence of fear of floating in both periods, fear of floating is observed more distinctly in flexible inflation targeting because of CBRT decreases more the volatility of foreign exchange by using international reserves and policy interest rate.
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Conclusion & Impact:These results are supported by coefficients of marginal effects
🔬Design:Modeling & Simulation
📍Scope:2010 Verileri
⚙️Variables:Dalgalanma Korkusu · Enflasyon Hedeflemesi · Multinominal

Abstract

In this study, the acts of fear of floating of the Central Bank of the Republic of Turkey (CBRT) are investigated for full fledged and flexible inflation targeting periods. Although statistical evidence indicates the existence of fear of floating in both periods, fear of floating is observed more distinctly in flexible inflation targeting because of CBRT decreases more the volatility of foreign exchange by using international reserves and policy interest rate. Furthermore, the results of reaction function for foreign exchange market interventions using Multinominal Logistic Model (MNLM) demonstrate that fear of floating has stemmed from volatilities in foreign exchange market in flexible inflation targeting implemented since October 2010. Notwithstanding, the results of MNLM could not explain the reasons of fear of floating in full fledged inflation targeting. These results are supported by coefficients of marginal effects

Özet

Bu çalışmada açık ve esnek enflasyon hedeflemesi dönemleri için Türkiye Cumhuriyet Merkez Bankası’nın (TCMB) dalgalanma korkusu davranışları incelenmektedir. İstatistiksel bulgular her iki dönemde dalgalanma korkusunun varlığına işaret etmesine rağmen, TCMB’nin uluslararası rezervleri ve politika faiz oranını kullanarak döviz kurunun oynaklığını daha fazla azaltması nedeniyle esnek enflasyon hedeflemesinde dalgalanma korkusu daha belirgin bir biçimde görülmektedir. Ayrıca Multinominal Logit Modeli (MNLM) kullanılarak kur piyasası müdahaleleri için tahmin edilen reaksiyon fonksiyonu sonuçları, TCMB’nin Ekim 2010’dan itibaren uyguladığı esnek enflasyon hedeflemesinde, dalgalanma korkusunun kur piyasasındaki oynaklıklardan kaynaklandığını göstermektedir. Buna karşın MNLM sonuçları açık enflasyon hedeflemesinde dalgalanma korkusunun nedenlerini açıklayamamaktadır. Bu sonuçlar marginal etkilerin katsayılarıyla desteklenmektedir

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Cite This Article

VARLIK, S. (2014). The Acts of Fear of Floating of CBRT: A Comparison for Full Fledged and Flexible Inflation Targeting Periods. Finans Politik ve Ekonomik Yorumlar, Sayı: 597, 11–30. https://ajindex.com/articles/989304

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