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Financial Stability and Reserve Option Mechanism as Automatic Stabilizer

Bengül Gülümser KAYTANCI
Burak BUYUN
Sayfa
410–429
Yayın Tarihi
2020-03-13
DOI
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As a result of impulse response analysis findings show that the ROM works as an automatic stabilizer, but this function is not symmtrical and efficient, and works of ROM will be better with more stable financial system.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:The Reserve Option Mechanism (ROM) is a macro-prudential policy instrument that allows the holding of a certain portion of the Turkish Lira required reserves in foreign currency or gold.
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Temel Bulgular & Veri:Automatic stabilizer function of ROM was investigated the effect of capital flows, exchange rate and usage of ROM variables on ROM by the impulse response analysis.
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Sonuç & Katkı:As a result of impulse response analysis findings show that the ROM works as an automatic stabilizer, but this function is not symmtrical and efficient, and works of ROM will be better with more stable financial system.
🔬Tür:Modelleme & Sayısal Simülasyon
📍Kapsam:Genişletilmiş Akademik Örneklem
⚙️Değişkenler:: reserve options mechanism · financial stability · impulse response analyses

Özet

The Reserve Option Mechanism (ROM) is a macro-prudential policy instrument that allows the holding of a certain portion of the Turkish Lira required reserves in foreign currency or gold. This study contains the automatic stabilizer feature of ROM designed by the Central Bank of the Republic of Turkey (CRBT) to provide post-crisis financial stability which investigates through vector error correction (VEC) model. Automatic stabilizer function of ROM was investigated the effect of capital flows, exchange rate and usage of ROM variables on ROM by the impulse response analysis. As a result of impulse response analysis findings show that the ROM works as an automatic stabilizer, but this function is not symmtrical and efficient, and works of ROM will be better with more stable financial system.

Abstract

The Reserve Option Mechanism (ROM) is a macro-prudential policy instrument that allows the holding of a certain portion of the Turkish Lira required reserves in foreign currency or gold. This study contains the automatic stabilizer feature of ROM designed by the Central Bank of the Republic of Turkey (CRBT) to provide post-crisis financial stability which investigates through vector error correction (VEC) model. Automatic stabilizer function of ROM was investigated the effect of capital flows, exchange rate and usage of ROM variables on ROM by the impulse response analysis. As a result of impulse response analysis findings show that the ROM works as an automatic stabilizer, but this function is not symmtrical and efficient, and works of ROM will be better with more stable financial system.

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Bu Makaleye Atıf Yap

KAYTANCI, B. G., BUYUN, B. (2020). Financial Stability and Reserve Option Mechanism as Automatic Stabilizer. BİLTÜRK Ekonomi ve İlişkili Çalışmalar Dergisi, Cilt: 2 - Sayı: 2, 410–429. https://ajindex.com/articles/6287

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Kaynakça (12)

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  9. Kantar, L. (2017). Rezerv Opsiyon Mekanizması ve Döviz Kuru Volatilitesi: Türkiye Üzerine Bir Uygulama, T.C. İstanbul Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Finans Bilim Dalı, Doktora Tezi. Kara, H. (2012).
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  12. Oduncu, A., Akçelik, Y. ve Ermişoğlu, E. (2013). Reserve Options Mechanism and FX Volatility, TCMB Workıng Paper, No: 13/03. Vinals, J. (2010). Central Banking Lessons From The Crisis. IMF the Monetary and Capital Markets Department, 27, 1-42. TCMB. (3 Ocak 2015) Zorunlu Karşılıklara İlişkin Basın Duyurusu, Sayı: 2015-01 TCMB (01 Eylül 2016). Zorunlu Karşılıklara İlişkin Basın Duyurusu, Sayı: 2016-43 TCMB. (6 Kasım 2017) Zorunlu Karşılıklara İlişkin Basın Duyurusu, Sayı: 2017-44 TCMB. (7 Mayıs 2018) Zorunlu Kar