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Zorunlu Karsiliklarin Para Politikasindaki Yeri

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  • Koray Alper
  • S. Tolga Tiryaki

Abstract

[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.

Suggested Citation

  • Koray Alper & S. Tolga Tiryaki, 2011. "Zorunlu Karsiliklarin Para Politikasindaki Yeri," CBT Research Notes in Economics 1108, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:econot:1108
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    References listed on IDEAS

    as
    1. Mr. Simon T Gray, 2011. "Central Bank Balances and Reserve Requirements," IMF Working Papers 2011/036, International Monetary Fund.
    2. 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. 11, pages 61-90, May.
    3. Hernando Vargas Herrera & Yanneth R Betancourt & Carlos Varela & Norberto Rodriguez, 2011. "Effects of reserve requirements in an inflation targeting regime: the case of Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), The global crisis and financial intermediation in emerging market economies, volume 54, pages 133-169, Bank for International Settlements.
    4. Fabia A. de Carvalho & Cyntia F. Azevedo, 2008. "The Incidence of Reserve Requirements in Brazil: Do Bank Stockholders Share the Burden?," Journal of Applied Economics, Taylor & Francis Journals, vol. 11(1), pages 61-90, May.
    5. Scott E. Hein & Jonathan D. Stewart, 2002. "Reserve requirements: A modern perspective," Economic Review, Federal Reserve Bank of Atlanta, vol. 87(Q4), pages 41-52.
    6. 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.
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    Cited by:

    1. A. Hakan Kara, 2012. "Monetary Policy in Turkey After the Global Crisis," Working Papers 1217, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. A.Hakan KARA, 2012. "Küresel kriz sonrası para politikası," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 27(315), pages 09-36.
    3. A. Kara, 2013. "Monetary Policy after the Global Crisis," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 41(1), pages 51-74, March.

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