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Rezerv Opsiyonu Mekanizmasi ve Optimal Rezerv Opsiyonu Katsayilarinin Hesaplanmasi

Author

Listed:
  • Doruk Kucuksarac
  • Ozgur Ozel

Abstract

Rezerv opsiyonu mekanizmasi son d�nemde TCMB tarafindan aktif bir politika araci olarak kullanilmaktadir. Rezerv opsiyonu mekanizmasi ile Turk lirasinin oynakligi dusurulebilir ve kredilerin sermaye hareketlerine duyarliligi azaltilabilir. Ayrica rezerv opsiyonu kredi buyumesi uzerinde de TCMB tarafindan kullanilabilecek bir politika aracidir. Rezerv opsiyonu uygulamasinin bir diger onemli katkisi ise TCMB�nin brut doviz rezervlerini artirmasidir. Calismada oncelikle Turk lirasi zorunlu karsilik tesis etmek amaciyla kullanilabilecek temel fon kaynaklarinin maliyetleri hesaplanmistir. Mevcut veriler altinda bankalarin TCMB�nin Turk lirasi zorunlu karsiliklarini doviz/altin cinsinden tesis etme imkanini kullanmasinin optimal oldugu goze carpmaktadir. Calismanin diger bolumunde TCMB�nin Turk lirasi zorunlu karsiliklar icin doviz ve altin bulundurma imkanini diger fonlama maliyetleriyle kayitsiz birakan rezerv opsiyonu katsayi degerleri incelenmistir. Kritik katsayi degerlerinin temel olarak yabanci para/altin ve Turk lirasi fon bulma maliyetlerine, Libor faiz oranina, Turk lirasi swap faiz oranina ve yabanci para zorunlu karsilik oranina bagli oldugu gozlenmektedir. Katsayi degerinin ozellikle yabanci para ve altin cinsi borclanma maliyetlerine hassas oldugu dikkat cekmektedir.

Suggested Citation

  • Doruk Kucuksarac & Ozgur Ozel, 2012. "Rezerv Opsiyonu Mekanizmasi ve Optimal Rezerv Opsiyonu Katsayilarinin Hesaplanmasi," Working Papers 1232, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1232
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    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2012/12-32
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    Citations

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    Cited by:

    1. Deren Unalmis & Ibrahim Unalmis, 2015. "Zorunlu Karsiliklara Faiz Odenmesi," CBT Research Notes in Economics 1501, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. Serdar Varlik & M. Hakan Berument, 2020. "Monetary policy under a multiple‐tool environment," Bulletin of Economic Research, Wiley Blackwell, vol. 72(3), pages 225-250, July.

    More about this item

    Keywords

    Rezerv opsiyonu mekanizmasi; rezerv opsiyonu katsayisi; hizli sermaye giris ve cikislari; doviz kuru oynakligi; arbitraj;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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