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Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey

Emek Aslı CİNEL, Nebiye YAMAK.

Abstract
As known, level of foreign currency reserve gives high mobility to Central Bank in reaching targets of macroeconomics policy, in conducting monetary policy and in sustaining exchange rate regime applied currently. In the last ten years the level of foreign currency reserves of the Central Bank in our country has often been in the subject of disputations and these disputations are still going on. For some people, level of the foreign currency reserves of the Central Bank of Turkey is more than required, for some others it is less than required. In the perspective of these discussions, the purpose of our study is first to econometrically determine the macroeconomic variables that affect the level of foreign currency reserves of the Central Bank of Turkey and to evaluate the effectiveness of the monetary policy of the Central Bank under the light of our findings. The data used in our econometric analysis are quarterly and between the years 2000 and 2013. In the study error correction models were used.

Key words: Foreign currency reserve, Central Bank (of Turkey), foreign currency exchange rate. JEL Classification: E58.



Merkez Bankası Döviz Rezervlerinin Belirleyicileri: Türkiye Örneği

Özet
Bilindiği üzere, merkez bankasının döviz rezerv düzeyi, makroekonomik politika hedeflerinin sağlanmasında, para politikasının uygulanmasında ve uygulanan döviz kuru rejiminin sürdürülebilmesinde merkez bankasına yüksek hareket yeteneği sağlamaktadır. Son on yıl içinde ülkemizde merkez bankası döviz rezervlerinin düzeyi sık sık tartışmalara neden olmuş ve olmaya da devam etmektedir. Kimilerine göre merkez bankası döviz rezerv düzeyi gereğinden fazla, kimilerine göre de olması gerekenden azdır. Bu çalışmada amaç, yukarıdaki tartışmalar doğrultusunda ülkemizde merkez bankası döviz rezervlerinin düzeyini belirleyen makroekonomik değişkenlerin neler olduğunu ekonometrik yönden tespit etmek ve elde edilen bulgular çerçevesinde genelde merkez bankası para politikasının, özelde döviz kuru politikasının etkinliğini değerlendirmektir. Ekonometrik analizde kullanılan veriler üçer aylık olup, 2000-2013 yıllarını kapsamaktadır. Çalışmada hata düzeltme modelleri kullanılmıştır.

Anahtar Kelimeler: Döviz rezervi, Merkez Bankası, döviz kuru. JEL Sınıflaması: E58


 
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How to Cite this Article
Pubmed Style

CINEL EA, YAMAK N. [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim. 2014; 25(93): 21-38. Turkish. doi:10.5455/ey.35515



Web Style

CINEL EA, YAMAK N. [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. www.scopemed.org/?mno=163411 [Access: June 28, 2017]. Turkish. doi:10.5455/ey.35515



AMA (American Medical Association) Style

CINEL EA, YAMAK N. [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim. 2014; 25(93): 21-38. Turkish. doi:10.5455/ey.35515



Vancouver/ICMJE Style

CINEL EA, YAMAK N. [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim. (2014), [cited June 28, 2017]; 25(93): 21-38. Turkish. doi:10.5455/ey.35515



Harvard Style

CINEL, E. A. & YAMAK, N. (2014) [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim, 25 (93), 21-38. Turkish. doi:10.5455/ey.35515



Turabian Style

CINEL, Emek Asli, and Nebiye YAMAK. 2014. [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim, 25 (93), 21-38. Turkish. doi:10.5455/ey.35515



Chicago Style

CINEL, Emek Asli, and Nebiye YAMAK. "[Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]." Ekonomik Yaklasim 25 (2014), 21-38. Turkish. doi:10.5455/ey.35515



MLA (The Modern Language Association) Style

CINEL, Emek Asli, and Nebiye YAMAK. "[Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]." Ekonomik Yaklasim 25.93 (2014), 21-38. Print.Turkish. doi:10.5455/ey.35515



APA (American Psychological Association) Style

CINEL, E. A. & YAMAK, N. (2014) [Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey]. Ekonomik Yaklasim, 25 (93), 21-38. Turkish. doi:10.5455/ey.35515



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