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On International Consumption Risk Sharing, Financial Integration and Financial Development

Mimir, Yasin - Türkiye Cumhuriyet Merkez Bankası - 2014

This paper investigates the empirical link between international consumption risk sharing, financial integration, and … first compute the degree of consumption risk sharing of these countries using an average risk sharing measure. We then …. We find that (i) the average consumption risk sharing in the Euro area is higher than those in the G-7 and the OECD, and …

Persistent link: https://www.econbiz.de/10010941472

Alternative Tools to Manage Capital Flow Volatility

Alper, Koray; Kara, Hakan; Yorukoglu, Mehmet - Türkiye Cumhuriyet Merkez Bankası - 2013

Heightened volatility in cross-border capital flows has increased exchange rate volatility across emerging markets as well as in advanced economies, setting the stage for more active management of currencies. Traditionally, foreign exchange rate intervention has been the primary tool to address...

Persistent link: https://www.econbiz.de/10010941481

Openness to International Trade and Economic Growth : A Cross-Country Empirical Investigation

Ulasan, Bulent - Türkiye Cumhuriyet Merkez Bankası - 2014

This paper examines the long-run relationship between trade open-ness and economic growth across countries over the period 1960-2000. Two strategies are followed in empirical investigation. First, we extend the augmented neo-classical growth model with an openness variable and estimate it by...

Persistent link: https://www.econbiz.de/10010941520

Macroprudential Policies as Buffer Against Volatile Cross-border Capital Flows

Aysan, Ahmet Faruk; Fendoglu, Salih; Kilinc, Mustafa - Türkiye Cumhuriyet Merkez Bankası - 2014

This paper investigates the effectiveness of macroprudential policies introduced by Turkey in late 2010. The unprecedented quantitative easing policies of advanced countries after the global financial crisis have presented serious financial stability concerns for most emerging countries...

Persistent link: https://www.econbiz.de/10010941439

Sectoral Asymmetries in a Small Open Economy

Tiryaki, S. Tolga - Türkiye Cumhuriyet Merkez Bankası - 2014

This paper explores the sectoral dimension of emerging market business cycles by building a two-sector small open economy real business cycle model featuring a working capital requirement, variable capital utilization and imported inputs in production. The primary finding is that the price of...

Persistent link: https://www.econbiz.de/10010941453

Determinants of Bond Flows to Emerging Markets: How Do They Change Over Time?

Erduman, Yasemin; Kaya, Neslihan - Türkiye Cumhuriyet Merkez Bankası - 2014

The recent episodes of capital flows to emerging market economies in the aftermath of the global financial crisis once again highlighted the importance of appropriate policy design to cope with strong and volatile capital flows, that are effective not only during surges but also during...

Persistent link: https://www.econbiz.de/10010941469

Turkiye’de Konjonkturel Etkilerden Arindirilmis Cari Islemler Dengesi

Kara, Hakan; Sarikaya, Cagri - Türkiye Cumhuriyet Merkez Bankası - 2013

Turkiye’de son yillarda cari islemler aciginin yuksek seviyelerde dalgali bir seyir izlemesi ve buna paralel olarak gundeme gelen kirilganliklar, dis dengeyi makroekonomik istikrari saglamaya yonelik politikalarin merkezine oturtmaktadir. Cari islemler dengesine dair politika tasariminin...

Persistent link: https://www.econbiz.de/10010941485

Oil Price Uncertainty in a Small Open Economy

Baskaya, Yusuf Soner; Hulagu, Timur; Kucuk, Hande - Türkiye Cumhuriyet Merkez Bankası - 2013

used for both consumption and production. In our framework, higher volatility in oil prices works through two main channels … and consumption to a rise in oil prices are almost doubled, when there is a simultaneous rise in the volatility of oil …

Persistent link: https://www.econbiz.de/10010941497

Credit Growth, Current Account and Financial Depth

Ekinci, M. Fatih; Erdem, F. Pinar; Kilinc, Zübeyir - Türkiye Cumhuriyet Merkez Bankası - 2014

Exploring the determinants and dynamics of the current account balance is one of the priorities of academic literature and policy circles. Although the effects of structural variables are deeply analyzed, a lesser attention has been paid to the impact of financial variables. Drawing on standard...

Persistent link: https://www.econbiz.de/10010941498

Rezerv Opsiyonu Mekanizmasi ve Optimal Rezerv Opsiyonu Katsayilarinin Hesaplanmasi

Kucuksarac, Doruk; Ozel, Ozgur - Türkiye Cumhuriyet Merkez Bankası - 2012

Rezerv opsiyonu mekanizmasi son dönemde 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...

Persistent link: https://www.econbiz.de/10010941510