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      • Faculty of Economics, Administrative And Social Sciences
      • Department of Economics
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      Effectiveness of the reserve option mechanism as a macroeconomic prudential tool: evidence from Turkey

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      Author(s)
      Sahin, A.
      Dogan, B.
      Berument, Hakan
      Date
      2015
      Source Title
      Applied Economics
      Print ISSN
      0003-6846
      Electronic ISSN
      1466-4283
      Publisher
      Routledge
      Volume
      47
      Issue
      56
      Pages
      6075 - 6087
      Language
      English
      Type
      Article
      Item Usage Stats
      221
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      307
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      Abstract
      This article assesses the effectiveness of a novel macroprudential tool – the reserve option mechanism (ROM) – which Turkey’s central bank developed during the post-2008 period and has employed to control the risk associated with excessive capital flows. We assess how capital flows have affected economic variable changes since the introduction and usage of the ROM. Empirical evidence gathered from Turkey suggests that the tool decreases the effect of capital flow on capital flow (positive shock to capital flow dies out faster or becomes less persistent) and diminishes the effects of capital flow shocks on exchange and interest rates. © 2015 Taylor & Francis.
      Keywords
      Capital flows
      Macroeconomic prudential tools
      Reserve option mechanism
      Capital flow
      Central bank
      Exchange rate
      Interest rate
      Macroeconomics
      Turkey
      Permalink
      http://hdl.handle.net/11693/24625
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/00036846.2015.1064077
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      • Department of Economics 724
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