Ekonomi TEK

Yazarlar: Metin D. AKYÜZ, Hüseyin Mahir FİSUNOĞLU

Konular:İktisat

Anahtar Kelimeler:Capital Flows,Exchange Rate,Balance of Payment,Contagious,Current Account Deficit,Monetary Policy,Financial Risks,Financial Crises

Özet: Between 1980 and 2008, the crises which emerged in the financial market occurred among developed and emerging economy countries and sudden increases in their reserves coincided with these periods, subsequently causing the central banks to see the reserves as a shield against the crises and use them as such. If a central bank uses the accumulated foreign currency reserve level in order to avoid the exchange rate risks that may arise in the sudden outflows of foreign capital entering the short-term financial market, what should be the optimal level of the reserve in that case? Could the creation of reserves cause other risks? Since every monetary policy implementation has serious effects on the market, how could this situation be avoided? How should macroeconomic balances be maintained, and the monetary policy be guided during these implementations? Central banks as a result of trying to achieve price and financial stability create reserves in the balance sheets which in turn affects macroeconomic balances. Accordingly, the definition of the central bank's monetary policy implementation should be clarified, therefore, definitions of monetary policy tools, operational targets and monetary policy intermediate targets should be determined.

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