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dc.contributor.authorAkar, Cüneyt
dc.contributor.authorÇicek, Serkan
dc.date.accessioned2020-11-20T15:02:51Z
dc.date.available2020-11-20T15:02:51Z
dc.date.issued2016
dc.identifier.issn0340-8744
dc.identifier.issn1573-6911
dc.identifier.urihttps://doi.org/10.1007/s10663-015-9298-y
dc.identifier.urihttps://hdl.handle.net/20.500.12809/2606
dc.description0000-0002-6384-4476en_US
dc.descriptionWOS: 000368998600006en_US
dc.description.abstractTurkish economy has been suffering from rises in financial flows since the last two decades that these flows have raised financial stability challenges across emerging economies including Turkey. Regarding the ability of the central banks to decrease the financial risks including volatile exchange rate, the Central Bank of the Republic of Turkey has designed and implemented a new policy mix. In this study, we investigated the effect of new policy instruments (IRC, RRR and ROM) on the volatilities of US dollar, euro, British pound and basket rate for Turkish economy between January 2, 2002 and December 9, 2014 by using ARMA-GARCH, ARMA-EGARCH and SWARCH models. From the estimation results, we could not reach enough evidence that the IRC and RRR instruments could decrease the volatilities of exchange rates under investigation while the ROM instrument was successful, especially on US dollar and basket rate. We also found strong evidence in favour of asymmetric volatility, indicating that the positive shocks led to greater exchange rate volatility than negative ones.en_US
dc.item-language.isoengen_US
dc.publisherSpringeren_US
dc.item-rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectReserve Option Mechanismen_US
dc.subjectVolatility Modelsen_US
dc.subjectSWARCHen_US
dc.subjectTurkish Economyen_US
dc.title"New" monetary policy instruments and exchange rate volatilityen_US
dc.item-typearticleen_US
dc.contributor.departmentMÜ, Fethiye İşletme Fakültesi, Ekonomi Ve Finans Bölümüen_US
dc.contributor.institutionauthorÇicek, Serkan
dc.identifier.doi10.1007/s10663-015-9298-y
dc.identifier.volume43en_US
dc.identifier.issue1en_US
dc.identifier.startpage141en_US
dc.identifier.endpage165en_US
dc.relation.journalEmpiricaen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US


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