TY  - JOUR
T1  - ARE CENTRAL BANK RESERVES AN IMPORTANT INSTRUMENT FOR STABILITY IN EXCHANGE RATES?
AU  - Acci, Yunus
PY  - 2018
DA  - December
DO  - 10.17261/Pressacademia.2018.998
JF  - Journal of Business Economics and Finance
JO  - JBEF
PB  - Dilek TEKER
WT  - DergiPark
SN  - 2146-7943
SP  - 376
EP  - 381
VL  - 7
IS  - 4
LA  - en
AB  - Purpose- In developing countries, the most important macroeconomic variable shaping individuals' expectations for economic stability is the nominal exchange rate. For this reason, the first impact of central banks monetary policy implementation results comes out at nominal exchange rate. In this study, the relationship between the nominal exchange rate and the gross foreign exchange reserves of the central bank has been investigated.Methodology- In this study, Dickey-Fuller (1981, ADF) and Phillips-Perron (1988, PP) unit root tests, asymmetrical causality test and lastly Bootstrap Rolling Window Causality tests developed by Balcılar et al. (2010) have been used.Findings- There is a causal relationship between the nominal exchange rate and central bank reserves. Central bank interfere in nominal exchange rate with its reserves rather than interest policy.Conclusion- As a result of the empirical analysis, causality has been found from positive shocks coming to nominal exchange rates to positive shocks in central bank gross foreign exchange reserves and from positive shocks formed in central bank gross foreign exchange reserves to negative shocks coming in nominal exchange rate.
KW  - Exchange rates
KW  - central banking
KW  - causality
KW  - asymmetric causality
KW  - bootstrap rolling window causality
CR  - Açcı, Y. (2015). Türkiye’de döviz kuru geçişkenliğinin ihracat ve ithalat fiyatları üzerindeki etkisi. İnönü Üniversitesi Sosyal Bilimler Enstitüsü Doktora Tezi, Malatya.
CR  - Alper, E., Ardıç, P. (2006). Serbest kur rejimi döneminde döviz kuru öngörüsü: Türkiye’ye uygulama. Uluslararası Ekonomi ve Dış Ticaret Politikaları, 1(1), pp. 51-68.
CR  - Balaylar N., Ural, M. (2007). Bankacılık sektöründe yüksek risk ve baski endeksleri. Finans, Politik ve Ekonomik Yorumlar, 44(509), pp. 47-57.
CR  - Balaylar, N. (2011). Türkiye’de döviz piyasasi müdahalelerinin sterilizasyon maliyeti. DokuzEylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(3), pp. 19-38.
CR  - Balcilar, M., Ozdemir, Z. A., Arslanturk, Y. (2010). Economic growth and energy consumption causal nexus viewed through a bootstrap rolling window. Energy Economics. 32(6), 1398-1410.
CR  - Bayat, T., Senturk, M., Kayhan, S. (2014). Exchange rates and foreign exchange reserves in Turkey: nonlinear and frequency domain causality approach. Theoretical & Applied Economics, 21(11).
CR  - Bayat, T. Özcan ,B., Taş, Ş. (2015). Türkiye’de döviz kuru geçiş etkisinin asimetrik nedensellik testleri ile analizi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi,10(2), 7-30.
CR  - Calvo, G., Reinhart, C. (2001). The twin crises: the causes of balance-of payments problems. George Washington University Department of Economics Working Paper, 89(3), pp. 473-500.
CR  - Dickey, D., Fuller, W. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal Of The American Statistical Association, 74, Ss:427- 431.
CR  - Dickey, D., Fuller, W. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, Ss:1057-72.
CR  - Hatemi-J, A., Roca, E. (2014). BRICs and PIGS in the presence of Uncle Sam and big brothers: who drive who? Evidence based on asymmetric causality tests. Griffith University, Department of Accounting, Finance and Economics.
CR  - Kar, M., Bayat, T., Kayhan, S. (2016). Impacts of credit default swaps on volatility of the exchange rate in Turkey. International Journal of Economics and Finance, 4(14).
CR  - Kasman, A., Ayhan, D. (2008). Foreign exchange reserves and exchange rates in Turkey: structural breaks, unit root and cointegration. Economic Modeling, 25, pp. 83-92.
CR  - Koçyiğit, A., Kayhan, K., Bayat, T. (2013). Enflasyon hedeflemesi rejiminde öğrenme süreci ve asimetri: Markov Switching yaklaşımı. Eskişehir Osmangazi Üniversitesi İİBF Dergisi,8(1), 191-212.
CR  - MacKinnon, J. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11, ss:601–618.
CR  - Parlaktuna, I. (2005). Exchange market pressure in Turkey 1993–2004: an application of theGirton–Roper monetary model. International Economic Journal, 19 (1), pp. 51-62.
CR  - Phillips, P., Perron, P. (1988). Testing for a unit root in time series regressions. Biometrica, 75, 335-346.
CR  - Sevüktekin, M., Nargeleçekenler M. (2010). Ekonometrik zaman serileri analizi. 3. Baskı, Ankara: Nobel Yayınevi.
UR  - https://doi.org/10.17261/Pressacademia.2018.998
L1  - https://dergipark.org.tr/en/download/article-file/614936
ER  -