TCMB'nin Dalgalanma Korkusu Davranışları: Açık ve Esnek Enflasyon Hedeflemesi Dönemleri İçin Bir Karşılaştırma

Bu çalışmada açık ve esnek enflasyon hedeflemesi dönemleri için Türkiye Cum- huriyet Merkez Bankası’nın (TCMB) dalgalanma korkusu davranışları incelen- mektedir. İstatistiksel bulgular her iki dönemde dalgalanma korkusunun varlığı- na işaret etmesine rağmen, TCMB’nin uluslararası rezervleri ve politika faiz ora- nını kullanarak döviz kurunun oynaklığını daha fazla azaltması nedeniyle es- nek enflasyon hedeflemesinde dalgalanma korkusu daha belirgin bir biçimde gö- rülmektedir. Ayrıca Multinominal Logit Modeli (MNLM) kullanılarak kur piyasası müdahaleleri için tahmin edilen reaksiyon fonksiyonu sonuçları, TCMB’nin Ekim 2010’dan itibaren uyguladığı esnek enflasyon hedeflemesinde, dalgalanma kor- kusunun kur piyasasındaki oynaklıklardan kaynaklandığını göstermektedir. Buna karşın MNLM sonuçları açık enflasyon hedeflemesinde dalgalanma korkusunun nedenlerini açıklayamamaktadır. Bu sonuçlar marginal etkilerin katsayılarıyla desteklenmektedir.

The Acts of Fear of Floating of CBRT: A Comparison for Full Fledged and Flexible Inflation Targeting Periods

In this study, the acts of fear of floating of the Central Bank of the Republic of Turkey (CBRT) are investigated for full fledged and flexible inflation targeting pe- riods. Although statistical evidence indicates the existence of fear of floating in both periods, fear of floating is observed more distinctly in flexible inflation targe- ting because of CBRT decreases more the volatility of foreign exchange by using international reserves and policy interest rate. Furthermore, the results of reacti- on function for foreign exchange market interventions using Multinominal Logis- tic Model (MNLM) demonstrate that fear of floating has stemmed from volatilities in foreign exchange market in flexible inflation targeting implemented since Oc- tober 2010. Notwithstanding, the results of MNLM could not explain the reasons of fear of floating in full fledged inflation targeting. These results are supported by coefficients of marginal effects.

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