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ISSN: 2333-9721
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-  2019 

The Effect Of The Reserve Requirement Policy On Inflation: The Case Of Turkey

Keywords: Zorunlu Kar??l?klar,Enflasyon,Engle-Granger E?bütünle?me Analizi,Toda-Yamamoto Nedensellik Analizi

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Abstract:

In the period of the global crisis, central banks have started to focus on unconventional monetary policies due to insufficient conventional policies. The reserve requirement ratio policy is a non-traditional monetary policy instrument frequently used by central banks in the post-crisis period. Studies investigating the effects of reserve requirements on the economy are mostly focused on financial stability instead of macroeconomic stability. In this study, using monthly data in the period from 2011:09-2018:12 was examined the effects on inflation of the reserve requirement policy in Turkey. As a result of this study, which was conducted by using Engle-Granger Cointegration and Toda-Yamamoto Causality analyzes, it was concluded that the reserve requirement policy had a significant effect on inflation

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