RESERVE OPTIONS MECHANISM

Koray Alper · Hakan Kara · Mehmet Yörükoğlu

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Banking stability, regulation, efficiency

Abstract

Recently, Central Bank of the Republic of Turkey designed new policy instruments in order to reduce the adverse impact of volatile capital flows on macroeconomic and financial stability. This paper aims to introduce one of the new instruments: "Reserve Options Mechanism" (ROM). We describe the transmission channel of the ROM and compare it with alternative instruments. Our analysis concludes that ROM has the potential to be a useful policy tool for macroeconomic and financial stability.

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