IMPOSING RESERVE TAX TO TURKISH FINANCIAL INSTITUTIONS FOR STRENGTHENING RESERVES OF THE CENTRAL BANK OF THE REPUBLIC OF TURKEY / Türkiye Cumhuriyet Merkez Bankası Rezervlerinin Güçlendirilmesi İçin Türk Finansal Kurumlarına Rezerv Vergisi Uygulanması

Yıl 2020, Cilt: 4 Sayı: 1, 101 - 116, 30.04.2020

Mustafa Tevfik Kartal , Ömer Faruk Tan

https://doi.org/10.29216/ueip.667050

Cited By: 2

Öz

Although foreign exchange rates (FER)
and inflation increased slowly between from 2002 and 2013, they increased
rapidly after that time and they have reached the highest level in 2018 on
annual base since 2006. Adverse developments in indicators like FER make negative
effects on economic actors by causing uncertainty and uneasiness. They also cause
adverse effects on a variety of macroeconomic indicators such as foreign debt
burden and interest payments. For this reason, it is important for countries to
determine causes of increasing in FER and take measures to keep them under
control. For this purpose, there are a lot of conventional tools like tight
monetary policy, tight fiscal policy, implementation of harmonious policies and
capital controls. In this context, reserves of CBRT are an important tool. However,
it is necessary to have adequate reserves in order to use reserves to keep FER
under control. Taking into consideration this fact, it is recommended to impose
reserve tax liability to financial institutions so that reserves of CBRT could
be increased. 

Anahtar Kelimeler

CBRT, Financial Intermediaries, Reserve Tax, Reserves, Turkey

IMPOSING RESERVE TAX TO TURKISH FINANCIAL INSTITUTIONS FOR STRENGTHENING RESERVES OF THE CENTRAL BANK OF THE REPUBLIC OF TURKEY / Türkiye Cumhuriyet Merkez Bankası Rezervlerinin Güçlendirilmesi İçin Türk Finansal Kurumlarına Rezerv Vergisi Uygulanması

Öz

Döviz kurları ve enflasyon, 2002-2013 arasında yavaş
artmasına karşın 2013 sonrasında hızlı artış göstermiş ve 2006 sonrasında
yıllık bazda en yüksek seviyeye 2018 yılında ulaşmışlardır. Döviz kurları gibi
değişkenlerde görülen olumsuz gelişmeler belirsizlikler ve zorluklara yol
açarak ekonomik aktörler üzerinde negatif etkiler oluşturmaktadır. Dış borç
yükü ve faiz ödemeleri gibi birçok makroekonomik gösterge üzerinde de olumsuz
etkilere neden olmaktadır. Bu nedenle, döviz kurlarında artışın nedenlerinin
belirlenmesi ve döviz kurlarının kontrol altında tutulması için önlemler
alınması ülkeler açısından önem taşımaktadır. Bu amaçla, sıkı para politikası,
sıkı maliye politikası, uyumlu politikaların uygulanması ve sermaye kontrolleri
gibi birçok geleneksel araç bulunmaktadır. Bu kapsamda, TCMB rezervleri önemli
bir araçtır. Ancak, döviz kurlarının kontrol altında tutulmasında kullanılması
için yeterli rezervlere sahip olmak bir gerekliliktir. Bu gerçeği göz önünde
tutarak, TCMB rezervlerinin artırılması için finansal kuruluşlara rezerv
vergisi yükümlülüğü getirilmesi önerilmektedir. 

Anahtar Kelimeler

TCMB, Finansal Araçlar, Rezerv Vergisi Uygulaması, Türkiye, Rezervler

Kaynakça

• Acemoğlu D. and Robinson JA. (2018). Why Nations Fail: The Origin of Power, Prosperity and Poverty. New York: Crown Business.
• Aizenman J. and Marion N. (2003). The High Demand For International Reserves In The Far East: What Is Going On?. Journal of the Japanese and International Economies, 17(3), 370-400.
• Aizenman J., Cheung YW and Ito H. (2015). International Reserves Before And After The Global Crisis: Is There No End To Hoarding?. Journal of International Money and Finance, 52, 102-126.
• Aizenman J., Lee Y and Rhee, Y. (2007). International Reserves Management And Capital Mobility In A Volatile World: Policy Considerations and A Case Study of Korea. Journal of the Japanese and International Economies, 21 (1), 1-15.
• Bank. (2019). GDP, https://data.worldbank.org/indicator/ny.gdp.mktp. cd?view=map,
• Benecká S. and Komarek, L. (2018). International Reserves: Facing Model Uncertainty. Economic Systems, 42 (3), 523-531.
• BRSA. (2019a). Main Indicators Report, http://www.bddk.org.tr/Data/Main-Indicators-Report/23,
• BRSA. (2019b). Institutions, http://www.bddk.org.tr/Home
• CBL. (1970). Central Bank Law numbered 1211. Published in Official Gazette dated 01.26.1970 and numbered 13409.
• CBL. (2013). Charter about Required Reserves numbered 2013/15. Published in Official Gazette dated 12.25.2013 and numbered 28862.
• CBRT. (2013). Charter about Required Reserves, http://www.resmigazete.gov.tr/ eskiler/2013/12/20131225-12.htm,
• CBRT.(2019b). Required Reserves), https://www.tcmb.gov.tr/wps/wcm/connect/ TR/TCMB+TR/Main+Menu/Istatistikler/Bankacilik+Verileri/Zorunlu+Karsiliklar
• CBRT.2019a. EVDS (Data Central), https://evds2.tcmb.gov.tr/index.php?/evds/ serieMarket
• Chowdhury M., Uddin MJ and Islam MS. (2014). An Econometric Analysis of the Determinants Of Foreign Exchange Reserves In Bangladesh. Journal of World Economic Research, 3(6), 72-82.
• Cinel, EA. and Yamak N. (2014). Determinants of the Central Bank Foreign Currency Reserves: The Case Of Turkey. Economic Approach, 25(93), 21-38.
• CMB. (2019). Institutions, http://www.cmb.gov.tr
• Cook D. and Yetman, J. (2012). Expanding Central Bank Balance Sheets In Emerging Asia: A Compendium Of Risks And Some Evidence. BIS Paper No.66d. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2185323.
• Eğilmez M. 2017. Central Bank Reserves, http://www.mahfiegilmez.com/2017/04/merkez-bankas-rezervleri.html,
• Eren B. 2017. Factors Affecting the Reserve Request Required Countries And Reserve Authority. Proficiency Thesis of CBRT, http://www.tcmb.gov.tr/wps/ wcm/connect/4da1ac52-bbb4-4cef-a37b-84a1b14a026a/Bekir+Uzmanl %C4%B1k+Tezi-23.10.2017.pdf?MOD=AJPERES&CACHEID= ROOTWORKSPACE-4da1ac52-bbb4-4cef-a37b-84a1b14a026a-m3fBagm,
• Ghosh A. (2016). What Drives Gold Demand In Central Bank's Foreign Exchange Reserve Portfolio?. Finance Research Letters, 17,146-150.
• Gosselin MA. and Parent N. (2005). An Empirical Analysis of Foreign Exchange Reserves In Emerging Asia. Working Paper 2005-38. Bank of Canada.
• Gümüş İ. (2016). The Relationship Between Sovereign Spreads And International Reserves: Does The Exchange Rate Regime Matter?. Emerging Markets Finance and Trade, 52 (3), 658-673.
• Irefin D. and Yaaba BN. (2011). Determinants of Foreign Reserves In Nigeria: An Autoregressive Distributed Lag Approach. CBN Journal of Applied Statistics, 2 (2),63-82.
• Kartal, MT. (2018a). New Player To Turkish Financial Markets: Turkey Product Specialized Exchange’s Role and Potential Contributions. 5. International Social, Human and Economic Sciences Symposium, 25.10.2018, Abstract Book, 209-210.
• Kartal, MT. (2018b). Türkiye Cumhuriyet Merkez Bankası (TCMB) Rezervlerinin Güçlendirilmesine Yönelik Bir Öneri: Şirket Karındaki Hazine Payının Rezervlere Aktarılması. 1. Uluslararası Yönetim ve Sosyal Araştırmalar Sempozyumu, 11.17.2018.
• Kartal, MT. and Tan, Ömer Faruk. (2018). A Recommendation for Strengthening Reserves of the Central Bank of The Republic of Turkey (CBRT): Reserve Tax To Financial Intermediaries. İstanbul Finance Congress, 11.01.2018.
• Kasman A. and Ayhan, D. (2008). Foreign Exchange Reserves and Exchange Rates In Turkey: Structural Breaks, Unit Roots And Co-Integration. Economic Modelling, 25 (1), 83-92.
• Mahraddika W. 2019. Does International Reserve Accumulation Crowd Out Domestic Private Investment?. International Economics, 158, 39-50.
• Panda, DP. and Trivedi P. (2016). Macroeconomic Determinants Of India’s Foreign Exchange Reserves: An Empirical Analysis. IUP Journal of Applied Economics, 15 (4), 31-47.
• Senibi V., Oduntan E., Uzoma, O., Senibi E. and Oluwaseun, A. (2016). Public Debt And External Reserve: The Nigerian Experience (1981–2013). Economics Research International, 1(8).
• Sula O. (2011). Demand For International Reserves In Developing Nations: A Quantile Regression Approach. Journal of International Money and Finance, 30(5), 764-777. TSI. (2019). Main Statistics, http://www.turkstat.gov.tr/UstMenu.do? metod= temelist
• Yüksel S. and Özsarı M. (2017). Identifying Macroeconomic Factors Influencing The Foreign Exchange Reserves Of The Central Bank Of Turkey. Finance, Politic and Economic Comments, 54 (631): 41-53.