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Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi

Year 2017, Issue: 631, 41 - 53, 01.09.2017

Abstract

Söz konusu çalışmanın amacı Türkiye Cumhuriyet Merkez Bankası’nın (TCMB) döviz rezervlerine etki eden makroekonomik faktörlerin belirlenmesidir. Bu kapsamda, ilgili çalışmada 1988 ve 2015 dönem aralığındaki üç aylık veriler dikkate alınmıştır. Belirtilen amaca ulaşabilmek için MARS yöntemi kullanılarak bir analiz gerçekleştirilmiştir. Elde edilen analiz sonuçlarına göre, ülkenin cari işlemler açığının olduğu durumda, TCMB’nin döviz rezervlerinde bir azalış bulunduğu belirlenmiştir. Belirtilen bu sonuç dikkate alındığında, cari işlemler açığı verildiği durumda ülkede dövize olan ihtiyaç artmakta ve bunun sonucunda da TCMB bu ihtiyacı karşılayabilmek için döviz rezervlerini kullanmak durumunda kalmaktadır. Belirtilen değişkene ek olarak, ABD Doları faiz oranının da merkez bankası rezervleri üzerinde etkili olduğu sonucuna varılmıştır. ABD Doları faiz oranının 5.02’den az olduğu durumda TCMB rezervlerini pozitif yönde etkilediği anlaşılmıştır. Bahsi geçen hususun arkasındaki en temel gerekçe ülkenin yerel parasının diğer para birimlerine kıyasla değer kaybetmesi durumunda dövize olan talep artmakta ve TCMB’de daha fazla döviz rezervi bulundurmayı tercih etmektedir. Öte yandan, söz konusu değerin 5.02’yi aşması durumunda ise, ABD Doları faiz oranının TCMB’nin döviz rezervlerine olan etkisi negatif yönlüdür. İlgili sonuç dikkate alındığında artan ABD Doları faiz oranının belirli bir seviyenin üzerinde olması durumunda Amerikan dolarını çok fazla değerlendirdiği ve bunun sonucunda ise TCMB’nin bu durumu önlemek amacıyla döviz rezervlerini kullandığı tespit edilmiştir. Son olarak, TL faiz oranı ve TCMB döviz rezervleri arasındaki ilişkinin negatif yönlü olduğu belirlenmiştir. Bahsedilen bu durum, döviz rezervlerinin maliyetini arttıracağından ötürü, TL faiz oranının artması durumunda, TCMB’nin daha az döviz rezervi tutmayı tercih edeceğini göstermektedir

References

  • AIZENMAN, Joshua, Yeonho LEE, and Youngseop RHEE; (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), pp. 1-15.
  • AIZENMAN, Joshua and Nancy MARION; (2003), “The High Demand for International Reserves in the Far East: What Is Going On?”, Journal of the Japanese and international Economies, 17(3), pp. 370-400.
  • BAŞ, Halim; (2017), “Türkiye’de Genç Nüfus: Sorunlar ve Politikalar”, Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 27(2), ss. 255-288.
  • BIRD, Graham and Ramkishen RAJAN; (2003), “Too Much of A Good Thing? The Adequacy of International Reserves in the Aftermath of Crises”, The World Economy, 26(6), pp. 873-891.
  • BOLDER, David Jamieson and Tiago RUBIN; (2007), “Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis”, Bank of Canada Working Paper, pp. 1-92.
  • CHOWDHURY, Md Niaz Murshed, Mohammed Jashim UDDIN, and Mohammad Saiful ISLAM; (2014), “An Econometric Analysis of the Determinants of Foreign Exchange Reserves in Bangladesh”, Journal of World Economic Research, 3(6), pp. 72-82.
  • CİNEL, Emek Aslı ve Nebiye YAMAK; (2014), “Merkez Bankası Döviz Rezervlerinin Belirleyicileri: Türkiye Örneği”, Ekonomik Yaklaşım, 25(93), ss. 21-38.
  • COURCHENE, T. J. and G. M. YOUSSEF; (1967), “The Demand for International Reserves”, Journal of Political Economy, 75(4, Part 1), pp. 404-413.
  • DISYATAT, Piti, and Donald MATHIESON; (2001), “Currency Crises and the Demand for Foreign Reserves”, IMF Working Paper, 1, 49.
  • DİNÇER, Hasan, Ümit HACIOĞLU ve Serhat YÜKSEL; (2017), “Determining Influencing Factors of Currency Exchange Rate for Decision Making in Global Economy Using MARS Method”, Geopolitics and Strategic Management in the Global Economy, 261.
  • ERSİN, İrfan ve Selman DURAN; (2017), “Faizsiz Finans Döngüsünü Oluşturma Açısından Adil Ekonomik Düzen Söyleminin Kredileşme İlkeleri Ve Uygulanabilirliğinin Değerlendirilmesi”, Turkish Studies, 12(8), ss. 109-132.
  • ETİ, Serkan and Mehmet Nuri İNEL; (2016), “A Research on Comparison of Regression Models Explaining the Profitability Base on Financial Data”, International Journal of Business and Management, 4(10), pp. 470-475.
  • FRENKEL, Jacob A., and Boyan JOVANOVIC; (1981), “Optimal International Reserves: A Stochastic Framework”, The Economic Journal, 91(362), pp. 507-514.
  • FRENKEL, Jacob A; (1974), “The Demand for International Reserves by Developed and Less-developed Countries”, Economica, 41(161), pp. 14-24.
  • FRIEDMAN, Jerome; (1991), “Multivariate Adaptive Regression Splines”, The Annals of Statistics, 19, pp. 1-141.
  • GOSSELIN, Marc-André, and Nicolas PARENT; (2005), An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia, Bank of Canada.
  • GÜMÜŞ, İnci; (2016), “The Relationship Between Sovereign Spreads and International Reserves: Does the Exchange Rate Regime Matter?”, Emerging Markets Finance and Trade, 52(3), pp. 658-673.
  • HELLER, Heinz Robert, and Malcolm Donald KNIGHT; (1978), Reserve-currency Preferences of Central Banks, International Finance Section, Department of Economics, Princeton University.
  • IREFIN, David and Baba N. YAABA; (2011), “Determinants of Foreign Reserves in Nigeria: An Autoregressive Distributed Lag Approach”, CBN Journal of Applied Statistics, 2(2), pp. 63-82.
  • JO, Gab-Je; (2011), “Analysis of International Reserve Hoarding in Korea”, Pacific Economic Review, 16(2), pp. 154-167.
  • KARFAKIS, Costas; (1997), “The Demand for International Liquidity: A Cointegration Approach”, Applied Financial Economics, 7(6), pp. 673-678.
  • KASMAN, Adnan and Duygu AYHAN; (2008), “Foreign Exchange Reserves and Exchange Rates in Turkey: Structural Breaks, Unit Roots and Cointegration”, Economic Modelling, 25(1), pp. 83-92.
  • KELLY, Michael; (1970), “The Demand for International Reserves”, The American Economic Review, 60(4), pp. 655-667.
  • LEHTO, Taru; (1994), “The Level of a Central Bank’s International Reserves: Theory and Cross-country Analysis”, Bank of Finland Discussion Paper, 15/94.
  • MACHLUP, Fritz; (1966), “The Need for Monetary Reserves”, PSL Quarterly Review, 19(78), pp. 175-222.
  • MINJIE, Ma, and Ma DEGONG; (2016), “The Effect of Export Rebate on RMB Exchange Rate and Foreign Exchange Reserves——Based on the Data from 1996 to 2014”, Journal of Sichuan University (Philosophy and Social Science Edition), 1, 009.
  • MULDER, Christian and Matthieu BUSSIÈRE; (1999), “External Vulnerability in Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion”, International Monetary Fund Working Paper, pp. 1-40
  • OKTAR, Suat ve Serhat YÜKSEL; (2015), “1998 Yılında Rusya’da Yaşanan Bankacılık Krizi ve Öncü Göstergeleri”, İktisadi ve İdari Bilimler Dergisi, 37(2), ss. 327-340. DOI: 10.14780/iibd.51360
  • OKTAR, Suat ve Serhat YÜKSEL; (2016), “Bankaların Türev Ürün Kullanımını Etkileyen Faktörler: Mars Yöntemi ile Bir İnceleme”, Finans Politik ve Ekonomik Yorumlar, 53(620), ss. 31-46.
  • PANDA, Devi Prasad, and Pushpa TRIVEDI; (2016), “Macroeconomic Determinants of India’s Foreign Exchange Reserves: An Empirical Analysis”, IUP Journal of Applied Economics, 15(4), pp. 31-47.
  • RODRIK, Dani; (2006), “The Social Cost of Foreign Exchange Reserves”, International Economic Journal, 20(3), pp. 253-266
  • ROMERO, Ana Maria; (2005), “Comparative Study: Factors that Affect Foreign Currency Reserves in China and India”, Honors Projects, Economics Department, Illinois Wesleyan University, United States.
  • SENIBI, Victoria, Emmanuel ODUNTAN, Obinna UZOMA, Esther SENIBI and Akinde OLUWASEUN; (2016), “Public Debt and External Reserve: The Nigerian Experience (1981–2013)”, Economics Research International, pp. 1-8.
  • SEPHTON, Peter; (2001), “Forecasting Regressions: Can We Do Better on MARS?”, Federal Reserve Bank of St. Louis Review, 1, pp. 39-49.
  • SHCHERBAKOV, S. G.; (2002, October), “Foreign Reserve Adequacy: Case of Russia”, In Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics, Australia.
  • SULA, Ozan; (2011), “Demand for International Reserves in Developing Nations: A Quantile Regression Approach”, Journal of International Money and Finance, 30(5), pp. 764-777.
  • TEMEL, Gülhan OREKİCİ, Handan ANKARALI, and Ayşe Canan YAZICI; (2010), “Regresyon Modellerine Alternatif Bir Yaklaşım: MARS.” Turkiye Klinikleri Journal of Biostatistics 2(2), pp. 58-66.
  • TUNAY, K. Batu; (2001), “Türkiye’de paranın gelir dolaşım hızlarının MARS yöntemiyle tahmini”, ODTÜ Gelişme Dergisi, 28(3-4), ss. 431-454.
  • TUNAY, K. Batu; (2010), “Bankacılık Krizlerinin Erken Uyarı Sinyalleri: Türkiye İçin Bir Model Analizi”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4, ss. 9-46.
  • WIJNHOLDS, J. O. D. B. and Arend KAPTEYN; (2001), “Reserve Adequacy in Emerging Market Economies”, IMF Working Paper, pp. 1-49.
  • YÜKSEL, Serhat; (2016), “Bankaların Takipteki Krediler Oranını Belirleyen Faktörler: Türkiye İçin Bir Model Önerisi”, Bankacılar Dergisi, 98, ss. 41-56.
  • YÜKSEL, Serhat; (2016), Bankacılık Krizlerinin Erken Uyarı Sinyalleri: Türkiye Üzerine Bir Uygulama, Akademisyen Yayınevi, Ankara.
  • YÜKSEL, Serhat and Sinemis ZENGİN; (2016), “Leading Indicators of 2008 Global Crisis: An Analysis with Logit and Mars Methods”, Finansal Araştırmalar ve Çalışmalar Dergisi, 8(15), pp. 495-518.
  • YÜKSEL, Serhat and Sinemis ZENGİN; (2017), “Influencing Factors of Net Interest Margin in Turkish Banking Sector”, International Journal of Economics and Financial Issues, 7(1), pp. 178-191.

Identifying Macroeconomic Factors Influencing the Foreign Exchange Reserves of the Central Bank of Turkey

Year 2017, Issue: 631, 41 - 53, 01.09.2017

Abstract

The purpose of this study is to identify the factors influencing the foreign exchange reserves of the Central Bank of Turkey. Within this scope, quarterly data for 1988-2015 was taken into the consideration. In addition, an analysis was performed by using MARS method in order to reach this objective. According to the results of this study, we have determined that there is a negative relationship between current account deficit and international reserves. While considering this aspect, we can say that the country has more demand on foreign currency in case of high current account deficit. Due to this situation, the Central Bank of Turkey prefers to have more reserves. Moreover, we have also identified that USD interest rate affects foreign reserves of Central Bank of Turkey. When USD interest rate is less than 5.02, it will affect foreign exchange reserves positively. The main reason behind this, is that when USD interest rate is high, it increases the value of foreign currency. Therefore, the Central Bank of Turkey opts for having higher reserves. On the other hand, USD interest rate influences foreign exchange reserves negatively when it is more than 5.02. This condition shows that when USD interest rate is very high, USD will appreciate and TL will lose value. Therefore, the Central Bank of Turkey uses its foreign exchange reserves so as to prevent this problem. Finally, we have also concluded that there is a negative relationship between TL interest rate and foreign exchange reserves. The main reason for this, is that TL interest rate increases the cost of foreign exchange reserves. Hence, the Central Bank of Turkey prefers to have less foreign exchange reserves in that case.

References

  • AIZENMAN, Joshua, Yeonho LEE, and Youngseop RHEE; (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), pp. 1-15.
  • AIZENMAN, Joshua and Nancy MARION; (2003), “The High Demand for International Reserves in the Far East: What Is Going On?”, Journal of the Japanese and international Economies, 17(3), pp. 370-400.
  • BAŞ, Halim; (2017), “Türkiye’de Genç Nüfus: Sorunlar ve Politikalar”, Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 27(2), ss. 255-288.
  • BIRD, Graham and Ramkishen RAJAN; (2003), “Too Much of A Good Thing? The Adequacy of International Reserves in the Aftermath of Crises”, The World Economy, 26(6), pp. 873-891.
  • BOLDER, David Jamieson and Tiago RUBIN; (2007), “Optimization in a Simulation Setting: Use of Function Approximation in Debt Strategy Analysis”, Bank of Canada Working Paper, pp. 1-92.
  • CHOWDHURY, Md Niaz Murshed, Mohammed Jashim UDDIN, and Mohammad Saiful ISLAM; (2014), “An Econometric Analysis of the Determinants of Foreign Exchange Reserves in Bangladesh”, Journal of World Economic Research, 3(6), pp. 72-82.
  • CİNEL, Emek Aslı ve Nebiye YAMAK; (2014), “Merkez Bankası Döviz Rezervlerinin Belirleyicileri: Türkiye Örneği”, Ekonomik Yaklaşım, 25(93), ss. 21-38.
  • COURCHENE, T. J. and G. M. YOUSSEF; (1967), “The Demand for International Reserves”, Journal of Political Economy, 75(4, Part 1), pp. 404-413.
  • DISYATAT, Piti, and Donald MATHIESON; (2001), “Currency Crises and the Demand for Foreign Reserves”, IMF Working Paper, 1, 49.
  • DİNÇER, Hasan, Ümit HACIOĞLU ve Serhat YÜKSEL; (2017), “Determining Influencing Factors of Currency Exchange Rate for Decision Making in Global Economy Using MARS Method”, Geopolitics and Strategic Management in the Global Economy, 261.
  • ERSİN, İrfan ve Selman DURAN; (2017), “Faizsiz Finans Döngüsünü Oluşturma Açısından Adil Ekonomik Düzen Söyleminin Kredileşme İlkeleri Ve Uygulanabilirliğinin Değerlendirilmesi”, Turkish Studies, 12(8), ss. 109-132.
  • ETİ, Serkan and Mehmet Nuri İNEL; (2016), “A Research on Comparison of Regression Models Explaining the Profitability Base on Financial Data”, International Journal of Business and Management, 4(10), pp. 470-475.
  • FRENKEL, Jacob A., and Boyan JOVANOVIC; (1981), “Optimal International Reserves: A Stochastic Framework”, The Economic Journal, 91(362), pp. 507-514.
  • FRENKEL, Jacob A; (1974), “The Demand for International Reserves by Developed and Less-developed Countries”, Economica, 41(161), pp. 14-24.
  • FRIEDMAN, Jerome; (1991), “Multivariate Adaptive Regression Splines”, The Annals of Statistics, 19, pp. 1-141.
  • GOSSELIN, Marc-André, and Nicolas PARENT; (2005), An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia, Bank of Canada.
  • GÜMÜŞ, İnci; (2016), “The Relationship Between Sovereign Spreads and International Reserves: Does the Exchange Rate Regime Matter?”, Emerging Markets Finance and Trade, 52(3), pp. 658-673.
  • HELLER, Heinz Robert, and Malcolm Donald KNIGHT; (1978), Reserve-currency Preferences of Central Banks, International Finance Section, Department of Economics, Princeton University.
  • IREFIN, David and Baba N. YAABA; (2011), “Determinants of Foreign Reserves in Nigeria: An Autoregressive Distributed Lag Approach”, CBN Journal of Applied Statistics, 2(2), pp. 63-82.
  • JO, Gab-Je; (2011), “Analysis of International Reserve Hoarding in Korea”, Pacific Economic Review, 16(2), pp. 154-167.
  • KARFAKIS, Costas; (1997), “The Demand for International Liquidity: A Cointegration Approach”, Applied Financial Economics, 7(6), pp. 673-678.
  • KASMAN, Adnan and Duygu AYHAN; (2008), “Foreign Exchange Reserves and Exchange Rates in Turkey: Structural Breaks, Unit Roots and Cointegration”, Economic Modelling, 25(1), pp. 83-92.
  • KELLY, Michael; (1970), “The Demand for International Reserves”, The American Economic Review, 60(4), pp. 655-667.
  • LEHTO, Taru; (1994), “The Level of a Central Bank’s International Reserves: Theory and Cross-country Analysis”, Bank of Finland Discussion Paper, 15/94.
  • MACHLUP, Fritz; (1966), “The Need for Monetary Reserves”, PSL Quarterly Review, 19(78), pp. 175-222.
  • MINJIE, Ma, and Ma DEGONG; (2016), “The Effect of Export Rebate on RMB Exchange Rate and Foreign Exchange Reserves——Based on the Data from 1996 to 2014”, Journal of Sichuan University (Philosophy and Social Science Edition), 1, 009.
  • MULDER, Christian and Matthieu BUSSIÈRE; (1999), “External Vulnerability in Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion”, International Monetary Fund Working Paper, pp. 1-40
  • OKTAR, Suat ve Serhat YÜKSEL; (2015), “1998 Yılında Rusya’da Yaşanan Bankacılık Krizi ve Öncü Göstergeleri”, İktisadi ve İdari Bilimler Dergisi, 37(2), ss. 327-340. DOI: 10.14780/iibd.51360
  • OKTAR, Suat ve Serhat YÜKSEL; (2016), “Bankaların Türev Ürün Kullanımını Etkileyen Faktörler: Mars Yöntemi ile Bir İnceleme”, Finans Politik ve Ekonomik Yorumlar, 53(620), ss. 31-46.
  • PANDA, Devi Prasad, and Pushpa TRIVEDI; (2016), “Macroeconomic Determinants of India’s Foreign Exchange Reserves: An Empirical Analysis”, IUP Journal of Applied Economics, 15(4), pp. 31-47.
  • RODRIK, Dani; (2006), “The Social Cost of Foreign Exchange Reserves”, International Economic Journal, 20(3), pp. 253-266
  • ROMERO, Ana Maria; (2005), “Comparative Study: Factors that Affect Foreign Currency Reserves in China and India”, Honors Projects, Economics Department, Illinois Wesleyan University, United States.
  • SENIBI, Victoria, Emmanuel ODUNTAN, Obinna UZOMA, Esther SENIBI and Akinde OLUWASEUN; (2016), “Public Debt and External Reserve: The Nigerian Experience (1981–2013)”, Economics Research International, pp. 1-8.
  • SEPHTON, Peter; (2001), “Forecasting Regressions: Can We Do Better on MARS?”, Federal Reserve Bank of St. Louis Review, 1, pp. 39-49.
  • SHCHERBAKOV, S. G.; (2002, October), “Foreign Reserve Adequacy: Case of Russia”, In Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics, Australia.
  • SULA, Ozan; (2011), “Demand for International Reserves in Developing Nations: A Quantile Regression Approach”, Journal of International Money and Finance, 30(5), pp. 764-777.
  • TEMEL, Gülhan OREKİCİ, Handan ANKARALI, and Ayşe Canan YAZICI; (2010), “Regresyon Modellerine Alternatif Bir Yaklaşım: MARS.” Turkiye Klinikleri Journal of Biostatistics 2(2), pp. 58-66.
  • TUNAY, K. Batu; (2001), “Türkiye’de paranın gelir dolaşım hızlarının MARS yöntemiyle tahmini”, ODTÜ Gelişme Dergisi, 28(3-4), ss. 431-454.
  • TUNAY, K. Batu; (2010), “Bankacılık Krizlerinin Erken Uyarı Sinyalleri: Türkiye İçin Bir Model Analizi”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4, ss. 9-46.
  • WIJNHOLDS, J. O. D. B. and Arend KAPTEYN; (2001), “Reserve Adequacy in Emerging Market Economies”, IMF Working Paper, pp. 1-49.
  • YÜKSEL, Serhat; (2016), “Bankaların Takipteki Krediler Oranını Belirleyen Faktörler: Türkiye İçin Bir Model Önerisi”, Bankacılar Dergisi, 98, ss. 41-56.
  • YÜKSEL, Serhat; (2016), Bankacılık Krizlerinin Erken Uyarı Sinyalleri: Türkiye Üzerine Bir Uygulama, Akademisyen Yayınevi, Ankara.
  • YÜKSEL, Serhat and Sinemis ZENGİN; (2016), “Leading Indicators of 2008 Global Crisis: An Analysis with Logit and Mars Methods”, Finansal Araştırmalar ve Çalışmalar Dergisi, 8(15), pp. 495-518.
  • YÜKSEL, Serhat and Sinemis ZENGİN; (2017), “Influencing Factors of Net Interest Margin in Turkish Banking Sector”, International Journal of Economics and Financial Issues, 7(1), pp. 178-191.
There are 44 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Serhat Yüksel

Mustafa Özsarı This is me

Publication Date September 1, 2017
Published in Issue Year 2017 Issue: 631

Cite

APA Yüksel, S., & Özsarı, M. (2017). Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi. Finans Politik Ve Ekonomik Yorumlar(631), 41-53.
AMA Yüksel S, Özsarı M. Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi. FPEYD. September 2017;(631):41-53.
Chicago Yüksel, Serhat, and Mustafa Özsarı. “Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi”. Finans Politik Ve Ekonomik Yorumlar, no. 631 (September 2017): 41-53.
EndNote Yüksel S, Özsarı M (September 1, 2017) Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi. Finans Politik ve Ekonomik Yorumlar 631 41–53.
IEEE S. Yüksel and M. Özsarı, “Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi”, FPEYD, no. 631, pp. 41–53, September 2017.
ISNAD Yüksel, Serhat - Özsarı, Mustafa. “Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi”. Finans Politik ve Ekonomik Yorumlar 631 (September 2017), 41-53.
JAMA Yüksel S, Özsarı M. Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi. FPEYD. 2017;:41–53.
MLA Yüksel, Serhat and Mustafa Özsarı. “Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi”. Finans Politik Ve Ekonomik Yorumlar, no. 631, 2017, pp. 41-53.
Vancouver Yüksel S, Özsarı M. Türkiye Cumhuriyet MerkezBankası’nın Döviz Rezervlerine EtkiEden Makroekonomik FaktörlerinBelirlenmesi. FPEYD. 2017(631):41-53.