This study investigates the effectiveness of ROM. We conducted the GARCH (1,1) Model to determine whether ROM contributed to decreasing the volatility of USD/TL exchange rate for the period 2013-2014. We construct four Models where four different variables are separately used that represent the ROM tool, i.e. the amount of FX reserves of CBRT via ROM, and the share of the FX reserves via ROM in Gross FX Reserves of CBRT. Our findings are convincing to say FX facility and the ratio of utilization for the FX facility to ensure the results are statistically meaningful during this period.

中文翻译：

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美联储缩表期间储备期权机制对汇率波动的影响

本研究调查了 ROM 的有效性。我们使用 GARCH (1,1) 模型来确定 ROM 是否有助于降低 2013-2014 年期间美元/土耳其里拉汇率的波动性。我们构建了四个模型，分别使用四个不同的变量来代表 ROM 工具，即通过 ROM 的 CBRT 外汇储备量，以及通过 ROM 的外汇储备在 CBRT 的总外汇储备中的份额。我们的调查结果令人信服地说外汇设施和外汇设施的利用率确保结果在此期间具有统计意义。