The understanding of central banking has evolved several times in the history. Different economic and political conditions shaped the structure of monetary policy and the stance of central banks. The Central Bank of Republic of Turkey (CBRT) also has experienced several reactionary policy shifts throughout its history. Nowadays, majority of central banks have started to follow financial stability programs after the Global Financial Crisis of 2008-09. The CBRT was one of the followers of financial stability targeting and has started to implement a new monetary policy structure after the Global Financial Crisis. The new monetary policy of the CBRT in which the financial stability was put nearby price stability came up with new challenges. Therefore in this thesis, we elaborate on the challenges of the CBRT and propose policy suggestions for the possible deficiencies of the new structure of the CBRT. We argue that the experiences of the CBRT in the inflation targeting period and the macroeconomic conditions of both during and post crisis period have shaped the new structure of the monetary policy, and the new policy mix of the CBRT may not be successful in all its targets at the same time because of the existence of &ldquo / macroeconomic quadrilemma&rdquo / tradeoffs as well as because of the ineffectiveness of the tool portfolio of the CBRT.

In the financial industry , typical indirect-financial institution attracts deposit, inter-bank loan, or issuing negotiable certificate of time deposit and bonds.¡@After collecting money from excess capital units through auditing procedure then loan to the needed parties as a financial intermediary in the market. The roles of financial institutions such as banks are acting as a financial intermediary by providing buy-sell funding to enterprises or individuals. Those banks actually take whole funding liquidity risk to exchange main resource of bank¡¦s profitability. Once failure in managing risk or facing dynamically financial environment changing, bank may engage in difficulty and cause serious financial crisis. Comparison with large international financial institutions, our financial institutions hold a lot of NPL (Non-Performing Loan; Taiwan major NPL almost came from mortgage), it not only lower the liquidity of fund, longer payment duration but also raise operation risk can¡¦t recover financial assets. The quality of asset has also been worse off rapidly. These phenomena raise financial institution operation risk and influence stability of financial system and development of financial environment. With the financial environment is changing, those developed countries mostly adopted structured finance or financial asset securitization methods. The purpose of financial asset securitization in general is to raise fund for originator. Originator is the most important participant on the securitization process. The originators pool and reorganize those assets, which could create cash flow into small-amount unit security and sell to the investors. By this way originator don¡¦t have to wait till maturity and buyback those securities. That is why by using financial asset securitization will help financial institution to improve asset/liability management, spread asset risk and increase the ratio of equity to assets. At the same time, this will improve the effect and efficiency of finance institution¡¦s operating and open up the funding market. Mortgage securitization can raise banks¡¦ capital adequacy and current ratio. By way of asset securitization, the originators enjoy higher asset liquidity, lower funding cost, and improved capital ratio; while investors can use mortgage-backed securities to diversity their portfolios, improve liquidity and enhance yields. For originators, securitization is not only lower the cost of capital, increase the net profit but also enhances the liquidity of cash and balances the assets¡¦ structure. Assets-backed securitization has been prevailed in USA for years. It effectively controls the NPL (Non-performing Loans) problem and stabilizes financial management. Through financial asset securitization optimal asset allocation model, this thesis has the following finding: 1. Financial market funding supply shows multiple effects after Banking Financial asset securitization. In the initial stage of securitization, banks will lower risky assets and then will increase to original size. 2. After Financial asset securitization, a capital adequate ratio will rise first then become normal level. 3. Under assumption that financial asset securitization does not create any capital gain or loss; bank will lower profitability at initial stage. Then after a while, profitability will increase dramatically later. 4. After consideration of risk, this research discovers that securitization wills steeper Capital Allocation Line. It means every risk taking will compensate higher return. Improve Banking efficiency and profitability. Securitization provides a groundbreaking tool to increase profitability and avoid risk. Under MBS structure, the commissions and fees, absolutely out of risk, is major and stable income of the bank. On the other hand, the successful development of USA RTC implement is another contribution to resolve NPL. In sum, financial asset securitization not only accelerates the efficiency of financial institutions for more balance capital markets but also avoids financial risk in the banking system. At present, the prime theme of he banking sector should be how to maintain sound operations by strengthening credit risk management and restructure assets quality. Introducing successful external professional partner system is another way to deal with NPL problems.

由於銀行準備金比率為受貨幣政策機制影響的重要變數之一，但目前並無針對台灣進行的實證研究，因此本文的研究重點著重於探討台灣的銀行準備金比率受不同變數因子的影響。本研究採用的解釋變數有央行的重貼現利率、製造業的工業生產指數、加權法定準備率、壞帳比率、存放款利差、3年期政府公債殖利率、落後一期拆款利率及代表拆款市場重大變革時點的虛擬變數。樣本主要採用由中央銀行統計資料庫及 TEJ 資料庫所蒐集之月資料，採用期間為 1995 年 6 月至 2014 年 7 月，並且使用 OLS 模型進行實證分析。實證結果發現，製造業的工業生產指數及落後一期拆款利率為負向顯著，而 1995年8月的虛擬變數為正向顯著。 / The purpose of the study was focused on the impact of Taiwan banks' reserve ratio by different variable factors, since the banks' reserve ratio was one of the important variables affected by monetary policy mechanism, however, there was no empirical research carried out for Taiwan currently. The explanatory variables used in the study has the discount rate, the index of industrial production of the manufacturing sector, the weighted statutory reserve ratio, the ratio of bad debts, deposit and loan spreads, 3-year government bond yields, the call rate that one year lags and the dummy variables of representatives major changes in interbank call loan market. This study obtained monthly samples from the central bank's statistical databases and TEJ database mainly, the period was during June 1995 to July 2014, and then OLS model was used to analyze. The results revealed that the index of industrial production of the manufacturing sector and the call rate that one year lags has a negative and significant effect on banks' reserve ratio, while the dummy variables of August 1995 has a positive and significant effect.