Page 333 - Special Topic Session (STS) - Volume 1

STS441 Burcu Zühal İ.E. et al.
surveys and spot exchange transactions data are accomplished. There is an
ongoing communication with related institutions to make protocols enabling
access to employment information from Social Security Institution and export
and import data from Ministry of Trade. As mentioned above, DGI initiative
regarding derivatives is planned to be completed in the second half of 2019.
The reports will be shared with the CBRT and along with other company
specific information, derivatives data set will constitute another main part of
the systemic risk data monitoring system. Once the data hub is completed, it
will allow comprehensive analysis regarding the financial positions of the
NFCs.

5. Discussion and Conclusion
As a conclusion, the global financial crisis of 2008 forced all the central
banks to start to compile comprehensive, coherent, timely and high-quality
micro data sets which enable them to analyze the systemic effects deriving
from changing economic conditions. In this respect, the CBRT has made a
significant progress in collecting a wide-range of data and producing
comparable, consistent and timely statistics. The statistics produced within the
scope of the DGI-2 and the steps taken towards establishing a comprehensive
real sector data hub which allows timely monitoring of transactions that will
potentially affect the FX position of firms is very important for detecting risks
at the micro level and taking the necessary measures.

References
1. Alfaro, L., Chari, A., Asis, G., Panizza, U. (2017) “The Real Effects of Capital
Controls: Firm-Level Evidence from a Policy Experiment.” Journal of
International Economics 108: 191– 210.
2. Bank of International Settlement (2014), “Buoyant Yet Fragile?” BIS
Quarterly Review, December 2014.
3. Bank of International Settlement (2016), Debt Securities Data Base.
http://www.bis.org/statistics/secstats.htm
4. Financial Stability Board, International Monetary Fund (2017), “The
Financial Crisis and Information Gaps” Second Phase of the G-20 Data
Gaps Initiative Second Progress Report, September 2017.
5. Gabaix, X., (2011): “The Granular Origins of Aggregate Fluctuations.”
Econometrica, 79, 733–72.
6. IMF (2015) “Corporate Leverage in Emerging Markets—A Concern?” in
Vulnerabilities, Legacies, and Policy Challenges Risks Rotating to
Emerging Markets, Global Financial Stability Report, October. Washington
D.C.

322 | I S I W S C 2 0 1 9