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Financial crisis, monetary policy reform and the monetary transmission mechanism in Turkey

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Author Info
James L. Butkiewicz () (Department of Economics,University of Delaware)
Zeliha Ozdogan () (Director of Research and Statistics, SBT ANALYSIS)

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Abstract

Turkey experienced a financial crisis in 2000-2001 which led to significant financial reforms. The reforms resulted in a switch to a floating exchange rate, granted greater central bank independence and pursuit of a more credible monetary policy. Investigation of the channels of monetary policy in both periods finds that monetary policy’s output effects have been strengthened considerable by the reforms. In the pre-crisis period monetary policy was highly inflationary, while in the post-crisis period, monetary policy targets low inflation and has become a tool for output stabilization. These results support the importance of central bank independence and a credible policy.

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Publisher Info
Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 09-04.

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Length: 41 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:dlw:wpaper:09-04.

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Related research
Keywords: monetary transmission mechanism; central bank independence; inflation targeting.;

Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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