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Turkiye Cumhuriyet Merkez Bankasi Bagimsizligi Enflasyonist Etki Yaratir mi?

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  • Bulent Dogru

    () (Gumushane University)

Abstract

In this study, the disinflationary effects of central bank independence of the Central Bank of Turkey (CBT) on inflation is examined within the framework of the co-integration analysis and Vector Error Correction (VECM) for the time period 1990: Q1 - 2012: Q4. According to the findings of the econometric model estimated, an increment in the independence of the central bank pulls down average inflation 18-21 %. However, according to the findings of the study in the short-term central bank independence is not a determinant of inflation.

Suggested Citation

  • Bulent Dogru, 2013. "Turkiye Cumhuriyet Merkez Bankasi Bagimsizligi Enflasyonist Etki Yaratir mi?," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 18(1), pages 35-55, May.
  • Handle: RePEc:ist:ancoec:v:18:y:2013:i:1:p:35-55
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    File URL: http://eidergisi.istanbul.edu.tr/sayi18/iueis18m3.pdf
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    More about this item

    Keywords

    Central Bank Independence; Inflation; VECM; Co-integration;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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