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Inflation Targeting in Turkey

  • Hasan Erseli

    ()

    (Sabanci University, Istanbul, Turkey)

  • Fatih Ozatay

    ()

    (TOBB University of Economics and Technology, Ankara, Turkey)

In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by high public debt put a severe constraint on the conduct of monetary policy. Other challenges were the high exchange rate pass-through, inflation inertia, and the weak banking sector. This paper provides an account of the monetary policy experience of Turkey after the crisis. It focuses on the reasons behind adopting informal inflation targeting, i.e. a transition phase, before moving into formal inflation targeting in 2006.

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Paper provided by Economic Research Forum in its series Working Papers with number 445.

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Length: 24 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Publication status: Published by The Economic Research Forum (ERF)
Handle: RePEc:erg:wpaper:445
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