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

James Butkiewicz and Zeliha Ozdogan ()
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Zeliha Ozdogan: Research and Statistics,SBT ANALYSIS

No 13-08, Working Papers from University of Delaware, Department of Economics

Abstract: Turkey experienced a financial crisis in 2000-2001 that 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.

Keywords: Financial Crisis; monetary policy; monetary transmission; Turkey (search for similar items in EconPapers)
JEL-codes: J16 J30 J31 J70 J71 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2013
New Economics Papers: this item is included in nep-ara, nep-cba and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Forthcoming in Middle East Development Journal

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Journal Article: Financial crisis, monetary policy reform and the monetary transmission mechanism in Turkey (2014)
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