Appraising the Effectiveness of the Recent Turkish Monetary Policy: A Minskian Perspective

Erkan Tokucu

Journal of Economic Issues, 2014, vol. 48, issue 3, 787-820

Abstract: Rapid developments and crises in financial markets assign new roles to central banks in ensuring financial stability. To this extent, central banks are in the quest for new monetary policies and for developing the instruments that give the most effective results in the changing financial environment. The Central Bank of the Republic of Turkey has taken financial stability as the primary goal, made some changes in the policy instruments, and increased the number of instruments, especially following the financial crisis in the United States. I discuss the efficiency of monetary policies that have been applied by the central bank in the last few years toward ensuring the financial stability in view of Hyman P. Minsky's framework. I make some policy suggestions, from a Minskian point of view, for the prevention of a possible financial crisis that may emerge in Turkey in the near future.

Date: 2014
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DOI: 10.2753/JEI0021-3624480310

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