A General Analysis of the Monetary Policy and Exchange Rate Regime Implemented by the Central Bank Between 2002 and 2009

Alper Yakupoğlu
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Alper Yakupoğlu: Kadir Has University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2010, vol. 25, issue 88, 35-54

Abstract: After the crisis in February 2001 the banking and finance sector in Turkey was restructured, the structure of the Central Bank was renewed using new concepts of central banking like independency and accountability. Price stability set as the main target for the Turkish Central Bank, fixed exchange rate regime was abandoned and a free floating exchange regime was adopted. Turkish Lira was devaluated and Central Bank begun to announce policy rates in order to fix the market interest rates. After 2001, Central Bank made significant progress in shifting market expectations towards its targets. Central Bank begun to inform the public on its policies and policy stands continuously with periodical documentation, public disclosures and presentations. Turkish Central Bank applied its monetary policy without any concession in an environment of political crises and financial turbulences . In this paper, the implementation and the results of Turkish Central Bank’s monetary policy and exchange rate regime will be analyzed for the 2002-2009 period.

Keywords: Central banks; monetary policy (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:25:y:2010:i:88:p:35-54

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