Merkez Bankası Bağımsızlığı ve Makroekonomik Performans: TCMB Örneği

Hakan Demi̇rgi̇l

Sosyoekonomi Journal, 2011, issue 16(16)

Abstract: This paper provides an overview of the underlying theory and empirical evidence on the relation between central bank independence and economic performance, chiefly inflation rates in the case of Turkey. Using the data between 1980-2009, the hypothesis that central bank independence is important for controlling macroeconomic performance and inflation is examined. Employing two indices (legal central bank independence and turnover rates of central bank governors) the inverse relationship between independence level of Central Bank of the Republic of Turkey and inflation was confirmed. We also examine whether central bank independence and turnover rates matter for real Gross Domestic Production growth and government deficits as a percent of Gross Domestic Production.

Keywords: Central Bank Independence; Inflation; Macroeconomic Performance. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:sos:sosjrn:110206

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