Central Bank Review

2001 - 2025

From Research and Monetary Policy Department, Central Bank of the Republic of Turkey
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Systemic Risk Contribution of Individual Banks pp. 5-23: Huseyin Cagri Akkoyun, Ramazan Karasahin and Gursu Keles
Systemic Risk Analysis of Turkish Financial Institutions with Systemic Expected Shortfall pp. 25-40: Irem Talasli
Stock Return Co-movement and Systemic Risk in the Turkish Banking System pp. 41-63: Mahir Binici, Bülent Köksal and Cuneyt Orman
External Financial Stress and External Financing Vulnerability in Turkey: Some Policy Implications for Financial Stability pp. 65-74: Etkin Ozen, Cem Sahin and Ibrahim Unalmis

Financial Crises: Review and Evidence pp. 1-23: Stijn Claessens and Ayhan Kose
The Effects of the Investment Decline on Potential GDP in Turkeyâ€™s 2001 and 2009 Crises pp. 25-44: Ufuk Demiroglu
Reserve Options Mechanism: A New Macroprudential Tool to Limit the Adverse Effects of Capital Flow Volatility on Exchange Rates pp. 45-60: Arif Oduncu, Yasin Akcelik and Ergun Ermisoglu
End-Point Bias in Trend-Cycle Decompositions: An Application to the Real Exchange Rates of Turkey pp. 61-71: Mehmet Ekinci, Gazi Kabaş and Enes Sunel

The Potential Instruments of Monetary Policy pp. 1-15: Charles A.E. Goodhart
The Case for Four Percent Inflation pp. 17-31: Laurence Ball
Fiscal Limits and Monetary Policy pp. 33-58: Eric Leeper
On the Friedman Rule with Labor Market Frictions pp. 59-78: Francesco Zanetti
Optimal Reserve Management Pattern for Turkish Banks pp. 79-102: Ismail Talasli and Suheyla Ozyildirim
"In the Wake of the Crisis: Leading Economists Reassess Economic Policy" Edited by Olivier Blanchard, David Romer, Michael Spence, and Joseph Stiglitz pp. 103-114: Murat Üngör

Reserve Options Mechanism pp. 1-14: Koray Alper, Hakan Kara and Mehmet Yorukoglu
A Real Economic Activity Indicator for Turkey pp. 15-29: S. Boragan Aruoba and Cagri Sarikaya
Public Debt Stock Sustainability in Selected OECD Countries pp. 31-49: Ata Özkaya
Treatment of Seasonal Products and CPI Volatility pp. 51-82: Oguz Atuk, Utku Ozmen and Orhun Sevinc
Book Review - "Why Nations Fail" by Daron Acemoglu and James A. Robinson pp. 83-88: Raif Can

Inflation Expectations and Central Bank Communication in Turkey pp. 1-10: Yusuf Baskaya, Eda Gulsen and Hakan Kara
Is the Leverage of Turkish Banks Procyclical? pp. 11-24: Mahir Binici and Bülent Köksal
Kuresel Kriz, Avrupa Borc Krizi ve Gelismekte Olan Piyasalarda Bulasicilik Etkisi (Global Crisis, European Debt Crisis and Contagion in Emerging Markets) pp. 25-35: Doruk Küçüksaraç, Pınar Özbay Özlü and Deren Ünalmış
"Fault Lines" by Raghuram G. Rajan pp. 37-44: Yasemin Barlas

Regulating Check Use in Turkey pp. 1-12: Semih Tumen
Learning, Monetary Policy, and Housing Prices pp. 13-36: Birol Kanık
Turkiye'de Cekirdek Enflasyon: Ekonometrik Bir Yaklasim pp. 37-51: Ozlem Yigit and Atilla Gokce
Is Disagreement a Good Proxy for Inflation Uncertainty? Evidence from Turkey pp. 53-62: Timur Hulagu and Saygin Sahinoz
Gelismekte Olan Ulkelerin Kurlarindaki Ortak Hareketin Analizi pp. 63-74: Meltem Chadwick, Fatih Fazilet and Necati Tekatli
Review of "This Time is Different: Eight Centuries of Financial Folly" by Carmen M. Reinhart and Kenneth S. Rogoff pp. 75-81: Vuslat Us

Investment Cost Channel and Monetary Transmission pp. 1-13: Yunus Aksoy, Henrique Basso and Javier Coto Martinez
Gorunmez Ama Hissedilmez Degil: Turkiye'de Cikti Acigi pp. 15-28: Fethi Ogunc and Cagri Sarikaya
Parasal Analize Bir Bakis: Turkiye Ornegi pp. 29-48: Kazim Özdemir
Testing Purchasing Power Parity for the New EU Members and Turkey: Panel Cointegration Analysis with Disaggregated CPI pp. 49-69: Hulya Saygili and Mesut Saygili
Pass-Through of External Factors into Price Indicators In Turkey pp. 71-84: Çağlar Yüncüler

Kalite Artislari ve Enflasyon: Turkiye Ornegi pp. 1-9: Yavuz Arslan and Evren Ceritoğlu
Turkiye'nin Finansal Piyasa Likiditesi, Olcumu ve Analizi pp. 11-28: Burcu Deniz Yildirim
Can a Two-Sector Business Cycle Model Account for the 2001 Recession of Turkey? pp. 29-41: S. Tolga Tiryaki

Finansal Stres ve Iktisadi Faaliyet pp. 1-8: Selim Elekdag, İbrahim Kanlı, Mehmet Samancıoğlu and Cagri Sarikaya
A New Core Inflation Indicator for Turkey pp. 9-21: Necati Tekatli
TCMB Faiz Kararlarinin Hisse Senedi Piyasalari Uzerine Etkisi pp. 23-32: Murat Duran, Pınar Özbay Özlü and Deren Ünalmış
Foreign Exchange Reserve Demand: An Information Value Approach pp. 33-44: Kurmaş Akdoğan

Composition of the Government Spending and Behaviour of the Real Exchange Rate in a Small Open Economy pp. 1-27: Ibrahim Unalmis
Modelling the Daily Currency in Circulation in Turkey pp. 29-46: Halil Guler and Ismail Talasli
Exchange Rate Pass-Through and Exposure in the Turkish Economy pp. 47-69: Nazli Toraganli

Click to Download Data: An Event Study of Internet Access to Economic Statistics pp. 1-22: Emre Tokel and Mustafa Yücel
Para Politikasi, Parasal Buyuklukler ve Kuresel Mali Kriz Sonrasi Gelismeler pp. 23-48: Kazim Özdemir

Estimating Value-at-Risk for the Turkish Stock Index Futures in the Presence of Long Memory Volatility pp. 1-14: Adnan Kasman
Banka ve Finans Kurumlarinin Ekonomik Krizden Etkilenme Duzeyleri ve Kriz Doneminde Uyguladiklari Yonetsel ve Orgutsel Politikalara Iliskin Yonetici Algilari pp. 15-28: Ozlem Balaban and Elvan Yildirim Okutan
Kuresel Kriz Algisinin Kucuk Isletme Sahiplerinin Psikolojik Sagligina Etkisi pp. 29-43: Nihal Sututemiz, Ozlem Balaban and Elvan Yildirim Okutan

Kuresel Isinma, Kuresellesme ve Gida Krizi - Turkiye'de Islenmis Gida Fiyatlari Uzerine Ampirik Bir Calisma pp. 1-32: Yusuf Baskaya, Tugrul Gurgur and Fethi Ogunc
Monetary Policy and External Shocks in a Dollarized Economy with Credit Market Imperfections pp. 33-73: Koray Alper

Turkish Experience With Implicit Inflation Targeting pp. 1-16: Hakan Kara
Offshoring of Service Jobs pp. 17-63: Ufuk Demiroglu
Has the Stability and Growth Pact Changed the Likelihood of Excessive Deficits in the European Union? pp. 65-83: S. Tolga Tiryaki