Die relative Autonomie der Zentralbank: Eine politökonomische Analyse der türkischen Geldpolitik nach 2001

Ulas Sener

No 5, Potsdam Economic Studies from Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät

Abstract: This book examines the relationship between central bank independence and monetary policy in Turkey with a political economic approach. Focusing on the Turkish example, it addresses the theoretical and empirical questions that arise in connection with central bank independence. It analyses the Turkish central bank's institutional statue and its implications for monetary policy since its formal independence in 2001. The main outcome is that Turkey's central bank cannot be regarded as an independent and depoliticized monetary institution, not least due to the high political pressure the ruling Justice and Development Party was able to put on monetary policy decision, especially after the global financial crises 2007-08. The book investigates further domestic and international political economic conditions and developments in regards to the exertion of influence on the Turkish monetary policy. The case of Turkey shows that even a formally independent central bank is unable to detach itself from political interference, in spite of a strong ideology of de-politicized monetary policy. To conceptually grasp this outcome the present title proposes an understanding of the CBRT’s institutional status as one of ‘relative autonomy’.

Keywords: Turkey; central bank independence; monetary policy; political economy; relative autonomy (search for similar items in EconPapers)
JEL-codes: E52 E58 P16 (search for similar items in EconPapers)
Date: 2016-06
New Economics Papers: this item is included in nep-ara and nep-mac
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