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The Issue of Credibility and Accountability of the Central Bank of the Republic of Turkey Within the Framework of the Inflation Targeting Regime

Author

Listed:
  • Nadir Eroğlu

    (Marmara University)

  • İlhan Eroğlu

    (Gaziosmanpaşa University)

Abstract

In recent years, inflation targeting is turned into a regime of monetary policy that has been appealing frequently. The Central Bank of the Republic of Turkey (CBRT) has applied this regime with two stages from 2002, at first in the form of implicit then as open inflation targeting according to the suitable economical and social conditions of Turkey. During the implicit inflation targeting, reach- ing the inflation goals has increased the Republic of Turkey Central Bank’s credibility but from 2006, the inflation goals that can not be reached by moving to open inflation targeting has faced the Central Bank with the problem of credibility. This study includes an evalua- tion, in the framework of inflation targeting regime that the Central Bank’s credibility problem and accountability.

Suggested Citation

  • Nadir Eroğlu & İlhan Eroğlu, 2009. "The Issue of Credibility and Accountability of the Central Bank of the Republic of Turkey Within the Framework of the Inflation Targeting Regime," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 24(85), pages 79-109, October.
    • Handle: RePEc:acc:malfin:v:24:y:2009:i:85:p:79-109
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