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Anchors in Implementation of Moneraty Policies in Turkey in 1990’s

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  • Cem Mehmet Baydur
  • Bora Suslu

Abstract

In this study, the monetary and exchange rate policies followed by the Central Bank of Turkey (CBT) in the period between 1990 and 2000 are examined with the help of anchors. The CBT executed the monetary policies by means of monetary programs. In order to increase its credibility and reduce inflation, the Central Bank of Turkey established binding rules through these monetary programs between 1990 and 2000. These rules are called anchors. There are varieties of anchors ranging from foreign exchange rates to inflation targeting. In the first section of this study, anchors, aspects of ideal anchors, the independence and credibility of the Central Bank are examined theoretically. In the second section, there is an empirical analysis of the monetary and exchange rate policies implemented in Turkey in the period between 1990 and 2000. In conclusion, the problems encountered in application of anchors are determined.

Suggested Citation

  • Cem Mehmet Baydur & Bora Suslu, 2002. "Anchors in Implementation of Moneraty Policies in Turkey in 1990’s," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 6(21), pages 37-86.
    • Handle: RePEc:bor:iserev:v:6:y:2002:i:21:p:37-86
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    References listed on IDEAS

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    1. Allan H. Meltzer, 1997. "On Making Monetary Policy More Effective Domestically and Internationally," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 1, pages 3-27, Palgrave Macmillan.
    2. Ercan Uygur, 2001. "Krizden Krize Türkiye: 2000 Kasým ve 2001 Þubat Krizleri," Working Papers 2001/1, Turkish Economic Association, revised Apr 2001.
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