Interest rate smoothing and macroeconomic instability under post-capital account liberalization Turkey

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dc.citation.epage482en_US
dc.citation.issueNumber4-Maren_US
dc.citation.spage459en_US
dc.citation.volumeNumber31en_US
dc.contributor.authorCömert, H.en_US
dc.contributor.authorYeldan, A. E.en_US
dc.contributor.authorOlçum, G. A.en_US
dc.date.accessioned2015-07-28T12:05:50Z
dc.date.available2015-07-28T12:05:50Z
dc.date.issued2011en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis paper considers the interest rate policy of the Central Bank of the Republic of Turkey (CBRT) in the post-financial liberalization and deregulation era. We find that (1) the Bank's interest rate smoothing tendency is the main determinant of its monetary policy in this period, (2) the CBRT does not seem to be responsive to the developments in real economy (output), and (3) although inflation targeting central banks are not supposed to pay attention to exchange rates, the CBRT appears to be slightly responsive to changes in real exchange rate. In answer to the question of whether there is a deeper underlying Structural constraint binding the CBRT's "independence," it seems clear that the global financial system is restricting the ability of the central banks to pursue "independent" policy objectives.en_US
dc.description.provenanceMade available in DSpace on 2015-07-28T12:05:50Z (GMT). No. of bitstreams: 1 10.1080-02255189.2010.3673730.pdf: 363606 bytes, checksum: 02429a2f7661c561e1ece901ea0e1099 (MD5)en
dc.identifier.doi10.1080/02255189.2010.3673730en_US
dc.identifier.eissn2158-9100
dc.identifier.issn0225-5189
dc.identifier.urihttp://hdl.handle.net/11693/13342
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/02255189.2010.3673730en_US
dc.source.titleCanadian Journal of Development Studies / Revue canadienne d'études du développementen_US
dc.subjectMonetary-policy rulesen_US
dc.titleInterest rate smoothing and macroeconomic instability under post-capital account liberalization Turkeyen_US
dc.typeArticleen_US

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