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ANALYSIS OF TRANSFORMATIONS IN MONETARY POLICY IMPLEMENTATIONS IN TURKEY AFTER 2021

Year 2023, Issue: 12, 202 - 209, 29.12.2023

Banu Demirhan Erdal Demirhan

https://doi.org/10.58627/dpuiibf.1409135

Abstract

The aim of this study is to analyze the main economic effects of the monetary policies implemented in Turkey after 2021. Monetary policies implemented in 2021 reflect an unorthodox approach, unlike the policies implemented before 2000. As a result of these policies based on keeping interest rates low, the inflation rate rose to double digits and central bank reserves melted rapidly. As of the second half of 2023, orthodox policies have been returned and improvements in macroeconomic balances have begun. Despite the orthodox policies implemented since the second half of 2023, there is no significant decrease in the inflation rate. There is a partial improvement in reserves. Whether orthodox policies produce the desired results in Turkey depends on the continuity of these policies and the inflow of foreign capital.

Keywords

Monetary Policy CBRT Orthodox Policies

References

  • Binici M., Erol, H., Kara H., Özlü P. and Ünalmış, D. (2013). Faiz Koridoru Bir Makro İhtiyati Araç Olabilir mi?. TCMB Ekonomi Notları, No:2013-20.
  • Bulut, N. and Erdil, S. (2023). Döviz Dönüşümlü Kur Korumalı Mevduat Hesabı ve Muhasebeleştirilmesi, Akademik İzdüşüm Dergisi, 8 (1): 495-524.
  • CBRT (2001). Annual Report 2000, Ankara.
  • CBRT (2002). Monetary Policy and Exchange Rate Policy in 2002 and Prospective Developments. lease, Press Release.
  • CBRT (2013). CBRT Bulletin, March, Issue: 26.
  • CBRT (2023a). Press Release on Interest Rates, (2023-22).
  • CBRT (2023b). Summary of the Monetary Policy Committee Meeting, (2023-24).
  • CBRT (2023c). Summary of the Monetary Policy Committee Meeting, (2023-25) .
  • CBRT (2023d). Summary of the Monetary Policy Committee Meeting, (2023-32).
  • CBRT (2023e). Summary of the Monetary Policy Committee Meeting, (2023-35).
  • CBRT (2023f). Summary of the Monetary Policy Committee Meeting, (2023-39).
  • CBRT (2023g). Inflation Report 2023-III, 27 July 2023.
  • CBRT (2023h). Inflation Report 2023-IV, 2 November 2023.
  • Çakalı, K. R. and Baloğlu, G. (2022). Kur Korumalı Türk Lirası Mevduat Hesaplarının Muhasebeleştirilme Esasları, PIAR, 9(22): 564-376.
  • Çetin, M. Ö. (2016). Türkiye Cumhuriyet Merkez Bankası Para Politikası Uygulamalarının Gelişimi, Finansal Araştırmalar ve Çalışmalar Dergisi, 8(14): 67-101.
  • Doğan, S. (2006). 2000li Yıllarda Türkiye’nin Ekonomik İstikrar Arayışları, İstanbul Üniversitesi İktisat Fakültesi Maliye Araştırma Merkezi Konferansları, 49. Seri.
  • Eroğlu, N. (2009). Türkiye’de 1990’lı ve 2000’li Yıllarda Para Politikaları. Marmara Üniversitesi İ.İ.B.F. Dergisi, Cilt XXVI, Sayı 1.
  • Köstekçi, A and Özbay, F. (2023). Kur Korumalı Mevduat Sistemi ve Vergilemenin Amaçları Üzerine Bir Değerlendirme, Business, Economics and Management Research Journal, 6 (1): 44-56.
  • Önder, T. (2005). Para Politikası Araçları Amaçları ve Türkiye Uygulaması. TCMB Uzmanlık Yeterlilik Tezi, Ankara.
  • Özatay, Fatih (2011). Parasal İktisat Kuram ve Politika. 2. Baskı. Efil Yayınevi. Ankara.

ANALYSIS OF TRANSFORMATIONS IN MONETARY POLICY IMPLEMENTATIONS IN TURKEY AFTER 2021

Year 2023, Issue: 12, 202 - 209, 29.12.2023

Banu Demirhan Erdal Demirhan

https://doi.org/10.58627/dpuiibf.1409135

Abstract

The aim of this study is to analyze the main economic effects of the monetary policies implemented in Turkey after 2021. Monetary policies implemented in 2021 reflect an unorthodox approach, unlike the policies implemented before 2000. As a result of these policies based on keeping interest rates low, the inflation rate rose to double digits and central bank reserves melted rapidly. As of the second half of 2023, orthodox policies have been returned and improvements in macroeconomic balances have begun. Despite the orthodox policies implemented since the second half of 2023, there is no significant decrease in the inflation rate. There is a partial improvement in reserves. Whether orthodox policies produce the desired results in Turkey depends on the continuity of these policies and the inflow of foreign capital.

Keywords

Monetary Policy CBRT Orthodox Policies

References

  • Binici M., Erol, H., Kara H., Özlü P. and Ünalmış, D. (2013). Faiz Koridoru Bir Makro İhtiyati Araç Olabilir mi?. TCMB Ekonomi Notları, No:2013-20.
  • Bulut, N. and Erdil, S. (2023). Döviz Dönüşümlü Kur Korumalı Mevduat Hesabı ve Muhasebeleştirilmesi, Akademik İzdüşüm Dergisi, 8 (1): 495-524.
  • CBRT (2001). Annual Report 2000, Ankara.
  • CBRT (2002). Monetary Policy and Exchange Rate Policy in 2002 and Prospective Developments. lease, Press Release.
  • CBRT (2013). CBRT Bulletin, March, Issue: 26.
  • CBRT (2023a). Press Release on Interest Rates, (2023-22).
  • CBRT (2023b). Summary of the Monetary Policy Committee Meeting, (2023-24).
  • CBRT (2023c). Summary of the Monetary Policy Committee Meeting, (2023-25) .
  • CBRT (2023d). Summary of the Monetary Policy Committee Meeting, (2023-32).
  • CBRT (2023e). Summary of the Monetary Policy Committee Meeting, (2023-35).
  • CBRT (2023f). Summary of the Monetary Policy Committee Meeting, (2023-39).
  • CBRT (2023g). Inflation Report 2023-III, 27 July 2023.
  • CBRT (2023h). Inflation Report 2023-IV, 2 November 2023.
  • Çakalı, K. R. and Baloğlu, G. (2022). Kur Korumalı Türk Lirası Mevduat Hesaplarının Muhasebeleştirilme Esasları, PIAR, 9(22): 564-376.
  • Çetin, M. Ö. (2016). Türkiye Cumhuriyet Merkez Bankası Para Politikası Uygulamalarının Gelişimi, Finansal Araştırmalar ve Çalışmalar Dergisi, 8(14): 67-101.
  • Doğan, S. (2006). 2000li Yıllarda Türkiye’nin Ekonomik İstikrar Arayışları, İstanbul Üniversitesi İktisat Fakültesi Maliye Araştırma Merkezi Konferansları, 49. Seri.
  • Eroğlu, N. (2009). Türkiye’de 1990’lı ve 2000’li Yıllarda Para Politikaları. Marmara Üniversitesi İ.İ.B.F. Dergisi, Cilt XXVI, Sayı 1.
  • Köstekçi, A and Özbay, F. (2023). Kur Korumalı Mevduat Sistemi ve Vergilemenin Amaçları Üzerine Bir Değerlendirme, Business, Economics and Management Research Journal, 6 (1): 44-56.
  • Önder, T. (2005). Para Politikası Araçları Amaçları ve Türkiye Uygulaması. TCMB Uzmanlık Yeterlilik Tezi, Ankara.
  • Özatay, Fatih (2011). Parasal İktisat Kuram ve Politika. 2. Baskı. Efil Yayınevi. Ankara.
There are 20 citations in total.

Details

Primary Language English
Subjects Monetary Policy
Journal Section Research Articles
Authors

Banu Demirhan 0000-0002-0902-4629

Erdal Demirhan 0000-0001-6843-1868

Early Pub Date December 29, 2023
Publication Date December 29, 2023
Submission Date December 24, 2023
Acceptance Date December 28, 2023
Published in Issue Year 2023 Issue: 12

Cite

APA Demirhan, B., & Demirhan, E. (2023). ANALYSIS OF TRANSFORMATIONS IN MONETARY POLICY IMPLEMENTATIONS IN TURKEY AFTER 2021. Dumlupınar Üniversitesi İİBF Dergisi(12), 202-209. https://doi.org/10.58627/dpuiibf.1409135
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