Articles

The Evolution of the Status of the Central Bank of the Turkish Republic: the Issue of Institutional Maturity of Emerging Markets

Vostok/Oriens '2015, №4

 
The article analyzes the evolution of the status of the Central Bank of Turkish Republic (CBTR). The key definition in the concept of status CBTR is the nature of its relationship with the executive power, the level of its independence, and hence the possibility to conduct an independent monetary policy and regulate inflation. The evolution of the status of CBTR towards obtaining this kind of independence, on the one hand, was the result of the weakening of state intervention in the development of the national economy that accompanied its market transformation. On the other hand, during the process of economic liberalization in Turkey, like in other countries with emerging markets, the degree of consistency in the process of Central bank’s status change is one of the important indicators of maturity and sustainability of the new market institutions.

Keywords: Turkey, state regulation of economy, the Central Bank of Turkish Republic (CBTR), CBTR independence, key rate, inflation, economic growth

Pages: С. 134–147