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Esnek Enflasyon Hedeflemesinden Enflasyon Tahmini Hedeflemesi Rejimine Geçiş: Türkiye Deneyimi

Year 2020, Volume: 22 Issue: 1, 225 - 248, 08.05.2020

Abstract

Çalışmamızda Global Finansal Kriz sonrasında sanayileşmiş ülke merkez bankalarının izlemiş olduğu aşırı gevşek para politikası sonucunda ortaya çıkan global likiditenin gelişmekte olan piyasa ekonomilerine kısa vadeli portföy yatırımları şeklinde girmesi sonucunda neden olduğu makro-finansal istikrarsızlık ve buna karşı izlenen esnek enflasyon hedeflemesi rejimi incelenecektir. Daha sonra özellikle negatif arz şokları ile mücadele etmede özellikle son dönemde enflasyon hedeflemesi rejimine alternatif olarak üzerinde durulan esnek enflasyon hedeflemesi rejimi ve bu rejimin özellikleri üzerinde durulacaktır.

References

  • Acharya, Viral V. ve Vij, Siddharth. (2017). Foreign Currency Borrowing of Corporations As Carry Trades: Evidence From India. in Moody's/NYU Stern Salomon Center/ICRA Conference
  • Aizenman, Joshua. (2019). Macroeconomics Challenges and Resilience of Emerging Market Economies. NBER Working Paper No. 26361, October 2019 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Avdjiev, Stefan - Bruno, Valentina - Koch, Catherine ve Shin, Hyun Song. (2018). The Dollar Exchange Rate As A Global Risk Factor: Evidence From Investment. BIS Working Paper No.695, January 2018 (Basel: Bank for International Settlements).
  • Bank for International Settlements. (2019). Unconventional Monetary Policy Tools: A Cross-Country Analysis, Committee on the Global Financial System, CGFS Papers No 63, October 2019 (Basel: Bank for International Settlements).
  • Barnichon Regis- Matthes, Christian ve Ziegenbein, Alexander. (2018). The Financial Crisis at 10: Will We Ever Recover?. FRBSF Economic Letter 2018-19 | August 13, 2018. Federal Reserve Bank of San Francisco
  • Benes, Jaromir - Clinton, Kevin - George, Asish - John, Joice - Kamenik, Ondra - Laxton, Douglas - Mitra, Pratik- Nadhanael, G.V.-Wang, Hou ve Zhang, Fan. (2017). Inflation-Forecast Targeting for India: An Outline of the Analytical Framework. IMF working Paper 17/32, February 2017 (Washington DC: International Monetary Fund).
  • Benes, Jaromir - Clinton, Kevin - George, Asish - John, Joice - Kamenik, Ondra - Laxton, Douglas - Mitra, Pratik- Nadhanael, G.V.-Wang, Hou ve Zhang, Fan. (2017). Inflation-Forecast Targeting for India: An Outline of the Analytical Framework, IMF working Paper 17/32, February 2017 (Washington DC: International Monetary Fund).
  • Bernanke, S. Ben. (2004). The Great Moderation” remarks at the meetings of the Eastern Economic Association, Washington, DC February 20, 2004.
  • Bernanke, S. Ben., Mark Gertler.(1999). Monetary Policy and Asset Price Volatility. In New Challenges for Monetary Policy: Proceedings of the Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole, 1999 (Kansas City: Federal Reserve Bank).
  • Bernanke, S. Ben., Mark Gertler., (2001), “Should Central Banks Respond to Movements in Asset Prices?”, American Economic Review, 91 (May), pp. 253-57.
  • Blanchard, Olivier – Ariccia, Giovanni Dell’ ve Mauro, Paolo. (2013). Rethinking Macro Policy II: Getting Granular, IMF Staff Discussion Note. 13/03, April 15, 2013 (Washington DC: International Monetary Fund).
  • Blanchard, Olivier–Ariccia, Giovanni Dell’ ve Mauro, Paolon.(2010). Rethinking Macroeconomic Policy, IMF Staff Position Note. 10/03, February 12, 2010.(Washington DC: International Monetary Fund).
  • Blanchard, Olivier, (2000). Bubbles, Liquidity Traps, and Monetary Policy,” in: Japan’s Financial Crisis and its Parallels to the US Experience. Ryoichi Mikitani and Adam Posen (eds.), Institute for International Economics Special Report 13 (Washington DC: Peterson Institute for International Economics)
  • Blanchard, Olivier., John Simon., (2001).The Long and Large Decline in U.S. Output Volatility. Brookings Papers on Economic Activity, Vol. 2001, No. 1. (2001), pp. 135-164.
  • Borio, Claudio,, William White. (2003). Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes.” in Monetary Policy and Uncertainty: Adapting to a Changing Economy: Proceedings of Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole, 2003 (Kansas City: Federal Reserve Bank).
  • Bruno, Valentina- Kim, Se-Jik ve Shin, Hyun Song. (2018). Exchange Rates and The Working Capital Channel of Trade Fluctuations, BIS Working Paper No.694, January 2018 (Basel: Bank for International Settlements).
  • Calvo A. Guillermo., Alejandro Izquierdo ve Luis-Fernando Mejia. (2004). On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects. NBER Working Paper No.10520, May 2004 (Cambridge, Massachusetts: National Bureau of Economic Research). Caselli, G. Francesca., Roitman, Agustin. (2016). Non-Linear Exchange Rate Pass-Through İn Emerging Markets. IMF Working Paper. No. 16/1, January, 2016 (Washington DC: International Monetary Fund).
  • Claessens, Stijn., M. Ayhan Kose. (2013). Financial Crises: Explanations, Types, and Implications” IMF Working Paper, WP/13/28, January , 2013 (Washington DC: International Monetary Fund, January 2013).
  • Clinton, Kevin., Hlédik, Tibor., Holub, Tomáš., Laxton, Douglas., Wang, Hou. (2017). Czech Magic: Implementing Inflation-Forecast Targeting at the CNB. IMF Working Paper No.17/21, January 2017 (Washington: International Monetary December 26, 2019)
  • Dell'ariccia, Giovanni- Laeven, Luc ve Suarez, Gustavo A. (2017). Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States. Journal of Finance, Vol. 72, Issue 2, 613-654
  • Dincer, N. N., B. Eichengreen, (2014). Central Bank Transparency and Independence: Updates and New Measures. International Journal of Central Banking, Vol. 10, No. 1: 189-259, March.
  • Eichengreen, Barry- El-Erian, Mohamed- Fraga, Arminio - Ito, Takatoshi - Pisani-Ferry, Jean - Prasad, Eswar - Rajan, Raghuram - Ramos, Maria - Reinhart, Carmen - Rey, Hélène - Rodrik, Dani - Rogoff, Kenneth - Shin, Hyun Song - Velasco, Andrés - Weder di Mauro, Beatrice ve Yu, Yongding. (2011). Rethinking Central Banking. Committee on International Economic Policy and Reform Brookings Institution
  • Eichengreen, Barry. ve Ricardo Hausmann. (1999). Exchange Rates and Financial Fragility” in New Challenges for Monetary Policy. Federal Reserve Bank of Kansas City, 329-368,Kansas City ve aynı zamanda NBER Working Paper No.7418 November 1999 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Favero, A. Carlo. ve Giavazzi, Francesco. (2004). Inflation Targeting and Debt: Lessons from Brazil. NBER Working Paper No.10390 March 2004 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Favero,A. Carlo. ve Giavazzi, Francesco. (2003). Targeting Inflation When Debt and Risk Premia Are High: Lessons From Brazil. Università di Bologna Department of Economics Seminars May 25, 2003 http://www2.dse.unibo.it/seminari/giavazzi.pdf (19 Haziran 2013)
  • Fendoğlu, Salih- Gülşen, Eda ve Peydro, Josè-Luis. (2019). Global Liquidity and the Impairment of Local Monetary Policy Transmission. Central Bank of Turkey Research Department Working Paper No. 19/13, May, 2019 (Ankara: Central Bank of Turkey)
  • Fouejieu Armand A.,Scott Roger.,(2013). Inflation Targeting and Country Risk: an Empirical Investigation. IMF working Paper 13/21, January 2013 (Washington DC: International Monetary Fund).
  • Frank, Murray Z., ve Shen, Tao (2016). U.S. Dollar Debt Issuance by Chinese Firms. (September 30, 2016). Available at SSRN: https://ssrn.com/abstract=2847061 or http://dx.doi.org/10.2139/ssrn.2847061
  • Freedman, Charles. ve Douglas Laxton.(2009a). Why Inflation Targeting?. IMF Working Paper No. 09/86, April, 2009 (Washington DC: International Monetary Fund)
  • Galati, Gabriele ve Moessner, Richhild (2018). What Do We Know About The Effectiveness of Macroprudential Policy. Economica, Vol. 85, Issue 340, 735-770.
  • Goldfajn, Ilan., Gupta, Poonam. (2001). Overshootings and Reversals: The Role of Monetary Policy. Central Bank of Chile Working Paper No.126, (Santiago: Central Bank of Chile).
  • Hahm, Joon - Ho- S. Mishkin, Frederic - Shin, Hyun Song ve Shin, Kwanho (2012) Macroprudential Policies in Open Emerging Economies, NBER Working Paper No. 17780, January 2012 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Huang, Yi - Panizza, Ugo ve Portes, Richard. (2018). Corporate Foreign Bond Issuance and Interfirm Loans in China. NBER Working Paper No. 24513, April 2018 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • International Monetary Fund .(2010). Central Banking Lessons from the Crisis. Prepared by the Monetary and Capital Markets Department, May 27, 2010 (Washington DC: International Monetary Fund)
  • International Monetary Fund .(2019). Turkey : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey. Country Report No. 19/135 (Washington DC: International Monetary Fund)
  • International Monetary Fund, (2011). World Economic and Financial Surveys World Economic Outlook: Tensions from the Two-Speed Recovery: Unemployment, Commodities, and Capital Flows in Chapter 4. International Capital Flows: Reliable or Fickle?. April 2011, pp.125-163(Washington: International Monetary Fund, April 2011)
  • International Monetary Fund,(2013). The Interaction of Monetary and Macroprudential Policies. January 29, 2013 (Washington DC: International Monetary Fund, January 2013)
  • International Monetary Fund,(2013b). World Economic and Financial Surveys :Global Financial Stability Report: Old Risks, New Challenges. (Washington DC: International Monetary Fund, April 2013)
  • Jiménez, Gabriel- Ongena, Steven – Peydró, José-Luis ve Saurina, Jesús. (2014). Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?, Econometrica 82 (2): 463–505.
  • Kara A. Hakan. (2012a). Küresel Kriz Sonrası Para Politikası, TCMB Çalışma Tebliği No. 12 / 17 Haziran 2012 (Ankara: Türkiye Cumhuriyet Merkez Bankası) Kara A. Hakan. (2012b). Para Politikasını Anlamak, BETAM Paneli 26 Aralık 2012, İstanbul https://betam.bahcesehir.edu.tr/wp-content/uploads/2012/12/Para-politikas%23U0131n%23U0131-anlamak.pdf
  • Kara A. Hakan. ve Musa Orak. (2008). Enflasyon Hedeflemesi. Ekonomik Tartışmalar Konferansı, İstanbul http://www.tcmb.gov.tr/yeni/iletisimgm/kara_orak.pdf
  • Kara, Hakan. (2016). Capital Flows, Monetary Policy, And Macroprudential Policy: Reflections From The Turkish Experience. South African Reserve Bank Biennial Conference October 27-28, 2016 Pretoria, South Africa https://staging.resbank.co.za/Research/Documents/Kara - Capital flows monetary policy and macroprudential policy.pdf Erişim:20.7.2019
  • Lane, R. Philip. ve Gian Maria, Milesi-Ferretti. (2006). The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Asset and Liabilities. 1970–2004. IMF Working Paper No.06/69 March, 2006 (Washington DC: International Monetary Fund)
  • Lin, Shu., Haichun, Ye. (2009). Does Inflation Targeting Make a Difference in Developing Countries?. Journal of Development Economics, 89:118-123
  • Mishkin S. Frederic., (2010). Monetary Policy Strategy: Lessons from the Crisis. Prepared for the ECB Central Banking Conference, “Monetary Policy Revisited: Lessons from the Crisis,” Frankfurt, November 18-19, 2010
  • Özatay, Fatih. (2005). High Public Debt, Multiple Equilibria and Inflation Targeting in Turkey. Globalisation and Monetary Policy in Emerging Markets BIS Papers No 23 May 2005 (Basel: Bank for International Settlements, May 2005 ).
  • Svensson, E. O. Lars. (1997a). Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets. European Economic Review, 41 (1997), 1111-1146
  • Svensson, E. O. Lars. (1997b). Inflation Targeting in an Open Economy: Strict or Flexible Inflation Targeting ?. Reserve Bank of New Zealand Discussion Paper No.97-8, November 18, 1997 (Wellington: New Zealand)
  • Svensson, E. O. Lars. (1999). Inflation Targeting As a Monetary Policy Rule?. Journal of Monetary Economics, June 1999, 43(3), pp. 607-54. TCMB. (2009) 2010 Yılında Para ve Kur Politikası, 10 Aralık 2009 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • TCMBl. (2012). 2013 Yılı Para ve Kur Politikası, 25 Aralık 2012 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • TCMB. (2013). Yıllık Rapor 2012, Türkiye Cumhuriyet Merkez Bankası 9 Nisan 2009 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • Unsal, D. Filiz (2011). Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses. IMF Reserach Bulletin, Vol. 12, Number 3, September 2011 (Washington DC: International Monetary Fund)
  • Walsh, Carl E. (2009). Inflation Targeting: What Have We Learned?. International Finance Volume 12, Issue 2
  • Zineddine, Alla - A Espinoza, Raphael ve Ghosh, Atish R. (2016). Unconventional Policy Instruments in the New Keynesian Model. IMF Working Paper 16/58, March 2016 (Washington DC: International Monetary Fund).
Year 2020, Volume: 22 Issue: 1, 225 - 248, 08.05.2020

Abstract

References

  • Acharya, Viral V. ve Vij, Siddharth. (2017). Foreign Currency Borrowing of Corporations As Carry Trades: Evidence From India. in Moody's/NYU Stern Salomon Center/ICRA Conference
  • Aizenman, Joshua. (2019). Macroeconomics Challenges and Resilience of Emerging Market Economies. NBER Working Paper No. 26361, October 2019 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Avdjiev, Stefan - Bruno, Valentina - Koch, Catherine ve Shin, Hyun Song. (2018). The Dollar Exchange Rate As A Global Risk Factor: Evidence From Investment. BIS Working Paper No.695, January 2018 (Basel: Bank for International Settlements).
  • Bank for International Settlements. (2019). Unconventional Monetary Policy Tools: A Cross-Country Analysis, Committee on the Global Financial System, CGFS Papers No 63, October 2019 (Basel: Bank for International Settlements).
  • Barnichon Regis- Matthes, Christian ve Ziegenbein, Alexander. (2018). The Financial Crisis at 10: Will We Ever Recover?. FRBSF Economic Letter 2018-19 | August 13, 2018. Federal Reserve Bank of San Francisco
  • Benes, Jaromir - Clinton, Kevin - George, Asish - John, Joice - Kamenik, Ondra - Laxton, Douglas - Mitra, Pratik- Nadhanael, G.V.-Wang, Hou ve Zhang, Fan. (2017). Inflation-Forecast Targeting for India: An Outline of the Analytical Framework. IMF working Paper 17/32, February 2017 (Washington DC: International Monetary Fund).
  • Benes, Jaromir - Clinton, Kevin - George, Asish - John, Joice - Kamenik, Ondra - Laxton, Douglas - Mitra, Pratik- Nadhanael, G.V.-Wang, Hou ve Zhang, Fan. (2017). Inflation-Forecast Targeting for India: An Outline of the Analytical Framework, IMF working Paper 17/32, February 2017 (Washington DC: International Monetary Fund).
  • Bernanke, S. Ben. (2004). The Great Moderation” remarks at the meetings of the Eastern Economic Association, Washington, DC February 20, 2004.
  • Bernanke, S. Ben., Mark Gertler.(1999). Monetary Policy and Asset Price Volatility. In New Challenges for Monetary Policy: Proceedings of the Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole, 1999 (Kansas City: Federal Reserve Bank).
  • Bernanke, S. Ben., Mark Gertler., (2001), “Should Central Banks Respond to Movements in Asset Prices?”, American Economic Review, 91 (May), pp. 253-57.
  • Blanchard, Olivier – Ariccia, Giovanni Dell’ ve Mauro, Paolo. (2013). Rethinking Macro Policy II: Getting Granular, IMF Staff Discussion Note. 13/03, April 15, 2013 (Washington DC: International Monetary Fund).
  • Blanchard, Olivier–Ariccia, Giovanni Dell’ ve Mauro, Paolon.(2010). Rethinking Macroeconomic Policy, IMF Staff Position Note. 10/03, February 12, 2010.(Washington DC: International Monetary Fund).
  • Blanchard, Olivier, (2000). Bubbles, Liquidity Traps, and Monetary Policy,” in: Japan’s Financial Crisis and its Parallels to the US Experience. Ryoichi Mikitani and Adam Posen (eds.), Institute for International Economics Special Report 13 (Washington DC: Peterson Institute for International Economics)
  • Blanchard, Olivier., John Simon., (2001).The Long and Large Decline in U.S. Output Volatility. Brookings Papers on Economic Activity, Vol. 2001, No. 1. (2001), pp. 135-164.
  • Borio, Claudio,, William White. (2003). Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes.” in Monetary Policy and Uncertainty: Adapting to a Changing Economy: Proceedings of Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole, 2003 (Kansas City: Federal Reserve Bank).
  • Bruno, Valentina- Kim, Se-Jik ve Shin, Hyun Song. (2018). Exchange Rates and The Working Capital Channel of Trade Fluctuations, BIS Working Paper No.694, January 2018 (Basel: Bank for International Settlements).
  • Calvo A. Guillermo., Alejandro Izquierdo ve Luis-Fernando Mejia. (2004). On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects. NBER Working Paper No.10520, May 2004 (Cambridge, Massachusetts: National Bureau of Economic Research). Caselli, G. Francesca., Roitman, Agustin. (2016). Non-Linear Exchange Rate Pass-Through İn Emerging Markets. IMF Working Paper. No. 16/1, January, 2016 (Washington DC: International Monetary Fund).
  • Claessens, Stijn., M. Ayhan Kose. (2013). Financial Crises: Explanations, Types, and Implications” IMF Working Paper, WP/13/28, January , 2013 (Washington DC: International Monetary Fund, January 2013).
  • Clinton, Kevin., Hlédik, Tibor., Holub, Tomáš., Laxton, Douglas., Wang, Hou. (2017). Czech Magic: Implementing Inflation-Forecast Targeting at the CNB. IMF Working Paper No.17/21, January 2017 (Washington: International Monetary December 26, 2019)
  • Dell'ariccia, Giovanni- Laeven, Luc ve Suarez, Gustavo A. (2017). Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States. Journal of Finance, Vol. 72, Issue 2, 613-654
  • Dincer, N. N., B. Eichengreen, (2014). Central Bank Transparency and Independence: Updates and New Measures. International Journal of Central Banking, Vol. 10, No. 1: 189-259, March.
  • Eichengreen, Barry- El-Erian, Mohamed- Fraga, Arminio - Ito, Takatoshi - Pisani-Ferry, Jean - Prasad, Eswar - Rajan, Raghuram - Ramos, Maria - Reinhart, Carmen - Rey, Hélène - Rodrik, Dani - Rogoff, Kenneth - Shin, Hyun Song - Velasco, Andrés - Weder di Mauro, Beatrice ve Yu, Yongding. (2011). Rethinking Central Banking. Committee on International Economic Policy and Reform Brookings Institution
  • Eichengreen, Barry. ve Ricardo Hausmann. (1999). Exchange Rates and Financial Fragility” in New Challenges for Monetary Policy. Federal Reserve Bank of Kansas City, 329-368,Kansas City ve aynı zamanda NBER Working Paper No.7418 November 1999 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Favero, A. Carlo. ve Giavazzi, Francesco. (2004). Inflation Targeting and Debt: Lessons from Brazil. NBER Working Paper No.10390 March 2004 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Favero,A. Carlo. ve Giavazzi, Francesco. (2003). Targeting Inflation When Debt and Risk Premia Are High: Lessons From Brazil. Università di Bologna Department of Economics Seminars May 25, 2003 http://www2.dse.unibo.it/seminari/giavazzi.pdf (19 Haziran 2013)
  • Fendoğlu, Salih- Gülşen, Eda ve Peydro, Josè-Luis. (2019). Global Liquidity and the Impairment of Local Monetary Policy Transmission. Central Bank of Turkey Research Department Working Paper No. 19/13, May, 2019 (Ankara: Central Bank of Turkey)
  • Fouejieu Armand A.,Scott Roger.,(2013). Inflation Targeting and Country Risk: an Empirical Investigation. IMF working Paper 13/21, January 2013 (Washington DC: International Monetary Fund).
  • Frank, Murray Z., ve Shen, Tao (2016). U.S. Dollar Debt Issuance by Chinese Firms. (September 30, 2016). Available at SSRN: https://ssrn.com/abstract=2847061 or http://dx.doi.org/10.2139/ssrn.2847061
  • Freedman, Charles. ve Douglas Laxton.(2009a). Why Inflation Targeting?. IMF Working Paper No. 09/86, April, 2009 (Washington DC: International Monetary Fund)
  • Galati, Gabriele ve Moessner, Richhild (2018). What Do We Know About The Effectiveness of Macroprudential Policy. Economica, Vol. 85, Issue 340, 735-770.
  • Goldfajn, Ilan., Gupta, Poonam. (2001). Overshootings and Reversals: The Role of Monetary Policy. Central Bank of Chile Working Paper No.126, (Santiago: Central Bank of Chile).
  • Hahm, Joon - Ho- S. Mishkin, Frederic - Shin, Hyun Song ve Shin, Kwanho (2012) Macroprudential Policies in Open Emerging Economies, NBER Working Paper No. 17780, January 2012 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • Huang, Yi - Panizza, Ugo ve Portes, Richard. (2018). Corporate Foreign Bond Issuance and Interfirm Loans in China. NBER Working Paper No. 24513, April 2018 (Cambridge, Massachusetts: National Bureau of Economic Research)
  • International Monetary Fund .(2010). Central Banking Lessons from the Crisis. Prepared by the Monetary and Capital Markets Department, May 27, 2010 (Washington DC: International Monetary Fund)
  • International Monetary Fund .(2019). Turkey : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey. Country Report No. 19/135 (Washington DC: International Monetary Fund)
  • International Monetary Fund, (2011). World Economic and Financial Surveys World Economic Outlook: Tensions from the Two-Speed Recovery: Unemployment, Commodities, and Capital Flows in Chapter 4. International Capital Flows: Reliable or Fickle?. April 2011, pp.125-163(Washington: International Monetary Fund, April 2011)
  • International Monetary Fund,(2013). The Interaction of Monetary and Macroprudential Policies. January 29, 2013 (Washington DC: International Monetary Fund, January 2013)
  • International Monetary Fund,(2013b). World Economic and Financial Surveys :Global Financial Stability Report: Old Risks, New Challenges. (Washington DC: International Monetary Fund, April 2013)
  • Jiménez, Gabriel- Ongena, Steven – Peydró, José-Luis ve Saurina, Jesús. (2014). Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?, Econometrica 82 (2): 463–505.
  • Kara A. Hakan. (2012a). Küresel Kriz Sonrası Para Politikası, TCMB Çalışma Tebliği No. 12 / 17 Haziran 2012 (Ankara: Türkiye Cumhuriyet Merkez Bankası) Kara A. Hakan. (2012b). Para Politikasını Anlamak, BETAM Paneli 26 Aralık 2012, İstanbul https://betam.bahcesehir.edu.tr/wp-content/uploads/2012/12/Para-politikas%23U0131n%23U0131-anlamak.pdf
  • Kara A. Hakan. ve Musa Orak. (2008). Enflasyon Hedeflemesi. Ekonomik Tartışmalar Konferansı, İstanbul http://www.tcmb.gov.tr/yeni/iletisimgm/kara_orak.pdf
  • Kara, Hakan. (2016). Capital Flows, Monetary Policy, And Macroprudential Policy: Reflections From The Turkish Experience. South African Reserve Bank Biennial Conference October 27-28, 2016 Pretoria, South Africa https://staging.resbank.co.za/Research/Documents/Kara - Capital flows monetary policy and macroprudential policy.pdf Erişim:20.7.2019
  • Lane, R. Philip. ve Gian Maria, Milesi-Ferretti. (2006). The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Asset and Liabilities. 1970–2004. IMF Working Paper No.06/69 March, 2006 (Washington DC: International Monetary Fund)
  • Lin, Shu., Haichun, Ye. (2009). Does Inflation Targeting Make a Difference in Developing Countries?. Journal of Development Economics, 89:118-123
  • Mishkin S. Frederic., (2010). Monetary Policy Strategy: Lessons from the Crisis. Prepared for the ECB Central Banking Conference, “Monetary Policy Revisited: Lessons from the Crisis,” Frankfurt, November 18-19, 2010
  • Özatay, Fatih. (2005). High Public Debt, Multiple Equilibria and Inflation Targeting in Turkey. Globalisation and Monetary Policy in Emerging Markets BIS Papers No 23 May 2005 (Basel: Bank for International Settlements, May 2005 ).
  • Svensson, E. O. Lars. (1997a). Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets. European Economic Review, 41 (1997), 1111-1146
  • Svensson, E. O. Lars. (1997b). Inflation Targeting in an Open Economy: Strict or Flexible Inflation Targeting ?. Reserve Bank of New Zealand Discussion Paper No.97-8, November 18, 1997 (Wellington: New Zealand)
  • Svensson, E. O. Lars. (1999). Inflation Targeting As a Monetary Policy Rule?. Journal of Monetary Economics, June 1999, 43(3), pp. 607-54. TCMB. (2009) 2010 Yılında Para ve Kur Politikası, 10 Aralık 2009 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • TCMBl. (2012). 2013 Yılı Para ve Kur Politikası, 25 Aralık 2012 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • TCMB. (2013). Yıllık Rapor 2012, Türkiye Cumhuriyet Merkez Bankası 9 Nisan 2009 (Ankara: Türkiye Cumhuriyet Merkez Bankası)
  • Unsal, D. Filiz (2011). Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses. IMF Reserach Bulletin, Vol. 12, Number 3, September 2011 (Washington DC: International Monetary Fund)
  • Walsh, Carl E. (2009). Inflation Targeting: What Have We Learned?. International Finance Volume 12, Issue 2
  • Zineddine, Alla - A Espinoza, Raphael ve Ghosh, Atish R. (2016). Unconventional Policy Instruments in the New Keynesian Model. IMF Working Paper 16/58, March 2016 (Washington DC: International Monetary Fund).
There are 54 citations in total.

Details

Primary Language Turkish
Journal Section Main Section
Authors

Tolga Daglaroglu 0000-0002-2956-3726

Publication Date May 8, 2020
Published in Issue Year 2020 Volume: 22 Issue: 1

Cite

APA Daglaroglu, T. (2020). Esnek Enflasyon Hedeflemesinden Enflasyon Tahmini Hedeflemesi Rejimine Geçiş: Türkiye Deneyimi. Ankara Hacı Bayram Veli Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 22(1), 225-248.