This study investigates the determinants of performance criterion of Turkish central bank (CBRT) due to the bank’s deviations from its inflation and monetary goals during 1990-2011. For this purpose we establish a probit model to figure out macroeconomic determinants having effects on performance of the central bank. Empirical findings indicate that the factors having impact on performance of the central bank are real growth rate, budget deficit, broader money supply, inflation, nominal exchange rate and output gap. Econometric results of our study also suggest that CBRT has implemented a rule-like monetary policy, instead rule, during the period we investigated
Eroğlu, N. (2011). İktisatta Rasyonalite ve Para Politikası. İstanbul: Derin Yayınları.
Frankel, J. A., Schmukler, S. L., & Servén, L. (2002). Global Transmıssıon of Interest
Rates:Monetary Independence and Currency Regıme. Working Paper (8828).
Kydland, Finn E. and Prescott, Edward C.(1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. The Journal of Political Economy, Vol. 85(3): 473-92
Barro, R.J., & Gordon, D.B. (1983). Rules, Discretion and Reputation in a Model of
Monetary Policy. Journal of Monetary Economics, (12) :101-22. Guillermo A. C., & Vegh, C. A. (1997). Inflation Stabilization and BOP Crises in
Developing Countiries. Emir, Y.O., et.al. (2000). Monetary Policy Reaction Function in Turkey. TCMB Tartışma Tebliği,
Obstfeld, M. Ve Rofolf, K.; (1995). The Mirrage Of Fixed Exchange Rates. Working
Papers in Applied Economic Theory , (95) 08 McKelvey, R., and W. Zavoina. 1975 “A Statistical Model for the Analysis of Ordinal
Level Dependent Variables.” Journal of Mathematical Sociology 4: 103–120. Kruger, M., P. N. Osakwe ve J. Page. (1998). Fundamentals, Contagion and Currency
Crises:An Empirical Analysis”, Bank of Canada Working Papers, No:10, 1998
Year 2012,
Volume: 4 Issue: 2, 81 - 89, 01.12.2012
Eroğlu, N. (2011). İktisatta Rasyonalite ve Para Politikası. İstanbul: Derin Yayınları.
Frankel, J. A., Schmukler, S. L., & Servén, L. (2002). Global Transmıssıon of Interest
Rates:Monetary Independence and Currency Regıme. Working Paper (8828).
Kydland, Finn E. and Prescott, Edward C.(1977). Rules Rather than Discretion: The Inconsistency of Optimal Plans. The Journal of Political Economy, Vol. 85(3): 473-92
Barro, R.J., & Gordon, D.B. (1983). Rules, Discretion and Reputation in a Model of
Monetary Policy. Journal of Monetary Economics, (12) :101-22. Guillermo A. C., & Vegh, C. A. (1997). Inflation Stabilization and BOP Crises in
Developing Countiries. Emir, Y.O., et.al. (2000). Monetary Policy Reaction Function in Turkey. TCMB Tartışma Tebliği,
Obstfeld, M. Ve Rofolf, K.; (1995). The Mirrage Of Fixed Exchange Rates. Working
Papers in Applied Economic Theory , (95) 08 McKelvey, R., and W. Zavoina. 1975 “A Statistical Model for the Analysis of Ordinal
Level Dependent Variables.” Journal of Mathematical Sociology 4: 103–120. Kruger, M., P. N. Osakwe ve J. Page. (1998). Fundamentals, Contagion and Currency
Crises:An Empirical Analysis”, Bank of Canada Working Papers, No:10, 1998
Doğru, B. (2012). FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH. International Journal of Social Sciences and Humanity Studies, 4(2), 81-89.
AMA
Doğru B. FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH. IJ-SSHS. December 2012;4(2):81-89.
Chicago
Doğru, Bülent. “FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH”. International Journal of Social Sciences and Humanity Studies 4, no. 2 (December 2012): 81-89.
EndNote
Doğru B (December 1, 2012) FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH. International Journal of Social Sciences and Humanity Studies 4 2 81–89.
IEEE
B. Doğru, “FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH”, IJ-SSHS, vol. 4, no. 2, pp. 81–89, 2012.
ISNAD
Doğru, Bülent. “FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH”. International Journal of Social Sciences and Humanity Studies 4/2 (December 2012), 81-89.
JAMA
Doğru B. FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH. IJ-SSHS. 2012;4:81–89.
MLA
Doğru, Bülent. “FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH”. International Journal of Social Sciences and Humanity Studies, vol. 4, no. 2, 2012, pp. 81-89.
Vancouver
Doğru B. FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH. IJ-SSHS. 2012;4(2):81-9.