FACTORS AFFECTING PERFORMANCE CRITERIONS OF CENTRAL BANK OF THE REPUBLIC OF TURKEY: A PROBIT APPROACH
Öz
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
Anahtar Kelimeler
Intermediate targets Central Bank of Republic of Turkey probit model
Kaynakça
- 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
Öz
Kaynakça
- 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
Ayrıntılar
| Diğer ID | JA25TF69VV |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Aralık 2012 |
| Yayımlandığı Sayı | Yıl 2012 Cilt: 4 Sayı: 2 |