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Central Bank Communication as a Social Practice in Crisis: AI-Driven Insights into Language, Trust, and Collective Behavior in Türkiye

Yıl 2025, Sayı: Special Issue: Crisis Entangled – Reimagining the Social in Turbulent Times, 162 - 175, 30.10.2025

Öz

Central banks govern not only through monetary tools but also through words. This article reframes the policy statements of the Central Bank of the Republic of Türkiye (CBRT) as discursive practices that shape authority, legitimacy, and trust. Using artificial intelligence (AI)-driven computational methods—stylometric analysis, sentiment scoring, clustering, and machine learning—the study analyzes CBRT communication between 2002 and 2017. The findings show systematic linguistic shifts during periods of crisis: sentences become longer, uncertainty markers increase, and sentiment turns more cautious or negative. These results reveal how discourse functions as a performative act of narrative governance, stabilizing expectations when economic conditions are volatile. Interpreted through Foucault’s discourse-power framework, Habermas’s theory of communicative legitimacy, and Luhmann’s conception of trust, the study demonstrates that monetary communication is not neutral information but a social mechanism for managing uncertainty. AI serves as an interdisciplinary bridge, making visible hidden dynamics that connect institutional discourse to social perception. The article contributes by (1) reframing central bank communication as a multidimensional social practice, (2) integrating computational methods with critical social theory, and (3) situating Türkiye’s monetary discourse in broader debates on legitimacy and trust in global economic governance

Kaynakça

  • Akal, S., Yıldırım, H. H., & Kıran, B. (2016). The effects of Gezi Park protests on Turkey’s credit default swaps. İşletme Araştırmaları Dergisi, 8(3), 226–244. https://doi.org/10.20491/isarder.2016.196
  • Alsaifi, K., Elnahass, M., & Salama, A. (2020). Political turmoil and banks’ stock returns: Evidence from Turkey’s 2016 coup attempt. Accounting, 6(3), 349–362. https://doi.org/10.5267-/j.ac.2020.3.005
  • Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. Quarterly Journal of Economics, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024
  • Bajo-Rubio, O., Berke, B., & Yücel, E. (2017). The behaviour of asset return and volatility spillovers in Turkey: A tale of two crises. Research in International Business and Finance, 41, 577–589. https://doi.org/10.1016/j.ribaf.2017.05.-006
  • Başçı, E., & Kara, H. (2011). Financial stability and monetary policy. CBRT Working Paper, 11/08.
  • Bender, E. M., & Koller, A. (2020). Climbing towards NLU: On meaning, form, and understanding in the age of data. Proceedings of the 58th Annual Meeting of the Association for Computational Linguistics, 5185–5198. https://doi.org-/10.18653/v1/2020.acl-main.463
  • Blinder, A. S., Ehrmann, M., Fratzscher, M., De Haan, J., & Jansen, D. J. (2008). Central bank communication and monetary policy: A survey of theory and evidence. Journal of Economic Literature, 46(4), 910–945. https://doi.org/10.12-57/jel.46.4.910
  • Fairclough, N. (1992). Discourse and social change. Cambridge: Polity Press.
  • Fairclough, N. (1995). Critical discourse analysis: The critical study of language. London: Longman.
  • Foucault, M. (1972). The archaeology of knowledge. New York: Pantheon Books.
  • Geraats, P. (2014). Transparency and credibility. In D. Mayes, P. Siklos, & J. Sturm (Eds.), The Oxford handbook of the economics of central banking (pp. 501–520). Oxford: Oxford University Press.
  • Günay, S. (2016). Is political risk still an issue for Turkish stock market? Borsa Istanbul Review, 16(1), 21–31. https://doi.org/10.1016/j.bir.20-16.01.001
  • Günay, S. (2019). An analysis through credit default swap, asset swap and zero-volatility spreads: Coup attempt and BIST 100 volatility. Borsa Istanbul Review, 19(2), 158–170. https://doi.-org/10.1016/j.bir.2019.01.003
  • Habermas, J. (1984). The theory of communicative action, volume one: Reason and the rationalization of society. Boston: Beacon Press.
  • Habermas, J. (1987). The theory of communicative action, volume two: Lifeworld and system: A critique of functionalist reason. Boston: Beacon Press.
  • Haldane, A. G. (2018, May 14). Central bank communications: Three lessons. Speech at the University of Edinburgh Business School. Bank of England. https://www.bankofengland.co.uk/speech
  • Hansen, S., & McMahon, M. (2016). Shocking language: Understanding the macroeconomic effects of central bank communication. Journal of International Economics, 99, S114–S133. https://doi.org/10.1016/j.jinteco.2015.12.008
  • Hetzel, R. L. (2012). The great recession: Market failure or policy failure? Cambridge: Cambridge University Press.
  • Holmes, D. R. (2014). Economy of words: Communicative imperatives in central banks. Chicago: University of Chicago Press.
  • Kara, H. (2012). Monetary policy in Turkey after the global financial crisis. CBRT Research Notes in Economics, 2012-14.
  • Karime, A., & Sayilir, O. (2019). The effect of political news on BIST-100 returns and volatility. International Journal of Management and Economics, 55(2), 83–98. https://doi.org/10.2478-/ijme-2019-0013
  • Luhmann, N. (1979). Trust and power. Chichester: Wiley.
  • Luhmann, N. (1995). Social systems. Stanford: Stanford University Press.
  • Özsöz, E. (2013). Bank regulation in dollarized economies: The case of Turkey. International Journal of Financial Studies, 1(4), 137–151. https://doi.org/10.3390/ijfs1040137
  • Rengifo, E. W. (2013). Bank regulation in dollarized economies: The case of Turkey. International Journal of Financial Studies, 1(4). https://doi.-org/10.3390/ijfs1040137
  • Rosa, C. (2011). Words that shake traders: The stock market’s reaction to central bank communication in real time. Journal of Empirical Finance, 18(5), 915–934. https://doi.org/10.10-16/j.jempfin.2011.08.005
  • Seabra, C., Dolnicar, S., Abrantes, J. L., & Kastenholz, E. (2020). The influence of terrorism in tourism arrivals: A longitudinal approach. Tourism Management Perspectives, 34, 100650. https://doi.org/10.1016/j.tmp.2020.100650
  • Shapiro, A. H., & Wilson, D. J. (2022). Taking the Fed at its word: A new approach to estimating central bank communication effects. American Economic Journal: Macroeconomics, 14(1), 194–227. https://doi.org/10.1257/mac.202002-38
  • Shiller, R. J. (2017). Narrative economics. American Economic Review, 107(4), 967–1004. https://-doi.org/10.1257/aer.107.4.967

Toplumsal Bir Pratik Olarak Merkez Bankası İletişimi: Türkiye’de Dil, Güven ve Kolektif Davranışa Dair Yapay Zeka Tabanlı Hesaplamalı Bulgular

Yıl 2025, Sayı: Special Issue: Crisis Entangled – Reimagining the Social in Turbulent Times, 162 - 175, 30.10.2025

Öz

Merkez bankaları yalnızca para politikası araçlarıyla değil, aynı zamanda kelimeler aracılığıyla da yönetirler. Bu makale, Türkiye Cumhuriyet Merkez Bankası’nın (TCMB) politika açıklamalarını, otorite, meşruiyet ve güveni şekillendiren söylemsel pratikler olarak yeniden ele almaktadır. Çalışmada 2002–2017 dönemi TCMB iletişimi, yapay zeka (YZ) tabanlı yöntemlerle—stilometri, duygu analizi, kümelenme ve makine öğrenmesi—incelenmiştir. Bulgular, kriz dönemlerinde dilin sistematik olarak değiştiğini göstermektedir: cümleler uzamakta, belirsizlik işaretleyicileri artmakta ve söylem daha temkinli ya da olumsuz hale gelmektedir. Bu sonuçlar, söylemin bir anlatı yönetimi (narrative governance) aracı olarak işlev gördüğünü, özellikle ekonomik koşulların dalgalı olduğu dönemlerde beklentileri istikrara kavuşturduğunu ortaya koymaktadır. Bulgular, Foucault’nun söylem-iktidar yaklaşımı, Habermas’ın iletişimsel meşruiyet teorisi ve Luhmann’ın güven kavramsallaştırması üzerinden yorumlanmıştır. Çalışma, para politikası iletişiminin tarafsız bilgi aktarımdan ibaret olmadığını; belirsizlik yönetiminin sosyal bir mekanizması olduğunu göstermektedir. YZ, kurum söylemini toplumsal algıyla ilişkilendiren gizli dinamikleri görünür kılarak disiplinlerarası bir köprü işlevi görmektedir. Makale şu katkıları sunmaktadır: (1) merkez bankası iletişimini çok boyutlu bir toplumsal pratik olarak yeniden çerçevelemek, (2) hesaplamalı yöntemleri eleştirel sosyal teoriyle bütünleştirmek, (3) Türkiye’nin para politikası söylemini meşruiyet ve güven tartışmaları bağlamında küresel ekonomik yönetişim literatürüne yerleştirmek.

Kaynakça

  • Akal, S., Yıldırım, H. H., & Kıran, B. (2016). The effects of Gezi Park protests on Turkey’s credit default swaps. İşletme Araştırmaları Dergisi, 8(3), 226–244. https://doi.org/10.20491/isarder.2016.196
  • Alsaifi, K., Elnahass, M., & Salama, A. (2020). Political turmoil and banks’ stock returns: Evidence from Turkey’s 2016 coup attempt. Accounting, 6(3), 349–362. https://doi.org/10.5267-/j.ac.2020.3.005
  • Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. Quarterly Journal of Economics, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024
  • Bajo-Rubio, O., Berke, B., & Yücel, E. (2017). The behaviour of asset return and volatility spillovers in Turkey: A tale of two crises. Research in International Business and Finance, 41, 577–589. https://doi.org/10.1016/j.ribaf.2017.05.-006
  • Başçı, E., & Kara, H. (2011). Financial stability and monetary policy. CBRT Working Paper, 11/08.
  • Bender, E. M., & Koller, A. (2020). Climbing towards NLU: On meaning, form, and understanding in the age of data. Proceedings of the 58th Annual Meeting of the Association for Computational Linguistics, 5185–5198. https://doi.org-/10.18653/v1/2020.acl-main.463
  • Blinder, A. S., Ehrmann, M., Fratzscher, M., De Haan, J., & Jansen, D. J. (2008). Central bank communication and monetary policy: A survey of theory and evidence. Journal of Economic Literature, 46(4), 910–945. https://doi.org/10.12-57/jel.46.4.910
  • Fairclough, N. (1992). Discourse and social change. Cambridge: Polity Press.
  • Fairclough, N. (1995). Critical discourse analysis: The critical study of language. London: Longman.
  • Foucault, M. (1972). The archaeology of knowledge. New York: Pantheon Books.
  • Geraats, P. (2014). Transparency and credibility. In D. Mayes, P. Siklos, & J. Sturm (Eds.), The Oxford handbook of the economics of central banking (pp. 501–520). Oxford: Oxford University Press.
  • Günay, S. (2016). Is political risk still an issue for Turkish stock market? Borsa Istanbul Review, 16(1), 21–31. https://doi.org/10.1016/j.bir.20-16.01.001
  • Günay, S. (2019). An analysis through credit default swap, asset swap and zero-volatility spreads: Coup attempt and BIST 100 volatility. Borsa Istanbul Review, 19(2), 158–170. https://doi.-org/10.1016/j.bir.2019.01.003
  • Habermas, J. (1984). The theory of communicative action, volume one: Reason and the rationalization of society. Boston: Beacon Press.
  • Habermas, J. (1987). The theory of communicative action, volume two: Lifeworld and system: A critique of functionalist reason. Boston: Beacon Press.
  • Haldane, A. G. (2018, May 14). Central bank communications: Three lessons. Speech at the University of Edinburgh Business School. Bank of England. https://www.bankofengland.co.uk/speech
  • Hansen, S., & McMahon, M. (2016). Shocking language: Understanding the macroeconomic effects of central bank communication. Journal of International Economics, 99, S114–S133. https://doi.org/10.1016/j.jinteco.2015.12.008
  • Hetzel, R. L. (2012). The great recession: Market failure or policy failure? Cambridge: Cambridge University Press.
  • Holmes, D. R. (2014). Economy of words: Communicative imperatives in central banks. Chicago: University of Chicago Press.
  • Kara, H. (2012). Monetary policy in Turkey after the global financial crisis. CBRT Research Notes in Economics, 2012-14.
  • Karime, A., & Sayilir, O. (2019). The effect of political news on BIST-100 returns and volatility. International Journal of Management and Economics, 55(2), 83–98. https://doi.org/10.2478-/ijme-2019-0013
  • Luhmann, N. (1979). Trust and power. Chichester: Wiley.
  • Luhmann, N. (1995). Social systems. Stanford: Stanford University Press.
  • Özsöz, E. (2013). Bank regulation in dollarized economies: The case of Turkey. International Journal of Financial Studies, 1(4), 137–151. https://doi.org/10.3390/ijfs1040137
  • Rengifo, E. W. (2013). Bank regulation in dollarized economies: The case of Turkey. International Journal of Financial Studies, 1(4). https://doi.-org/10.3390/ijfs1040137
  • Rosa, C. (2011). Words that shake traders: The stock market’s reaction to central bank communication in real time. Journal of Empirical Finance, 18(5), 915–934. https://doi.org/10.10-16/j.jempfin.2011.08.005
  • Seabra, C., Dolnicar, S., Abrantes, J. L., & Kastenholz, E. (2020). The influence of terrorism in tourism arrivals: A longitudinal approach. Tourism Management Perspectives, 34, 100650. https://doi.org/10.1016/j.tmp.2020.100650
  • Shapiro, A. H., & Wilson, D. J. (2022). Taking the Fed at its word: A new approach to estimating central bank communication effects. American Economic Journal: Macroeconomics, 14(1), 194–227. https://doi.org/10.1257/mac.202002-38
  • Shiller, R. J. (2017). Narrative economics. American Economic Review, 107(4), 967–1004. https://-doi.org/10.1257/aer.107.4.967
Toplam 29 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İletişim ve Medya Çalışmaları (Diğer)
Bölüm Araştırma Makalesi
Yazarlar

Hakan Emekçi 0000-0002-4074-5600

Gönderilme Tarihi 30 Ağustos 2025
Kabul Tarihi 30 Ekim 2025
Yayımlanma Tarihi 30 Ekim 2025
Yayımlandığı Sayı Yıl 2025 Sayı: Special Issue: Crisis Entangled – Reimagining the Social in Turbulent Times

Kaynak Göster

APA Emekçi, H. (2025). Central Bank Communication as a Social Practice in Crisis: AI-Driven Insights into Language, Trust, and Collective Behavior in Türkiye. OPUS Journal of Society Research(Special Issue: Crisis Entangled – Reimagining the Social in Turbulent Times), 162-175. https://doi.org/10.26466/opusjsr.1774545