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Monetary Policy Debates in the Age of Deglobalisatio
This article is the third and the last in a series on monetary policy debates in the age in which deglobalisation became a buzzword. Here, we continue the discussion of the ongoing Turkish monetary policy experiment by focusing on the macro-prudential measures, capital controls, and central bank independence, as promised in the fi rst article, as an example of these debates.
This article is third in the series of HT Parekh Columns published in Vol 57, No 46, 12 November 2022 and Vol 58, No 11, 18 March 2023 issues.
In the second article of this series, “The Turkish Experiment—II,” we went back to 1980 and summarised what happened along the way to the ongoing monetary experiment that started after the currency crisis of August 2018. Now, we shift our focus to central banking in Turkey and briefly analyse how it evolved under the ongoing 20-years’ reign of the Justice and Development Party (AKP), the governing political party in Turkey, from November 2002 to April 2016. In April 2016, Murat Çetinkaya assumed the position of chair, leading the central bank until he was dismissed in July 2019. It was during his tenure that the currency crisis of August 2018 took place. We then analyse the ongoing monetary experiment that started in his term in detail. This is preceded by the ongoing monetary policy debates in the age in which deglobalisation became a buzzword.
Monetary Policy Debates
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