Hakan DEMİRGİL

Merkez Bankası Bağımsızlığı ve Makroekonomik Performans: TCMB Örneği

Bu çalışma, Türkiye örneğinde, başta enflasyon oranları olmak üzere, makroekonomik performans ve merkez bankası bağımsızlığına ilişkin temel teorik çerçeveye ve deneysel sonuçlara ilişkin bir bakış açısı sunmaktadır. Çalışmada, 1980–2009 yılları arasında, makroekonomik performans ve enflasyon oranları açısından merkez bankası bağımsızlığının önemi incelenmiştir. Yasal bağımsızlık düzeyi ve Merkez Bankası başkanlarının devir hızı değişkenlerini kullanarak, Türkiye Cumhuriyeti Merkez Bankası’nın bağımsızlık düzeyi ile enflasyon oranları arasında ters yönlü bir ilişkinin geçerli olduğu sonucu elde edilmiştir. Buna ek olarak, merkez bankası bağımsızlığı ve devir hızı değişkenlerinin, reel Gayrisafi Yurt İçi Hâsıla artışı ve bütçe açıkları üzerindeki etkileri ele alınmıştır.

Anahtar Kelimeler:

-

Merkez Bankası Bağımsızlığı ve Makroekonomik Performans: TCMB Örneği

Keywords:

-,

PDF

___

Alesina, A. ve L.H. Summers (1993), “Central Bank Indepedence and Macroeconomic Performance: Some Comparative Evidence”, Joournal of Money, Credit and Banking, Vol.25, ss. 151–62.
Alesina, A. (1998) “Macroeconomics and Politics”, NBER Macroeconomics Annual, Camdridge, Mass., Cambridge University Press.
Bade, R. ve M. Parkin (1998), Central Banks Laws and Monetary Policy, Department of Economics, University of Western Ontario, , 22.11.2010.
Berger, H., J. De Haan, ve S. Eijffinger (2001), “Central Bank Independence: An Update of Theory and Evidence”, Journal of Economic Surveys, Vol.15, ss. 3–40.
Bleaney, M. (1996), “Central Bak Independence, Wage-Bargaining Structure and Macroeconomic Performance in OECD Countries”, Oxford Economic Papers, Vol.48, ss. 20–38.
Bouwman, K., R. Jong-A-Pin ve J. De Haan (2005), “On the Relationship Between Central Bank Independence and Inflation: Some More Bad News”, Applied Financial Economics Letters, Vol.1, ss. 381–85.
Brumm, H.J. (2000), “Inflation and Central Bank Independence: Conventional Wisdom Redux”, Journal of Money, Credit and Banking, Vol. 32, No.4, ss. 807–19.
Campillo, M. ve J.A. Miron (1997), “Why Does Inflation Differ Across Countries?”, içinde Reducing Inflation: Motivation and Strategy, Christina D. Romer ve D.H. Romer (Ed.), Universit of Chicago Press, Chicago, ss. 335–62.
Cukierman, A (1994), “Central Bank Independence and Monetary Control”, Economic Journal, 1994, ss. 437–48.
Cukierman, A. (1992), Central Bank Strategy, Credibility and Independence Theory and Evidence, Cambridge, Mass., MIT.
Cukierman, A., P. Kalaitzidakis, L.H. Summers, S.B Webb (1993), “Central Bank Independence, Growth, Invetsment and Real Rates”, Carnegie-Rochester Conference Series on Public Policy, Vol. 39, ss. 95–140.
Cukierman, A., S. Webb ve B. Neyapti (1992), “Measuring the Independence of Central Banks and Its Effects on Policiy Outcomes”, The World Bank Economic Review, Vol. 6.
De Long, J.B. ve Lawrence H. Summers (1992), “Macroeconomic Policy and Long-Run Growth”, Federal Reserv Bank of Kansas City, Economic Review, ss. 5–30.
Debelle, G., S. Fischer (1994), “How Independent Should A Central Bank Be?”, Goals, Guidelines and Constraints Facing Monetary Policymakers (Ed: J.C. Fuhrer), Federal Reserve Bank of Boston, Conference Series No.38, Boston, ss. 195–221.
Demertzis, M. (2994), “Central Bank Independence: Low Inflation at No Cost? A Numerical Simulation Exercise”, Journal of Macroeconomics, Vol.26, ss. 661–77.
Eijffinger S. ve E. Schaling (1993), Central Bank Independence: Theory and Evidence, Tilburg University Center for Economic Research, No. 9325.
Eijffinger, S. ve J. De Haan (1996), “The Political Economy of Central Bank Independence”, Special Papers in International Economics, Princeton University, No. 19.
Fuhrer, J.C. (1997), “Central Bank Independence and Inflation Targets: Monetary Policy Paradigms for the Next Millenium”, New England Economic Review, ss. 19–36.
Fujiki, H. (1996), “Central Bank Independence Indices in Economic Analysis: A Reappraisal”, Bank of Japan Monetary and Economic Studies, Vol. 14, ss. 79–99.
Grilli, V., D. Mascaiandaro, ve G. Tabellini (1991), “Political and Monetary Institutions and Public Financial Policies in Industrial Countries”, Economic Policy, Vol. 13, ss. 341–92.
Hall, P.A. ve R.J. Franzese (1998), “Mixed Signals: Central Bank Independence, Co-ordinated Wage Bargaining and European Monetary Union”, International Organization, Vol. 52, s. 505–36.
Kydland, F.E ve E.C. Prescott (1977), “Rules Rather than Discretion: The Inconsistency of Optimal Plans”, Journal of Political Economy, Vol. 85, ss. 473–91.
Persson, T. ve G. Tabellini (1997), “Political Economics and Macroeconomic Policy”, NBER Working Paper, No: 6329, Cambridge, Mass.
Rogoff, K. (1985), “The Optimal Degree of Commitment to an Intermediate Monetary Target”, Quarterly Journal of Economics, Vol. 100, No. 4, , ss. 1169–89.