Avrupa Merkez Bankası ile TCMB’nin Bağımsızlıklarının Karşılaştırılması ve Ekonomiye Etkileri(The Comparison of Independence of TCMB and ECB and It’s Effects)

Abstract

According to Rogoff, economic variables may fluctuate due to changes in economic policies. In the long run, economic policies result in increases in fluctuations in inflation rate without increasing average output level. From the perspective of Rogoff, problems regarding inflation instability can be overcame by giving the authority of making monetary policy to an independent institution. This study analyzes “legal independence” of the CBRT and ECB according to the theoretical framework developed by Rogoff. In addition, we tested independence of the CBRT by using Cukierman, Webb, Neyapti and Cukierman index, After the test we concluded that therehas been negative relation between CBRT independence and inflation.In the other side, By increasing the independence of ECB, inflation and output instability was increased.

Keywords

• Merkez Bankasının Bağımsızlığı
• Avrupa Birliği Merkez Bankası
• Para Politikası
• Independence of Central Bank
• ECB
• Monetary Policy