Son Ekonomik Krizin Türkiye'De Enflasyon Hedeflemesine Etkisi (The Effects of the Recent Economic Crisis to Inflation Targeting in Turkey)
Ekonomi Bilimleri Dergisi Cilt 2, Sayı 2, 2010 ISSN: 1309-8020 (Online)
8 Pages Posted: 26 Nov 2012
Date Written: December 1, 2010
2008 global financial crisis, as well as all over the world, our country also affect the rate of inflation was decreasing. The following factors have been effective in the severe decline in inflation experienced: the contraction in domestic demand, the contraction in external demand, the decline of commodity prices, fiscal measures in the context of the temporary reductions in tax rates. The Central Bank of Turkey has started to interest rate reductions in November 2008 taking into account the progress of the weak demand conditions, the ongoing tightness in credit conditions and the improvement in inflation outlook. Explicit inflation targeting as the first two years 2006 and 2007 inflation targets could not be reached. Positive developments took place at the rate of inflation with the global crisis. Despite the positive developments, unfortunately, has not reached the enflation target in 2008. In 2009, the effects of the crisis continued throughout the year, the inflation target has not experienced any problems related to the achievement. While the first two quarters of 2009 inflation declined, starting from the third quarter of the year, the rate slowed down because of the rise in oil and other commodity prices and termination of the temporary tax cuts applied in order to support economic activity.
Note: Downloadable document is in Turkish.
Keywords: Global Financial Crisis, Inflation Targeting, Monetary Policy
JEL Classification: E52, E58, E59, G01
Suggested Citation: Suggested Citation