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Financial Aspects of Central Bank Independence and Price Stability – The Case of Turkey. CEPS EU-Turkey Working Papers No. 12, 1 September 2004

Gros, Daniel. (2004) Financial Aspects of Central Bank Independence and Price Stability – The Case of Turkey. CEPS EU-Turkey Working Papers No. 12, 1 September 2004. [Working Paper]

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    Abstract

    Turkey presents a fascinating case study on the potential fiscal consequences of price stability against a background characterised by a combination of recent central bank independence, a difficult path towards price stability, a high degree of dollarisation and a central bank balance sheet burdened with items that have little to do with monetary policy. A number of national central banks (NCBs) in Europe faced similar problems prior to joining EMU (and some of the new EU member countries’ NCBs also face similar problems now), but in Turkey all these issues combine in a mixture that is unique and may lead to serious problems. Taking the implications of dollarisation into account in the measurement of seigniorage leads one back to the fundamental issue of how to judge monetary policy in a country where the national central bank controls only the money supply in national currency.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > Treaty reform > enlargement
    Countries > Turkey
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > EU-Turkey Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 31 Mar 2007
    Page Range: p. 16
    Last Modified: 15 Feb 2011 17:44
    URI: http://aei.pitt.edu/id/eprint/6766

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