Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the damage of 20 years of ‘Erdoganomics’
Twenty years of ‘Erdoganomics’, with double-digit inflation – averaging over 15% and peaking at 80% based on Turkstat figures – have undermined not only the autonomy of the Central Bank of the Republic of Turkey (CBRT), but also its room for manoeuvre and its influence over economic policy.
The lira is no longer the de facto reference currency in Turkey, since more than 70% of deposits in the Turkish banking system are denominated in US dollars or euros or otherwise tied to these currencies.
The
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on International
Small economies still trigger ‘substantial’ spillovers – IMF paper
New data on monetary policy shocks allows economists to track cross-border impact
NGFS study offers three proposals to help green monetary operations
Report highlights eight case studies, including central banks in China, Japan, the eurozone and UK
ECB should cut rates earlier, says BdF governor
French government has failed to reform since 2015, Villeroy de Galhau says
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
BSP governor says Fed should be ‘more caring’
But Felipe Medalla says Philippines accepts reality of having to react to US monetary policy