The Challenges of Monetary Policy in Turkey:
Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective faced wi...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2008
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| Schriftenreihe: | OECD Economics Department Working Papers
|
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| Online-Zugang: | Volltext |
| Zusammenfassung: | Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective faced with two important challenges. On the one hand, inflation inertia settled in and non-tradable inflation stagnated at more than 10%, further fuelled by persistent surge in global commodity and energy prices. On the other hand, real interest rates remained high, continuing to fuel strong capital inflows and currency appreciation, and undermining the competitiveness of labour-intensive segments of the economy. Turkey is, therefore, faced with the classic dilemma of successful catching-up economies: Inflation inertia requires a tight policy while competitiveness losses appear to go beyond the absorption and adaptation capacity of large segments of the economy. This chapter argues that resolving this issue requires monetary policy to be supported by broader policies, including proactive competition policy to reduce costs and prices in services, enforcement of a credible multi-yearly spending framework to consolidate confidence in fiscal stability, and employers' and employees' commitment to anchor prices and wages more on the inflation target. Success with such policies would help shift the burden away from the central bank's interest rate as the only available instrument to increase the credibility of the inflation target |
| Beschreibung: | 1 Online-Ressource (37 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/235327828370 |
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| 520 | |a Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective faced with two important challenges. On the one hand, inflation inertia settled in and non-tradable inflation stagnated at more than 10%, further fuelled by persistent surge in global commodity and energy prices. On the other hand, real interest rates remained high, continuing to fuel strong capital inflows and currency appreciation, and undermining the competitiveness of labour-intensive segments of the economy. Turkey is, therefore, faced with the classic dilemma of successful catching-up economies: Inflation inertia requires a tight policy while competitiveness losses appear to go beyond the absorption and adaptation capacity of large segments of the economy. This chapter argues that resolving this issue requires monetary policy to be supported by broader policies, including proactive competition policy to reduce costs and prices in services, enforcement of a credible multi-yearly spending framework to consolidate confidence in fiscal stability, and employers' and employees' commitment to anchor prices and wages more on the inflation target. Success with such policies would help shift the burden away from the central bank's interest rate as the only available instrument to increase the credibility of the inflation target | ||
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| spelling | Çulha, Olcay Verfasser aut The Challenges of Monetary Policy in Turkey Olcay Çulha, Ali Çulha and Rauf Gönenç = Les défis de politique monétaire en Turquie / Olcay Çulha, Ali Çulha et Rauf Gönenç Les défis de politique monétaire en Turquie Paris OECD Publishing 2008 1 Online-Ressource (37 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective faced with two important challenges. On the one hand, inflation inertia settled in and non-tradable inflation stagnated at more than 10%, further fuelled by persistent surge in global commodity and energy prices. On the other hand, real interest rates remained high, continuing to fuel strong capital inflows and currency appreciation, and undermining the competitiveness of labour-intensive segments of the economy. Turkey is, therefore, faced with the classic dilemma of successful catching-up economies: Inflation inertia requires a tight policy while competitiveness losses appear to go beyond the absorption and adaptation capacity of large segments of the economy. This chapter argues that resolving this issue requires monetary policy to be supported by broader policies, including proactive competition policy to reduce costs and prices in services, enforcement of a credible multi-yearly spending framework to consolidate confidence in fiscal stability, and employers' and employees' commitment to anchor prices and wages more on the inflation target. Success with such policies would help shift the burden away from the central bank's interest rate as the only available instrument to increase the credibility of the inflation target Economics Turkey Çulha, Ali ctb Gönenç, Rauf ctb https://doi.org/10.1787/235327828370 Verlag kostenfrei Volltext |
| spellingShingle | Çulha, Olcay The Challenges of Monetary Policy in Turkey Economics Turkey |
| title | The Challenges of Monetary Policy in Turkey |
| title_alt | Les défis de politique monétaire en Turquie |
| title_auth | The Challenges of Monetary Policy in Turkey |
| title_exact_search | The Challenges of Monetary Policy in Turkey |
| title_exact_search_txtP | The Challenges of Monetary Policy in Turkey |
| title_full | The Challenges of Monetary Policy in Turkey Olcay Çulha, Ali Çulha and Rauf Gönenç = Les défis de politique monétaire en Turquie / Olcay Çulha, Ali Çulha et Rauf Gönenç |
| title_fullStr | The Challenges of Monetary Policy in Turkey Olcay Çulha, Ali Çulha and Rauf Gönenç = Les défis de politique monétaire en Turquie / Olcay Çulha, Ali Çulha et Rauf Gönenç |
| title_full_unstemmed | The Challenges of Monetary Policy in Turkey Olcay Çulha, Ali Çulha and Rauf Gönenç = Les défis de politique monétaire en Turquie / Olcay Çulha, Ali Çulha et Rauf Gönenç |
| title_short | The Challenges of Monetary Policy in Turkey |
| title_sort | the challenges of monetary policy in turkey |
| topic | Economics Turkey |
| topic_facet | Economics Turkey |
| url | https://doi.org/10.1787/235327828370 |
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