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MALİ BASKINLIK VE MERKEZ BANKASI BAĞIMSIZLIĞI İLİŞKİSİ

Year 2020, Volume: 19 Issue: 39, 1046 - 1068, 27.12.2020
https://doi.org/10.46928/iticusbe.768777

Abstract

Merkez bankalarının enflasyon hedeflemesi stratejisi ya da fiyat istikrarını sağlama hedefi ile birlikte uygulanan başarılı bir mali disiplin para ve maliye politikaları arasındaki koordinasyonun iyileşmesine katkı sağlamaktadır. Buna karşılık mali baskınlığın ortaya çıkması ve merkez bankalarının bağımsızlığını zayıflatması pek çok sorunu beraberinde getirmektedir. Bu bağlamda çalışmanın amacı mali baskınlık ile merkez bankası bağımsızlığı arasındaki ilişkiyi ampirik olarak araştırmaktır. Diğer çalışmalardan farklı olarak bu çalışmada Euro bölgesine dâhil olmayan AB ülkeleri (Bulgaristan, Çekya, Danimarka, Hırvatistan, İngiltere, İsveç, Letonya, Litvanya, Macaristan, Polonya, Romanya) ve AB’ye aday statüsünde bulunan Türkiye örneklem olarak alınmıştır. 2000-2016 dönemi verileri ile yapılan panel eşbütünleşme ve nedensellik testlerinin sonuçlarına göre mali baskınlık ile merkez bankası bağımsızlığı arasında eşbütünleşme ilişkisi ve iki yönlü nedensellik ilişkisi olduğu belirlenmiştir. Dinamik en küçük kareler (DOLS) eşbütünleşme tahmincisi sonuçlarına göre, panelin genelinde mali baskınlıkta meydana gelen %1’lik artış merkez bankası bağımsızlığını %0.22 azaltmakta iken ülkelere özgü sonuçlar farklılaşmaktadır.

References

  • Ahsan, A. Skully, M. ve Wickramanayake, J. (2006) Determinants of Central Bank Independence and Governance: Problems and Policy Implications, Joaag, 1(1), 47-67.
  • Akıncı, M., Akıncı, G. T. ve Yılmaz Ö. (2015) The Relationship Between Central Bank Independence, Financial Freedom, and Economic Growth: A Panel ARDL Bounds Testing Approach, Central Bank Review, 15, 1-14.
  • Akyazı, H. (2009), Türkiye Cumhuriyet Merkez Bankası‘nın (TCMB) Önemsenmeyen Bağımsızlığı, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 81-99. Alesina, A. ve Summers, L. H. (1993) Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence, Journal of Money, Credit and Banking, 25(2) (May, 1993), 151-162
  • Bade, R., & Parkin, M. (1988). Central Bank Laws and Monetary Policy. file:///C:/Users/oem/Downloads/Central_Bank_Laws_and_Monetary_Policy.pdf
  • Badea, I. R. (2018) Central Bank Independence and Its Impact on the Macroeconomic Performance. Evidence from Romania Before and After Crisis, InTraders International Trade Academic Journal, 1(1), 46-65.
  • Balls, E., Howat, J. ve Stansbury, A. (2016) Central Bank Independence Revisited: After The Financial Crisis, What Should A Model Central Bank Look Like? M-RCBG Associate Working Paper Series | No. 67, 1-113.
  • Berument, H. (1998) Central Bank Independence and Financing Government Spending, Journal of Macroeconomics, Winter 1998, 20(1), 133-151.
  • Beşkaya, A. ve Güdenoğlu, E. (2014) Merkez Bankası Bağımsızlığı ve Enflasyon Arasındaki İlişki: Türkiye Ekonomisinin Zaman Serileriyle Analizi, Bankacılık ve Finans Araştırmaları Dergisi, 2, 43-69.
  • Blanchard, O. (2004). Fiscal Dominance and Inflation Targeting: Lessons From Brazil. NBER Working Paper No. 10389.
  • Bölükbaş, M. ve Peker, O. (2017) Türkiye’de Fiyat Düzeyi ve Maliye Politikası Arasındaki İlişki: FTPL Yaklaşımının Ekonometrik Bir Analizi, Maliye Dergisi Ocak-Haziran 2017, 172, 1-14.
  • Brunnermeier, M. K. (2015) Financial Dominance &Central Bank Independence, Bundesbank Conference, https://scholar.princeton.edu/sites/default/files/markus/files /2015a_bundesbankhistory_financialdominance_0.pdf
  • Burdekin, R. C. K. ve Laney, L. O. (1988) Fiscal Policymaking and the Central Bank Institutional Constraint, Kyklos, 41(4), 647-662.
  • Choi, I. (2001). Unit Root Tests For Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • Christiano, L.J. ve Fitzgerald, T.J. (2000), Understanding the Fiscal Theory of the Price Level, Economic Review, 36(2).
  • Chukwu, J. O. (2014) Budget Deficits, Money Growth and Price Level in Nigeria, African Development Review, 10.1111/1467-8268.12042, 25, 4, 468-477.
  • Coric, T. ve Cvrlje, D. (2009) Central Bank Independence: The Case of Croatia, University of Zagreb, Faculty of Economics and Business, Working Paper Series 09-09, 1-14.
  • Crowe, C. ve Meade, E. E. (2008) Central Bank Independence and Transparency:Evolution and Effectiveness, IMF Working Paper, 119, 1-28.
  • Cukierman, A. (2008), Central Bank Independence and Monetary Policymaking Institutions -- Past, Present and Future, European Journal of Political Economy, 2008, 24(4), 722-736.
  • Cukierman, A., Webb, S. B. ve Neyapti, B. (1992) Measuring the Independence of Central Banks and Its Effect on Policy Outcomes, The World Bank Economic Review, 6(3), 353-398.
  • De Resende, C. (2007) Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence, Bank of Canada Working Paper, 2007-36. 1-33.
  • Doğan, B. B.ve Akbakay, Z. (2016) Merkez Bankası Bağımsızlığı ve Türkiye Cumhuriyet Merkez Bankası, Balkan Sosyal Bilimler Dergisi, Özel Sayı, 113-135.
  • Dumitrescu, E. I., & Hurlin, C. (2012). Testing For Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29(4), 1450-1460.
  • Dünya Bankası (2020) World Bank Open Data, https://data.worldbank.org/
  • Eijffinger, S. C. W. ve Geraats, P. M. (2006) How Transparent Are Central Banks? European Journal of Political Economy, 22(1), 1-21.
  • Ekpo, A. H., Asiama, J. P. ve Ahortor, C. R. K. (2015) Fiscal Dominance and Central Bank Independence, http://www.aacb.org/sites/default/files/AHORTOR%20-%20FISCAL%20DOMINANCE%20AND%20CENTRAL%20BANK%20INDEPENDENCE%202%20%281%29_0.pdf
  • Erdem, E., Akdemir, T. ve İlgün, M. F. (2014) Borç Krizi ve Merkez Bankası Bağımsızlığı İlişkisi: Parasal Birliğe Dahil Ülkelere Yönelik Panel Veri Analizi, Ekonomik ve Sosyal Araştırmalar Dergisi, 10(1).
  • Favero, C. A. ve Spinelli, F (2003) Deficits, Money Growth and Inflation in Italy: 1875–1994, Economic Notes Review of Banking, Finance and Monetary Economics, https://doi.org/10.1111/1468-0300.00004
  • Fry, M. J. (1998), Assessing Central Bank Independence in Developing Countries: Do Actions Speak LouderThan Words? Oxford Economic Papers, 50(39), Special Issue on the Economics of Cenral Bank Independence, 512-529.
  • Grilli, V., Masciandaro, D. ve Tabellini, G. (1991) Political and Monetary Institutions and Public Finance Policies in the Industrial Countries, Economic Policy 13 (October 1991), 341-92.
  • Haan, J. ve Eijffinger, S. (2016) The Politics of Central Bank Independence, DeNederlandscheBank Working Paper, 539, 1-23.
  • Heritage Foundation (2020) Parasal Özgürlük Serisi https://www.heritage.org/index/ explore
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003) Testing For Unit Roots in Heterogeneous Panels. Journal Of Econometrics, 115(1), 53-74.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • Joines, D. H. (1985). Deficits and Money Growth in the United States 1872–1983. Journal of Monetary Economics, 16(3), 329–351. https://doi.org/10.1016/0304-3932(85) 90040-6
  • Kadria, M. ve Aissa, M. S. B. (2016) Inflation Targeting and Public Deficit in Emerging Countries: A Time Varying Treatment Effect Approach, Economic Modelling, 52, 108-114.
  • Kara, A. H. ve Orak, M. (2008) Enflasyon Hedeflemesi, https://www.tcmb.gov.tr/wps/wcm/connect/6d56677c-1a8e-4a26-a4be-e4935b9a8 533/kara_orak.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-6d56677c -1a8e-4a26-a4be-e4935b9a8533-m3fBal-
  • Kao, C. & Chiang M. H. (2000). On the Estimation and Inference of A Cointegrated Regression in Panel Data. In: B. H. Baltagi (Ed.), Advances in Econometrics: Nonstationary Panels, Panel Cointegration and Dynamic Panels, 15, 179-222
  • Lucotte, Y. (2009) The Influence of Central Bank Independence on Budget Deficits in Developing Countries: New Evidence from Panel Data Analysis, Post-Print halshs-00447398, Hal, https://pdfs.semanticscholar.org/3b1b/0a3666b96258b54f5a2946a79 2d49105869c.pdf
  • Luporini, V. (2000), Sustainability of the Brazilian Fiscal Policy and Central Bank Independence, Rev. Bras. Econ, 54(2), 201-226. https://doi.org/10.1590/S0034-71402000000200004
  • Mackinnon, J. G., Haug, A. A., & Michelis, L. (1999). Numerical Distribution Functions of Likelihood Ratio Tests For Cointegration. Journal of Applied Econometrics, 14(5), 563-577.
  • Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests With Panel Data and A New Simple Test. Oxford Bulletin Of Economics And Statistics, 61(S1), 631-652.
  • Masson, P. R., Savastano, M. A. ve Sharma, S. (1997). The Scope for Inflation Targeting in Developing Countries. IMF Working Paper No. 130.
  • Neyaptı, B. (2008) Budget Deficits and Inflation: The Roles of Central Bank Independence and Financial Market Development, Contemporary Economic Policy, 21(4), 458-475.
  • Oktar, S. (2008) Merkez Bankaların Bağımsızlığı, 2. Baskı, Bilim Teknik Yayınevi; İstanbul.
  • Papadamou, S., Sidiropoulos, M. ve Spyromitros, E. (2012) Does Central Bank Independence Affect Public Debt? 11th Annual Meeting of the EEFS International Conference, in Instanbul, Turkey, June 2012.
  • Pollard, P. S. (1993) Central Bank Independence and Economic Performance, Economic Research Review, 75(4).
  • Richard, M. Ve Desmond, N. (2012), Fiscal Dominance, Central Bank’s Statutory Credit To Government And Inflation in Zimbabwe, International Review of Business and Social Sciences, 1(9), 11-20.
  • Sanusi, K. A. ve Akinlo, A. E. (2016) Investigating Fiscal Dominance in Nigeria, Journal of Sustainable Development, 9(1), 125-131.
  • Sargent, T.J. ve Wallace, N. (1981) Some Unpleasant Monetarist Arithmetic, Federal Reserve Bank of Minneapolis Quarterly Review, 5(3).
  • TCMB (2012) Merkez Bankası Bağımsızlığı, Türkiye Cumhuriyet Merkez Bankası ve Bağımsızlık, https://www.tcmb.gov.tr/wps/wcm/connect/40586e6c-06ff-47b6-9b2e-11d77611dfd6/01.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-40586e6c-06ff-47b6-9b2e-11d77611dfd6-m5lkoKU
  • Telatar, E. (1999) Para ve Maliye Politikası Dominant Rejimlerde Fiyat Belirlenmezlik Problemi Ve Merkez Bankası Bağımsızlığı, Ekonomik Yaklasim, 1999, 10(35), 5-20.
  • Turner, P. (2011) Fiscal Dominance and the Long-Term Interest Rate, Financal Markets Group Special Paper Serıes, No 199, 1-65.
  • Yurtkur, A. K. ve Arpağ, M. (2018) Enflasyon Hedeflemesi Uygulayan Ülkeler Açısından Merkez Bankası Bağımsızlığı Enflasyon İlişkisi, International Congress of Management, Economy and Policy 2018 Autumn Istanbul/TURKIYE | 1-2 December, 2018, 119-127.
  • Wray, L. R. (2014) Central Bank Independence: Myth and Misunderstanding, Levy Economics Institute of Bard College, Working Paper No. 79, 1-29.
Year 2020, Volume: 19 Issue: 39, 1046 - 1068, 27.12.2020
https://doi.org/10.46928/iticusbe.768777

Abstract

References

  • Ahsan, A. Skully, M. ve Wickramanayake, J. (2006) Determinants of Central Bank Independence and Governance: Problems and Policy Implications, Joaag, 1(1), 47-67.
  • Akıncı, M., Akıncı, G. T. ve Yılmaz Ö. (2015) The Relationship Between Central Bank Independence, Financial Freedom, and Economic Growth: A Panel ARDL Bounds Testing Approach, Central Bank Review, 15, 1-14.
  • Akyazı, H. (2009), Türkiye Cumhuriyet Merkez Bankası‘nın (TCMB) Önemsenmeyen Bağımsızlığı, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 81-99. Alesina, A. ve Summers, L. H. (1993) Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence, Journal of Money, Credit and Banking, 25(2) (May, 1993), 151-162
  • Bade, R., & Parkin, M. (1988). Central Bank Laws and Monetary Policy. file:///C:/Users/oem/Downloads/Central_Bank_Laws_and_Monetary_Policy.pdf
  • Badea, I. R. (2018) Central Bank Independence and Its Impact on the Macroeconomic Performance. Evidence from Romania Before and After Crisis, InTraders International Trade Academic Journal, 1(1), 46-65.
  • Balls, E., Howat, J. ve Stansbury, A. (2016) Central Bank Independence Revisited: After The Financial Crisis, What Should A Model Central Bank Look Like? M-RCBG Associate Working Paper Series | No. 67, 1-113.
  • Berument, H. (1998) Central Bank Independence and Financing Government Spending, Journal of Macroeconomics, Winter 1998, 20(1), 133-151.
  • Beşkaya, A. ve Güdenoğlu, E. (2014) Merkez Bankası Bağımsızlığı ve Enflasyon Arasındaki İlişki: Türkiye Ekonomisinin Zaman Serileriyle Analizi, Bankacılık ve Finans Araştırmaları Dergisi, 2, 43-69.
  • Blanchard, O. (2004). Fiscal Dominance and Inflation Targeting: Lessons From Brazil. NBER Working Paper No. 10389.
  • Bölükbaş, M. ve Peker, O. (2017) Türkiye’de Fiyat Düzeyi ve Maliye Politikası Arasındaki İlişki: FTPL Yaklaşımının Ekonometrik Bir Analizi, Maliye Dergisi Ocak-Haziran 2017, 172, 1-14.
  • Brunnermeier, M. K. (2015) Financial Dominance &Central Bank Independence, Bundesbank Conference, https://scholar.princeton.edu/sites/default/files/markus/files /2015a_bundesbankhistory_financialdominance_0.pdf
  • Burdekin, R. C. K. ve Laney, L. O. (1988) Fiscal Policymaking and the Central Bank Institutional Constraint, Kyklos, 41(4), 647-662.
  • Choi, I. (2001). Unit Root Tests For Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • Christiano, L.J. ve Fitzgerald, T.J. (2000), Understanding the Fiscal Theory of the Price Level, Economic Review, 36(2).
  • Chukwu, J. O. (2014) Budget Deficits, Money Growth and Price Level in Nigeria, African Development Review, 10.1111/1467-8268.12042, 25, 4, 468-477.
  • Coric, T. ve Cvrlje, D. (2009) Central Bank Independence: The Case of Croatia, University of Zagreb, Faculty of Economics and Business, Working Paper Series 09-09, 1-14.
  • Crowe, C. ve Meade, E. E. (2008) Central Bank Independence and Transparency:Evolution and Effectiveness, IMF Working Paper, 119, 1-28.
  • Cukierman, A. (2008), Central Bank Independence and Monetary Policymaking Institutions -- Past, Present and Future, European Journal of Political Economy, 2008, 24(4), 722-736.
  • Cukierman, A., Webb, S. B. ve Neyapti, B. (1992) Measuring the Independence of Central Banks and Its Effect on Policy Outcomes, The World Bank Economic Review, 6(3), 353-398.
  • De Resende, C. (2007) Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence, Bank of Canada Working Paper, 2007-36. 1-33.
  • Doğan, B. B.ve Akbakay, Z. (2016) Merkez Bankası Bağımsızlığı ve Türkiye Cumhuriyet Merkez Bankası, Balkan Sosyal Bilimler Dergisi, Özel Sayı, 113-135.
  • Dumitrescu, E. I., & Hurlin, C. (2012). Testing For Granger Non-Causality in Heterogeneous Panels. Economic Modelling, 29(4), 1450-1460.
  • Dünya Bankası (2020) World Bank Open Data, https://data.worldbank.org/
  • Eijffinger, S. C. W. ve Geraats, P. M. (2006) How Transparent Are Central Banks? European Journal of Political Economy, 22(1), 1-21.
  • Ekpo, A. H., Asiama, J. P. ve Ahortor, C. R. K. (2015) Fiscal Dominance and Central Bank Independence, http://www.aacb.org/sites/default/files/AHORTOR%20-%20FISCAL%20DOMINANCE%20AND%20CENTRAL%20BANK%20INDEPENDENCE%202%20%281%29_0.pdf
  • Erdem, E., Akdemir, T. ve İlgün, M. F. (2014) Borç Krizi ve Merkez Bankası Bağımsızlığı İlişkisi: Parasal Birliğe Dahil Ülkelere Yönelik Panel Veri Analizi, Ekonomik ve Sosyal Araştırmalar Dergisi, 10(1).
  • Favero, C. A. ve Spinelli, F (2003) Deficits, Money Growth and Inflation in Italy: 1875–1994, Economic Notes Review of Banking, Finance and Monetary Economics, https://doi.org/10.1111/1468-0300.00004
  • Fry, M. J. (1998), Assessing Central Bank Independence in Developing Countries: Do Actions Speak LouderThan Words? Oxford Economic Papers, 50(39), Special Issue on the Economics of Cenral Bank Independence, 512-529.
  • Grilli, V., Masciandaro, D. ve Tabellini, G. (1991) Political and Monetary Institutions and Public Finance Policies in the Industrial Countries, Economic Policy 13 (October 1991), 341-92.
  • Haan, J. ve Eijffinger, S. (2016) The Politics of Central Bank Independence, DeNederlandscheBank Working Paper, 539, 1-23.
  • Heritage Foundation (2020) Parasal Özgürlük Serisi https://www.heritage.org/index/ explore
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003) Testing For Unit Roots in Heterogeneous Panels. Journal Of Econometrics, 115(1), 53-74.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • Joines, D. H. (1985). Deficits and Money Growth in the United States 1872–1983. Journal of Monetary Economics, 16(3), 329–351. https://doi.org/10.1016/0304-3932(85) 90040-6
  • Kadria, M. ve Aissa, M. S. B. (2016) Inflation Targeting and Public Deficit in Emerging Countries: A Time Varying Treatment Effect Approach, Economic Modelling, 52, 108-114.
  • Kara, A. H. ve Orak, M. (2008) Enflasyon Hedeflemesi, https://www.tcmb.gov.tr/wps/wcm/connect/6d56677c-1a8e-4a26-a4be-e4935b9a8 533/kara_orak.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-6d56677c -1a8e-4a26-a4be-e4935b9a8533-m3fBal-
  • Kao, C. & Chiang M. H. (2000). On the Estimation and Inference of A Cointegrated Regression in Panel Data. In: B. H. Baltagi (Ed.), Advances in Econometrics: Nonstationary Panels, Panel Cointegration and Dynamic Panels, 15, 179-222
  • Lucotte, Y. (2009) The Influence of Central Bank Independence on Budget Deficits in Developing Countries: New Evidence from Panel Data Analysis, Post-Print halshs-00447398, Hal, https://pdfs.semanticscholar.org/3b1b/0a3666b96258b54f5a2946a79 2d49105869c.pdf
  • Luporini, V. (2000), Sustainability of the Brazilian Fiscal Policy and Central Bank Independence, Rev. Bras. Econ, 54(2), 201-226. https://doi.org/10.1590/S0034-71402000000200004
  • Mackinnon, J. G., Haug, A. A., & Michelis, L. (1999). Numerical Distribution Functions of Likelihood Ratio Tests For Cointegration. Journal of Applied Econometrics, 14(5), 563-577.
  • Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests With Panel Data and A New Simple Test. Oxford Bulletin Of Economics And Statistics, 61(S1), 631-652.
  • Masson, P. R., Savastano, M. A. ve Sharma, S. (1997). The Scope for Inflation Targeting in Developing Countries. IMF Working Paper No. 130.
  • Neyaptı, B. (2008) Budget Deficits and Inflation: The Roles of Central Bank Independence and Financial Market Development, Contemporary Economic Policy, 21(4), 458-475.
  • Oktar, S. (2008) Merkez Bankaların Bağımsızlığı, 2. Baskı, Bilim Teknik Yayınevi; İstanbul.
  • Papadamou, S., Sidiropoulos, M. ve Spyromitros, E. (2012) Does Central Bank Independence Affect Public Debt? 11th Annual Meeting of the EEFS International Conference, in Instanbul, Turkey, June 2012.
  • Pollard, P. S. (1993) Central Bank Independence and Economic Performance, Economic Research Review, 75(4).
  • Richard, M. Ve Desmond, N. (2012), Fiscal Dominance, Central Bank’s Statutory Credit To Government And Inflation in Zimbabwe, International Review of Business and Social Sciences, 1(9), 11-20.
  • Sanusi, K. A. ve Akinlo, A. E. (2016) Investigating Fiscal Dominance in Nigeria, Journal of Sustainable Development, 9(1), 125-131.
  • Sargent, T.J. ve Wallace, N. (1981) Some Unpleasant Monetarist Arithmetic, Federal Reserve Bank of Minneapolis Quarterly Review, 5(3).
  • TCMB (2012) Merkez Bankası Bağımsızlığı, Türkiye Cumhuriyet Merkez Bankası ve Bağımsızlık, https://www.tcmb.gov.tr/wps/wcm/connect/40586e6c-06ff-47b6-9b2e-11d77611dfd6/01.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-40586e6c-06ff-47b6-9b2e-11d77611dfd6-m5lkoKU
  • Telatar, E. (1999) Para ve Maliye Politikası Dominant Rejimlerde Fiyat Belirlenmezlik Problemi Ve Merkez Bankası Bağımsızlığı, Ekonomik Yaklasim, 1999, 10(35), 5-20.
  • Turner, P. (2011) Fiscal Dominance and the Long-Term Interest Rate, Financal Markets Group Special Paper Serıes, No 199, 1-65.
  • Yurtkur, A. K. ve Arpağ, M. (2018) Enflasyon Hedeflemesi Uygulayan Ülkeler Açısından Merkez Bankası Bağımsızlığı Enflasyon İlişkisi, International Congress of Management, Economy and Policy 2018 Autumn Istanbul/TURKIYE | 1-2 December, 2018, 119-127.
  • Wray, L. R. (2014) Central Bank Independence: Myth and Misunderstanding, Levy Economics Institute of Bard College, Working Paper No. 79, 1-29.
There are 54 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Mehmet Bölükbaş 0000-0002-9770-069X

Mehmet Hanefi Topal 0000-0003-4014-8694

Publication Date December 27, 2020
Submission Date July 13, 2020
Acceptance Date November 28, 2020
Published in Issue Year 2020 Volume: 19 Issue: 39

Cite

APA Bölükbaş, M., & Topal, M. H. (2020). MALİ BASKINLIK VE MERKEZ BANKASI BAĞIMSIZLIĞI İLİŞKİSİ. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(39), 1046-1068. https://doi.org/10.46928/iticusbe.768777