Türkiye’de 2002-2023 arası uygulanan para politikalarının ekonomi politiği

Abstract

This article examines the post-2002 monetary policy in Turkey, specifically the CBRT's monetary policy experiment between 2021 and 2023. The article argues that overlapping priorities of the political power and the capitalists who advocate an export-led growth model based on price competitiveness has been one of the main drivers of changes in monetary policy. The study contends that the crisis of dependent financialization after 2013 prompted policy makers to adopt new strategies. This new orientation was accompanied by the change in the balance of power between the "established large capital groups" and "other capital groups" within the power bloc. The monetary policy experiment after 2021 was successful in alleviating the monetary policy dilemma faced by policy makers for a while and in maintaining employment, but failed in transitioning to an export-led growth model.