THE CHANGING PERCEPTIONS OF THE CENTRAL BANKS IN THE WORLD ECONOMY AND TURKEY

Date

2023-10

Author

Başarangil, Derya

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With their legal monopoly over the issuance and distribution of state money, central banks occupy a privileged position between politics, economy, and public administration. Moreover, central banks have always been public institutions that reflected the changing forms of state interventions in the economy since their roles have been transformed in line with the role of the state in the economy. Given the dual nature of the central banks as both the bank of the state and the bank for banks, central banks are key institutions forming the state-finance nexus, thus necessitating a critical perspective on State/Market relations. In this regard, central bank independence has emerged as a crisis management strategy of neoliberalism in accordance with the aim of reducing state interventions in the economy. However, since central bank independence failed to ensure financial stability, there has been a proliferation of studies in a quest to scrutinize the roles of central banks in the aftermath of the 2007-8 financial crisis. While the great majority of these studies assert that the central banks should go beyond the narrow nature of the central bank independence framework, the central bank debates in Turkey ignore the changing paradigm of central banking in the aftermath of the 2007-8 financial crisis. Hence, this thesis aims to illustrate by adopting a critical political economy approach the growing discrepancy between the debates regarding the roles of central banks on the domestic and international levels by scrutinizing the positions of central banks in the state-finance nexus in the light of recent developments.

Subject Keywords

Central Bank, Central Bank Independence, State-Finance Nexus, Financialization, Crisis Management Strategies

URI

https://hdl.handle.net/11511/105527

Collections

Graduate School of Social Sciences, Thesis