Inflation in Turkey
Abstract
Inflation is an economic phenomenon that has been a primary concern in many countries, including Turkey. This journal article aims to depict the evolution of inflation in Turkey over recent years, along with the factors influencing it. The authors will present empirical data and theoretical analysis of inflation in Turkey, as well as relevant policy implicationsTurkey has witnessed a complex inflationary landscape characterized by fluctuations in the past few decades. This article provides an overview of Turkey's inflationary history, starting from the aftermath of the 2001 financial crisis to the more recent challenges posed by global economic dynamics, such as rising oil prices, exchange rate volatility, and domestic demand pressures. It also delves into the pivotal role of monetary and fiscal policies in the battle against inflation.
References
Akarca, A. T., & Tansel, A. (2006). Economic performance and political turnout: Evidence from Turkey. Public Choice, 129(1-2), 77-105.
Başçı, E., & Kara, H. (2011). Financial stability and monetary policy: The case of Turkey. Central Bank Review, 11(2), 1-13.
Başkaya, Y. S., & Kibritçioğlu, A. (2002). Estimating the multiplier effect of public capital expenditures: Evidence from Turkey. The Manchester School, 70(5), 724-737.
Çetintaş, H., Ertuğrul, H. M., & Uzuner, G. (2016). Relationship between oil prices, exchange rate, and inflation: Evidence from Turkey. Economic Research-Ekonomska Istraživanja, 29(1), 354-369.
Daron, A. (2005). Budget deficits, inflation and growth in Turkey: 1980-2003. European Journal of Political Economy, 21(4), 813-851.
Ermişoğlu, E., & Akdoğan, K. E. (2018). Exchange rates and inflation dynamics in Turkey: A time-varying parameter approach. Journal of Policy Modeling, 40(6), 1187-1202.
Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic Modelling, 28(1-2), 685-693.
Şahin, A., & Yeşiltaş, S. (2015). The relationship between economic growth and inflation in Turkey (2003-2014). International Journal of Economics, Commerce and Management, 3(6), 234-241.
Tekgüç, H., & Büyükakın, D. (2014). Does current account deficit lead to a higher inflation rate in Turkey? Empirical Evidence from ARDL Bounds Testing Approach. Procedia-Social and Behavioral Sciences, 150, 186-195.
Yüksel, S., & Zengin, S. (2017). The impact of fiscal policy on inflation in Turkey. International Journal of Economics, Commerce and Management, 5(8), 77-86.
World Bank. (2020). Turkey Economic Monitoring Report: Tackling Turkey’s Economic Challenges. Washington, D.C.: World Bank.
IMF (International Monetary Fund). (2021). Turkey: Selected Issues. Washington, D.C.: IMF.
Turkish Central Bank. (2021). Inflation Report. Ankara: Turkish Central Bank.
Togan, S. (2002). Macroeconomic policies, crises, and long-term growth in Turkey, 1963-99. The World Bank Economic Review, 16(3), 407-436.
Aysan, A. F., & Ceyhan, S. P. (2007). Investigating the structural changes in the Turkish labor market. Journal of Economic Studies, 34(3), 178-194.
Ertugrul, H. M., & Mangir, F. (2017). The relationship between financial development, energy consumption, and economic growth: The case of Turkey. International Journal of Energy Economics and Policy, 7(1), 1-7.
Akarca, A. T., & Tansel, A. (2006). Social and economic determinants of Turkish voter choice in the 1995 parliamentary election. European Journal of Political Economy, 22(4), 725-740.
Turkish Statistical Institute. (2022). Inflation Statistics. Retrieved from https://data.tuik.gov.tr/Bulten/Index?p=Inflation-Consumer-Price-Index-CPI-Producer-Price-Index-PPI-28201
Central Bank of Turkey. (2022). Monetary Policy. Retrieved from https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Monetary+Policy/
Akarca, A. T., & Tansel, A. (2006). Economic performance and political turnout: Evidence from Turkey. Public Choice, 129(1-2), 77-105.
Başçı, E., & Kara, H. (2011). Financial stability and monetary policy: The case of Turkey. Central Bank Review, 11(2), 1-13.
Başkaya, Y. S., & Kibritçioğlu, A. (2002). Estimating the multiplier effect of public capital expenditures: Evidence from Turkey. The Manchester School, 70(5), 724-737.
Çetintaş, H., Ertuğrul, H. M., & Uzuner, G. (2016). Relationship between oil prices, exchange rate, and inflation: Evidence from Turkey. Economic Research-Ekonomska Istraživanja, 29(1), 354-369.
Daron, A. (2005). Budget deficits, inflation and growth in Turkey: 1980-2003. European Journal of Political Economy, 21(4), 813-851.
Ermişoğlu, E., & Akdoğan, K. E. (2018). Exchange rates and inflation dynamics in Turkey: A time-varying parameter approach. Journal of Policy Modeling, 40(6), 1187-1202.
Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic Modelling, 28(1-2), 685-693.
Şahin, A., & Yeşiltaş, S. (2015). The relationship between economic growth and inflation in Turkey (2003-2014). International Journal of Economics, Commerce and Management, 3(6), 234-241.
Tekgüç, H., & Büyükakın, D. (2014). Does current account deficit lead to a higher inflation rate in Turkey? Empirical Evidence from ARDL Bounds Testing Approach. Procedia-Social and Behavioral Sciences, 150, 186-195.
Yüksel, S., & Zengin, S. (2017). The impact of fiscal policy on inflation in Turkey. International Journal of Economics, Commerce and Management, 5(8), 77-86.
World Bank. (2020). Turkey Economic Monitoring Report: Tackling Turkey’s Economic Challenges. Washington, D.C.: World Bank.
IMF (International Monetary Fund). (2021). Turkey: Selected Issues. Washington, D.C.: IMF.
Turkish Central Bank. (2021). Inflation Report. Ankara: Turkish Central Bank.
Togan, S. (2002). Macroeconomic policies, crises, and long-term growth in Turkey, 1963-99. The World Bank Economic Review, 16(3), 407-436.
Aysan, A. F., & Ceyhan, S. P. (2007). Investigating the structural changes in the Turkish labor market. Journal of Economic Studies, 34(3), 178-194.
Ertugrul, H. M., & Mangir, F. (2017). The relationship between financial development, energy consumption, and economic growth: The case of Turkey. International Journal of Energy Economics and Policy, 7(1), 1-7.
Akarca, A. T., & Tansel, A. (2006). Social and economic determinants of Turkish voter choice in the 1995 parliamentary election. European Journal of Political Economy, 22(4), 725-740.
Turkish Statistical Institute. (2022). Inflation Statistics. Retrieved from https://data.tuik.gov.tr/Bulten/Index?p=Inflation-Consumer-Price-Index-CPI-Producer-Price-Index-PPI-28201
Central Bank of Turkey. (2022). Monetary Policy. Retrieved from https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Monetary+Policy/
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