Finansal istikrar arayışı: Türkiye'de merkez bankacılığı,örgütsel öğrenme ve finansal istikrar politikası'nın proaktif yönetişimi

This research examines political economy of central banking in emerging economies of Brazil, Indonesia, South Africa and Turkey in the aftermath of Global Financial Crisis with 'most similar systems design' because of their similar vulnerability to capital flows and similar macroeconomic structure. Among these emerging economies, Turkey stands out as an 'outlier case' with proactive stance towards financial stability goal, active role of central bank in financial stability pursuit and utilization of unconventional monetary policy in an emerging economy. In this interdisciplinary research employing institutional, organizational theory and public policy approach, theoretical framework of interactions between structures, institutions and agency is utilized. While structural and institutional complementarity provide a macro perspective of broader political economy context within which central banks are embedded, organizational political economy framework underlines the micro dynamics of policy making with focus on agents in the form of both organizations and individuals. For the outlier case of Turkey, this study provides a more detailed and micro investigation of central bank policies by conducting thirty-one semi-structured expert interviews with central bank, Treasury, financial regulation experts, academics, banking and real sector representatives. Interviews are examined with qualitative data analysis methodology utilizing NVivo 11 software and results are displayed in a transparent manner. Keywords: financial stability, central banking, structure, institution, agency, organizational learning, institutional entrepreneur, Turkey, Brazil, Indonesia,South Africa.