The transformation in the monetary policy applications in the Turkish economy: 1923-2013 Period

The aim of this study is the examination of the monetary policies applied by Central Bank of the Republic of Turkey (CBRT) and the changes in these policies in the period since the foundation of the Turkish Republic till today. In the second part of study after introduction objectives, tools, strategies and monetary transmission mechanisms of monetary policys are explained. In the other parts of the study the changes in the monetary policies and monetary tools are discussed as of periods applied in Turkey. In the study the application of the monetary policies and the changes in the application of the policies are examined in two main parts which consist of the period before 1980 after 1980. In these two main parts, the monetary policies of CBRT are examined as sub-periods. In third part of the study which is about the period before 1980, the applications and changes in the monetary policy of CBRT take part in the period from the foundation of Turkish Republic to "24thJanuary 1980 Decisions". In the last part of the study the developments occured in monetary policy are tried to be identified as of sub-periods since "24th January 1980 Decision" till today which is included to the last Economic Crisis (2007-2009).The reason of the necessity of the non-tradional monetary policy tools and the effect of these tools are tackled in the economy in the period of 2007-2009 Economic Crisis. In consequences and suggestion part the changes and affects of monetary policy are tried to be revealed.