The Role Of Turkish Central Bank During And After The 2008-Financial Crises

Abstract

The Global Financial Crises occurred at the end of 2008, and in very short time, spread to all sectors of economy.All countries were badly hit by the crises and the World economies shrank almost $50 trillion, the equivalent of one year of world GDP.During the process, especially the banking sectors of the world economies was smashed, and many banks and financial institutions bankrupted and some others liquidated such as Lehman Brothers. All countries took the drastic fiscal and monetary measures to overcome the global crises. So, this paper focuses on the functions of central banks asking that what the role of central banks to cope with the global crises was, and thus omits the side of fiscal policies implemented by different countries.It especially discusses the role of Turkish Central Bank and its monetary policies during and after the 2008-Global Financial Crises. What was the achievement of the measures taken and the monetary policies implemented by Turkish Central Bank during and after the financial crises?