The interaction between fiscal and monetary policies evolves over time and differs from country to country. In this study, we first present the case of Turkey. During the 1990s, the country's fiscal deficits and public debt ballooned. Monetary policy was severely constrained by the resulting...

Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

Financial deepening and increases in the private sector's credit-to-output ratio are expected to strengthen the monetary policy transmission mechanism in Turkey. However, shifts in the structure and composition of financial intermediation are also important for the transmission mechanism. From...