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Merkez Bankasının Özerkleşmesi
Merkez Bankasının Özerkleşmesi
Merkez Bankasının Özerkleşmesi
As a strategy, economy and law have been insulated from politics and social
reality. This insulated discipline, with its peculiar logic apart from political purposes, is
showed as an end in itself, to be pursued for civil society and order. Hence, related to
new- constitutionalism, independence of central bank, as one of the conditions in
prescriptions for macroeconomic stability or structural adjustment programmes, is for
permanence of ‘disciplinary neoliberalism’4 and ‘globalizing elites’5 or ‘cosmopolitan
elites’6. On the one hand, it has being argued this development shakes sovereignty of
nation state since it limits its roles or actions. On the other, it has being considered this
development does not shake sovereignty of nation state since there is no difference
between politics and economy. Besides, independence of central bank is a means of
restructuring and reorganization of state to make room for maneuver to gain more in
global capitalism without any political accountability to citizens. In this manner, while
state legitimizes policies to stay in power, it adjusts itself to global trends.
1
Gill 63.
2
Gill. 63-64.
3
Picciotto. 167.
4
Gill. 1.
5
Gill. 65.
6
Cerny. 406.
2
7
Hayek. 233
8
Hayek. 233
9
Hayek. 246.
10
Hayek. 240.
11
Gill. 50.
3
12
Buchanan. 254.
13
Hayek. 237.
14
Gill. 51.
15
Picciotto. 168.
16
Gill. 59.
17
Gill. 50.
18
Uysal.
19
Eğilmez. (2005).
20
Eğilmez. (2005).
21
Picciotto. 165.
22
Gill. 50.
23
Gill. 54.
24
Gill. 56.
25
Burnham. 16.
4
and employment into public sector against unemployment.26 TÜSİAD declares economic
stability is crucial for employment.27 Then, reforms and policies on fiscal and monetary
discipline of autonomous economic institutions should be supported.28 Besides, former
Governor of CBRT, Serdengeçti, designated, since CBRT is independent and adopted
tight financial policies, the inflation fell down and people embraced CBRT. 29 In the case
of populist policies, a threat towards independence of CBRT, public should claim the
independence or this will lead to social agitation.30
26
Gamble. 12.
27
TÜSİAD’dan net tavır.
28
TÜSİAD’dan net tavır.
29
‘Siyasiler MB’nin bağımsızlığını sindiremiyor.’
30
‘Siyasiler MB’nin bağımsızlığını sindiremiyor.’
31
Polillo& Guillén. 1768.
32
Buchanan. 258.
33
Gill. 57.
34
Gamble. 56-57.
35
Polillo& Guillén. 1768.
36
Polillo& Guillén. 1770.
37
Selçuk.
38
Selçuk.
39
Selçuk.
40
Selçuk.
5
41
Selçuk.
42
Eğilmez. (2005).
43
Zamlar Merkez’i korkuttu.
44
Gill. 47.
45
Gill. 48.
46
Gill. 52.
47
Polillo& Guillén. 1764.
48
Polillo& Guillén. 1765.
49
Polillo& Guillén. 1765-66
50
Polillo& Guillén. 1765.
51
Polillo& Guillén. 1769.
52
Polillo& Guillén. 1766.
53
Eğilmez. (2005).
54
Eğilmez. (2005).
6
manner, exclusionary technocratic decision making styles emerge68 [in terms of Cox’s
arguments]69. Major economic policy decisions was left into ‘the hands of a small number
of highly educated bureaucrats’, which has graduate degree in fields such as economics
or public administration from U. S. universities, as it was in Mexico and Argentina.70
This homogenous technocratic team has similar recruitment paths and training and is
insulated from intra and extra state pressures.71 Exemplary, Derviş, who was a technocrat
in WB, indicated he suggested independence of CBRT to Ecevit Government, but he was
disapproved.72 However, after the independence of CBRT, he was consecrated73. Also,
Durmuş Yılmaz, Governor of CBRT, was one of the bureaucrats in CBRT. 74 He got
undergraduate education in England.75 Some technocrats in CBRT manifested Yılmaz is
good technician in economics who does not interfere politics with economics.76 As being
a technocrat, one group accepted this fact will sustain continuum of CBRT policies, such
as price stability and combat against inflation.77 However, another group argued
insulation of economy from politics has not been maintained yet since AKP government
was accused of attaining people close to it and banishing people skilled in the job.78
While accepting the autonomy of the state from society, this group adduced AKP
assumes anything goes to seize the state.79
68
Teichman. 32.
69
Polillo& Guillén. 1766.
70
Teichman. 32.
71
Teichman. 32.
72
Merkez bağımsız olsun dedim, ‘Deli misin?’ dediler.
73
Merkez bağımsız olsun dedim, ‘Deli misin?’ dediler.
74
Merkez’in yeni patron Yılmaz.
75
Merkez’in yeni patron Yılmaz.
76
Paranın yeni patronu Dursun Yılmaz oldu.
77
Tüzmen: Merkez Bankası da bize uymak zorundadır.
78
Sağlar.
79
Sağlar.
80
Gill. 60.
81
Gill. 60.
8
within the state, i.e. from industry or labor ministries towards economy ministries and
central banks’82, which indicates ‘internationalization of state’.83 A new social order has
emerged: an order with social and spatial concentration of affluence and poverty.84
Nowadays, government reassesses moving CBRT to Istanbul, capital of finance and
private sector 85(maybe in order to privatize it).86 Some group of people is disinclined by
quota and special taxes not to migrate to Istanbul while some people have to migrate.87 I
think this explains the logic of neoliberalism.
82
Polillo& Guillén. 1766.
83
Burnham. 13.
84
Gill.62.
85
C. Özkan.
86
Ertem.
87
C. Özkan.
88
Gill. 61
89
Cerny. 402.
90
Cerny. 402.
91
Cerny. 402.
9
markets that he will be independent from government by not letting interest rates to fall
and deadening currency unit92.
Since 1940s, IMF has been in favor of central bank independence.99 It assists
countries with their balance of payments problems.100 This is because high inflation and
mounting trade and fiscal deficits threat economic and financial globalization101, which
erode the value of capital or assets.102 A high degree of institutional convergence is
necessitated for global markets to operate successfully.103 To maintain their status and
secure legitimacy, states are pushed to adopt ‘practices or structures espoused by
organizations [such as IMF, WB, WTO or EU] on which they are dependent’.104 It is
called as ‘isomorphic organizational change’ which consists of ‘coercive, normative, and
92
Türkiye’nin yeni merkez bankası müdüründen sıkı mali politika sözü.
93
Cerny. 402.
94
Cerny. 402.
95
Cerny. 404.
96
Polillo& Guillén. 1777.
97
Gürsel.
98
Kozanoğlu.
99
Polillo& Guillén. 1767.
100
Polillo& Guillén. 1767.
101
Polillo& Guillén. 1768-69.
102
Gill. 56.
103
Polillo& Guillén. 1769.
104
Polillo& Guillén. 1772.
10
Individual rights within civil society are much more apparent today due to
benefits of globalizing elites and global flow of capital. In this vein, organization of state
and independence of central bank is necessitated. On the one hand, it is proposed Foreign
Direct Investment (FDI) is necessary for economic growth and development. On the
other, macroeconomic policies benefiting FDI damage life standards and rights of people.
in by private sector actors for trade liberalization. 114 Central banks perceive their roles as
‘an attempt to lead/ respond to international market conditions, privileging such criteria
as market confidence and stabilization.115 In this respect, during the ambiguity
considering assignment of governor to CBRT in 2006, it was noted foreign investors
chafed since they believed stock- exchange market would not function properly, in
relation to falling interest rates, in the case of lack of independence of CBRT. 116 Then,
assignment of Yılmaz as governor put financial markets at ease.117 Bond, Group
Chairman of HSBC Holdings Plc, manifested Turkey moved upwards in relation to
independence of CBRT with rising economy.118 Since Turkey has the highest real interest
rates, more hot money is waited.119
They are guarantees for foreign investors.120 But, organized labor and welfare
state are sacrificed for growing structural and relational power of more mobile sectors of
international capital.121 FDI necessitates low inflation, high interest rates etc. in a tight
monetary policy not to lose value of its capital; otherwise, hot money will leave
country.122 Independent CBRT, insulated from politics, is supported in spite of Latin
America experiences.123 Additionally, Akgüç proposes while foreign capital finances
current account deficit, it heightens foreign liability.124
We can say economy is not insulated from politics in Turkey. This is because
social reality cannot be fragmented. Individuals cannot be extracted from social context
and cannot be treated as a source of value in itself. Rather, society is a whole with its all
contents. We can assume independent CBRT is legitimization of neoliberal policies and
114
Cerny. 404.
115
Cerny. 406.
116
Dünyanın çivisi çıkıyor!..
117
Türkiye’nin yeni Merkez Bankası müdüründen sıkı mali politika sözü.
118
F. Özkan.
119
Sıcak para faizi sevdi.
120
Polillo& Guillén. 1769.
121
Cerny. 407.
122
Kozanoğlu.
123
Kozanoğlu.
124
Akgüç.
12
interest groups. Besides, AKP still influences CBRT’s new economy policies to attract
more FDI as opposed to current account deficit financing, considering arguments on
move of CBRT to Istanbul as finance capital.125
125
Ertem.
126
Cerny. 397.
127
Kozanoğlu.
128
Ertem.
129
Kozanoğlu.