How can a seemingly weak state in the financial services industry act strong? The role of organizational policy capacity in monetary and macroprudential policy
How can a seemingly weak state in the financial services industry act strong? The role of organizational policy capacity in monetary and macroprudential policy
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DOI：
10.1017/npt.2019.16
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发表时间：
2019-11-01
影响因子：
1.2
通讯作者：
Coban, Mehmet Kerem
中科院分区：
文献类型：
--
作者：
Bakir, Caner;Coban, Mehmet Kerem
在公共政策和政治经济学文献中，人们普遍认为，土耳其国家是软弱的，不能通过指导和协调金融政策网络在金融服务业采取积极主动的做法。然而，令人困惑的是，这个看似“软弱”的土耳其国家，其特点往往是分裂，冲突和国家机器内部缺乏政策协调，在2010年至2016年期间采取了强有力的措施，采取先发制人的措施来遏制热钱流入和银行信贷扩张所产生的宏观金融风险。本文探讨了土耳其共和国中央银行的组织政策能力，认为积极主动的政策设计和实施更有可能补充国家能力时，主要的官僚行为者有强大的组织政策能力。
It is widely held in the public policy and political economy literatures that the Turkish state is weak and cannot adopt a proactive approach in the financial services industry by steering and coordinating the financial policy network. However, it is puzzling that this seemingly "weak" Turkish state, which is often marked by fragmentation, conflict, and a lack of policy coordination within the state apparatus, acted strongly between 2010 and 2016 by taking pre-emptive measures to contain the macrofinancial risks arising from hot money inflows and bank credit expansion. Examining the organizational policy capacity of the Central Bank of the Republic of Turkey, this article argues that proactive policy design and implementation are more likely to complement state capacity when the principal bureaucratic actors have strong organizational policy capacities.