A slightly edited version of this article first appeared in the Economic and Political Weekly on 22 July 2023.
Summary: This article is the third and last in a series of articles on monetary policy debates in the age in which deglobalisation became a buzzword. Here, we continue our discussion of the ongoing Turkish monetary policy experiment by focusing on macroprudential measures, capital controls and central bank independence, as promised in the first article, as an example of these debates.
Introduction
In the second article of this series, “The Turkish Experiment—II,” we went back to 1980 and summarised what happened along the way to the ongoing monetary experiment that started after the currency crisis of August 2018. Now, we shift our focus to central banking in Turkey and briefly

A slightly edited version of this article first appeared in the Economic and Political Weekly on 22 July 2023.Summary: This article is the third and last in a series of articles on monetary policy debates in the age in which deglobalisation became a buzzword. Here, we continue our discussion of the ongoing Turkish monetary policy experiment by focusing on macroprudential measures, capital controls and central bank independence, as promised in the first article, as an example of these debates.IntroductionIn the second article of this series, “The Turkish Experiment—II,” we went back to 1980 and summarised what happened along the way to the ongoing monetary experiment that started after the currency crisis of August 2018. Now, we shift our focus to central banking in Turkey and briefly

A slightly edited version of this article first appeared in the Economic and Political Weekly on 22 July 2023.Summary: This article is the third and last in a series of articles on monetary policy debates in the age in which deglobalisation became a buzzword. Here, we continue our discussion of the ongoing Turkish monetary policy experiment by focusing on macroprudential measures, capital controls and central bank independence, as promised in the first article, as an example of these debates.IntroductionIn the second article of this series, “The Turkish Experiment—II,” we went back to 1980 and summarised what happened along the way to the ongoing monetary experiment that started after the currency crisis of August 2018. Now, we shift our focus to central banking in Turkey and briefly