Center for Studies on Fiscal and Monetary Policy

Economies are facing contractions due to the pandemic which emerged before the effects of the global economic crisis were fully finished. As a results, countries first aimed to limit this contraction, then used monetary and policy tools to ensure growth. Here in Turkey, the government’s fiscal space significantly contracted due to decreasing tax revenues and increasing public expenditures. Furthermore, credit expansion and low interest rates put pressure on inflation and the exchange rate. The importance of fiscal and monetary policy has significantly increased due to the need to reduce inflation, reach a sustainable growth path and ensure financial stability.

TEPAV has established the Center for Studies on Fiscal and Monetary Policy in order to carry out independent studies on economic stability and development, use of public resources effectively and efficiently, and assess the economic and financial risks. The center will contribute to increase the efficiency of the fiscal and monetary policy and in the formation of the public opinion.

Main areas of research of the Center for Studies on Fiscal and Monetary Policy are as follows:

• State's fiscal activities and public goods
• Budget policy and implementation, resource allocation
• Tax and non-tax revenues
• Public expenditures and subsidies
• Public debt and guarantees
• Treasury cash management
• Price stability and interest rate policy
• Financial markets and instruments
• Balance of payments
• Fiscal and monetary policy coordination
• Micro and macro prudential policies
• Intergovernmental relations and financial management of local governments
• Public enterprises