Küresel Kriz ve Bir Para Politikası Stratejisi Olarak Enflasyon Hedeflemesi’nin Rolü

In a frame of Bretton Wood system, Keynes was defending such an arragement that capital movements were not free and foreign exchange was fixed and also monetary policy is managed by the strategy of monetary targeting. Together with the collapse of Bretton Wood system in 1973, Friedman’s free exchange rate system came into question. After 1990’s, It was preferred an economic adjustment which supports floating exchange rate instead of fixed exchange rate, inflation targeting instead of monetary targeting as well as free capital movements During 2008 Global Financial Crisis the observations showed that the monetary policy applied of central banks gave different reactions different. Of course, this situation is closely related with, the monetary policy strategy followed of central banks have followed. This study detected that the strategy of inflation targeting, in view of contain flexible exchange rate regime and on the policy practices of the central bank, “flexible behavior” opportunity , gave a more successful test in the face of crisis than strategies such as exchange rate targeting (fixed exchange rate regime) or monetary targeting that requires “solid behavior”.