TÜRKİYE'DE DEMOKRAT PARTİ DÖNEMİ VE PLANLI DÖNEMDE FAİZ ORANLARININ GELİŞİMİ

Abstract

The world wars and the global economic crisis of 1929, which significantly affected the world at the beginning of the 20th century, are among the major factors affecting interest rates. Countries at war needed loans to finance their armies and post-war countries to restructure their destroyed countries affected interest rates. The financing needs of the newly established Republic in Turkey, which inherited the legacy of this turbulent period, have also shown their impact in the multi-party period and planned period that we will examine. While monetary policy has been carefully approached in line with economic development goals, expectations from external sources have not been realised and Central Bank reserves have been used. While the idea of linking the economy to a plan after the unscheduled and unsustainable growth period of 1950-1960 was generally accepted, this idea was also enshrined in the 1961 constitution. The central bank has been given considerable powers in the field of interest and has been made the main determining actor. The lack of capital and the scarcity of loans in Turkey, skewed sectoral development trends, populist policies, the lack of capital market development have been among the most important factors affecting interest rates. It was observed that there was no significant interest rate policy in the planned period, that interest rates were on a trend of rising at short-term rates, and that there was an upward trend, albeit softer, at long-term rates.