Institutional entrepreneurship and organisational learning: financial stability policy design in Turkey

Figures & data

Table 1. Interview questions and responses.

Interview questions	Responses
Why did CBRT act on financial stability concerns with unconventional measures starting from 2010?	Surge of capital flows and related risks in Turkey (15)
	Difficulty of capital controls (10)
	Need for flexibility and experimentation (10)
	Inaction from BRSA or Treasury (8)
	Paradigm change in central banking (8)
	Seeking new tools for additional goals (6)
	CBRT created awareness for financial stability risks (5)
How could CBRT take proactive measures against financial stability risks?	Organisational competence (13)
	Past crises experience in Turkey and fiscal discipline (11)
	Governor and MPC members (7)
	Bank for International Settlements (BIS) (7)
	Importance of coordination between Treasury and CBRT (6)
	Political support from Treasury (4)
How did the establishment of FSC influence financial stability policy in Turkey?	Need for coordination and consultation (14)
	Need to take effective, rapid decisions (7)
	Presence of Deputy PM is positive (5)
	CBRT was strong at FSC (4)
	CBRT setting agenda of FSC (4)
	FSC headed by Deputy PM is problematic (3)

Figure 1. Inflation and CBRT interest rates between 2002 and 2009. Source: CBRT and World Bank Databank. *: For overnight lending and borrowing rates, the last CBRT rates in the specified years are used.

Figure 2. Asymmetric interest rate corridor and new policy interest rate of one-week repo rate between 2010 and 2015. Source: CBRT.