Author(s): Hayri AKYOL*

Central banks aim to reach low and stable inflation by using the policy rate, which is the most important tool at their disposal. In addition, central banks have an important place in the stability of the financial system, and they can direct economic agents with the monetary policy tools in their hands. However, the recent 2008 Global Financial Crisis shows that the effect of central banks in maintaining financial stability by using conventional monetary policy tools has weakened. Complex and interdependent financial products created by financial innovations with the help of information technologies have a significant impact on central banks low and stable inflation target, but not financial stability. It is seen that the central banks, which will react to the negative effects of these financial innovations, responded with traditional monetary policies until the crisis and used unconventional monetary policies after the crisis. This study aims to analyze and evaluate the guilt of central banks in the last global crisis.


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