The NAS is there! President Erdoğan’s economic instrument to fight inflation
(2024) p.89-103- Abstract
Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are... (More)
Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are looking for an answer to are as follows: Is there a NAS explaining/supporting Erdogan’s claim that “Interest is the cause; inflation is the result, and suggesting a remedy? What are the results of this economic policy after one year’s experience, dating from January 2022 to December 2022?.
(Less)
- author
- Gürak, Hasan LU
- organization
- publishing date
- 2024
- type
- Chapter in Book/Report/Conference proceeding
- publication status
- published
- subject
- host publication
- The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing - Conventional and Unconventional Approaches to Interest-Free Financing
- pages
- 15 pages
- publisher
- Taylor & Francis
- external identifiers
-
- scopus:85190231897
- ISBN
- 9781032631516
- 9781003860990
- language
- English
- LU publication?
- yes
- id
- 08293c56-e5d5-4058-97ef-0509e02923e7
- alternative location
- https://www.routledge.com/The-Law-of-Riba-in-Islamic-Banking-Conventional-and-Unconventional-Approaches-to-Interest-Free-Financing/Gurak-Hatti/p/book/9781032631516?srsltid=AfmBOopJAc_q7_Yh9woNHarvalONaXOz6CXFtbRU_pNwQf9RUxraT3U-
- date added to LUP
- 2025-01-15 15:21:09
- date last changed
- 2025-07-31 08:06:52
@inbook{08293c56-e5d5-4058-97ef-0509e02923e7, abstract = {{<p>Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are looking for an answer to are as follows: Is there a NAS explaining/supporting Erdogan’s claim that “Interest is the cause; inflation is the result, and suggesting a remedy? What are the results of this economic policy after one year’s experience, dating from January 2022 to December 2022?.</p>}}, author = {{Gürak, Hasan}}, booktitle = {{The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing}}, isbn = {{9781032631516}}, language = {{eng}}, pages = {{89--103}}, publisher = {{Taylor & Francis}}, title = {{The NAS is there! President Erdoğan’s economic instrument to fight inflation}}, url = {{https://www.routledge.com/The-Law-of-Riba-in-Islamic-Banking-Conventional-and-Unconventional-Approaches-to-Interest-Free-Financing/Gurak-Hatti/p/book/9781032631516?srsltid=AfmBOopJAc_q7_Yh9woNHarvalONaXOz6CXFtbRU_pNwQf9RUxraT3U-}}, year = {{2024}}, }