It is widely held in the public policy and political economy literatures that the Turkish state is weak and cannot adopt a proactive approach in the financial services industry by steering and coordinating the financial policy network. However, it is puzzling that this seemingly “weak” Turkish state, which is often marked by fragmentation, conflict, and a lack of policy coordination within the state apparatus, acted strongly between 2010 and 2016 by taking pre-emptive measures to contain the macrofinancial risks arising from hot money inflows and bank credit expansion. Examining the organizational policy capacity of the Central Bank of the Republic of Turkey, this article argues that proactive policy design and implementation are more likely to complement state capacity when the principal bureaucratic actors have strong organizational policy capacities.

中文翻译：

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金融服务业看似弱势的国家，如何表现得强势？组织政策能力在货币和宏观审慎政策中的作用

公共政策和政治经济学文献普遍认为，土耳其国家实力薄弱，无法通过引导和协调金融政策网络在金融服务业采取积极主动的态度。然而，令人费解的是，这个看似“软弱”的土耳其国家往往以分裂、冲突和国家机器内部缺乏政策协调为特征，在 2010 年至 2016 年间采取了先发制人的措施来遏制宏观金融热钱流入和银行信贷扩张带来的风险。审查土耳其共和国中央银行的组织政策能力，