Fiscal Sustainability, Banking Fragility and Balance Sheets: 2000-2001 Financial Crises in Turkey PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Fiscal Sustainability, Banking Fragility and Balance Sheets: 2000-2001 Financial Crises in Turkey PDF full book. Access full book title Fiscal Sustainability, Banking Fragility and Balance Sheets: 2000-2001 Financial Crises in Turkey by . Download full books in PDF and EPUB format.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
The aim of this thesis is to identify and assess the reasons of the Turkish financial crises based on various crises model explanations including the first, the second and the third generation models. It is argued that following factors played a crucial role in triggering crises in Turkey. Firstly, under the weak sustainable fiscal policies, implementation of the exchange rate based stabilization program caused the increase in vulnerabilities in the sectoral balance sheets and thus increased the prospective deficit considerations. Secondly, as seen on the international evidence, over-appreciation of the domestic currency put pressure on the current account deficit and other macroeconomic indicators. Thirdly, domestic and external factors also worsen the perceptions on the sustainability of the disinflation program leading to sharp capital outflows. Within this context, fiscal and current account sustainability are empirically tested under the light of the structural break analysis and it is found that fiscal stance and the current account deficit are both weakly sustainable implying the necessity of policy regime changes before the crises period. Having assessed the structural problems of the government, corporate and banking sector’s balance sheets, intersectoral risk matrix was constructed to analyze the risk accumulation in the sectors considering the impacts of the exchange rate based disinflation program and the ongoing economic imbalances. Both mismanagement of the risks and the structural weaknesses of some banks led to the deterioration of the expectations about the continuity of the program, by increasing tensions and prospective deficit perceptions in the markets. With speculative attacks, a sharp capital outflow was triggered the crises. It is concluded that the causes of the 2000-2001 Turkish financial crises can be interpreted as an example of financial crises model encompassing all elements of the earlier models except seignorage issues.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
The aim of this thesis is to identify and assess the reasons of the Turkish financial crises based on various crises model explanations including the first, the second and the third generation models. It is argued that following factors played a crucial role in triggering crises in Turkey. Firstly, under the weak sustainable fiscal policies, implementation of the exchange rate based stabilization program caused the increase in vulnerabilities in the sectoral balance sheets and thus increased the prospective deficit considerations. Secondly, as seen on the international evidence, over-appreciation of the domestic currency put pressure on the current account deficit and other macroeconomic indicators. Thirdly, domestic and external factors also worsen the perceptions on the sustainability of the disinflation program leading to sharp capital outflows. Within this context, fiscal and current account sustainability are empirically tested under the light of the structural break analysis and it is found that fiscal stance and the current account deficit are both weakly sustainable implying the necessity of policy regime changes before the crises period. Having assessed the structural problems of the government, corporate and banking sector’s balance sheets, intersectoral risk matrix was constructed to analyze the risk accumulation in the sectors considering the impacts of the exchange rate based disinflation program and the ongoing economic imbalances. Both mismanagement of the risks and the structural weaknesses of some banks led to the deterioration of the expectations about the continuity of the program, by increasing tensions and prospective deficit perceptions in the markets. With speculative attacks, a sharp capital outflow was triggered the crises. It is concluded that the causes of the 2000-2001 Turkish financial crises can be interpreted as an example of financial crises model encompassing all elements of the earlier models except seignorage issues.
Author: Caroline van Rijckeghem
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 196
Get Book Here
Book Description
Author: Ziya Onis
Publisher: Routledge
ISBN: 1135758689
Category : Political Science
Languages : en
Pages : 210
Get Book Here
Book Description
This book provides a set of critical perspectives on the economic crises of 2000 and 2001 focusing on both the origins and consequences of the crises. Attention is drawn to the role of domestic actors as well as key external actors such as the International Monetary Fund in precipitating the twin crises.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
Get Book Here
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Reza Moghadam
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 90
Get Book Here
Book Description
Almost five years after the 2000-01 economic crisis, the fortunes of Turkey's economy have been transformed, with rapid economic growth for three successive years. This paper analyzes Turkey's economic performance under its reform program supported by the IMF and sets out guideposts for the reform agenda that lies ahead. Chapters examine economic growth since 1960, inflation, balance sheet developments, debt, the sustainability of fiscal adjustment, bank restructuring, and labor market developments, as well as the lessons from an empirical model of fiscal policy in emerging markets.
Author: Eirini Kalamara
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Author: Gulcin F. Özkan
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Samba Mbaye
Publisher: International Monetary Fund
ISBN: 1484353595
Category : Business & Economics
Languages : en
Pages : 52
Get Book Here
Book Description
This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.
Author: Mr.Brad Setser
Publisher: International Monetary Fund
ISBN: 1589064259
Category : Business & Economics
Languages : en
Pages : 59
Get Book Here
Book Description
The analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF’s tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 1484359623
Category : Business & Economics
Languages : en
Pages : 54
Get Book Here
Book Description
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
