Inflation Stabilization in Turkey PDF Download
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Author: Luc Everaert
Publisher: World Bank Publications
ISBN:
Category : Deficit financing
Languages : en
Pages : 56
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Book Description
Adding estimated behavioral equations to the standard RMSM- X model allows it to simulate the short- run consequences of inflation stabilization.
Author: Luc Everaert
Publisher: World Bank Publications
ISBN:
Category : Deficit financing
Languages : en
Pages : 56
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Book Description
Adding estimated behavioral equations to the standard RMSM- X model allows it to simulate the short- run consequences of inflation stabilization.
Author: F. Özatay
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Faruk Selcuk
Publisher: Routledge
ISBN: 135173928X
Category : Social Science
Languages : en
Pages : 190
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Book Description
This title was first published in 2002. Since the 1990s Turkey has experienced a number of disasters, both physical and economic. The result has been a decrease in economic performance compared to other European states. This study addresses the country's ongoing economic struggles.
Author: Sel Dibooglu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Haluk Haksal
Publisher: Vernon Press
ISBN: 1622736532
Category : Business & Economics
Languages : en
Pages : 486
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Book Description
The central argument of this book is that while central bank independence can contribute to stabilization, inflation-targeting monetary policy is quite powerless in promoting economic development. The basic message is simple: Policy makers should not strive to achieve price stability at any cost, as stability in product markets does not necessarily translate into economic development. The recent experience of Turkey is illuminating and other developing countries, in particular those using inflation targeting monetary policy framework, can draw useful lessons from this experience. Early chapters summarize the deregulation process from 1980 to 2001. The Turkish Central Bank is placed at the center of the analysis as monetary policies have a significant impact both on stability and development. Although the 1994 and 2001 financial crises have been extensively studied elsewhere, they are nevertheless summarized to underscore the importance of central bank independence. Later chapters investigate the impact of an independent central bank on stabilization and development from 2001 onwards. Upon visiting the Turkish Central Bank's website, readers are greeted with the following statement: "The primary objective of the Bank is to achieve and maintain price stability." By the end of this book the reader should be able to assess the relative merits of a monetary policy that focuses on price stability, versus an alternative where price stability is accompanied by other objectives targeting development, for instance, monitoring also unemployment rates, which would undermine its independence to some degree. The study aims to provide a perspective on the need for such an alternative in line also with the vision of some international agencies on development, such as the UNCTAD and the ILO. This is the first book-length study examining the financial reforms Turkey undertook in its path towards EU accession. This unique work will be of interest to economists and other experts in financial history, (de)regulation, institutional economics and economic development, as well as a broad range of scholars interested in the dramatic transformation of Turkey's economy and society in the 21st century.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451837976
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
This paper reviews economic developments in Turkey during 1992–95. Economic activity expanded sharply in 1993, sustained by buoyant domestic demand that was underpinned by expansionary fiscal and monetary policies, but accompanied by a large deterioration in the current account position. The unsustainability of this policy stance resulted in an exchange and financial market crisis in the first months of 1994. In April 1994, the authorities announced a comprehensive stabilization program that included substantial fiscal retrenchment, monetary tightening, and a structural reform agenda intended to strengthen the adjustment effort over the medium term.
Author: Mr.Harun Alp
Publisher: International Monetary Fund
ISBN: 1455270482
Category : Business & Economics
Languages : en
Pages : 75
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Book Description
Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis points over the November 2008 to November 2009 period. In this context, this paper addresses the following broad question: If an inflation targeting framework underpinned by a flexible exchange rate regime was not adopted, how much deeper would the recent recession have been? Counterfactual experiments based on an estimated structural model provide quantitative evidence which suggests that the recession would have been substantially more severe. In other words, the interest rate cuts implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis.
Author: Mr.Xavier Debrun
Publisher: International Monetary Fund
ISBN: 1589063864
Category : Business & Economics
Languages : en
Pages : 85
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Book Description
The key policy challenge for Turkey in the years ahead will be to enhance and consolidate the advances made since the nation’s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union levels. This paper reviews Turkey’s policy performance in terms of growth, inflation, debt, fiscal and financial sector reform, and labor markets. The analysis assesses the effectiveness of macroeconomic stabilization and structural reforms since the crisis and provides guideposts for future policy.
Author: George Kopits
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1616358971
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
This Selected Issues paper on Turkey discusses the new monetary framework adopted by the Central Bank of Republic of Turkey (CBRT). Instead of relying on one interest rate as inflation-targeting, the CBRT resorted to raising it as inflation pressures intensify and lowering it as they abate. The first version of the framework does not seem to have achieved significant reduction in external and internal imbalances, but the second version of the framework has witnessed an unwinding of imbalances.
