Inflation Stabilization In Turkey
Download Inflation Stabilization In Turkey full books in PDF, epub, and Kindle. Read online free Inflation Stabilization In Turkey ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : Luc Everaert |
Publisher | : World Bank Publications |
Total Pages | : 56 |
Release | : 1992 |
Genre | : Deficit financing |
ISBN | : |
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 | : |
Total Pages | : |
Release | : 1992 |
Genre | : |
ISBN | : |
Author | : Faruk Selcuk |
Publisher | : Routledge |
Total Pages | : 190 |
Release | : 2018-04-27 |
Genre | : Social Science |
ISBN | : 135173928X |
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 | : |
Total Pages | : 0 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Haluk Haksal |
Publisher | : Vernon Press |
Total Pages | : 486 |
Release | : 2019-03-28 |
Genre | : Business & Economics |
ISBN | : 1622736532 |
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 |
Total Pages | : 137 |
Release | : 1995-06-08 |
Genre | : Business & Economics |
ISBN | : 1451837976 |
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 |
Total Pages | : 75 |
Release | : 2011-06-01 |
Genre | : Business & Economics |
ISBN | : 1455270482 |
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 | : Oya Celasun |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2003-03-01 |
Genre | : Business & Economics |
ISBN | : 145184686X |
Persistently high inflation rates have led many to believe that inflation in Turkey has become "inertial," posing an obstacle to disinflation. We assess the empirical validity of this argument. We find that the current degree of inflation persistence in Turkey is lower than in Brazil and Uruguay prior to their successful stabilization programs. More significantly, expectations of future inflation are more important than past inflation in shaping the inflation process, providing little evidence of "backward-looking" behavior. Using survey data, we find that inflation expectations, in turn, depend largely on the evolution of fiscal variables.
Author | : Dani Rodrik |
Publisher | : |
Total Pages | : 60 |
Release | : 1990 |
Genre | : Deficit financing |
ISBN | : |
In late 1979, Turkey stood in the throes of a foreign exchange crisis, with widespread shortages, negative growth, and inflation into triple digits. A decade later, Turkey has a comfortable balance-of-payments situation, and sits atop considerable foreign exchange reserves. The economy has achieved a remarkable transformation from an inward-oriented outlook to an outwardoriented one. Yet, after some success in the early 1980s, inflation remains unconquered and the public sector budget is out of control. This paper provides an interpretation of the Turkish experience in the 1980s. It is argued that foreign capital inflows in the early 1980s cushioned the fiscal squeeze, and allowed a relatively painless reduction in inflation alongside a process of export-oriented growth. In the best of all possible worlds, the outward-oriented reforms would have taken sufficient root by the mid-1980s to allow the public sector to undertake the delayed retrenchment as the inflows came to an end, at no great cost to output. Instead, policy followed a mix of liberalization with patronage politics detrimental to monetary discipline. Financial liberalization reduced demand for base money at the same time that fiscal balances came under increasing strain due to the external transfer. Inflation was rekindled under the dual influence of fiscal deficits and a shrinking base for the inflation tax.
Author | : George Kopits |
Publisher | : |
Total Pages | : 46 |
Release | : 1987 |
Genre | : Business & Economics |
ISBN | : 9780939934843 |
Following a severe balance of payments crisis in the late 1970s, in January 1980 Turkey embarked on a far reaching stabilization and structural adjustment program.