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Inflation Stabilization In Turkey
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Book Synopsis Inflation Stabilization in Turkey by : Luc Everaert
Download or read book Inflation Stabilization in Turkey written by Luc Everaert and published by World Bank Publications. This book was released on 1992 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adding estimated behavioral equations to the standard RMSM- X model allows it to simulate the short- run consequences of inflation stabilization.
Book Synopsis Inflation and Disinflation in Turkey by : Faruk Selcuk
Download or read book Inflation and Disinflation in Turkey written by Faruk Selcuk and published by Routledge. This book was released on 2018-04-27 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial reforms, stabilization and development in 21st-century Turkey by : Haluk Haksal
Download or read book Financial reforms, stabilization and development in 21st-century Turkey written by Haluk Haksal and published by Vernon Press. This book was released on 2019-03-28 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Structural Reform, Stabilization, and Growth in Turkey by : George Kopits
Download or read book Structural Reform, Stabilization, and Growth in Turkey written by George Kopits and published by . This book was released on 1984 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451837984 Total Pages :180 pages Book Rating :4.4/5 (518 download)
Book Synopsis Turkey by : International Monetary Fund
Download or read book Turkey written by International Monetary Fund and published by International Monetary Fund. This book was released on 1996-12-03 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews economic developments in Turkey during 1992–96. The Turkish economy rebounded in 1995, with real gross national product rising by 8.1 percent, reversing the decline of 6.1 percent in 1994. A strong pickup in activity in the second and third quarters of 1995 more than compensated for the continued weakness in the first quarter and a slight decline in the fourth quarter caused by uncertainty in the run-up to the elections. Industry performed strongly, with a growth rate of 12.1 percent, followed by services (6.4 percent) and agriculture (2.6 percent).
Book Synopsis The Role of Monetary Policy in Turkey During the Global Financial Crisis by : Mr.Harun Alp
Download or read book The Role of Monetary Policy in Turkey During the Global Financial Crisis written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2011-06-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization by : Oya Celasun
Download or read book Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization written by Oya Celasun and published by International Monetary Fund. This book was released on 2003-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the literature has explained these empirical regularities with the lack of credibility of the stabilization plans. The lack-of-credibility models typically assume perfectly forward-looking pricing behavior without inflation stickiness and attribute the slow decline in inflation to the consumption boom that occurs due to the perceived temporariness of the ERBS policy. This paper tests the empirical validity of forward-looking pricing behavior in Mexico and Turkey, two countries which have experienced ERBS. It finds that the forward- and backward-looking components of inflation weigh approximately equally in pricing behavior, and therefore, that inflation is partially sticky. The paper then develops the theoretical implications of partial inflation stickiness in a lack of credibility model of ERBS and concludes that the presence of stickiness significantly reduces the persistence of the consumption boom predicted by the model, but helps to explain the recession in the late phase of the stabilization.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1616358971 Total Pages :49 pages Book Rating :4.6/5 (163 download)
Book Synopsis Turkey by : International Monetary Fund. European Dept.
Download or read book Turkey written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2012-12-21 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Would "Cold Turkey" Work in Turkey? by : Oya Celasun
Download or read book Would "Cold Turkey" Work in Turkey? written by Oya Celasun and published by International Monetary Fund. This book was released on 2003-03-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey by : Mr.Fabio Scacciavillani
Download or read book Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey written by Mr.Fabio Scacciavillani and published by International Monetary Fund. This book was released on 1995-11-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains an empirical analysis of currency substitution in Turkey: a simple relationship between the share of foreign currency holdings in M2X on one side and movements in the exchange rate or inflation on the other is derived from a two-stage portfolio choice model. This relationship is estimated by band spectrum regression which allows to remove from the data the short-term cyclical components. The results show that the relationship between currency substitution depends mainly on long-term movements in the exchange rate, while the effect of inflation on currency substitution is not statistically significant.
Book Synopsis An Econometric Analysis of the Determinants of Inflation in Turkey by : Ms.G. C. Lim
Download or read book An Econometric Analysis of the Determinants of Inflation in Turkey written by Ms.G. C. Lim and published by International Monetary Fund. This book was released on 1997-12-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: High and variable inflation has been a central feature of the Turkish economy since the 1970s. This paper seeks to shed some light on the determinants of inflation in Turkey by analyzing price determination within the framework of a multi-sector macroeconomic model during 1970–95. The main findings are that monetary variables (initially money, more recently the exchange rate) play a central role in the inflationary process, that public sector deficits contribute to inflationary pressures, and that inertial factors are quantitatively important. Policymakers’ commitment to active exchange rate depreciation on several occasions in the past 15 years has also contributed to the inflationary process.
Book Synopsis Fiscal Policy and External Performance by : International Monetary Fund
Download or read book Fiscal Policy and External Performance written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-03-02 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1980 Turkey embarked on a far-reaching stabilization and liberalization program, which contributed to export-led growth and a significant movement toward both domestic and external equilibrium. Later, as fiscal policy was partly reoriented from a restrictive to an expansionary stance while adhering to a flexible exchange rate policy, inflationary pressures intensified but the external current account did not deteriorate. Counterfactual simulations, performed with a computational general equilibrium model, suggest that Turkey would have experienced a significantly lower inflation rate, with only a small reduction in growth, if it had adopted a less expansionary fiscal stance.
Book Synopsis Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate by : E. Murat Ucer
Download or read book Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate written by E. Murat Ucer and published by International Monetary Fund. This book was released on 1997-01-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the links between fiscal policy, capital inflows, and the real exchange rate in Turkey since the late 1980s. After an overview of recent macroeconomic developments in Turkey, a vector autoregression model is estimated linking government spending, interest rate differentials, capital inflows, and the temporary component of the real exchange rate. Positive shocks to government spending and capital inflows lead to an appreciation of the temporary component of the real exchange rate, whereas positive shocks to the uncovered interest rate differential lead to a capital inflow and an appreciation of the temporary component of the real exchange rate. The findings highlight the role of fiscal adjustment in restoring macroeconomic stability.
Book Synopsis The History of Inflation in Turkey by : Fatma Doğruel
Download or read book The History of Inflation in Turkey written by Fatma Doğruel and published by . This book was released on 2006 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1475553218 Total Pages :68 pages Book Rating :4.4/5 (755 download)
Book Synopsis Turkey by : International Monetary Fund. European Dept.
Download or read book Turkey written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-04-25 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key issues of Turkey’s economy including private savings in Turkey, increase in the minimum wage for 2016, and nonfinancial corporate sector debt in Turkey. Over the last decade and half, Turkey successfully stabilized its macro economy. In the aftermath of the 1999–2001 economic crises, Turkey pursued a highly successful policy of macroeconomic stabilization. At the same time, however, private sector saving rate decreased significantly, leading to a current account deficit. The minimum wage increased by 30 percent in January 2016, affecting about 8 million workers directly. Nonfinancial corporate sector debt has increased substantially in recent years, on the back of increased foreign currency leverage.
Book Synopsis Turkey at the Crossroads by : Mr.Xavier Debrun
Download or read book Turkey at the Crossroads written by Mr.Xavier Debrun and published by International Monetary Fund. This book was released on 2005-09-19 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Turkey by : International Monetary Fund
Download or read book Turkey written by International Monetary Fund and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report for the Sixth Review and Inflation Consultation Under the Stand-By Arrangement on Turkey explains the macroeconomic framework and monetary and exchange rate policies. High interest rates, slowing credit growth, and election-related uncertainty were expected to weigh on private domestic demand and keep growth near its estimated long-term potential of 5 percent. The central bank renewed its commitment to building international reserves for prudential reasons. There was broad agreement on the need to ease labor regulations and taxes as fiscal resources permit.
