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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 Monetary Policy and Inflation Stabilization in Turkey by : F. Özatay
Download or read book Monetary Policy and Inflation Stabilization in Turkey written by F. Özatay and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Inflation, Output, and Stabilization in a High Inflation Economy by : Sel Dibooglu
Download or read book Inflation, Output, and Stabilization in a High Inflation Economy written by Sel Dibooglu and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451837976 Total Pages :137 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 1995-06-08 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 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 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:
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 Premature Liberalization, Incomplete Stabilization by : Dani Rodrik
Download or read book Premature Liberalization, Incomplete Stabilization written by Dani Rodrik and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 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 Stabilisation Policy on the Inflation Rate Target in Turkey by : Aysegul Eren
Download or read book Stabilisation Policy on the Inflation Rate Target in Turkey written by Aysegul Eren and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Disinflation Policy in Turkey Between 1974-2002 by : Melike Bildirici
Download or read book Inflation and Disinflation Policy in Turkey Between 1974-2002 written by Melike Bildirici and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Persistent high inflation rate is one of the basic problems of Turkish economy until recent years. For solving the high inflation problem, several disinflation programs were put into force under the auspices of International Monetary Fund in 1980, 1994, 1999 and 2001. But, implementation of the disinflation policies was temporary and unstable under the political instabilities. From 1974 to 2002, political instabilities mainly influenced economic policies and implementation of the stabilization programs in Turkey. In this paper, we aimed to show the implementation of disinflation policy is difficult in political instability periods. We will investigate the cost of disinflation policies under the political instability and test by LSTAR-VAR (LSTVAR) analysis the cost of disinflation policies in the context of stabilization programs in Turkey between 1974 and 2002.
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.
