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Inflation and Disinflation in Turkey by Faruk Selcuk,Libby Rittenberg,Aykut Kibritcioglu Pdf
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.
Inflation and Disinflation in Turkey by Faruk Selcuk Pdf
"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."--Provided by publisher.
Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey by Pierre-Richard Ag??nor,Henning Tarp Jensen,Mathew Verghis Pdf
This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions between default risk on government liabilities, credibility, and inflation expectations. The short- and long-run effects of a rise in official interest rates and tax increases are analyzed. The results highlight the importance of accounting for the link between default risk and credibility in understanding the real and financial effects of macroeconomic adjustment.
Would "Cold Turkey" Work in Turkey? by Oya Celasun,Mr.R. Gelos,Mr.Alessandro Prati Pdf
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.
Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey by Pierre-Richard Agenor Pdf
This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions between default risk on government liabilities, credibility, and inflation expectations. The short- and long-run effects of a rise in official interest rates and tax increases are analyzed. The results highlight the importance of accounting for the link between default risk and credibility in understanding the real and financial effects of macroeconomic adjustment.
Alongside the successful IMF-led disinflation program, the potential start of negotiation talks for Turkey's membership of the European Union is likely to intensify the interest of foreign investors in Turkey's economy. This book explores the evolution and performance of the Turkish banking sector. In particular, the repercussions of overall economic structure, financial crises and political instability on its financial sector are analyzed. Further, the prospects for the future of banking sectors in the context of ongoing economic restructuring and EU integration are scrutinized.
Tracing the Economic Transformation of Turkey from the 1920s to EU Accession by Tevfik Nas Pdf
Providing valuable lessons for emerging economies, this book examines Turkey’s economic development and growth from the early 1920s to the present, and documents its transformation to a thriving market economy in the process of negotiating its entry into the EU.
What requirements must Turkey the largest country among the candidate and accession countries meet to join the European Union? What progress has been made toward meeting them? This timely volume analyzes the economic challenges confronting Turkey in its quest to accede to the European Union (EU). It focuses on the extent to which Turkey is ready to join the Single Market, comply with the EU's body of economic regulations and directives, the 'Acquis Communautaire', and meet the Maastricht criteria for fiscal, monetary, and exchange rate policies. This book also provides an assessment of Turkey's national program to meet the accession requirements. It describes briefly what Turkey needs to achieve on the economic policy front to satisfy the conditions for accession, the progress to date, and the likely consequences of implementing the full body of EU requirements. The book is divided into four parts: An analysis of the macroeconomic policies for EU accession An analysis of the effects of integration on key sectors: agriculture; manufacturing; services industries, including banking, telecommunications, transportation, and natural gas; and network industries An exploration of key economic policy challenges, including labor market regulation, foreign direct investment challenges, and the costs and benefits of meeting the EU environmental 'Acquis' The quantification of the impact of EU accession and consideration of the welfare effects of integration While the focus is on the specific situation of Turkey, the subject will be of value to all researchers with an interest in the challenges of deeper integration through regional agreements.
This 2008 edition of OECD's periodic survey of Turkey's economy examines new challenges facing the Turkish economy including shifting to a pro-growth fiscal policy, monetary policy and inflation, and enhancing competitiveness by fostering the growth ...
IMF Staff Papers, Volume 51, No. 3 by International Monetary Fund. Research Dept. Pdf
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
The Turkish Economy in Crisis by Ziya Onis,Barry Rubin Pdf
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.
Much has changed in the Turkish economy since The Business Year's last publication on the country in 2016. Then, the economy was experiencing a sustained period of high growth at a time when much of the rest of the world was still struggling to recover from the global recession. On our 2019 return to Turkey to produce this publication, the country was in the grip of a sharp drop in its currency's value and the onset of economic recession. Beleaguered by high interest rates and a decline in domestic consumer demand, companies canceled planned investments and corporate loans began souring. Despite this, the year ended optimistically, with the economy beating growth estimates, inflation reined in, and lower global and domestic interest rates providing a needed boost in investment activity. The Business Year's country-specific publications, sometimes featuring over 150 face-to-face interviews, are among the most comprehensive annual economic publications available internationally.
