Would "Cold Turkey" Work in Turkey?

Would

Author: Oya Celasun

Publisher: International Monetary Fund

ISBN: 9781451846867

Category: Business & Economics

Page: 20

View: 135

Download Now
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.
Would
Language: en
Pages: 20
Authors: Oya Celasun, Mr.R. Gelos, Mr.Alessandro Prati
Categories: Business & Economics
Type: BOOK - Published: 2003-03-01 - Publisher: International Monetary Fund

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
Turkey at the Crossroads
Language: en
Pages: 84
Authors: Mr.Xavier Debrun, Mr.Ashoka Mody, Oya Celasun, Mr.Martin Schindler, Cheng Hoon Lim, Mr.Chris Lane, Mr.Ernesto Ramirez Rigo, Mathew A. Verghis, Mr.Mark E. L. Griffiths, Mr.Mats Josefsson, Mr.Christian Keller, Mr.Christoph Klingen, Mr.Dewitt Marston, Mr.Donal McGettigan, Mr.Reza Moghadam
Categories: Business & Economics
Type: BOOK - Published: 2005-09-19 - Publisher: International Monetary Fund

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,
IMF Staff Papers, Volume 51, No. 3
Language: en
Pages: 216
Authors: International Monetary Fund. Research Dept.
Categories: Business & Economics
Type: BOOK - Published: 2004-11-23 - Publisher: International Monetary Fund

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
International Finance and Monetary Policy
Language: en
Pages: 272
Authors: Gleb P. Severov
Categories: Business & Economics
Type: BOOK - Published: 2006 - Publisher: Nova Publishers

International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. In a globalising world, the policies of various central banks and similar institutions impact large and small players alike. This book presents new and important research on issues
Macroeconomic Implications of Financial Dollarization
Language: en
Pages: 81
Authors: Mr.R. Gelos, Mr.Alejandro Lopez Mejia, Mr.Marco A. Piñón-Farah
Categories: Business & Economics
Type: BOOK - Published: 2008-07-25 - Publisher: International Monetary Fund

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential