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Comparing 1994, 2001 And 2008 Currency Crises In Turkey

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  • Dimitrios Dapontas

    ()
    (Technological Institute of Ionian Islands Zakynthos, Greece ")

Abstract

This paper is comparing the currency crises in Turkey for 20 years (from 1990 till today) and to distinguish their causes divided in three periods (1990-1995), (1995-2002) and (2002-2009). My goal is to compare these incidents to find similarities and differences among them for the very first time for the country’s analysis. The forward spread is selected as a dependent variable along with a set of independent macroeconomic and social variables (balance of payments, crisis elsewhere, real effective exchange rate, foreign exchange reserves, gold price, lending rate, money, external debt and consumer price level) examining these variables for a twenty year period (January 1990- December 2009) the largest set availiable in refered literature I examined their relation to the forward spread, following the feasible least squares methodology. This innovative approach is used for the first time in the field and it has the major advantages of least squares methodology along with panel data analysis flexibility. The results show that the crisis of 1994 had to do with fundamentals (first generation theoretical framework), the 2001 crisis with economic condition and policy (modified first generation) and the 2008 crisis with contagion and the global credit crunch (third generation).None of these crises were linked as previous works mentioned and the 2008 turbulence can be rated as a crisis according to my criteria. "

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Bibliographic Info

Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi.

Volume (Year): 58 (2011)
Issue (Month): (november)
Pages: 91-102

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Handle: RePEc:aic:journl:y:2011:v:57:p:91-102

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Postal: Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi
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Web page: http://anale.feaa.uaic.ro/anale/
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Related research

Keywords: currency crisis; developing economies; structural reforms.;

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References

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  1. Sebastian Edwards, 2002. "Does the Current Account Matter?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 21-76 National Bureau of Economic Research, Inc.
  2. Graciela Laura Kaminsky, 1997. "Leading Indicators of Currency Crises," IMF Working Papers 97/79, International Monetary Fund.
  3. Panagiotis Liargovas & Dimitrios Dapontas, 2007. "Currency crises in transition economies: some further evidence," Working Papers 0011, University of Peloponnese, Department of Economics.
  4. Dimitrios Dapontas, 2010. "Currency crises: The case of Hungary (2008-2009)," Working Papers 00047, University of Peloponnese, Department of Economics.
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