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The Political Economy of Inflation: Are Turkish Banks Potential Losers From Stabilization?

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  • Caroline Van Rijckeghem

Abstract

Turkish banks are widely seen as potential losers from a stabilization program because the exchange risk premia on government domestic currency denominated debt would fall and because banks would lose inflationary revenues from demand deposits. This paper shows, using techniques from finance as well as regression analysis and a review of cross-country experience that, to the contrary, banks are likely to gain from stabilization, both because of the presence of a large maturity gap and because of increased financial intermediation.

Suggested Citation

  • Caroline Van Rijckeghem, 1999. "The Political Economy of Inflation: Are Turkish Banks Potential Losers From Stabilization?," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 3(10), pages 1-16.
    • Handle: RePEc:bor:iserev:v:3:y:1999:i:10:p:1-16
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