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Foreign Exchange Regime, the Real Exchange Rate and Current Account Sustainability: The Case of Turkey

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  • Subidey Togan

    ()
    (Bilkent University, Department of Economics)

  • Hasan Ersel

Abstract

During the last two and half decades Turkey has suffered from three foreign exchange crises resulting in considerable loss of income. The paper argues that the country in order to avoid the foreign exchange crisis has to stay away from having too big current account deficits. Noting that under perfect capital mobility there will always be the unavoidable risk of speculative attacks on the currency unless the country resolves its fiscal problems, attains price stability, and achieves a sound banking sector, the paper stresses importance of current account sustainability and highlights shortcomings of current policies pursued by Turkey.

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Bibliographic Info

Paper provided by Economic Research Forum in its series Working Papers with number 0422.

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Length: 19 pages
Date of creation: Oct 2004
Date of revision: Oct 2004
Publication status: Published by The Economic Research Forum (ERF)
Handle: RePEc:erg:wpaper:0422

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Cited by:
  1. Levent Korap, 2006. "An Analysis of Central Bank Interventions on Forex Market For The Post-Crisis Period," Working Papers 2006/4, Turkish Economic Association.
  2. Kasman, Adnan & Ayhan, Duygu, 2008. "Foreign exchange reserves and exchange rates in Turkey: Structural breaks, unit roots and cointegration," Economic Modelling, Elsevier, vol. 25(1), pages 83-92, January.

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