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La crise monétaire turque de 2000/2001 : analyse de l'échec du plan de stabilisation par le change du FMI Author info | Abstract | Publisher info | Download info | Related research | Statistics Jérôme Héricourt () (Centre d'Economie de la Sorbonne )
Julien Reynaud () (Centre d'Economie de la Sorbonne )
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registered author(s):
This article empirically investigates the failure of the Exchange Rate-Based Stabilisation Program started in Turkey in January 2000, under the IMF supervision. For that purpose, a Vectorial Error Correction Model integrating an uncovered interest rate parity modelling short term deviations is estimated. We use an unusual daily database to take into account the everyday commitment of monetary authorities for the crawling exchange rate. The results show the inability of the central bank to sustain the program, despite its seeming flexibility. Indeed, the monetary instrument apparently left to the central bank, namely the monetary base, was actually mainly market-determined.
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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number
bla06009.
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Length: 20 pages
Date of creation: Jan 2006Date of revision:
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Keywords: Exchange rate crisis monetary policy exchange rate-based stabilization program Turkey VECM. Other versions of this item:
Find related papers by JEL classification: E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy F31 - International Economics - - International Finance - - - Foreign Exchange
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