Since the 1980s, most emerging economies have experienced economic crises associated with large, prolonged current account deficits and real exchange rate misalignment. Eventually these governments ended up devaluing national currencies. Empirical evidence from developing countries suggests that devaluation, in most cases, have been contractionary due to demand-side and supply-side effects. This paper studies the Turkish experience since the 1980s, and based on the results of a VAR analysis, finds that devauations were indeed contractionary.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
6099.
Find related papers by JEL classification: C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements F31 - International Economics - - International Finance - - - Foreign Exchange
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