Advanced Search
MyIDEAS: Login

Inflation Dynamics and Its Sources in The Ottoman Empire: 1586-1913

Contents:

Author Info

  • Hakan Berument

    (Bilkent University)

  • Aslý Günay

    (Bilkent University)

Abstract

This study examines the dynamics and determinants of inflation in the Ottoman Empire during the 1586-1913 period. There might be two main reasons for inflation: fiscal expansion and monetary expansion where the monetary expansion could be generated through the debasement of local currency (Akçe). We used a set of political and structural variables in order to explain the change in the inflation dynamics. In particular, we considered the war years, periods of Ottoman history which show different characteristics (the slow down period, the recession period and the break up period) and the period of constitutional monarchy. Moreover, we tested if the inflation process was the same for each sultan and all of the sultan behaved differently from the rest of their reign during their first year. Accordingly, the empirical evidence reported here suggests that war accelerated inflation as expected and fiscal expansion rather than the debasement of the Akçe was a main reason for inflation. Moreover, the slow down, the recession and the break up periods affected inflation positively; both fiscal expansion and the debasement of the Akçe were seen in these three periods as sources of inflation. In addition, each sultan had different inflationary policies during his period. However, each sultan accelerated inflation in the first year of his reign by the debasement of the Akçe or by fiscal expansion. Last, the constitutional monarch period had a significant positive effect on inflation; however, fiscal expansion rather than the debasement of the Akçe was the source of inflation in this period.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.tek.org.tr/dosyalar/OTTOMAN.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Turkish Economic Association in its series Working Papers with number 2004/3.

as in new window
Length: 28 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:tek:wpaper:2004/3

Contact details of provider:
Postal: Hoşdere Cad. 24/4, TR-Çankaya, Ankara
Phone: (+90 312) 468 25 89
Fax: (+90 312) 468 25 99
Email:
Web page: http://www.tek.org.tr/
More information through EDIRC

Related research

Keywords: Inflation; Debasement; Fiscal Expansion and Ottoman Empire;

Other versions of this item:

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:tek:wpaper:2004/3. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ercan Uygur).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.