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A Short Review of the Long History of Turkish High Inflation

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  • Aykut Kibritcioglu

    (Ankara University)

Abstract

After experiencing high and persistent inflation for more than two decades, Turkey is entering a period of single-digit inflation again. Following a summary of the macroeconomic developments occurred since early 1970s, this paper attempts to survey the empirical literature both on the dynamics of chronic inflation and on the possible effects of disinflation in Turkey.

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File URL: http://128.118.178.162/eps/mac/papers/0404/0404003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0404003.

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Length: 27 pages
Date of creation: 05 Apr 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0404003

Note: Type of Document - pdf; pages: 27
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Web page: http://128.118.178.162

Related research

Keywords: High inflation; causes of inflation; inertia; exchange rates; disinflation; stabilization policies; Turkish economy;

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References

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  1. Thomas M. Humphrey, 1998. "Historical origins of the cost-push fallacy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 53-74.
  2. Onis, Ziya & Ozmucur, Suleyman, 1990. "Exchange rates, inflation and money supply in Turkey : Testing the vicious circle hypothesis," Journal of Development Economics, Elsevier, vol. 32(1), pages 133-154, January.
  3. O. Cevdet Akcay & C. Emre Alper & Suleyman Ozmucur, 1996. "Budget Deficit, Money Supply and Inflation: Evidence from Low and High Frequency Data for Turkey," Working Papers 1996/12, Bogazici University, Department of Economics.
  4. Akcay, O. Cevdet & Alper, C. Emre & Karasulu, Meral, 1997. "Currency substitution and exchange rate instability: The Turkish case," European Economic Review, Elsevier, vol. 41(3-5), pages 827-835, April.
  5. Kenneth Rogoff, 2003. "Globalization and global disinflation," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 45-78.
  6. Oya Celasun & R. Gaston Gelos & Alessandro Prati, 2004. "Would "Cold Turkey" Work in Turkey?," IMF Staff Papers, Palgrave Macmillan, vol. 51(3), pages 493-509, November.
  7. Marco Rossi & Daniel Leigh, 2002. "Exchange Rate Pass-Through in Turkey," IMF Working Papers 02/204, International Monetary Fund.
  8. Laura Papi & G. C. Lim, 1997. "An Econometric Analysis of the Determinants of Inflation in Turkey," IMF Working Papers 97/170, International Monetary Fund.
  9. C. Emre Alper & Murat Ucer, 1998. "Some Observations on Turkish Inflation: A ''Random Walk'' Down the Past Decade," Working Papers 1998/02, Bogazici University, Department of Economics.
  10. Calvo, Guillermo A. & Vegh, Carlos A., 1999. "Inflation stabilization and bop crises in developing countries," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 24, pages 1531-1614 Elsevier.
  11. Metin, Kivilcim, 1998. "The Relationship between Inflation and the Budget Deficit in Turkey," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(4), pages 412-22, October.
  12. Pierre-Richard Agénor & Alexander W. Hoffmaister, 1997. "Money, Wages and Inflation in Middle-Income Developing Countries," IMF Working Papers 97/174, International Monetary Fund.
  13. Marvin J. Barth III & Valerie A. Ramey, 2000. "The Cost Channel of Monetary Transmission," NBER Working Papers 7675, National Bureau of Economic Research, Inc.
  14. Erol, Turan & Van Wijnbergen, Sweder, 1997. "Real exchange rate targeting and inflation in Turkey: An empirical analysis with policy credibility," World Development, Elsevier, vol. 25(10), pages 1717-1730, October.
  15. Faruk Seļuk, 1997. "GMM estimation of currency substitution in a high-inflation economy: evidence from Turkey," Applied Economics Letters, Taylor & Francis Journals, vol. 4(4), pages 225-227.
  16. Erinç Yeldan & Ümit Cizre-Sakallýoðlu, 1999. "Dynamics of Macroeconomic Disequilibrium and Inflation in Turkey : The State, Politics, and the Marketsunder a Globalized Developing Economy," Departmental Working Papers 9910, Bilkent University, Department of Economics.
  17. Runchana Pongsaparn, 2002. "Inflation Dynamics and Reaction Function in High-inflation Environment : An Implication for Turkey," Working Papers 0210, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  18. Metin, Kivilcim, 1995. "An Integrated Analysis of Turkish Inflation," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(4), pages 513-31, November.
  19. De Santis, R., 1993. "An Error Correction Monetary Model Explaining the Inflationary Process in Turkey," The Warwick Economics Research Paper Series (TWERPS) 418, University of Warwick, Department of Economics.
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Cited by:
  1. Alper, Emre & Hatipoglu, Ozan, 2009. "The Conduct of Monetary Policy in Turkey in the Pre- and Post-crisis Period of 2001 in Comparative Perspective: a Case for Central Bank Independence," MPRA Paper 18426, University Library of Munich, Germany.

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