Output, the Real Exchange Rate, and the Crises in Turkey
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.
|Date of creation:||29 Jan 2006|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Krugman, Paul & Taylor, Lance, 1978.
"Contractionary effects of devaluation,"
Journal of International Economics,
Elsevier, vol. 8(3), pages 445-456, August.
- Faruk Selcuk & Ramazan Gencay, 2001.
"Overnight Borrowing, Interest Rates and Extreme Value Theory,"
0103, Department of Economics, Bilkent University.
- Gencay, Ramazan & Selcuk, Faruk, 2006. "Overnight borrowing, interest rates and extreme value theory," European Economic Review, Elsevier, vol. 50(3), pages 547-563, April.
- Kibritçioğlu, Aykut & Rittenberg, Libby & Selçuk, Faruk & Akçay, O. Cevdet & Alper, C. Emre & Berument, M. Hakan & Dibooğlu, Selahattin & Erlat, Haluk & Ertuğrul, Ahmet & Malatyalı, N. Kamuran & Nas, , 2002. "Inflation and Disinflation in Turkey," EconStor Books, ZBW - German National Library of Economics, number 110203, April.
- Edwards, Sebastian & van Wijnbergen, Sweder, 1989. "Disequilibrium and structural adjustment," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 2, chapter 28, pages 1481-1533 Elsevier.
- Ilker Domac & Mohsen Bahmani-Oskooee, 2002. "between Dollarization and Inflation : Evidence from Turkey," Discussion Papers 0207, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Laura Papi & G. C. Lim, 1997. "An Econometric Analysis of the Determinants of Inflation in Turkey," IMF Working Papers 97/170, International Monetary Fund.
- Steven B. Kamin & John H. Rogers, 1997.
"Output and the real exchange rate in developing countries: an application to Mexico,"
International Finance Discussion Papers
580, Board of Governors of the Federal Reserve System (U.S.).
- Kamin, Steve B. & Rogers, John H., 2000. "Output and the real exchange rate in developing countries: an application to Mexico," Journal of Development Economics, Elsevier, vol. 61(1), pages 85-109, February.
- Pierre-Richard Agénor, 1991. "Output, devaluation and the real exchange rate in developing countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(1), pages 18-41, March.
- 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.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:6099. 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: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.