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      The dynamics of a newly floating exchange rate: the Turkish case

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      Author(s)
      Ardıç, O. P.
      Selçuk, F.
      Date
      2006
      Source Title
      Applied Economics
      Print ISSN
      0003-6846
      Electronic ISSN
      1466-4283
      Publisher
      Routledge
      Volume
      38
      Issue
      8
      Pages
      931 - 941
      Language
      English
      Type
      Article
      Item Usage Stats
      650
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      249
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      Abstract
      In recent years, many emerging market economies have switched or are in the process of switching to a floating exchange rate regime. Most of these economies have a history of high inflation and a high level of foreign currency denominated debt. Therefore, the stability of the exchange rate and the dynamics of its volatility are more crucial than before. This paper analyses the dynamics of exchange rate in Turkey in the aftermath of recent float in February 2001. The Turkish experience is a particularly important one, and provides valuable lessons for other countries as the Central Bank is trying to simultaneously contain the volatility of exchange rate and pursue an implicit inflation targeting policy. The reported findings indicate that the Central Bank policies, accompanied with favourable external factors, were effective in taming the volatility of the exchange rate in a relatively short period of time. However, there is a significant real appreciation of the currency during the same period. Given the high level of public debt and real interest rates, the current state of the economy is very susceptible to any adverse shocks. © 2006 Taylor & Francis.
      Keywords
      Central bank
      Currency market
      Exchange rate
      Financial policy
      Inflation
      Eurasia
      Turkey
      Permalink
      http://hdl.handle.net/11693/23798
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/00036840600649732
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      • Department of Economics 724
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