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      The policy challenge with floating exchange rates: Turkey's recent experience

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      Author(s)
      Selçuk, F.
      Date
      2005
      Source Title
      Open Economies Review
      Print ISSN
      0923-7992
      Electronic ISSN
      1573-708X
      Publisher
      Springer New York LLC
      Volume
      16
      Issue
      3
      Pages
      295 - 312
      Language
      English
      Type
      Article
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      Abstract
      This paper evaluates the developments in the Turkish economy in light of the Central Bank of Turkey's (CBT) policies during a recent period of floating exchange rate system (March 2001-July 2003). It is found that the CBT was effective in containing volatility and reducing the average inflation rate while there was a strong recovery of output. However, there are accumulated risks in the economy. Particularly, the extreme appreciation of the Turkish lira during this period and the record level of real interest rates give the impression that the current state of the economy is fragile. Unless the government accelerates the structural reform process and pursues sound fiscal policies to reduce the public sector borrowing requirement and the debt ratio, an adverse shock to the system may trigger a reversal of fortune. © 2005 Springer Science + Business Media, Inc.
      Keywords
      Developing economies
      Exchange rate volatility
      Float
      Intervention
      Central bank
      Exchange rate
      Inflation
      Interest rate
      Monetary policy
      Eastern Hemisphere
      Eurasia
      Turkey
      World
      Permalink
      http://hdl.handle.net/11693/24023
      Published Version (Please cite this version)
      http://dx.doi.org/10.1007/s11079-005-1027-x
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      • Department of Economics 697
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