Managing Turkish debt: an OLG investigation of the IMF's fiscal programming model for Turkey

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dc.citation.epage765en_US
dc.citation.issueNumber6en_US
dc.citation.spage743en_US
dc.citation.volumeNumber27en_US
dc.contributor.authorVoyvoda, E.en_US
dc.contributor.authorYeldan, E.en_US
dc.date.accessioned2016-02-08T10:22:28Z
dc.date.available2016-02-08T10:22:28Z
dc.date.issued2005en_US
dc.departmentDepartment of Economicsen_US
dc.departmentDepartment of International Relationsen_US
dc.description.abstractIn this paper we investigate the fiscal policy alternatives on domestic debt management, cohort welfare, and growth for the Turkish economy. We utilize a model of exogenous growth in the overlapping generations (OLG) tradition with intertemporally optimizing agents and open capital markets, calibrated to the Turkish economy in 1990s. We examine the macroeconomic effects of the current IMF-led austerity program driven by the objective of attaining primary fiscal surpluses and illustrate the sensitivity of the program targets to growth shocks. Our results suggest that the current fiscal program based on the primary surplus objective succeeds in containing the explosive dynamics of debt accumulation, and yet, the path of aggregate public debt as a ratio to GNP displays significant degree of inertia and would be brought down only gradually and slowly. © 2005 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T10:22:28Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2005en
dc.identifier.doi10.1016/j.jpolmod.2005.04.004en_US
dc.identifier.eissn1873-8060
dc.identifier.issn0161-8938
dc.identifier.urihttp://hdl.handle.net/11693/23992
dc.language.isoEnglishen_US
dc.publisherElsevier Inc.en_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.jpolmod.2005.04.004en_US
dc.source.titleJournal of Policy Modelingen_US
dc.subjectExpansionary fiscal contractionen_US
dc.subjectFiscal policyen_US
dc.subjectIMF austerityen_US
dc.subjectOLG modelsen_US
dc.subjectTurkeyen_US
dc.titleManaging Turkish debt: an OLG investigation of the IMF's fiscal programming model for Turkeyen_US
dc.typeArticleen_US

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