On the IMF-directed disinflation program in Turkey: a program for stabilization and Austerity or a Recipe for impoverishment and financial chaos?

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dc.citation.epage27en_US
dc.citation.spage1en_US
dc.contributor.authorYeldan, Alp Erinçen_US
dc.contributor.editorBalkan, Neşecan
dc.contributor.editorSavran, S.
dc.date.accessioned2019-05-27T11:33:46Z
dc.date.available2019-05-27T11:33:46Z
dc.date.issued2002en_US
dc.departmentDepartment of Economicsen_US
dc.departmentDepartment of International Relationsen_US
dc.description.abstractIn December 1999, Turkey adopted a comprehensive disinflation program, aiming at decreasing the inflation rate to a single digit by the end of 2002. Aided with the supervision and technical support of the IMF, the new program relied on exchange rate based disinflation and monetary control by setting upper limits to net domestic asset position of the Central Bank (CB). The program further entailed a series of austerity measures on fiscal expenditures and set specific targets for the balance on non-interest, primary budget. Yet, just eleven months after launching the disinflation program Turkey experienced a severe financial crisis in November 2001 and then again in February 2001. In this paper I attempt to evaluate the theoretical foundations of the disinflation program and highlight its structural weakness in light of the international stabilization experiences. In so doing I also highlight the role of the IMF in the emancipation of the financial crisis.en_US
dc.identifier.isbn9781590332795
dc.identifier.urihttp://hdl.handle.net/11693/51909
dc.language.isoEnglishen_US
dc.publisherNova Scienceen_US
dc.relation.ispartofThe ravages of neo-liberalism : economy, society and gender in Turkeyen_US
dc.subjectTurkish economyen_US
dc.subjectSpeculative flowsen_US
dc.subjectExchange rate-based disinflationen_US
dc.titleOn the IMF-directed disinflation program in Turkey: a program for stabilization and Austerity or a Recipe for impoverishment and financial chaos?en_US
dc.typeBook Chapteren_US

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