Inflation dynamics and its sources in the Ottoman Empire: 1586-1913

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buir.contributor.authorBerument, Hakan
dc.citation.epage245en_US
dc.citation.issueNumber2en_US
dc.citation.spage207en_US
dc.citation.volumeNumber21en_US
dc.contributor.authorBerument, Hakanen_US
dc.contributor.authorGunay, A.en_US
dc.date.accessioned2016-02-08T10:15:01Z
dc.date.available2016-02-08T10:15:01Z
dc.date.issued2007en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis study examines the dynamics and determinants of inflation in the Ottoman Empire during the 1586-1913 period. There are two possible reasons for inflation: fiscal expansion and monetary expansion, which could be generated through the debasement of local currency (Akçe). We used a set of political and structural variables in order to explain the change in inflation dynamics. In particular, we considered the war years, periods of Ottoman history that show different characteristics (the slow-down period, the recession period and the break-up period) and the period of constitutional monarchy. Moreover, we tested whether the inflation process was the same for each sultan and whether each sultan's behavior during the first year was different from the rest of his reign. The empirical evidence reported here suggests that war accelerated inflation as expected and fiscal expansion rather than the debasement of the Akçe was the main reason for inflation. Moreover, the slow-down, the recession and the break-up periods affected inflation positively; both fiscal expansion and the debasement of the Akçe were seen in these three periods as sources of inflation. While employing different inflationary policies during his reign, each sultan accelerated inflation in the first year of his reign by the debasement of the Akçe or by fiscal expansion. Last, the constitutional monarchy period had a significant positive effect on inflation although fiscal expansion, rather than the debasement of the Akçe was the source of inflation during this period.en_US
dc.identifier.doi10.1080/02692170701189102en_US
dc.identifier.eissn1465-3486
dc.identifier.issn0269-2171
dc.identifier.urihttp://hdl.handle.net/11693/23509
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/02692170701189102en_US
dc.source.titleInternational Review of Applied Economicsen_US
dc.subjectDebasementen_US
dc.subjectFiscal expansionen_US
dc.subjectInflationen_US
dc.subjectOttoman Empireen_US
dc.subjectCurrency devaluationen_US
dc.subjectFiscal policyen_US
dc.subjectWaren_US
dc.titleInflation dynamics and its sources in the Ottoman Empire: 1586-1913en_US
dc.typeArticleen_US

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