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

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dc.citation.epage941en_US
dc.citation.issueNumber8en_US
dc.citation.spage931en_US
dc.citation.volumeNumber38en_US
dc.contributor.authorArdıç, O. P.en_US
dc.contributor.authorSelçuk, F.en_US
dc.date.accessioned2016-02-08T10:19:21Z
dc.date.available2016-02-08T10:19:21Z
dc.date.issued2006en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractIn 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.en_US
dc.identifier.doi10.1080/00036840600649732en_US
dc.identifier.eissn1466-4283
dc.identifier.issn0003-6846
dc.identifier.urihttp://hdl.handle.net/11693/23798
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/00036840600649732en_US
dc.source.titleApplied Economicsen_US
dc.subjectCentral banken_US
dc.subjectCurrency marketen_US
dc.subjectExchange rateen_US
dc.subjectFinancial policyen_US
dc.subjectInflationen_US
dc.subjectEurasiaen_US
dc.subjectTurkeyen_US
dc.titleThe dynamics of a newly floating exchange rate: the Turkish caseen_US
dc.typeArticleen_US

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