Abstract
This paper try to give a picture of Turkish crisis during 2000-2001 and the reforms were fulfilled after that especially in financial system sector. Survey about experiences such as turkey can have many useful lessons for countries like Iran and other developing countries that have similar conditions.
Turkish experience show us in a unstable economic environment that has been characterized by runaway and chronic inflation ; high past through exchange rate; fragility in banking system and heavy fiscal dominance; could implement a structural reforms during a short period and come bake to the right way and reach to the amazing results as soon as possible.[1] The conducted exit strategy in turkey consist of three main channel including 1) fiscal reforms; 2)adoption a sustainable monetary policy based on floating exchange rate and tightening monetary base and 3)finally banking sector restructuring.[2] The consequence of conducted reforms can be shown in slowdown inflation rate and achievement to a stable economic growth.
It’s necessary to be mentioned that turkey before 2001 reforms had experienced several efforts to achieve a suitable economic conditions but all of them had failed.
The structure of this paper is including: i) in the first section; the conditions before crisis that Turkish economy had be faced with them are drawn. ii) And in the second sector; the main performances were done to pass the crisis especially in the financial sector has been discussed. iii) Finally the lessons taken from Turkish will be explained.
Keywords: monetary policy; banking system; inflation targeting
References
- Akinik’o and b.usta(2005)indicators for the dollarization process in turkey, working paper no.05/17,central bank of turkey, Ankara
- CBT(2005): general framework of inflation targeting regime and monetary and exchange rate policy for 2006,www.tcmb.gov.tr
- Kara ,h.(2006): Turkish experience with implicit inflation targeting; working paper no.06/03,central bank of turkey
- Kara;h. (2008) exchange rate passes through in turkey. Working paper no, 05/04, central bank of turkey, Ankara.
- Ozatay; f and g.sak (2007): banking sector fragility turkey’s 2000-2001 financial crises ‘Washington d.c brooking institution press’pp/121-160
- World Bank (2006): turkey: country economic memorandum; toward macroeconomic stability and sustained growth; World Bank report no26301-tu Washington d.c.
- www.tcmb.gov
- www.tmsf.gov
Abstract
References
- Akinik’o and b.usta(2005)indicators for the dollarization process in turkey, working paper no.05/17,central bank of turkey, Ankara
- CBT(2005): general framework of inflation targeting regime and monetary and exchange rate policy for 2006,www.tcmb.gov.tr
- Kara ,h.(2006): Turkish experience with implicit inflation targeting; working paper no.06/03,central bank of turkey
- Kara;h. (2008) exchange rate passes through in turkey. Working paper no, 05/04, central bank of turkey, Ankara.
- Ozatay; f and g.sak (2007): banking sector fragility turkey’s 2000-2001 financial crises ‘Washington d.c brooking institution press’pp/121-160
- World Bank (2006): turkey: country economic memorandum; toward macroeconomic stability and sustained growth; World Bank report no26301-tu Washington d.c.
- www.tcmb.gov
- www.tmsf.gov
Details
| Primary Language | English |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | April 18, 2015 |
| Submission Date | March 12, 2015 |
| Published in Issue | Year 2015Volume: 1 Issue: 1 |
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