Premature Liberalization, Incomplete Stabilization

Premature Liberalization, Incomplete Stabilization
Author: Dani Rodrik
Publisher:
Total Pages: 64
Release: 1990
Genre: Deficit financing
ISBN:

Download Premature Liberalization, Incomplete Stabilization Book in PDF, Epub and Kindle

In late 1979, Turkey stood in the throes of a foreign exchange crisis, with widespread shortages, negative growth, and inflation into triple digits. A decade later, Turkey has a comfortable balance-of-payments situation, and sits atop considerable foreign exchange reserves. The economy has achieved a remarkable transformation from an inward-oriented outlook to an outwardoriented one. Yet, after some success in the early 1980s, inflation remains unconquered and the public sector budget is out of control. This paper provides an interpretation of the Turkish experience in the 1980s. It is argued that foreign capital inflows in the early 1980s cushioned the fiscal squeeze, and allowed a relatively painless reduction in inflation alongside a process of export-oriented growth. In the best of all possible worlds, the outward-oriented reforms would have taken sufficient root by the mid-1980s to allow the public sector to undertake the delayed retrenchment as the inflows came to an end, at no great cost to output. Instead, policy followed a mix of liberalization with patronage politics detrimental to monetary discipline. Financial liberalization reduced demand for base money at the same time that fiscal balances came under increasing strain due to the external transfer. Inflation was rekindled under the dual influence of fiscal deficits and a shrinking base for the inflation tax.

Premature Liberalization, Incomplete Stabilization

Premature Liberalization, Incomplete Stabilization
Author: Dani Rodrik
Publisher:
Total Pages: 60
Release: 1990
Genre: Deficit financing
ISBN:

Download Premature Liberalization, Incomplete Stabilization Book in PDF, Epub and Kindle

In late 1979, Turkey stood in the throes of a foreign exchange crisis, with widespread shortages, negative growth, and inflation into triple digits. A decade later, Turkey has a comfortable balance-of-payments situation, and sits atop considerable foreign exchange reserves. The economy has achieved a remarkable transformation from an inward-oriented outlook to an outwardoriented one. Yet, after some success in the early 1980s, inflation remains unconquered and the public sector budget is out of control. This paper provides an interpretation of the Turkish experience in the 1980s. It is argued that foreign capital inflows in the early 1980s cushioned the fiscal squeeze, and allowed a relatively painless reduction in inflation alongside a process of export-oriented growth. In the best of all possible worlds, the outward-oriented reforms would have taken sufficient root by the mid-1980s to allow the public sector to undertake the delayed retrenchment as the inflows came to an end, at no great cost to output. Instead, policy followed a mix of liberalization with patronage politics detrimental to monetary discipline. Financial liberalization reduced demand for base money at the same time that fiscal balances came under increasing strain due to the external transfer. Inflation was rekindled under the dual influence of fiscal deficits and a shrinking base for the inflation tax.

Strategic Relations Between the US and Turkey 1979-2000

Strategic Relations Between the US and Turkey 1979-2000
Author: Ekavi Athanassopoulou
Publisher: Routledge
Total Pages: 280
Release: 2014-07-11
Genre: Political Science
ISBN: 1317694538

Download Strategic Relations Between the US and Turkey 1979-2000 Book in PDF, Epub and Kindle

Taking the period from the end of the 1970s to the end of the 1990s, this book critically examines the evolution of the strategic relationship between the US and Turkey during this period, with a particular focus on the Middle Eastern context. Strategic Relations Between the US and Turkey employs interviews with US, Turkish and Israeli officials and archival research in order to offer an alternative reading of the realities that shaped bilateral co-operation through multi-level analysis. The unraveling of these realities enlightens the reader about the past course of events but also aids the understanding of the dynamics of the relationship today. Essential reading for students and scholars of U.S. and Turkish foreign policy, this study of co-operation between a super-power and a relatively weak state in the international system will also be of use to those interested in International Relations, Diplomatic History and World Politics more broadly.

Inflation and Disinflation in Turkey

Inflation and Disinflation in Turkey
Author: Faruk Selcuk
Publisher: Routledge
Total Pages: 190
Release: 2018-04-27
Genre: Social Science
ISBN: 135173928X

Download Inflation and Disinflation in Turkey Book in PDF, Epub and Kindle

This title was first published in 2002. Since the 1990s Turkey has experienced a number of disasters, both physical and economic. The result has been a decrease in economic performance compared to other European states. This study addresses the country's ongoing economic struggles.

The World Bank

The World Bank
Author: Devesh Kapur
Publisher: Brookings Institution Press
Total Pages: 1310
Release: 2011-08-01
Genre: Business & Economics
ISBN: 9780815720126

Download The World Bank Book in PDF, Epub and Kindle

This effort constitutes the most comprehensive and authoritative work to date on the history of the International Bank for Reconstruction and Development, or the World Bank. Author-editors John Lewis, Richard Webb, and Devesh Kapur chronicle the evolution of this institution and offer insights into its successes, failures, and prospects for the future. The result of their intense labors is an invaluable resource for other researchers and a fascinating study in its own right. The work is divided into two volumes. The first is organized thematically and examines the critical events and policy issues in the World Bank's development over the last fifty years. Chapter topics include poverty alleviation, structural adjustment lending, environmental programs, the International Finance Corporation (IFC), the International Development Association (IDA), and the evolution of the Bank as an institution. The second volume contains case studies written by experts with experience in the various regions in which the Bank operates. There are chapters on the Bank's activities in Korea, Mexico, Africa, South Asia, and Eastern Europe. Volume 2 also contains essays on the World Bank's relationship with the United States, Japan, and Western Europe, and its partnership with the International Monetary Fund (IMF). By special arrangement, the authors have had wide-ranging access to confidential documents at the World Bank, making this work a unique source of information on the internal workings of this critical institution. They have also drawn on extensive interviews with current and past Bank officials. Moreover, publication could not be more timely, coming as it does when many in the development community and in the U.S. Congress are questioning the Bank's track record and even its reason for existence. The World Bank: Its First Half Century will be of great interest not only to development practitioners but also to students of international relations, development economics, and global finance. During the course of the project, John P. Lewis and Richard Webb were nonresident senior fellows, and Devesh Kapur was a program associate, in the Foreign Policy Studies program at the Brookings Institution.

The Ravages of Neo-liberalism

The Ravages of Neo-liberalism
Author: Nesecan Balkan
Publisher: Nova Publishers
Total Pages: 258
Release: 2002
Genre: Business & Economics
ISBN: 9781590332795

Download The Ravages of Neo-liberalism Book in PDF, Epub and Kindle

Ravages Of Neo-Liberalism Economy, Society & Gender In Turkey

Hyperinflation and Stabilization in Postsocialist Economies

Hyperinflation and Stabilization in Postsocialist Economies
Author: G.W Kolodko
Publisher: Springer Science & Business Media
Total Pages: 200
Release: 2012-12-06
Genre: Business & Economics
ISBN: 940113894X

Download Hyperinflation and Stabilization in Postsocialist Economies Book in PDF, Epub and Kindle

One would think states and peoples have had so many bad experiences with inflation that politicians at the helm of these states would do everything within their power to avoid inflation and, in particular, its very intensive shape, i. e. hyperinflation. However, this has not been the case. After the big inflations of the twenties and the post-war inflations of the fourties, we still witness intensive, economically, socially and politically extremely painful inflationary processes. And the eighties will be particularly engraved in history as a period in which the inflation has assumed an exceptionally dynamic character with respect to some countries. This regards, in the first place, Latin America, but not exclusively. Not without reason -as will be of particular intensity has also affected shown in this book -inflation countries which, according to the passed economic doctrine, were supposed to be completely immune from this economic illness. Most generally, the inflation can be assumed to be a uniform phenomenon which, in each case, can be described by a single, universal definition, while being divided into a number of forms and types distinguishable according to their original and secondary sources, their mechanisms, the ways of their manifestation as well as to their effects and the methods of counteracting them.

Turkish Foreign Policy in Post Cold War Era

Turkish Foreign Policy in Post Cold War Era
Author: İdris Bal
Publisher: Universal-Publishers
Total Pages: 480
Release: 2004
Genre: Political Science
ISBN: 1581124236

Download Turkish Foreign Policy in Post Cold War Era Book in PDF, Epub and Kindle

With the end of Cold War discipline the world has entered a new era. Parameters have changed; new handicaps as well as new opportunities have been created for countries. Turkey as a neighbor of former USSR, a member of NATO and located at the center of a sensitive region covered by Caucasus, Balkans and Middle East, has been affected by the end of Cold War radically. Turkey has lost some of her bargaining cards in the new era and therefore has needed new arguments. This need encouraged Turkey to take active steps in Post Cold War era. This book analyzes Turkey s relations with US, EU, Balkans, Middle East, Caucasus, Central Asia, Russia, China and Japan. At the same time, effects of economic crises and domestic developments on foreign policy, Turkish model in Turkish foreign policy, water conflict and Kurdish problem are analyzed as well. To conclude, it is possible to argue that although Turkey lost some of her bargaining cards in Post Cold War era, new developments pushed Turkey to the center of world politics rather then to periphery. Contributors: Meliha Benli Altunisik, Deniz Ülke Aribogan, Hüseyin Bagci, Idris Bal, Zeyno Baran, Fulya Kip Barnard, Erol Bulut, Ibrahim S. Canbolat, Saziye Gazioglu, Ramazan Gözen, Saban Kardas, H. Bülent Olcay, Cengiz Okman, Henry E. Paniev, Victor Panin, Dirk Rochtus, Faruk Sönmezoglu, Gül Turan, Ilter Turan, Mustafa Türkes, Nasuh Uslu.