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policy uncertainty (EPU) index for Turkey and assess how it affects Turkish firms. To disentangle the issues of endogeneity …
Persistent link: https://www.econbiz.de/10011978593
The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than double, with the vast majority of accession countries being...
Persistent link: https://www.econbiz.de/10014399555
targeting and fiscal discipline in Turkey. This paper studies the impact of monetary and fiscal policies on credit growth during … channel is not strong in Turkey and government finances has limited direct impact on credit …
Persistent link: https://www.econbiz.de/10014397471
Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial … fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis …
Persistent link: https://www.econbiz.de/10014399210
Persistent link: https://www.econbiz.de/10009424807
In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro...
Persistent link: https://www.econbiz.de/10014411151
Many countries have initiated reforms in their monetary control procedures by relaxing direct controls and increasing the role of market processes. The changed approach is often inevitable when countries reform their financial systems in support of growth and adjustment. This is because reform...
Persistent link: https://www.econbiz.de/10014396083
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to save, creating a mismatch between supply and demand...
Persistent link: https://www.econbiz.de/10014400055
This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...
Persistent link: https://www.econbiz.de/10014401979