This study comes up with a measure of the structural budget balance for the Turkish economy between 2006-2010 in order to assess fiscal stance and evaluate the sensitivity of the budget balance with respect to the business cycles. Calculating structural budget balance requires three steps:...

Turkish economy in the aftermath of the global crisis has faced an unprecedented divergence between domestic and external demand. Increasing risks in the face of surging short-term capital inflows, deteriorating current account deficit and rapid credit growth have called for an alternative...

2001 krizinden sonra 2007'ye kadar Türkiye ekonomisi uzun dönem ortalamasının çok üzerinde büyüdü. Üstelik bu büyüme hızı benzer ülkelerin büyüme hızlarının da üzerinde gerçekleşti. Aynı dönemde Türkiye mali disipline dayanan bir ekonomik programı uygulamaya koydu. Bu...

English Abstract: The state has been given the role to intervene to the markets when it is needed under the framework of liberal policies. However the assertors of liberal policies also pay sufficient attention to this role of intervention. Hence the state's intervention to the market is limited...

In this paper, we investigate the responsiveness of financial markets to monetary policy expectations in Turkey. According to the efficient markets hypothesis, financial markets respond to anticipated policy actions prior to a policy announcement. As a result, they are expected to respond only...

Klasik gelenek, konjonktür dalgalarını piyasa mekanizmasının kendiliğinden ortadan kaldırabileceği geçici sapmalar olarak değerlendirirken; kapitalizmin doğası gereği istikrarsız olduğunu kabul eden Keynesçi gelenek, aktivist politikalarla konjonktür dalgalarının önlenmesi...