Çakmaklı, Cem; Demiralp, Selva; Kalemli-Ozcan, Sebnem; … - 2020
possibly much larger spill-back effects for the global economy. This paper focuses on a large representative EM, Turkey, with … has already led to a substantial decline in economic activity and Turkey's policy options are more limited given its low … fiscal space and its reliance on capital flows. We estimate the costs and benefits of a full lockdown and offer policy …