Reviewing the implicit reaction function estimation under different specifications, it appears that the Central Bank of the Republic of Turkey (CBRT) responds to the lagged inflation rate rather than the forward one, M2Y growth is targeted on an annual basis and a serious output targeting policy...

Reviewing the implicit reaction function estimation under different specifications, it appears that the Central Bank of the Republic of Turkey (CBRT) responds to the lagged inflation rate rather than the forward one, M2Y growth is targeted on an annual basis and a serious output targeting policy...

On February 21, 2001, Turkish authorities announced the forced abandonment of the pegged exchange rate regime, which was in effect since the launch of the International Monetary Fund (IMF)-backed three-year stabilization program at the end of 1999. This announcement came following the acute...

This paper analyzes the Turkish Treasury interest rate behaviour within the Fisher hypothesis framework for the period from 1988:11 to 1998:6. Consistent with the hypothesis, empirical evidence indicates that the interest rates increase with expected inflation. After the risk is controlled, the...

On February 21, 2001, Turkish authorities announced the forced abandonment of the pegged exchange rate regime, which was in effect since the launching of the International Monetary Fund backed three-year stabilization program at the end of 1999. This announcement came following the acute...

The aim of this paper is to perform a crises analysis for Turkey based on the ISE index values. To this aim, a probit analysis is adopted. For yields lower than a threshold a “negative crisis” situation is stipulated while for yields higher than a threshold in the positive yield distribution...