Prague Economic Papers 2005, 14(2):171-179 | DOI: 10.18267/j.pep.261

Impact of Monetary Policy on Economic Instability in Turkey (1983 - 2003)

Mete Feridun
Faculty of Economics and Administrative Studies, Cyprus International University, Nicosia, Cyprus (e-mail: mete.feridun@lycos.com).

This article aims at revealing the effectiveness of Turkish monetary policy in controlling inflation rate and the stability of exchange rate using the rational expectation framework that incorporates the fiscal role of exchange rate. Based on quarterly data covering the period between 1983: Q4 and 2003: Q4, the analysis affirms that the effort of the Turkish monetary policy at influencing the finance of government fiscal deficit through the determination of the inflation-tax rate, to some extent, affects both the rate of inflation and the real exchange rate, thereby causing volatility in their rates. Moderate evidence emerges that inflation affects volatility of its own rate as well as the rate of real exchange.

Klíčová slova: monetary policy, rational expectations approach, economic instability
JEL classification: C43, C81, I32

Zveřejněno: 1. leden 2005  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Feridun, M. (2005). Impact of Monetary Policy on Economic Instability in Turkey (1983 - 2003). Prague Economic Papers, 14(2), 171-179. doi: 10.18267/j.pep.261
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Adam, C. S., Ndulu, B., Sowa, N. K. (1996), "Liberalization and Seignorage Revenue in Kenya, Ghana and Tanzania." Journal of Development Studies, 32 (4), pp. 531-553. Přejít k původnímu zdroji...
    2. Ajayi, I. (1999), "Evolution and Functions of Central Banks" (Central Bank of Nigeria). Economic and Financial Review, 37 (4), pp. 11-27.
    3. Amato, J. D., Gerlach, S. (2002), "Inflation Targeting in Emerging and Transition Economies: Lesson After a Decade." European Economic Review, 46, pp. 781-790. Přejít k původnímu zdroji...
    4. Azam, J. P. (1999), "Institutions for Macroeconomic Stability in Africa." Journal of African Economies, 8, pp. 8-31. Přejít k původnímu zdroji...
    5. Azam, J. P. (2001), "Inflation and Macroeconomic Instability in Madagascar. African Development Review, 13 (2), pp. 175-201. Přejít k původnímu zdroji...
    6. Banerjee, A., Dolado, J., Galbraith, J. W., Hendry, D. F. (1993), Cointegration, Error-Correction, and the Econometric Analysis of Non-Stationary Data. Oxford: Oxford University Press. Přejít k původnímu zdroji...
    7. Berg, A., Pattillo, C. (1999), "Are Currency Crises Predictable? A Test." IMF Staff Papers, 46, pp. 107-138. Přejít k původnímu zdroji...
    8. Blanchard, O. J., Fischer, S. (1989), Lectures on Macroeconomics. Cambridge, MA: MIT Press.
    9. Bruno, M., Fischer, S. (1990), "Seigniorage, Operating Rules, And the High Inflation Trap", Quarterly Journal of Economics, 105, pp. 353-374. Přejít k původnímu zdroji...
    10. Busari, T. D., Olayiwola, K. W. (1999), "Stabilization Policy in Nigeria under Alternative Exchange Rate Regimes: A Postulated Empirical Macro-model Approach." Central Bank of Nigeria Economic and Financial Review, 37 (1), pp. 21-35.
    11. Caballero, R. J., Corbo, V. (1989), "The Effect of Real Exchange Rate Uncertainty on Exports: Empirical Evidence." World Bank Economic Review, 3, pp. 263-278. Přejít k původnímu zdroji...
    12. Cagan, P. D. (1996), "The Money Dynamics of Hyperinflation", in Friedman, M., ed., Studies in the Quantity Theory of Money. Chicago: University of Chicago Press, pp. 23-117.
    13. Corrinne, H., McCauley, R. N. (2003), "Living with Flexible Exchange Rates: Issues and Recent Experience in Inflation Targeting Emerging Markets Economies." BIS Working Papers 30.
    14. Dibooglu, S., Kibritcioglu, A. (2001), "Long-Run Economic Growth: An Interdisciplinary Approach", Economic Working Paper Archive at WUSTL No. 0107004. Přejít k původnímu zdroji...
    15. Dornbusch, R., Fischer, S. (1993), "Moderate Inflation." World Bank Economic Review, 7, pp. 1-44. Přejít k původnímu zdroji...
    16. Drugeon, J. P., Wignolle, B. (1996), "Continuous-Time Sunspot Equilibria and Dynamics in a Model of Growth." Journal of Economic Theory, 69, pp. 24-54. Přejít k původnímu zdroji...
    17. Enders, W. (1995), Applied Econometrics Time Series. New York: John Wiley and Sons.
    18. Galati, G. (2000), "Forex Trading Volume, Volatility and Spreads in Emerging Market Countries." BIS Quarterly Review, 46, pp. 107-138.
    19. IMF (2000), Monetary and Financial Statistics Manual. Washington DC: International Monetary Fund.
    20. Obstfeld, M. (1996), "Models of Currency Crises with Self-Fulfilling Features." European Economic Review, 40, pp. 1037-1047. Přejít k původnímu zdroji...
    21. Randa, J. (1999), "Economic Reform and the Stability of the Demand for Money in Tanzania." Journal of African Economies, 8, pp. 307-344. Přejít k původnímu zdroji...
    22. Shigoka, T. (1994), "A Note on Woodford's Conjecture: Constructing Stationary Sunspot Equilibria in a Continuous Time Model." Journal of Economic Theory, 64, pp. 531-540. Přejít k původnímu zdroji...
    23. Woodford, M. (1986), "Stationary Sunspot Equilibrium in a Finance Constrained Economy." Journal of Economic Theory, 40, pp. 128-137. Přejít k původnímu zdroji...

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah