The 1994 Currency Crisis in Turkey

Released on by Oya Celasun
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  • The 1994 Currency Crisis in Turkey Book Detail

  • Author : Oya Celasun
  • Release Date : 2016
  • Publisher :
  • Genre :
  • Pages : 32
  • ISBN 13 :
  • File Size : 71,71 MB
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The 1994 Currency Crisis in Turkey by Oya Celasun PDF Summary

Book Description: Huge requirements for public sector borrowing in 1993 and early 1994, combined with major policy errors in financing the deficit, led to Turkey`s currency crash in 1994.As a result of Turkey's currency crisis in 1994, output fell 6 percent, inflation rose to three-digit levels, the Central Bank lost half of its reserves, and the exchange rate (against the U.S. dollar) depreciated by more than half in the first three months of the year.Celasun presents stylized facts associated with the government's debt-financing mechanisms and other relevant macroeconomic variables to show the system's inherent fragility at the time of the crisis and to clarify the extent to which different factors contributed to the crisis.Celasun argues that huge requirements for public sector borrowing in 1993 and early 1994, combined with major policy errors in financing the deficit, led to the currency crash. As a result of interventions to control interest rates and Treasury borrowing at the same time, the market for domestic borrowing almost disappeared, the government turned to monetization for financing, and the value of the overappreciated Turkish lira plummeted.This paper - a product of the Development Research Group - is part of a larger effort in the group to study currency crises.

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The 1994 Currency Crisis in Turkey

The 1994 Currency Crisis in Turkey

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Huge requirements for public sector borrowing in 1993 and early 1994, combined with major policy errors in financing the deficit, led to Turkey`s currency crash

The 1994 Economic Crisis in Turkey

The 1994 Economic Crisis in Turkey

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The Turkish economy remained an inward-oriented closed economy until the government launched an economic reform and stabilization program on January 24, 1980, t