NOTES
- 2000 . TSEP Document 1 Başbakanlik Hazine Müsteşarliği [Undersecretariat of Treasury],p
- Yeldan . 2002 . “On the IMF-Directed Disinflation Program in Turkey: A Program for Stabilization and Austerity or a Recipe for Impoverishment and Financial Chaos?,” . In The Ravages of Neo-Liberalism: Economy, Society and Gender in Turkey Edited by: Balkan , Nese . 1 – 28 . New York : Nova Science Club . The underlying elements of the disinflation program and the succeeding crises are discussed in detail in Erinçin (Korkut Boratav and Erinç Yeldan, “Turkey, 1980–2000: Financial Liberalization, Macroeconomic (In)-Stability, and Patterns of Distribution,” mimeograph, CEPA and The New School for Social Research (2002) at <http://www.bilkent.edu.tr/∼yeldane/crisis.htm>; Ahmet Ertuğrul and Faruk Selçuk, “A Brief Account of the Turkish Economy, 1980–2000,” Russian and East European Finance and Trade Vol.10, No.37 (2001), pp. 6–28; Barry Eichengreen, “Crisis Prevention and Management: Any New Lessons from Argentina and Turkey?,” mimeograph, background paper for the World Bank's Global Development and Finance (2001); Ramazan Gençay and Faruk Selçuk, “Overnight Borrowing, Interest Rates and Extreme Value Theory,” Bilkent University, Department of Economics Discussion Paper Nos.1–3 (March 2001); Emre Alper, “The Turkish Liquidiy Crisis of 2000: What Went Wrong?,” Russian and East European Finance and Trade Vol.10, No.37 (2001), pp. 51–71; Erinç Yeldan, Küreselleşme Sürecinde Türkiye Ekonomisi: Bölüşüm, Birikim, Büyüme [Turkish Economy in the Process of Globalization: Distribution, Accumulation and Growth] (Istanbul: İletişim Publications, 2001)
- Fischer , Stanley . 2001 . “Exchange Rate Regimes: Is the Bipolar View Correct?,” International Monetary Fund, January, 2001, available at <http://www.IMF.org>. A revised version of the paper later appeared as “Distinguished Lecture on Economics in Government,” . Journal of Economic Perspectives , 15 ( No.2 ) Spring : 3 – 24 .
- Fischer , Stanley . 2001 . “Distinguished Lecture on Economics in Government,” . Journal of Economic Perspectives , 15 ( No.2 ) Spring : 11 (p. (emphasis added)
- Yet, it is clear that from the point of view of the Central Bank's analytical balance sheet that expansion of the monetary base would only be possible through increased foreign earnings that would not call for an increase in the foreign liabilities of the Bank. This means that the Central Bank would not be able to increase the stock of money supply by, for example, borrowing foreign exchange from the banking system or by using the IMF's credit facility. Thus, the Central Bank would be able to issue Turkish lira and expand its monetary base only by purchasing foreign currency from the banking sector in a manner where its foreign liabilities would not be increased
- See <http://www.tcmb.gov.tr>
- Boratav and Yeldan . 2002 . 8
- 2002 . For further discussion on the fiscal stance of the Turkish public sector in 2000, see Yeldan
- Diaz-Alejandro , Carlos F. 1985 . “Good-Bye Financial Repression, Hello Financial Crash,” . Journal of Development Economics , 19 ( Nos.1–2 ) : 1 – 24 . Elements of this vicious cycle are well known and studied extensively in the relevant literature. See, for example, (Oct. Andrés Velasco, “Financial Crises and Balance of Payments Crises: A Southern Cone Experience,” Journal of Development Economics Vol.27, Nos.1–2 (Oct. 1987), pp. 263–83; Rudiger Dornbsuch, Ilan Godfajn and Rodrigo Valdés, “Currency Crises and Collapses,” Brookings Papers on Economic Activity Vol.2, No.2 (June 1995), pp. 219–70; Guillermo Calvo and Carlos A. Végh, “Inflation Stabilization and BOP Crises in Developing Countries,” in J. Taylor and M. Woodford (eds.), Handbook of Macroeconomics (Amsterdam: North Holland, 1999), pp. 1531–614; Irma Adelman and Erinç Yeldan, “The Minimal Conditions for a Financial Crisis: A Multiregional Intertemporal CGE Model of the Asian Crisis,” World Development Vol.28, No.6 (June 2000), pp. 1087–100; Kari Polanyi Lewitt, “Reclaiming the Right to Development,” Paper presented at the UNRISD Conference on the Need to Rethink Development Economics, Cape Town, Sept. 2001
- Graciela Kaminsky , Saùl Lizondo and Carmen Reinhart . 1997 . “Leading Indicators of Currency Crises,” . In IMF Working Papers , No.97/79
- “ Türkiye Cumhuriyet Merkez Bankasi [Central Bank of Turkey] ” . In Ödemeler Dengesi İstatistikleri [Balance of Payments Statistics, 2000–2001] See <http://www.tcmb.gov.tr>
- Ibid
- Ibid
- Eichengreen . 2001 . 6
- Calvo , Guillermo . 2001 . ”The Economics of Sudden Stop,” mimeograph University of Maryland . An overview of such exchange rate-based disinflation and stabilization is summarized in (Calvo and Végh (1999), p. 1433; Edward J. Amadeo, “The Knife-Edge of Exchange-Rate-Based Stabilization: Impact on Growth, Employment and Wages,” UNCTAD Review Vol.1, No.1 (1996), pp. 1–26; Pierre-Richard Agenor, The Economics of Adjustment and Growth (London: Academic Press, 2000); Yilmaz Akyüz and Anthony Cornford, “Capital Flows to Developing Countries and the Reform of the International Financial System,” UNCTAD Discussion Paper No.143, Geneva (1999); Guillermo Calvo, Leonardo Leiderman, and Carmen M. Reinhart, “Inflows of Capital to Developing Countries in the 1990s,” Journal of Economic Perspectives Vol.10, No.1 (1996), pp. 123–39; Diaz-Alejandro (1985), pp. 1–24; Graciela Kaminsky and Carmen Reinhart, “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,” American Economic Review Vol.89, No.3 (June 1999), pp. 473–500; Roberto Frenkel, “Capital Market Liberalization and Economic Performance in Latin America,” Center for Policy Analysis, New School for Social Research, Working Paper Series III No.1 (May 1998); Agenor and Peter Montiel, Development Macroeconomics (Princeton, NJ: Princeton University Press, 1999), Ch.8. For individual country experiences see also Vittorio Corbo, “Reforms and Macroeconomic Adjustments in Chile During 1974–84,” World Development Vol.13, No.6 (1985), pp. 893–916; S. Edwards and A. Cox Edwards, Monetarism and Liberalization: The Chilean Experiment (Chicago, IL: Chicago University Press, 1991); Rudiger Dornbusch and Alexander Werner, “Mexico: Stabilization, Reform, and No Growth,” Brookings Papers on Economic Activity No.1 (March 1994), pp. 253–315; Don Patinkin, “Israel's Stabilization Program of 1985, Or Simple Truths of Monetary Theory,” Journal of Economic Perspectives Vol.7, No.2 (Spring 1993), pp. 103–28; Michael Bruno, Crisis, Stabilization and Economic Reform: Therapy by Consensus (London: Oxford University Press, 1993); Jose M. Fanelli, Guillermo Rozenwurcel, and Lucia M. Simpson “Argentina,” in Rohinton Medhora and Jose M. Fanelli (eds.), Financial Liberalization in Developing Countries (London: Macmillan, 1998), pp. 31–56; Eichengreen (2001) on Argentina and Turkey