Fiscal imbalances, capital inflows, and the real exchange rate : the case of Turkey /
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Author / Creator: | Agénor, Pierre-Richard. |
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Imprint: | [Washington, D.C.] : International Monetary Fund, ©1997. |
Description: | 1 online resource (iii, 20 pages) : illustrations |
Language: | English |
Series: | IMF working paper ; WP/97/1 IMF working paper ; WP/97/1. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12497716 |
Other authors / contributors: | McDermott, C. John. Ucer, E. Murat. International Monetary Fund. Research Department. International Monetary Fund. European I Department. |
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Notes: | Includes bibliographical references (pages 19-20). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record. |
Summary: | Annotation This paper examines the links between fiscal policy, capital inflows, and the real exchange rate in Turkey since the late 1980s. After an overview of recent macroeconomic developments in Turkey, a vector autoregression model is estimated linking government spending, interest rate differentials, capital inflows, and the temporary component of the real exchange rate. Positive shocks to government spending and capital inflows lead to an appreciation of the temporary component of the real exchange rate, whereas positive shocks to the uncovered interest rate differential lead to a capital inflow and an appreciation of the temporary component of the real exchange rate. the findings highlight the role of fiscal adjustment in restoring macroeconomic stability. |
Other form: | Print version: Agénor, Pierre-Richard. Fiscal imbalances, capital inflows, and the real exchange rate. [Washington, D.C.] : International Monetary Fund, ©1997 |
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