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IMF Programs and Financial Liberalization in Turkey

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  • AYSE Y. EVRENSEL

Abstract

By examining the Fund's views about macroeconomic stability, the effectiveness of IMF-supported stabilization programs, and Turkey's macroeconomic policies, this paper demonstrates that both the IMF and Turkey share the responsibility for the outcome of stabilization programs. The main conclusion of the paper is that the primary targets of stabilization programs are not implemented during the program years. Even though program years are associated with improvements in balance of payments and reserves, such improvements disappear during the post-program years. The fact that Turkey has received subsequent programs from the IMF despite the overall lack of implementation of the Fund's conditionality may be consistent with the existence of moral hazard. In fact, the results suggest that, on average, Turkey enters the next program in worse macroeconomic condition than the previous program.

Suggested Citation

  • Ayse Y. Evrensel, 2004. "IMF Programs and Financial Liberalization in Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(4), pages 5-19, July.
    • Handle: RePEc:mes:emfitr:v:40:y:2004:i:4:p:5-19
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    Cited by:

    1. Ozkaya, Ata, 2014. "Creative accounting practices and measurement methods: Evidence from Turkey," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-27.
    2. Fatih KARANFIL & Ata OZKAYA, 2013. "Indirect Taxes, Social Expenditures and Poverty:What Linkage?," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 13(3), pages 337-350.
    3. Ozkaya, Ata, 2013. "The Domestic Debt Intolerance and Bad Equilibrium: An Empirical Default Model," GIAM Working Papers 13-1, Galatasaray University Economic Research Center.
    4. Tatiana Papiashvili & İlyas Çiloğlu & Faruk Gürsoy, 2006. "Macroeconomic Policy: Going back to Origins?," IBSU Scientific Journal, International Black Sea University, vol. 1(1), pages 15-21.

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