The making of the Turkish financial crisis
United Nations Conference on Trade and Development, 2002 - Business & Economics - 39 pages
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THE STABILIZATION PROGRAM
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20 per cent abandon the peg arbitrage average banking sector banking system billion boom in capital capital account capital inflows capital outflows cent of GDP Central Bank chap collapse crawling peg creditors crises in emerging currency appreciation currency peg decade December depreciation despite difficulties disinflation dollar domestic assets domestic debt East Asia economic activity emerging markets exceeding exchange-rate exchange-rate-based stabilization programs exit of capital export external debt financial markets fiscal adjustment fiscal imbalances flows foreign exchange forex deposits Fund Fund's growth hike in interest Horst Kohler implementation increased inflation target interest payments international reserves Keynes Korkut Boratav launched liquidity macroeconomic monetary policy move to floating outflows by residents percentage points points of GNP problems PSBR public debt public sector rapid exit real interest rates regime restore confidence role SDIF September sharp standstill surplus T-bill trade Turkey Turkish crisis Turkish economy Turkish lira UNCTAD