Financial Reforms Stabilization And Development In 21st Century Turkey
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Financial reforms, stabilization and development in 21st-century Turkey
The central argument of this book is that while central bank independence can contribute to stabilization, inflation-targeting monetary policy is quite powerless in promoting economic development. The basic message is simple: Policy makers should not strive to achieve price stability at any cost, as stability in product markets does not necessarily translate into economic development. The recent experience of Turkey is illuminating and other developing countries, in particular those using inflation targeting monetary policy framework, can draw useful lessons from this experience. Early chapters summarize the deregulation process from 1980 to 2001. The Turkish Central Bank is placed at the center of the analysis as monetary policies have a significant impact both on stability and development. Although the 1994 and 2001 financial crises have been extensively studied elsewhere, they are nevertheless summarized to underscore the importance of central bank independence. Later chapters investigate the impact of an independent central bank on stabilization and development from 2001 onwards. Upon visiting the Turkish Central Bank's website, readers are greeted with the following statement: "The primary objective of the Bank is to achieve and maintain price stability." By the end of this book the reader should be able to assess the relative merits of a monetary policy that focuses on price stability, versus an alternative where price stability is accompanied by other objectives targeting development, for instance, monitoring also unemployment rates, which would undermine its independence to some degree. The study aims to provide a perspective on the need for such an alternative in line also with the vision of some international agencies on development, such as the UNCTAD and the ILO. This is the first book-length study examining the financial reforms Turkey undertook in its path towards EU accession. This unique work will be of interest to economists and other experts in financial history, (de)regulation, institutional economics and economic development, as well as a broad range of scholars interested in the dramatic transformation of Turkey's economy and society in the 21st century.
Economic History of a Divided Europe
This book presents the sharp regional diff erences within the integrating European continent. Four regions – Northwestern Europe, Southern Europe, Central Europe, and Eastern-Southeastern Europe – represent high, medium, and relatively less-developed levels of economic advancement. These disparities have emerged as a result of historical diff erences that produced and reinforced cultural and behavioral diff erences. The author examines the distinctions between the regions, looks at how these differences transpired and became so retrenched, and answers the question of why some countries were able to elevate to higher levels of economic development while others could not. This book is unique in that it provides a timely historical analysis of the main causes of the most pressing conflicts in Europe today. Readers will come away from this book with a deeper understanding of the sharp divergence in economic standing between the four different regions of Europe, as well as knowledge about how institutional corruption and other cultural features exacerbated these variations. The book also offers a better understanding of major European Union confl icts between member countries and between member and nonmember countries, as well as the rise of autocratic regimes in certain countries. The book begins with a short history of European integration throughout European civilization and then goes on to discuss the modern reality of integration and attempts to homogenize the Continent that divided into four different macro-regions. It will primarily appeal to scholars, researchers and students studying Europe from various fi elds, including economics, business, history, political science, and sociology, as well as a general readership interested in Europe’s past, present, and future.
Financial Reforms, Stabilization and Development in 21st Century Turkey
"This book addresses the following problem: How a developing country needs to conduct the transition to a free market economy with particular focus on financial market reforms. Additionally, it provides a basis for explaining potential divergence from desired outcomes. We present and analyze the case of Turkey. We explore the roots of Turkey's traditionally unstable economic performance, which we have identified as being linked to weak institutions and politically-led economic management. The Turkish case shows that though internationally accredited development policies are useful guidelines for policymakers, they constitute only an initial phase of an effective transition to be completed through a domestic commitment to achieve a de-politicized and a development-oriented institutional framework. The book not only explores the complex relationship between economic instability and structural reforms in an emerging economy, but it also investigates why the international development policies proposed to developing countries have not always been successful. It is a story of how institutions developed in one part of the world become adopted and adapted in other parts of the world, each time with tensions and difficulties. It is an on-going story of global inter-cultural institutional migration of gradually sorting out best practices, adopting norms and standards in a gradual process of trial and error. This book tells the story and analyses the role that Turkey has played in this process from 1980 onwards (with some flashbacks to earlier times when appropriate) with special reference to the premature deregulation of its financial markets. It thus examines the financial reforms undertaken by Turkey as it moved towards EU membership, with particular focus on central bank monetary policies. A book length study examining the reforms Turkey undertook in the financial area during this period does not exist. We have used country risk scores published by independent rating agencies and other metrics in the post-institutional reform period, which we believe constitute acceptable measures of the degree to which institutional reform has been successful or not."