Less than a year back, a former chief executive of Mastercard, Ajay Banga, was in…
IMF Program in Turkey Erinc Yeldan
The Turkish crisis, which came in the aftermath of an exchange rate-based disinflation attempt, comes as no surprise to anyone who is somewhat-informed about the international literature on country experiences of macroeconomic stabilization. In fact, the observed growth-crisis path of the Turkish economy is well in line with the main empirical regularities associated with exchange rate-based disinflation.
turkish_crisis (Download the full text in PDF format)