THE IMF SUPPORTED MACROECONOMIC STABILISATION PROGRAMMES IN TURKEY: A LOOKING THROUGH THE 1980S

Abstract

This study concerned with the macroeconomic reforms supported by the IMF in Turkey in 1980s. The purpose of the study is to examine these programmes, mam policy tools of them as well as their impact on theTurkish economy. The objective of the programmes were not only to stabilise the economy, but also to realise the structural transformation.of.the Turkish economy.. The study concludes that one of the most favourable results'of the programme was the remarkable increase in the Turkish exports in 1980s. However, providing fiscal balance was one of the weakest aspects of the IMF supported macroeconomic stabilisation programmes. Instead of a partial success was obtained in disinflationary process in early 1980s, the programmes showed highly poor performance in reducing inflation in the rest of 1980s. If any attempt is taken to bring inflation down in Turkey in future, first of all it would require a comprehensive fiscal reform.

THE IMF SUPPORTED MACROECONOMIC STABILISATION PROGRAMMES IN TURKEY: A LOOKING THROUGH THE 1980S

Abstract

Bu çalışma, 1980'lerde Türkiye'de İMF tarafından desteklenen makroekonomik istikrar programları ile ilgilidir. Çalışmanın amacı, 1980'lerde İMF tarafından desteklenen makroekonomik istikrar programlan, bunları uygulamada kullanılan politika araçları ile bu programların Türk ekonomisi üzerindeki etkisini araştırmaktır. İMF tarafından desteklenen bu programlanıl amacı, yalnızca Türk ekonomisi'nde istikran sağlamak değil aynı zamanda Türk ekonomisi'nın yapısal dönüşümünü gerçekleştirmekti. İMF destekli makroekonomik istikrar programlarının en önemli sonuçlarından birisi ihracattaki büyümeydi. Ancak İMF destekli bu makroekonomik istikrar programlarının en zayıf yönü malı dengeyi sağlamada zayıf kalmasıdır. 1980'lerin başında enflasyonu düşürmede kısmı bir başarı elde edildiyse de, sonraki yıllarda istikrar programları enflasyonu düşürmede yetersiz bir performans göstermiştir. Eğer gelecekte Türkiye'deki enflasyon aşağı çekilmek isteniyorsa, bu ilk once kapsamlı bir mali reformu gerektirmektedir

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