POLICY ISSUES AND THE 2001 CRISIS

Year 2006, Volume: 2 Issue: 4, 63 - 77, 01.12.2006

Hakan Sarıbaş

Abstract

This article takes up the subject of policy prescriptions and offers a particular policy implication for Turkey’s latest currency crisis. After the outbreak of the East Asian crises, the IMF initially implemented a set of macroeconomic policies so as to reestablish financial market confidence in those countries. A number of prominent economists heavily criticized the IMF’s macroeconomic programs and argued that its contractionary programs exacerbated the turmoil in the markets rather than actually improving it. The IMF’s view and the views of its critics are briefly introduced in the initial section. Their relevance and usefulness for Turkey are then assessed on the basis of the circumstances in the country. After these assessments, it is concluded that neither the IMF view nor the views of its critics perfectly suits Turkey and a combination of both views a contractionary fiscal and an expansionary monetary policy provides the best policy mix for reestablishing market confidence

Keywords

Currency Crises, Fiscal Policy, Monetary Policy, East Asia, Turkey

POLİTİKA TARTIŞMALARI VE 2001 KRİZİ

Abstract

Bu makale alternatif politika seçeneklerini tartışmakta ve Türkiye’nin en son döviz krizine en uygun olan bir politika seçeneği sunmaktadır. Uzakdoğu krizlerinin çıkmasından sonra, IMF bu ülkelerde yeniden mali güveni tesis etmek için bir dizi makro-iktisat politikaları uyguladı. Bazı önemli iktisatçılar IMF’nin bu politikalarını ağır bir biçimde eleştirdiler ve IMF’nin daraltıcı poltiklarının krizi gidermek yerine daha da ağırlaştırdığını iddia ettiler. IMF ve karşıtlarının politika önerileri ilk bölümde özetlenmektedir. Daha sonra Türkiye’nin kendi koşullarında IMF ve karşıtlarının politika önerilerinin Türkiye’ye uygulanabilirliği tartışılmakta; netice olarak ne IMF ne de karşıtlarının politika önerilerinin tam olarak uygun olmadığı kanaatine varılmaktadır. Her iki görüşün bir kombinasyonu olan daraltıcı maliye ve genişletici para politikalarının birlikte uygulanmasının ideal olduğu ileri sürülmektedir

Keywords

Döviz Krizleri, Maliye Politikası, Para Politikası, Uzak Doğu, Türkiye

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