ERKEN UYARI SİSTEMLERİ YOLUYLA TÜRKİYE’DEKİ EKONOMİK KRİZLERİN ANALİZİ
Year 2005,
Issue: 2, 39 - 62, 26.08.2011
Prof.dr. Cevat Gerni
Doç.dr. Ö. Selçuk Emsen
Yrd.doç.dr. M. Kemal Değer
Abstract
Türkiye ekonomisinde finansal liberalizasyon süreci ile ortaya çıkan faiz oranı-döviz kuru
ilişkisinin kırılgan bir yapı oluşturduğu ve bu durumun ülkenin risk priminin yükselmesiyle
birlikte ekonomik krizleri tetiklediği gözlenmiştir. Bu çerçevede ekonomide faiz oranı-döviz
kuru makasının yarattığı suni refah artışlarının ortaya çıkardığı krizler ve yüksek faiz
oranıyla birlikte suni biçimde değerlenen ulusal paranın sürdürülemezliği dikkat
çekmektedir.
References
- Adam, Christoper, Benno Ndulu and Nii Kwaku Sowa (1996) “Liberalization and Signorage Revenue in Kenya, Ghana and Tanzania”, The Journal of Development Studies, 32(4), 531-553.
- Berg, Andrew and Catherine Pattillo (1999) “Predicting Currency Crises: The Indicators Approach and an Alternative,” Journal of International Money and Finance, 18(4), 561-586.
- Calvo, Guillermo A., Carmen M. Reinhart and Carlos A. Vegh (1995) “Targeting the Real Excahnge Rate: Theory and Evidence”, Journal of Development Economics, 47, 97-133.
- Chang, Roberto and Andres Velasco (2000) “Banks, Debt Maturity and Fiancial Crises”, Journal of International Economics, 51, 169-194.
- Connolly, Michael B. and Dean Taylor (1984) “The Ecact-timing of the Collapse of an Exchange Rate Regime and its Impact on the Relative Price of Traded Goods”, Journal of Money, Credit, and Banking, 16(2), 194-207.
- Diaz-Alejandro, Carlos (1985) “Good-bye Financial Repression, Hello Financial Crash”, Journal of Development Economics, 19, 1-24.
- Dooley, Michael P., 2000, “Can Output Losses Following International Fiancial Crises Be Avoided?”, Natioanl Bureau of Economic Reserch, NBER Working Paper Series, Working Paper 7531, February 2000.
- Edin, Per-Anders and Andres Vredin (1993) “Devalusation Risk in Target Zones: Evidence from the Nordric Countries”, Economic Journal, 103, 161-175.
- Edison, J. Edison, 2000, “Do Indicators of Financial Crises Work? An Evaluation of an Early Warning Systems” Board of Governors of the Federal Reserve System, International Finance Discussion Papers, Number 675, July 2000, (http://papers.ssrn.com/sol3/Delivery.cfm/000802352.pdf?abstractid=238249&mirid=1) (November 2004).
- Edwards, Sebastian and Peter J. Montiel, 1989, “Devaluation Crises and the Macroeconomic Consequnces of Postponed Adjustment in Developing Countries”, Staff Papers, International Monetary Found, 36, 875-903.
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz, 1994, “Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System”, NBER Working Paper No. 4898, Cambridge, National Bureau of Economic Research.
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz (1995) “Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attacks”, Economic Policy, October, 249-312. http://faculty.haas.berkeley.edu/arose/ERW3EP.pdf
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz, 1996, “Contagious Currency Crises”, NBER Working Paper No. 5681, Cambridge, National Bureau of Economic Research.
- Flood, Robert P., Peter M. Garber and Charles Kramer (1996) “Collapsing Exchange Regimes: Another Linear Example”, Journal of Internatioanl Economics, 41, 223-234.
- Frankel, Jeffrey A. and Andrew K. Rose (1996) “Currency Crashes in Emerging Markets: An Empirical Treatment”, Journal of International Economics, 41, 351-366.
- Goldberg, Linda S. (1994) “Predicting Exchange Rate Crises Mexico Revisited”, Journal of International Economics, 36(3-4), 413-430.
- Gujarati, Damodar N., 1995, Basic Econometrics, Third Edition, McGraw-Hill, New York.
- Jooesten, Wink, 2004, “The Asian Financial Crisis in Retrospect: What Happened? What Can We Conclude?”, CPB Netherlands Bureau for Economic Policy Analysis, No. 87, CBP Memorendum.
- Kamin, Steven B. And John H. Rogers (1996) “Monetary Policy in the End-game to Exchange Rate Based Stabilizations: The Case of Mexico”, Journal of International Economics, 41, 285- 307.
- Kaminsky, Graciela L., and Carmen M. Reinhart (1999) “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” The American Economic Review, 89(3), 473-500.
- Kaminsky, Graciela L., Saul Lizondo and Carmen M. Reinhart, 1998, “Leading Indicators of Currency Crises”, International Monetary Fund Staff Papers. Vol 5, No 1.
- Kaminsky, Graciela L. and Leonardo Leiderman (1998) “High Real Interest Rates in the Aftermath of Disinflation: Is It a Lack of Credibility?”, Journal of Development Economics, 55, 191- 214.
- Krugman, Paul (1979) “A Model of Balance-of-Payments Crises”, Journal of Money, Credit, and Banking, 11(3), 311-325.
- Kumhof, Michael (2000) “A Quantitative Exploration of the Role of Short-term Domestic Debt in Balance of Payments Crises”, Journal of International Economics, 51, 195-215.
- Lahiri, Amartya (2000) “Disinflation Programs and Policy Uncertainty”, Journal of International Economics, 50, 351-373.
- Manasse, Paolo, Nouriel Roubini and Axel Schimmelpfennig 2003, “Predicting Sovereign Debt Crises”, IMF Working Paper/02/221, November.
- Mendoza, Enrique G. (1991) “Real Business Cycles in a Small Open Economy”, The American Economic Review, 81(4), 797-818.
- Obstfeld, Maurice (1996) “Models of Currency Crises with Self-fulfilling Features”, European Economic Review, 40, 1037-1047.
- Öniş, Ziya (2004) “The Varieties and Crises of Neo-Liberal Globalizaion: Argentina, Turkey and the IMF Nexus”, (Submitted for Publication), http://home.ku.edu.tr/~zonis/Argentina.pdf (December 2004).
- Patinkin, Don (1993) “Israle’s Stabilization Program of 1985, or Some Simple Truths of Monetary Theory”, Journal of Economic Perspectives, 7(2), 103-128.
- Reinhart, Carmen M. And Carlos A. Vegh (1995) “Nominal Interest Rates, Consumption Booms, and Lack of Credibility: A Quantitative Examination”, Journal of Development Economics, 46, 357-378.
- Tornell, Aaron (2002) “Economic Crises and Reform in Mexico”, Crony Capitalism and Economic Growth in Latin America: Theory and Evidence, Ed. Stephen Haber, Hoover Institution, 2002, 127-150. (http://www.hoover.stanford.edu/pablicationsy/books/fulltext/crony/127.pdf) (November 2004).
- Velasco, Andres (1987) “Financial and Balance of Payments Crises: A Simple Model of the Southern Cone Experience” Journal of Development Economics, 27, 263-283.
- Wolf, Charles Jr. (1999) “Markets, Not Architects, Will Solve Economic Crises” Wall Street Journal, 20 July 1999. (http://www.imfsite.org/reform/wolf.html) (November 2004).
- World Development Report 2000/2001, Managing Economic Crises and Natural Disasters, (http://www.worldbank.org/poverty/wdrpoverty/report/ch11.pdf) (July 2004).
Year 2005,
Issue: 2, 39 - 62, 26.08.2011
Prof.dr. Cevat Gerni
Doç.dr. Ö. Selçuk Emsen
Yrd.doç.dr. M. Kemal Değer
References
- Adam, Christoper, Benno Ndulu and Nii Kwaku Sowa (1996) “Liberalization and Signorage Revenue in Kenya, Ghana and Tanzania”, The Journal of Development Studies, 32(4), 531-553.
- Berg, Andrew and Catherine Pattillo (1999) “Predicting Currency Crises: The Indicators Approach and an Alternative,” Journal of International Money and Finance, 18(4), 561-586.
- Calvo, Guillermo A., Carmen M. Reinhart and Carlos A. Vegh (1995) “Targeting the Real Excahnge Rate: Theory and Evidence”, Journal of Development Economics, 47, 97-133.
- Chang, Roberto and Andres Velasco (2000) “Banks, Debt Maturity and Fiancial Crises”, Journal of International Economics, 51, 169-194.
- Connolly, Michael B. and Dean Taylor (1984) “The Ecact-timing of the Collapse of an Exchange Rate Regime and its Impact on the Relative Price of Traded Goods”, Journal of Money, Credit, and Banking, 16(2), 194-207.
- Diaz-Alejandro, Carlos (1985) “Good-bye Financial Repression, Hello Financial Crash”, Journal of Development Economics, 19, 1-24.
- Dooley, Michael P., 2000, “Can Output Losses Following International Fiancial Crises Be Avoided?”, Natioanl Bureau of Economic Reserch, NBER Working Paper Series, Working Paper 7531, February 2000.
- Edin, Per-Anders and Andres Vredin (1993) “Devalusation Risk in Target Zones: Evidence from the Nordric Countries”, Economic Journal, 103, 161-175.
- Edison, J. Edison, 2000, “Do Indicators of Financial Crises Work? An Evaluation of an Early Warning Systems” Board of Governors of the Federal Reserve System, International Finance Discussion Papers, Number 675, July 2000, (http://papers.ssrn.com/sol3/Delivery.cfm/000802352.pdf?abstractid=238249&mirid=1) (November 2004).
- Edwards, Sebastian and Peter J. Montiel, 1989, “Devaluation Crises and the Macroeconomic Consequnces of Postponed Adjustment in Developing Countries”, Staff Papers, International Monetary Found, 36, 875-903.
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz, 1994, “Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System”, NBER Working Paper No. 4898, Cambridge, National Bureau of Economic Research.
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz (1995) “Exchange Market Mayhem: The Antecedents and Aftermath of Speculative Attacks”, Economic Policy, October, 249-312. http://faculty.haas.berkeley.edu/arose/ERW3EP.pdf
- Eichengreen, Barry, Andrew Rose, and Charles Wyplosz, 1996, “Contagious Currency Crises”, NBER Working Paper No. 5681, Cambridge, National Bureau of Economic Research.
- Flood, Robert P., Peter M. Garber and Charles Kramer (1996) “Collapsing Exchange Regimes: Another Linear Example”, Journal of Internatioanl Economics, 41, 223-234.
- Frankel, Jeffrey A. and Andrew K. Rose (1996) “Currency Crashes in Emerging Markets: An Empirical Treatment”, Journal of International Economics, 41, 351-366.
- Goldberg, Linda S. (1994) “Predicting Exchange Rate Crises Mexico Revisited”, Journal of International Economics, 36(3-4), 413-430.
- Gujarati, Damodar N., 1995, Basic Econometrics, Third Edition, McGraw-Hill, New York.
- Jooesten, Wink, 2004, “The Asian Financial Crisis in Retrospect: What Happened? What Can We Conclude?”, CPB Netherlands Bureau for Economic Policy Analysis, No. 87, CBP Memorendum.
- Kamin, Steven B. And John H. Rogers (1996) “Monetary Policy in the End-game to Exchange Rate Based Stabilizations: The Case of Mexico”, Journal of International Economics, 41, 285- 307.
- Kaminsky, Graciela L., and Carmen M. Reinhart (1999) “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” The American Economic Review, 89(3), 473-500.
- Kaminsky, Graciela L., Saul Lizondo and Carmen M. Reinhart, 1998, “Leading Indicators of Currency Crises”, International Monetary Fund Staff Papers. Vol 5, No 1.
- Kaminsky, Graciela L. and Leonardo Leiderman (1998) “High Real Interest Rates in the Aftermath of Disinflation: Is It a Lack of Credibility?”, Journal of Development Economics, 55, 191- 214.
- Krugman, Paul (1979) “A Model of Balance-of-Payments Crises”, Journal of Money, Credit, and Banking, 11(3), 311-325.
- Kumhof, Michael (2000) “A Quantitative Exploration of the Role of Short-term Domestic Debt in Balance of Payments Crises”, Journal of International Economics, 51, 195-215.
- Lahiri, Amartya (2000) “Disinflation Programs and Policy Uncertainty”, Journal of International Economics, 50, 351-373.
- Manasse, Paolo, Nouriel Roubini and Axel Schimmelpfennig 2003, “Predicting Sovereign Debt Crises”, IMF Working Paper/02/221, November.
- Mendoza, Enrique G. (1991) “Real Business Cycles in a Small Open Economy”, The American Economic Review, 81(4), 797-818.
- Obstfeld, Maurice (1996) “Models of Currency Crises with Self-fulfilling Features”, European Economic Review, 40, 1037-1047.
- Öniş, Ziya (2004) “The Varieties and Crises of Neo-Liberal Globalizaion: Argentina, Turkey and the IMF Nexus”, (Submitted for Publication), http://home.ku.edu.tr/~zonis/Argentina.pdf (December 2004).
- Patinkin, Don (1993) “Israle’s Stabilization Program of 1985, or Some Simple Truths of Monetary Theory”, Journal of Economic Perspectives, 7(2), 103-128.
- Reinhart, Carmen M. And Carlos A. Vegh (1995) “Nominal Interest Rates, Consumption Booms, and Lack of Credibility: A Quantitative Examination”, Journal of Development Economics, 46, 357-378.
- Tornell, Aaron (2002) “Economic Crises and Reform in Mexico”, Crony Capitalism and Economic Growth in Latin America: Theory and Evidence, Ed. Stephen Haber, Hoover Institution, 2002, 127-150. (http://www.hoover.stanford.edu/pablicationsy/books/fulltext/crony/127.pdf) (November 2004).
- Velasco, Andres (1987) “Financial and Balance of Payments Crises: A Simple Model of the Southern Cone Experience” Journal of Development Economics, 27, 263-283.
- Wolf, Charles Jr. (1999) “Markets, Not Architects, Will Solve Economic Crises” Wall Street Journal, 20 July 1999. (http://www.imfsite.org/reform/wolf.html) (November 2004).
- World Development Report 2000/2001, Managing Economic Crises and Natural Disasters, (http://www.worldbank.org/poverty/wdrpoverty/report/ch11.pdf) (July 2004).