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AN ASSESSMENT OF IMF POLICIES: THE CASE OF TURKEY

Year 2005, Volume: 6 Issue: 24, 243 - 255, 10.06.2005
https://doi.org/10.14783/maruoneri.680969

Abstract

This paper takes issue with the IMF’s continued advocacy of liberalization andfîscal and monetary restraint in Turkey, by assessing the impact of the last tıvo stand-by agreements in 1999 and 2000. We investigate the preconditions of the twin crises if 2000 and 2001 and conclııde that the initiation of the 1999 Stand-by Agreement should have been conditional on structııral reforms in the banking sector. Besides, it is argued that the IMF imposed its policy prescriptions ıvithout suffıcient consideration of the market imperfections that prevail in Turkey. On the fıscal side, we defend targeted spending in key areas, particularly where there is complementariness between efficiency, productivity, relative cost and distributive fairness. We defend the view that the disinflationary, groıvth and human development agendas should be carried out simııltaneously.

References

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  • [11] CBT (Central Bank of Turkey). (2001). Periodical Statistics. (www.tcmb.gov.tr). [22.12.2002].
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  • [15] WORLD BANK. (2000). Turkey, Country Economic Memorandum. Report No: 20657-TU, Washington.
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  • [17] Kumcu, E. & Eğilmez, M. (2002), Ekonomi Politikası, Teori ve Türkiye Uygulaması. İstanbul: OM Yayınevi.
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  • [31] Bowles, S. & Gintis, H. (1996). Effıcient Redistribution: New Rules For Markets, States, and Communities. Politics & Society, 24(4), 36-54.
  • [32] Sen, A. (1997). From Income Inequality to Economic Inequality. Southern Economic Journal, 64(2), 384-401.
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  • [44] (2003). IMF mission returns to Turkey to resume review talks. Turkish Daily News Newspaper, February 8. (www.turkishdailynews.com.tr). [30.05.2001 ].
  • [45] IMF Survey (2000). Military expenditures 1990-2000.
  • [46] (2003). Krueger: Türkiye Bizi Şaşırttı. Radikal Daily Newspaper, Jan 28. (www.radikaI.com.tr). [28.01.2003].
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  • [48] (2003). IMF mission returns to Turkey to resume review talks. Turkish Daily News Newspaper, February 8. (www.turkishdailynews.com.tr). [08.02.2003].
  • [49] Ministry of Finance. (2001). Tax Statistics 2001.
  • [50] Ministry of Finance. (2002). Tax Statistics 2002.
Year 2005, Volume: 6 Issue: 24, 243 - 255, 10.06.2005
https://doi.org/10.14783/maruoneri.680969

Abstract

References

  • [1] Stiglitz, J.E. (2002). Globalization and its Discontents, New York: W. W. Norton & Co.
  • [2] Stiglitz, J.E. (2001). Joseph Stiglitz and the World Bank: The Rebel IVithin. (Ed. Ha-Joon Chang). London: Anthem Press.
  • [3] Rogoff, K. (2002). An Öpen Letter. Washington: IMF, July 2. (http://www.imf.org/external/np/vc/2002/070202.htm). [10.09.2002].
  • [4] Rogoff, K. (2003). The IMF Strikes Back. Foreign Policy, 134,38-46.
  • [5] Sen, A. (1999). Development as Freedom. New York: Anchor Books.
  • [6] Boratav, K. & Yeldan, E. (2002). Turkey, 1980-2000: Financial Liberalization, Macroeconomic (In)-Stability and Patterns of Distribution. Unpublished Manuscript. (http://www.bilkent.edu.tr/~yeldan e/B&YCEP A2002.PDF) [10.08.2002],
  • [7] Ertuğrul, A. & Selçuk, F. (2001). A Brief Account of the Turkish Economy: 1980-2000. Russian and East European Finance and Trade, 37(6), 6-28.
  • [8] IMF. (2000). Financial Programming and Policy: The Case of Turkey. (Barth, R. & Hemphı'll, W.). (http://www.imf.org/external/pubs/nft/2000/Turkey/ index.htm [05.09.2002].
  • [9] Treasury of Turkey. (1999). IMF Letter of Intent - Turkey, Stand-by Arrangement. (www.treasury.gov.tr). [15.12.2002] ,
  • [10] CBT (Central Bank of Turkey). (2001). Yearly Report. (www.tcmb.gov.tr). [22.12.2002].
  • [11] CBT (Central Bank of Turkey). (2001). Periodical Statistics. (www.tcmb.gov.tr). [22.12.2002].
  • [12] SİS (State Institute of Statistics). (2002). Various News Bulletins, September 30 and December 3 (www.die.gov.tr). [25.12.2002] .
  • [13] Özatay, F. & Sak, G. (2002). The 2000 - 2001 Financial Crisis in Turkey. Brookings Trade Forum 2002: Currency Crises, Washington D.C., May, 2.
  • [14] Radalet, S. & Sachs, J. (1998). The Onset of the East Asian Financial Crises. NBER, Working Papers, 6680.
  • [15] WORLD BANK. (2000). Turkey, Country Economic Memorandum. Report No: 20657-TU, Washington.
  • [16] Danielsson, J. & Saltoğlu, B. (2002). Anatomy of a Market Crash: A Market Microstructure Analysis of the Turkish Overnight Liquidity Crisis. (www.RiskResearch.org) [18.12.2002],
  • [17] Kumcu, E. & Eğilmez, M. (2002), Ekonomi Politikası, Teori ve Türkiye Uygulaması. İstanbul: OM Yayınevi.
  • [18] Akyüz, Y. & Boratav, K. (2002). Türkiye’de Finansal Krizin Oluşumu. İktisat, İşletme veFinans, 198, 14-46.
  • [19] Akat, A.S. 2002. Makroiktisat Ders Notları. İstanbul: İstanbul Bilgi Üniversitesi.
  • [20] (2000). Türkiyenin 10-20 Senesine Daha Yazık Olur. Radikal Daily Newspaper, June 3. (www.radikal.com.tr). [03.06.2000].
  • [21] (2002). İşçi % 35T Kabul Etmiyor. Radikal Daily Newspaper, Jan 28. (www.radikal.com.tr). [28.02.2002].
  • [22] Yeldan, E. (2001). Küreselleşme Sürecinde Türkiye Ekonomisi. İstanbul: İletişim Yayınları.
  • [23] Stiglitz, E. & Weiss, A.W. (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review, 71(3). 393-410.
  • [24] Stiglitz, J.E., (2002). Information and Change in the Paradigm of Economics. American Economic Review, 92(3). 460-501.
  • [25] WORLD BANK. (1999). Knowledge for Development: 1998/1999 World Development Report. Washington D.C.: World Bank/ Oxford University Press.
  • [26] Atiyas, I. & Ersel, H. (1994). The Impact of Financial Reform: The Turkish Experience. Financial Reform: Theory and Practice. (Ed.: Atiyas, I.; Caprio, G. & Hanson, J.A.). Cambridge: Cambridge University Press.
  • [27] Hoff, K. (1996). Market Failures and the Distribution of Wealth: A Perspective From the Economics of Information. Politics & Society, 24(4), 411-432.
  • [28] Hoff, K. & Stiglitz, J.E. (2001). Modern Economic Theory and Development. Frontiers of Development Economics: The Future in Perspective. (Ed.: Meier, G.M.). Washington: World Bank/Oxford University Press.
  • [29] Bernanke, B.S. (1991). Credit in the Macroeconomy. Quarterly Review, 18(1). 50-71.
  • [30] Blinder, A.S. & Stiglitz, J.E. (1983). Money, Credit Constraints, and Economic Activity. The American Economic Review, 73(2), 297-302.
  • [31] Bowles, S. & Gintis, H. (1996). Effıcient Redistribution: New Rules For Markets, States, and Communities. Politics & Society, 24(4), 36-54.
  • [32] Sen, A. (1997). From Income Inequality to Economic Inequality. Southern Economic Journal, 64(2), 384-401.
  • [33] Sen, A. (1992). Inequality Reexamined. Cambridge Mass.: Harvard University Press.
  • [34] Sen, A. (1985). Commodities and Capabilities. Amsterdam: North-Holland.
  • [35] Sen, A. (1987). The Standard of Living. Cambridge: Cambridge University Press.
  • [36] WORLD BANK. (2002). Country Brief - Turkey, (http://lnwebl8.worldbank.org/ECA/eca.nsf/Countries/Tur key/321 AC433F685E99F85256C3F006C03D0?OpenDocu ment). [18.11.2002].
  • [37] Dreze, J. & Sen, A. (1989). Hunger and Public Action. Oxford: Oxford University Press.
  • [38] Dreze, J. & Sen, A. (2002). India: Development and Participation. Oxford: Oxford University Press.
  • [39] WHO(World Health Organization). (1998). Estimates of Health Personnel. (http://www3.who.int/whosis/ health_personnel/health_personnel.cfm). [25.12.2002],
  • [40] WORLD BANK. (2000). Turkey: Economic Reforms, Living Standards and Social Welfare Study. Report No. 20029-TU. (http://www-wds.worldbank.org/servlet/WDS ContentServer/WDSP/IB/2000/04/05/000094946_0002250 5304527/Rendered/PDF/multi_page.pdf). [23.09.2002],
  • [41] OECD, Education at a Glance 2003, Table C1.3 (http://www.oecd.org/edu/eag2003). [23.09.2002].
  • [42] Stockholm International Peace Research İnstitute (SIPRI). (2002). The SIPRI Military Expenditure Database.
  • [43] (2001). Turkey moves towards setting up costly space programs. Turkish Daily News Newspaper, May 30. (www.turkishdailynews.com.tr). [30.05.2001 ].
  • [44] (2003). IMF mission returns to Turkey to resume review talks. Turkish Daily News Newspaper, February 8. (www.turkishdailynews.com.tr). [30.05.2001 ].
  • [45] IMF Survey (2000). Military expenditures 1990-2000.
  • [46] (2003). Krueger: Türkiye Bizi Şaşırttı. Radikal Daily Newspaper, Jan 28. (www.radikaI.com.tr). [28.01.2003].
  • [47] Ilgın, Y. (2002). Kayıtdışı Ekonomiyi Tahmin Yöntemleri ve Türkiye’de Durum. DPT Planlama Dergisi, 42. Yıl Özel Sayısı, 145-156.
  • [48] (2003). IMF mission returns to Turkey to resume review talks. Turkish Daily News Newspaper, February 8. (www.turkishdailynews.com.tr). [08.02.2003].
  • [49] Ministry of Finance. (2001). Tax Statistics 2001.
  • [50] Ministry of Finance. (2002). Tax Statistics 2002.
There are 50 citations in total.

Details

Primary Language English
Journal Section Eski Sayılar
Authors

Arzu Akkoyunlu Wıgley This is me

Erhan Aslanoğlu This is me

Publication Date June 10, 2005
Published in Issue Year 2005 Volume: 6 Issue: 24

Cite

APA Akkoyunlu Wıgley, A., & Aslanoğlu, E. (2005). AN ASSESSMENT OF IMF POLICIES: THE CASE OF TURKEY. Öneri Dergisi, 6(24), 243-255. https://doi.org/10.14783/maruoneri.680969

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Öneri

Marmara UniversityInstitute of Social Sciences

Göztepe Kampüsü Enstitüler Binası Kat:5 34722  Kadıköy/İstanbul

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