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Perspectives on high real interest rates in Turkey /
The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors--doubts about the sustain...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
©2008.
©2008 |
| Colección: | IMF working paper ;
WP/08/251. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors--doubts about the sustainability of disinflation and the existence of a risk premium--have a significant impact on the level of real interest rates in Turkey. Importantly, fiscal policy variables are shown to affect both these factors, suggesting that a more credible and prudent fiscal policy can help reduce real interest rates in Turkey. |
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| Notas: | At head of title: European Department. "October 2008." |
| Descripción Física: | 1 online resource (31 pages) : illustrations (some color) |
| Bibliografía: | Includes bibliographical references (pages 28-31). |
| ISBN: | 9781451915624 1451915624 |