Turkey: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 364

Publication date: November 2007

ISBN: 9781451838237

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , lending , fiscal policy , saving rate , monetary policy transmission mechanism , disciplined fiscal policy , bank lending channel , spending rule , chapter II , government debt ratio , Mortgages , Private savings , Bank credit , Housing prices , Fiscal rules , Europe

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Summary

This Selected Issues paper on Turkey reviews a decline in private saving and adoption of a fiscal rule. As economic confidence has improved, capital inflows have surged while private saving has fallen. Together, these developments have produced current account deficits and a strong lira, raising concerns that Turkey may be exposed to sudden reversals in investor sentiment. A fiscal rule with appropriate mechanisms to monitor its compliance should deliver predictable policies, thus allowing further reductions in debt and risk premiums, thereby contributing to macroeconomic stability.