cam a22 2 b4500 530153785 CHVBK 20201027045012.0 m d cr |n |||||||| 130723e20110601dcu s|||| 0 |eng|d 978-1-4552-7048-4 1-4552-7048-2 (Trade Paper) : USD 18.00 Retail Price (Publisher) (SERSOL)ssj0001185720 (WaSeSS)ssj0001185720 BIP US WaSeSS Elekdag Selim Author The Role of Monetary Policy in Turkey During the Global Financial Crisis [Elektronische Daten] Washington International Monetary Fund June 2011 1 online resource (54 p.) Free full text available for some or all content. Article availability is subject to change without notice, according to publisher decision. Die Verfügbarkeit der Online-Ressourcen ist Entscheidung des Verlags oder des Urhebers und kann ohne vorherige Ankündigung geändert werden. Annotation Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis points over the November 2008 to November 2009 period. In this context, this paper addresses the following broad question: If an inflation targeting framework underpinned by a flexible exchange rate regime was not adopted, how much deeper would the recent recession have been? Counterfactual experiments based on an estimated structural model provide quantitative evidence which suggests that the recession would have been substantially more severe. In other words, the interest rate cuts implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis. Alp Harun Author http://elibrary.imf.org/view/IMF001/11973-9781455270484/11973-9781455270484/11973-9781455270484.xml Volltext frei zugänglich BK020053 XK020053 XK020000 IMF E-Library E-Books von 360MarcUpdates IDSBB FREE FREE OL NELFREE2004 IDSBB 100 1- Elekdag Selim Author IDSBB 700 1- Alp Harun Author IDSBB 856 40 http://elibrary.imf.org/view/IMF001/11973-9781455270484/11973-9781455270484/11973-9781455270484.xml Volltext frei zugänglich