TÜRKİYE’DE SICAK PARANIN EKONOMİ POLİTİĞİ
ECONOMIC POLICY IN TURKEY
Author(s): Şevki ÖzbilenSubject(s): National Economy, Business Economy / Management, Energy and Environmental Studies, Public Administration, Economic history, Economic policy, Government/Political systems, International relations/trade, Political economy, Social development, Economic development, Post-War period (1950 - 1989), Transformation Period (1990 - 2010), Financial Markets, Public Finances, Sociology of Politics, Socio-Economic Research
Published by: Sage Yayınları
Keywords: Hot Money; Interest/ Exchange Rate Arbitrage; Balance of Payement; Finanvcial Fragility;
Summary/Abstract: In this paper, we aim at analyzing financial and economic problems that stem from the 24TH January decrees as regards the Turkish economy. With the decrees of 24 th January put into force in 1980, Turkish economy was liberalized, and in 1989 by cabinet decree number 32 all audit and controls on financial transaction were removed, starting the process of deregulation. The incereasing rate of inflation and government policies heavily exploiting domestic and foreign credit resulted in a flow of hot money into the Turkish market. Hot Money does not lead to employement or investment. Rather, it aims to “make money out of money”. İn the Turkish market, hot Money provides its investors with interest-exchange rate arbitrage, while it has increased the balance of payement. In this context, trough agrements with IMF, Turkish economy has become increasingly volatile and financial fragility has considerably increasied.
Journal: TURAN-SAM
- Issue Year: 1/2009
- Issue No: 4
- Page Range: 8-15
- Page Count: 8
- Language: Turkish