This paper analyzes broad money demand in Turkey between 1987 and 2001, a period characterized by a process of financial sector liberalization, implemented using various structural reforms and deregulations. It presents the historical background and the pace of liberalization, accompanied by a...

This paper investigates the determinants and financial crowding out consequences of nonfinancial firms’ holdings of financial assets (FA) including government bonds and securities (GS) in Turkey using the firm level data compiled by the Central Bank of the Republic of Turkey over the 1990-2004...

The aim of this study is to analyze regional disparities and to test the convergence hypothesis across the provinces in Turkey. The study also attempts to analyze the spatial spillovers in the growth process of the provinces. The analyses cover the 1987-2001 period. Two alternative methodologies...

This study examines the determinants of the price-cost margins in the Turkish manufacturing industry spanning from 1995 to 2003. The literature on this subject points to the importance of market structure, business cycles and input costs. Utilizing panel data econometric techniques on a large...

This study analyses the impact of exchange rates on domestic prices in Turkey. We seek to demonstrate the variations (if any) in the exchange rate pass-through across different exchange rate regimes, identify the determinants of this change, and characterize the degree and extent of pass-through...

The recent studies by Blanchard (2004) and Favero and Giavazzi (2004) imply that a tight monetary policy consistent with an inflation-targeting framework in emerging market economies could actually increase the price level due to the lack of fiscal discipline and the associated high risk...