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Perspectives on High Real Interest Rates in Turkey / Prakash Kannan.
- Format:
- Book
- Government document
- Author/Creator:
- Kannan, Prakash.
- Series:
- IMF Working Papers; Working Paper ; No. 2008/251
- IMF working paper ; WP/08/251
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Interest rates--Turkey--Econometric models.
- Interest rates.
- Risk--Turkey--Econometric models.
- Risk.
- Fiscal policy--Turkey--Econometric models.
- Fiscal policy.
- Physical Description:
- 1 online resource (33 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2008.
- Language Note:
- English
- Summary:
- 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.
- Notes:
- Description based upon print version of record.
- Includes bibliographical references.
- Description based on online resource; title from PDF front page (ebrary, viewed February 26, 2014).
- ISBN:
- 9786612842023
- 9781462311392
- 1462311393
- 9781452716787
- 1452716781
- 9781451871098
- 1451871090
- 9781282842021
- 1282842021
- OCLC:
- 460638707
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