TEPAV Working Papers

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  Paving the Way for an Economic Crisis with High Leverage and Currency Mismatches: 2018-19 Crisis in Turkey 

  Özatay, Fatih (Economic Policy Research Foundation of Turkey, 2020-12-15)

  In the aftermath of the global financial crisis monetary policies in advanced economies caused a surge in cross-border lending to emerging market economies (EMEs). Policymakers of EMEs criticized those policies on the grounds that they pave the way for financial imbalances in EMEs and called for international policy coordination. Up to mid-2018 leverage of banks and foreign currency exposure of ...

  In the aftermath of the global financial crisis monetary policies in advanced economies caused a surge in cross-border lending to emerging market economies (EMEs). Policymakers of EMEs criticized those policies on the grounds that they pave the way for ...
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  Mind the Gap: Debt Limit and Fiscal Stimulus Debt Limit 

  Özatay, Fatih (Economic Policy Research Foundation of Turkey, 2019-10-30)

  Debt limit is public debt-to-GDP ratio above which financial markets stop lending to a sovereign. How wide the fiscal space –the difference between the current debt ratio and the debt limit- is essential for policymakers. However, this information ceases to be useful regarding up to which point in the fiscal space policymakers can take fiscal stimulus measures. We define “fiscal stimulus debt limit” ...

  Debt limit is public debt-to-GDP ratio above which financial markets stop lending to a sovereign. How wide the fiscal space –the difference between the current debt ratio and the debt limit- is essential for policymakers. However, this information ...
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  Investment Policy Framework for Turkey in the Twenty-First Century 

  Sak, Güven; Inan, Feride (Economic Policy Research Foundation of Turkey, 2016-2-28)

  This paper first briefly looks at Turkey’s economic history, followed by an evaluation of Turkey’s economic development and the major problems facing the Turkish economy, including the low level of high-tech exports. The next section reviews government policies and reforms in recent years. The third section is a discussion of key challenges facing investment development in Turkey. The paper concludes ...

  This paper first briefly looks at Turkey’s economic history, followed by an evaluation of Turkey’s economic development and the major problems facing the Turkish economy, including the low level of high-tech exports. The next section reviews government ...
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  Energy Policies and Their Impact on Investments 

  Turkey, Economic Policy Research Foundation of (Economic Policy Research Foundation of Turkey, 2016-6-30)

  Energy deficit is one of the most important reasons behind the current account deficit figures. Not able to create a sufficient value added on non- energy items, Turkey is left to deal with an increase in energy imports as well as a current account deficit fluctuating with global energy prices. One clear example is the recent 70 percent drop in oil prices positively affecting the relation between ...

  Energy deficit is one of the most important reasons behind the current account deficit figures. Not able to create a sufficient value added on non- energy items, Turkey is left to deal with an increase in energy imports as well as a current account ...

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