La crise monétaire turque de 2000/2001: analyse de l'échec du plan de stabilisation par le change du FMI

Jérôme Héricourt and Julien Reynaud

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Abstract: This article empirically investigates the failure of the Exchange Rate-Based Stabilisation Program started in Turkey in January 2000, under the IMF supervision. For that purpose, a Vectorial Error Correction Model integrating an uncovered interest rate parity modeling short term deviations is estimated. We use an unusual daily database to take into account the everyday commitment of monetary authorities for the crawling exchange rate. The results show the inability of the central bank to sustain the program, despite its seeming flexibility. Indeed, the monetary instrument apparently left to the central bank, namely the monetary base, was actually mainly market-determined.

Keywords: Turkey; exchange rate-based stabilization program; monetary policy; Exchange rate crisis; Crise de change; VECM; Turquie; Plan de Stabilisation par le Change; politique monétaire (search for similar items in EconPapers)
Date: 2006-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00084717
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Published in 2006

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Related works:
Working Paper: La crise monétaire turque de 2000/2001: analyse de l'échec du plan de stabilisation par le change du FMI (2006)
Working Paper: La crise monétaire turque de 2000/2001: analyse de l'échec du plan de stabilisation par le change du FMI (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00084717

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