Turkey: Selected Issues Paper

International Monetary Fund

No 2013/364, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper analyzes the capital flows in Turkey. The empirical analysis in this paper uses exchange market pressure index to identify the determinants of capital flows to Turkey. It is observed that exchange market pressures in Turkey seem to a degree, larger than in other emerging economies, and to be linked to risk factors, both global and country specific. In particular, there seems to be a stronger link to the interest rates in advanced economies, which given forthcoming tightening of the U.S. monetary policy, is likely to intensify pressures on lira.

Keywords: ISCR; CR; Turkey; FX; bank; FDI; ROM facility; FX reserve; FX intervention; FX sale auction; EMP Index; break-even ROC; IMF staff calculation; Current account; Current account deficits; Government asset and liability management; Global; Africa (search for similar items in EconPapers)
Pages: 56
Date: 2013-12-20
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