EconPapers    
Economics at your fingertips  
 

Comparing 1994, 2001 And 2008 Currency Crises In Turkey

Dimitrios Dapontas ()

Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), 2011, vol. 58, 91-102

Abstract: This paper is comparing the currency crises in Turkey for 20 years (from 1990 till today) and to distinguish their causes divided in three periods (1990-1995), (1995-2002) and (2002-2009). My goal is to compare these incidents to find similarities and differences among them for the very first time for the country’s analysis. The forward spread is selected as a dependent variable along with a set of independent macroeconomic and social variables (balance of payments, crisis elsewhere, real effective exchange rate, foreign exchange reserves, gold price, lending rate, money, external debt and consumer price level) examining these variables for a twenty year period (January 1990- December 2009) the largest set availiable in refered literature I examined their relation to the forward spread, following the feasible least squares methodology. This innovative approach is used for the first time in the field and it has the major advantages of least squares methodology along with panel data analysis flexibility. The results show that the crisis of 1994 had to do with fundamentals (first generation theoretical framework), the 2001 crisis with economic condition and policy (modified first generation) and the 2008 crisis with contagion and the global credit crunch (third generation).None of these crises were linked as previous works mentioned and the 2008 turbulence can be rated as a crisis according to my criteria. "

Keywords: currency crisis; developing economies; structural reforms. (search for similar items in EconPapers)
JEL-codes: F41 P33 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://anale.feaa.uaic.ro/anale/resurse/fin5dapontas.pdf (application/pdf)
http://anale.feaa.uaic.ro/anale/ro/Arhiva%202011-Dapontas/392 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aic:journl:y:2011:v:57:p:91-102

Access Statistics for this article

More articles in Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015) from Alexandru Ioan Cuza University, Faculty of Economics and Business Administration Contact information at EDIRC.
Bibliographic data for series maintained by Sireteanu Napoleon-Alexandru ().

 
Page updated 2021-05-25
Handle: RePEc:aic:journl:y:2011:v:57:p:91-102