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

Cahiers de la Maison des Sciences Economiques from Université Panthéon-Sorbonne (Paris 1)

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 modelling 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: Exchange rate crisis; monetary policy; exchange rate-based stabilization program; Turkey; VECM (search for similar items in EconPapers)
JEL-codes: E42 E52 F31 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2006-01
New Economics Papers: this item is included in nep-fmk, nep-ifn and nep-mac
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Published in Economie internationale, 2006, 4, 108, pp. 5-26

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https://www.cairn.info/revue-economie-internationale-2006-4-page-5.htm

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:mse:wpsorb:bla06009

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