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1

2

3 IMFa IMF SAP etatism

4 Alper and Uçer: Metin-Özcan. SelçukErtuğrul and SelçukAkat CBRTb: Ertuğrul and Selçuk:

5 CBRTCentral Bank of the Republic of Turkey Celasun IMF CBRTb: Sargent and WallaceFischer and Easterly Selçuk

6 CBRTCentral Bank of the Republic of Turkeyhttp:// IMF IMF Celasun IMF DP

7 IMFa GNP CBRTCentral Bank of the Republic of Turkey

8 Celasun, tablo, CBRTCentral Bank of the Republic of Turkeyhttp:// DP Akyüz and Boratav

9 IMF M Lim and Papi: Kibritçioğlu: Kibritçioğlu

10 A De Santis A Ateşoğlu and Dutkowsky Q&A Metin-Özcan A İnsel A Metin-Özcan A Rodric A Togan M Öniş and Özmuncur A Akçay, Alper and Özmucur A Akçay, Alper and Özmucur A Darrat Q Lim and Papi Q Agenor and Hoffmaister Q Dibooğlu and Kibritçioğlu M Baum et al. M Akyürek Q Akçay, Alper and Özmucur Q Cizre-Sakkalıoğlu and Yeldan M Alper and Uçer M Erlat Kibritçioğlu

11 Tanzi TanziVan Wijnbergen GNP Neyaptı:, Akçay, Alper and Özmucur Fitzgerald M r=.

12 CBRTCentral Bank of the Republic of Turkey IMFa CBRTCentral Bank of the Republic of Turkey

13 Shirvani and Wilbratte Neyaptı McCandless and Weber M, M, M

14 Akçay, Alper and Özmucur seignorage RodrikSelçuk short-term advances to the Treasury GNP. GNP M GNP

15 Turkish Treasury CBRTCentral Bank of the Republic of Turkey M MM GNP mp stationary ADF p m

16 GNP CBRT: a: : CBRT:, Table.A, Note () Central Bank of Turkey Electronıc Data Delıvery, System Monetary Authorities - Sectoral Accounts CBRT:, Table.L CBRTCentral Bank of the Republic of Turkeyhttp:// State Planning Organization IMF[a] ( ) + p = α + β m0 + β m0 2 ε 1 2 mm GNP ε p = α + β m0 + β m0( 2) + ε **.**.**

17 GNP CBRTCentral Bank of the Republic of Turkey t ** MMMXM M MX MM M M M

18 β 1 β 2 F m.**.**..**. m.**.*..**. m.**.**..**. mx.**.**..**. p= + m + m+ m MMM MX GNP mm mmx M + M + MM+ MXM+ * ** seçim ekonomisi ErgüderTutar and Tansel Tutar and Tansel

19 GNP CBRTCentral Bank of the Republic of Turkey GX ELEC GX ADF GX dgx

20 d(gx)= + ELEC+....*.. t F.* * CBRTCentral Bank of the Republic of Turkey dgx Chow GNP.

21 Berument and Neyaptı Cukierman and Webb IMF short-term advancescredit

22 *.a b c d a b c a b c d e f g h Cukierman, Webb and Neyaptı Berument and Neyaptı *t Berument and Neyaptı.. t Cukierman, Miller and NeyaptıMaliszewski

23 IMF IMF IMF IMF IMFb IMFcde

24 IMF IMF Bilkent Üniversitesi Merih Celasun, Erinç Yeldan, Bilin Neyaptı Ömer Faruk Gençkaya Türkiye Cumhuriyet Merkez Bankası Ercan Tanrısal Yüksel Görmez CBRT: CBRT: IMF

25 CBRT: PKK CBRTb: Alper and Öniş Celasun and Arslan,,,,,,,,,,,,,,,, Turkish Treasury State Planning Organization Selçuk: Rodrik: Celasun, Denizer and He

26 IMF, SDR Facility,,,,,,,,,,,,,,,,,,,, IMF CBRTCentral Bank of the Republic of Turkey EU Boratav, Yeldan, and Köse

27 Glick and Hutchison Celasun: Sargent and Wallace TÜSİAD Akat Tanzi Cameron

28 aggregate cash balances Cameron : CBRT GNP. Grilli, Masciandaro and Tabellini Cukierman Miller and Neyaptı No.

29 No. Agenor, Pierre-Richard and Alexander W. Hoffmaister Money, Wages and Inflation in Middle-Income Developing Countries, International Monetary Fund Working Paper, WP//, December. Akat, Asaf Savaş The Political Economy of Turkish Inflation, Journal of International Affairs, (), Fall, pp.. Akçay, O. Cevdet, C. Emre Alper and Süleyman Özmucur Budget Deficit, Money Supply and Inflation: Evidence from Low and High Frequency Data from Turkey, Boğaziçi University Research Papers, SBE. and Budget Deficit, Inflation and Debt Sustainability: Evidence from Turkey (), Boğaziçi University Institute of Social Sciences Working Paper, ISS/EC, İstanbul. Akyürek, Cem An Empirical Analysis of Post-Liberalization Inflation in Turkey, Yapi Kredi Economic Review, (), December, pp.. Akyüz, Yılmaz and Korkut Boratav The Making of the Turkish Financial Crisis, Paper prepared for a Conference on Financialization of the Global Economy, PERI, University of Massachusetts, December,, Amherst, Mass. Alper, C. Emre and Murat Üçer Some Observations on Turkish Inflation: A Random Walk Down the Past Decade, Boğaziçi Journal, (), pp.. Alper, C. Emre and Ziya Öniş Financial Globalization, the Democratic Deficits and Recurrent Crises in Emerging Markets: The Turkish Expericne in the Aftermath of Capital Account Liberalization, Boğaziçi University. Ateşoğlu, H. Sönmez and Donald H. DutkowskyApplied Economics Letters, (), February, pp.. Baum, Christopher F., John T. Barkoulas and Mustafa Cağlayan Persistence in International Inflation Rates, Southern Economic Journal,, pp.. Berument, Hakan and Bilin Neyaptı Türkiye Cumhuriyet Merkez Bankası Ne Kadar Bağımsız? Department of Economics, Bilkent University. Boratav, Korkut, Erinç Yeldan and Ahmet H. Köse Turkey: Globalization, Distribution and Social Policy, in Lance Taylor ed., External Liberalization, Economic Performance and Social Policy, Oxford: Oxford University Press. Cameron, David R. Does government Cause Inflation? Taxes, Spending, and Deficits, in Leon N. Lindberg and Charles S. Maier eds., The Politics of Inflation and Economic Stagflation: Theoretical Approaches and International Case Studies,

30 Washington, D. C.: The Brookings Institution. CBRTAnnual Report 1989, Central Bank of the Republic of Turkey. Annual Report 1990, Central Bank of the Republic of Turkey. Annual Report 1991, Central Bank of the Republic of Turkey. Annual Report 1999, Central Bank of the Republic of Turkey. aannual Report 2000, Central Bank of the Republic of Turkey. b Inflation Report, Central Bank of the Republic of Turkey. Annual Report 2001, Central Bank of the Republic of Turkey. Celasun, Merih Krizi, Öncesi ve Sonrası: Makroekonomik ve Mali Bir Değerlendirme, in Ahmet A. Dikmen ed., Küreselleşme, Emek Süreçleri ve Yapısal Uyum, Türk Sosyal Bilimler Derneği, Ankara: İmge. Celasun, Merih and Ismail Arslan State-Owned Enterprises and Privatization in Turkey: Policy, Performance and Reform Experience,, in Merih Celasun ed., State-Owned Enterprises in the Middle-East and North Africa, London: Routledge. Celasun, Oya The Currency Crisis in Turkey, World Bank Policy Research Working Paper,, Washington, D.C. : World Bank. Celasun, Oya, Cevdet Denizer and Dong He Capital Flows, Macroeconomic Management and the Financial System: Turkey -, World Bank Policy Research Working Paper,, Washington, D.C. Cizre-Sakkalıoğlu, Ümit and Erinç Yeldan Dynamics of Macroeconomics Disequlibrium and Inflation in Turkey: The State, Politics, and the Markets under a Globalized Developing Economy, Ankara: Bilkent University, manuscript. Click, Reuven and Michael M. Hutchison Banking and Currency Crises: How Common Are Twins?, in Reuven Glick, Ramon Moreno and Mark M. Spiegel eds., Financial Crises in Emerging Markets, London: Cambridge University Press, pp.. Cukierman, A., Steven B. Webb and Bilin Neyapti Measuring the Independence of Central Banks and Its Effect on Policy Outcomes, World Bank Economic Review, (), pp.. Cukierman, Alex and Steven B. Webb Political Influene on the Central Bank: International Evidence, World Bank Eonomic Review, (), pp.. Cukierman, Alex, Geoffrey P. Miller and Bilin Neyapti Central Bank Reform, Liberalization and Inflation in Transition Economies-An International Perspective, Journal of Monetary Economics,, pp.. Darrat Domestic and International Sources of Inflation in Some Muslim Countries: An Empirical Inquiry, Middle East Business and Economic Review,

31 (), January, pp.. De Santis R. An Error Correction Monetary Model Explaining the Inflationary Process in Turkey, Warwick Economic Research Papers,. Dibooğlu, Selahattin and Aykut Kibritçioğlu Inflation, Output, and Stabilization in a High Inflation Economy: Turkey,, University of Illinois at Urbana-Champaign, College of Commerce and Business Administration, Office of Research Working Papers,. Ergüder, Üstün Politics of Agricultural Price Policy in Turkey, in Ergun Özbudun and Aydın Ulusan eds., The Political Economy of Income Distribution in Turkey, New York: Holmes& Meier. Erlat, Haluk Long Memory in Turkish Inflation Rates, Paper presented at the st Annual Conference of the Middle East Economics Association, New Orleans, January. Ertuğrul, Ahmet and Faruk Selçuk Turkish Economy:, in Aykut Kibritçioğlu, Libby Rittenberg and Faruk Selçuk eds., Inflation and Disinflation in Turkey, Aldershot: Ashgate. Fischer, Stanley and William Easterly The Economics of the Government Budget Constraint, World Bank Research Observer, (), pp.. Fizgerald, Terry J. Money Growth and Inflation: How Long is the Long-Run? Economic Commentary, Federal Reserve Bank of Clevland, August. Grilli, Vittorino, Donato Masciandaro and Guido Tabellini Political and Monetary Institutions and Public Financial Policies in the Industrial Countries, Economic Policy, (October), pp.. IMF Turkey: Memorandum of Economic Policies, June,, ainternational Financial Statististics, CD-Rom, May. b Turkey-Letter of Intent, January,, Washington, D.C.: International Monetary Fund. c Turkey: Article IV Consultation and First Review Under the Stand-by Arrangement, July, IMF Country Report, /, Washington, D.C.: International Monetary Fund. d Turkey: Second Review Under the Stand-by Arrangement, October, IMF Country Report, /, Washington, D.C.: International Monetary Fund. e Turkey: Third Review Under the Stand-by Arrangement, December, IMF Country Report, /, Washington, D.C.: International Monetary Fund.

32 İnsel, Aysu The Relationship between the Inflation Rate and Money Financed Deficit in Turkey:, University of New South Wales, School of Economics, Discussion Paper, /. Kibritçioğlu, Aykut Causes of Inflation in Turkey: A Literature Survey with Special Reference to Theories of Inflation, University of Illinois at Urbana-Champaign, College of Commerce and Business Administration, Office of Research Working Papers,. Lim, Cheng Hoon and Laura Papi An Econometric Analysis of the Determinants of Inflation in Turkey, International Monetary Fund Working Paper, WP//, December. Maliszewski, Wojciech S. Central Bank Independence in Transition Economies, Centre for Social and Economic Research, London School of Economics and Political Science. McCandless, George T., Jr. and Warren E. Weber Some Monetary Facts, Federal Rserve Bank of Minneapolis Quarterly Review, (), Summer, pp.. Metin-Özcan, Kıvılcım An Integrated Analysis of Turkish Inflation, Oxford Bulletin of Economics and Statistics, (), November, pp.. The Relationship Between Inflation and Budget Deficit in Turkey, Journal of Business Economics and Statistics, (), pp.. Neyaptı, Bilin Budget Deficits and Inflation: An Analysis in Light of the Roles of Cetnral Bank Independece and Financial Market Development, Discussion Paper, Department of Economics, Bilkent University. Öniş, Ziya and Süleyman Özmuncur Exchange Rates, Inflation and Money Supply in Turkey: Testing the Vicious Circle Hypothesis, Journal of Development Economics, (), January, pp.. Rodrik, Dani Premature Liberalization and Incomplete Liberalization: The Özal Decade in Turkey, in Michael Bruno et al. eds., Lessons of Stabilization and its Aftermath, Cambridge, Mass.: MIT Press. Sakallıoğlu, Ümit Cizre and A. Erinc Yeldan Dynamics of Macroeconomic Disequilibrium and Inflation in Turkey: The State, Politics, and the Markets under a Globalized Developing Economy, Department of Economics, Bilkent University, Ankara. and Politics, Society and Financial Liberalization: Turkey in the s, Development and Change, (), pp.. Sargent, Thomas J. and Neil Wallace Some Unpleasant Monetarist Arithmetic, Quarterly Review (Federal Reserve Bank of Mineapolis), Fall, pp.. SayıştaySayıştay 2000 Yılı Mali Raporu, Ankara.

33 Selçuk, Faruk A Brief Account of the Turkish Economy,, in Libby Rittenberg ed., The Political Economy of Turkey in the Post-Soviet Era: Going West and Looking East? Westport, Conneticut: Praeger. Seigniorage, Currency Substitution and Inflation in Turkey, in Aykut Kibritçioğlu, Libby Rittenberg and Faruk Selçuk eds., Inflation and Disinflation in Turky, Aldershot: Ashgate. Shirvani, Hassan and Barry Wilbratte Money and Inflation: International Evidence Based on Cointegration Theory, International Economic Journal, (), Spring, pp.. Tanzi, Vito Inflation, Lags in Collection and the Real Value of Tax Revenue, IMF Staff Papers,, pp.. Togan, Sübidey The Influence of Money and the Rate of Interest on the Rate of Inflation in a Financially Repressed Economy: The Case of Turkey, Applied Economics, (), December, pp.. Tutar, İbrahim and Aysıt Tansel Political Busisness Cycles, Institutional Structure and Budget Deficits in Turkey, Department of Economics, Middle East Tecnical University, Ankara. TÜSİADThe Turkish Economy, 1987, Turkish Industrialists and Businessmen s Association, Istanbul. Van Wijnbergen, Sweder Comments in Rodrik

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