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Mr. Atish R. Ghosh, Mr. Juan Zalduendo, Mr. Alun H. Thomas, Mr. Jun I Kim, Ms. Uma Ramakrishnan, and Mr. Bikas Joshi

Abstract

This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highlighting the importance of crisis prevention. While the main defense against a crisis lies in a country’s own policies and institutional framework, the IMF can contribute to these efforts through its surveillance activities, provision of technical assistance, and promotion of standards and codes. But the IMF may be able to contribute to crisis prevention more directly by providing contingent financial support. This paper explores the theoretical basis of, and empirical evidence for, possible “crisis prevention programs.”

Mr. Jorge I Canales Kriljenko, Mr. Cem Karacadag, Roberto Guimarães-Filho, and Mr. Shogo Ishii

Abstract

Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.

Mr. Charalambos Christofides, Mr. Atish R. Ghosh, Ms. Uma Ramakrishnan, Mr. Alun H. Thomas, Ms. Laura Papi, Mr. Juan Zalduendo, and Mr. Jun I Kim

Abstract

This collection of papers examines IMF-supported programs over the period 1995-2000 in both middle-income and low-income countries. In order to seek insights from a comparison across different types of programs, the sections entitled"Objectives and Outcomes," "Policy Formulation and Analytical Frameworks," and "Macroeconomic and Structural Policies" address a number of questions regarding the economic programs for which national authorities seek the IMF’s financial support: the specific goals of IMF-supported programs, and the challenges they face; how programs are formulated; the components of programs; and how program success should be judged.

Mr. Donal McGettigan, Mr. Xavier Debrun, Mr. Mark E Griffiths, Mr. Reza Moghadam, Mr. Ernesto Ramirez Rigo, Mr. Martin Schindler, Mr. Mats A Josefsson, Cheng Hoon Lim, Mr. Christian Keller, Mr. Christoph A Klingen, Mr. Chris Lane, Oya Celasun, Mr. Ashoka Mody, Mr. Dewitt D Marston, and Mathew A. Verghis

Abstract

The key policy challenge for Turkey in the years ahead will be to enhance and consolidate the advances made since the nation’s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union levels. This paper reviews Turkey’s policy performance in terms of growth, inflation, debt, fiscal and financial sector reform, and labor markets. The analysis assesses the effectiveness of macroeconomic stabilization and structural reforms since the crisis and provides guideposts for future policy.

Mr. Marc G Quintyn and Mr. David S. Hoelscher

Abstract

Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.

Mr. Marc G Quintyn and Mr. David S. Hoelscher

Abstract

Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.

Mr. George A Mackenzie and Mr. Peter Stella

Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Mr. George Kopits

Abstract

Following a severe balance of payments crisis in the late 1970s, in January 1980 Turkey embarked on a far reaching stabilization and structural adjustment program.

Ms. Chanpen Puckahtikom and Mr. Eduard H. Brau

Abstract

In the current environment of payments difficulties, a principal role of the Fund remains the encouragement and support of timely adjustment policies of member countries.

International Monetary Fund

Abstract

The role of exchange rate policy in economic adjustment has been widely studied and is the subject of numerous theoretical and empirical papers produced in the Fund and elsewhere.