Do global imbalances decline?
27 January 2014
Six years after the start of the global crisis, we are still busy with picking up the pieces of the world economy. Relative growth rates in developed countries, the US to begin with, are expected to recover in 2014; but the world is still performing worse than the pre-crisis period in terms of several parameters. For instance, total employment in the US is 1.3 million less than it was before the crisis, which shows us that it is yet too early to assume that the crisis is all over.
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IMF’s unpleasant birthday present for the “new” monetary policy
08 December 2011
The Central Bank of the Republic of Turkey (CBT) is trying to deal with bad news coming with domino effect lately. The latest surprise (!) was made by the International Monetary Fund (IMF), yesterday. The staff report for the Article IV consultation by the IMF focused on monetary policy, thus, the CBT. The report criticized the CBT as follows:
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Why was Turkey differentiated from other developing countries?
25 August 2011
Recently, a remarkable dynamism has been observed in Turkey in parallel with the trend in global markets. Exchange rate and stock market movements became the top agenda items of the economy. However, a closer look at the data suggests that the trend that carried the foreign exchange (FX) basket (0.5 Dollar and 0.5 Euro) from 1.68 to 2.18 actually emerged in November 2010 (Figure 1).
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