Fatih Özatay, PhD
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An example of micro reforms
You can change the written rules overnight; however, it takes a long time to change behavior codes. In last Saturday's commentary, I told that this week I would focus on…
Why should we worry?
We are going through an interesting period, indeed. Such a picture is open to all sorts of developments. The foresighted would take all measures at his/her disposal.…
Going off halfcocked?
Measures to limit short term capital inflows can work; but the administration categorically rejects that sort of measures. As of March 2011, current account deficit over…
Institutional structure and incentive mechanisms
Developmental economists define a close link between the institutional structure and economic performance. How individuals are incentivized in an economy is defined by…
Where does Greece head to?
If you are faced with high public debt, you have to take the most radical steps immediately. Ten days ago Greece's credit rating was cut by 2 levels to B. At the same…
Is this excuse valid?
In the case with Turkey, the difference between the headline inflation and the consumer inflation will be quite wide if the recent trend proves temporary. For a long…
What an incentive
You have to do all it takes to change the status quo. Evidently, this cannot be done by employing disincentive mechanisms. There is a close relationship between…
Opinion follow-up: Do the credit expansion slow down? (2)
Banks do not slow down borrowing from the CBT to compensate the fall in the amount of deposits for credits. In the first commentary of the "opinion follow-up" series…
Rapid credit expansion with the eyes of others
It is needed to tighten the fiscal policy for the potential rainy days and finally not to categorically reject short term capital controls. We had better examine the…
Objecting to the categorical objection
Measures aimed at reducing short term capital inflows must not be categorically objected. The negative impact of the global crisis on our national income was eliminated…
Impact of the crisis still felt on exports
The level of exports in April 2011 corresponded to 92 percent of that in July 2008. Thus, the impacts of the crisis are still felt. Association of Turkish Exporters…
Opinion follow-up: Do the credit expansion slow down?
It appears that the new policy could not fulfill its objective, yet. However, we need to see up-to-date data. In the context of the new policy framework, the Central…