Fatih Özatay, PhD
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Tax structure in Turkey
Same tax rate is imposed for everyone without making any differentiation on the basis of income. I have mentioned several times that the growth rate attained over the…
Enterprise scale: Middle East and Europe
The egalitarian system in the Middle East hinders enterprise growth and capital accumulation. Today I would like to write about an interview. I deeply recommend you to…
What is going on with agricultural employment?
Do you employ more workers as the crop per hectare increases? Figures net of seasonal effects imply that unemployment rate stood at 11.7% in July. It is seen that the…
Is the 2003-2010 period different than the previous five decades?
Average growth rate in 2003-1010 period is the same with that in the previous 42 years Let us assume that Turkey will achieve an average 6.5 percent growth this year. In…
It is easy to support the status quo; it is radicalism that necessitates talent
We can live the moment and be happy. But take a look at the previous five decades, do we see a pleasant picture? In the first day of the 'Media's Radical Revolution' the…
Possibility of pursuing a new election economy
Developed countries introduced almost 'crazy' measures against the global crisis. They created liquidity abundance and kept interest rates at quite low levels. As a…
Measures to prevent temporary FX inflows
The excess liquidity and low interest rates in developing countries is a source of trouble for developing countries including Turkey. And it appears that we will discuss…
Mind the difference between temporary-permanent FX inflows
In developed countries interest rates vary at quite low levels. Table 1 shows the returns on two-year treasury bills in selected developed countries, Turkey and Brazil.…
Consumer price inflation and headline inflation: why in the sulks?
Until some time ago, the day when the inflation figures were announced had a special importance for me. I waited the announcement with excitement and tried to evaluate…
The rabbit Central Bank pulled out of the hat
Yesterday I tried to explain the decision of the Central Bank of the Republic of Turkey (CBRT) on a new FX purchasing system. Now it is time to talk on what this…
A slight divergence from pure floating exchange rate regime
On Friday the Central Bank announced an important decision on FX purchase tenders. In the former system, daily purchase limit was US$80 million. The announcement said:…
There is nothing much that the Central Bank can do
Capital movements are free in many countries for long. Substantial FX trade is carried out every day. Purchase and sale of different currencies depends on the expected…