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Record Nr. |
UNINA9910464258503321 |
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Autore |
Kannan Prakash |
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Titolo |
Perspectives on high real interest rates in Turkey / / Prakash Kannan ; authorized for distribution by Graeme Justice |
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Pubbl/distr/stampa |
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[Washington, District of Columbia] : , : International Monetary Fund, , 2008 |
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©2008 |
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ISBN |
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1-4623-1139-3 |
1-4527-1678-1 |
9786612842023 |
1-4518-7109-0 |
1-282-84202-1 |
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Descrizione fisica |
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1 online resource (33 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/251 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Interest rates - Turkey - Econometric models |
Risk - Turkey - Econometric models |
Fiscal policy - Turkey - Econometric models |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors- doubts about the sustainability of disinflation and the existence of a risk premium-have a significant impact on the level of real interest rates in Turkey. Importantly, fiscal policy variables are shown to affect both these factors, suggesting that a more credible and prudent fiscal policy can help reduce real interest |
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