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Perspectives on High Real Interest Rates in Turkey

Perspectives on High Real Interest Rates in Turkey by Prakash Kannan
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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 rates in Turkey.
International Monetary Fund; October 2008
31 pages; ISBN 9781452716787
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Title: Perspectives on High Real Interest Rates in Turkey
Author: Prakash Kannan
 
ISBNs
1451915624
9781451871098
9781451915624
9781452716787