Policies to Improve Turkey's Resilience to Financial Market Shocks

[摘要] Since the crisis of 2001, an impressive package of fiscal consolidation and institutional reform has created a strong foundation for economic growth. As a result, GDP growth has been strong and stable, inflation has fallen, and the public debt burden has been significantly reduced. Yet the current account deficit is large, exchange rate movements have been volatile, and the recent increase in inflation and rising levels of private sector external debt draw attention to Turkey?s vulnerabilities and to the need for additional policies to contain risks. This paper summarises the vulnerabilities of the Turkish economy and the steps that can be taken to improve macroeconomic resilience to shocks. This Working Paper relates to the 2006 Economic Survey of Turkey (www.oecd.org/eco/surveys/turkey).

[发布日期] 2006-11-29 [发布机构] Organisation for Economic Co-operation and Development

[学科分类] 社会科学、人文和艺术（综合）

[关键词] shocks;resilience;fiscal policy;Turkey;debt sustainability;monetary policy