Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Washington, DC
Resumen
Descripción
This country economic memorandum shows
that fiscal imbalances are key to understanding
Turkey's inflation problem, and its volatile growth.
Its findings suggest that the country's inability to
sustain high growth can be closely linked, among many
factors, to the lack of macroeconomic stability.
Unsustainable fiscal policy, has put repeated pressure on
its currency, and led to chronic, and high inflation. Thus,
when facing crises, fiscal policy has been unable to
withstand, or influence on the business cycle; instead
contractionary policies have been implemented to achieve
monetary stability, actually worsening the real impact of
shocks. It is also suggested that previous attempts at
stabilization, failed precisely because they did not address
the structural sources of fiscal deficit. Following an
analysis on Turkey's macroeconomic framework, the
report reviews the reform agenda on the infrastructure,
agriculture, and banking sectors, and the country's
medium-term prospects, but emphasizes the influence of the
policy environment on total factor productivity growth, as a
key explanatory factor, recommending structural policies to
generate at least a primary surplus of three percent of GNP,
prioritize social security, and social assistance, and avoid
unsustainable contingent liabilities, by deregulating energy
and telecommunications sectors, and, pursue financial sector reform.
Palabras clave
MACROECONOMIC STABILIZATION, ECONOMIC GROWTH, PUBLIC SECTOR DEFICIT, FISCAL SUSTAINABILITY, ECONOMIC RECOVERY, SOCIAL SECURITY, REFORM POLICY, SOCIAL ACTION PROGRAMS, INFRASTRUCTURE DEVELOPMENT, RURAL DEVELOPMENT, AGRICULTURE SECTOR ADJUSTMENT, BANKING, FISCAL ADJUSTMENTS, MONETARY ANALYSIS, ECONOMIC CRISIS, STRUCTURAL ADJUSTMENT, PRODUCTIVITY GROWTH, CONTINGENCY PLANS, DEREGULATION, FINANCIAL SECTOR REFORM, INFLATIONARY PRESSURES ADMINISTRATIVE REFORM, AGRICULTURE, AUTHORITY, AUTONOMY, BALANCE SHEETS, BANK PRIVATIZATION, BANK PROFITS, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BUDGET PROCESS, CAPITAL MARKETS, CENTRAL GOVERNMENT, COMMERCIAL BANKS, COMPETITIVE BIDDING, COMPETITIVE BIDDING PROCESS, COMPETITIVE MARKETS, CONSUMER PRICE INDEX, CONSUMERS, CPI, DEBT, DEBT FINANCING, DEBT SERVICE, DECREE, DEFICITS, DEMAND FOR MONEY, DEPOSIT INSURANCE, DEREGULATION, DEVELOPED COUNTRIES, DEVOLUTION, DISINFLATION, DISTORTED INCENTIVES, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC RATE OF RETURN, ECONOMIC REFORM, ELECTRICITY, ELECTRICITY DEMAND, ELECTRICITY GENERATION, EMERGING MARKETS, EVASION, EXCHANGE RATE, EXPORTS, FINANCIAL AUTONOMY, FINANCIAL INTERMEDIATION, FINANCIAL RATIOS, FINANCIAL RISKS, FINANCIAL SECTOR, FINANCIAL SECTORS, FISCAL, FISCAL BALANCE, FISCAL COSTS, FISCAL CRISIS, FISCAL DEFICIT, FISCAL POLICY, FISCAL REFORMS, FISCAL SITUATION, FISCAL SUSTAINABILITY, FISCAL YEAR, FORESTRY, GDP, GNP, GOVERNMENT BORROWING, GOVERNMENT GUARANTEES, GOVERNMENT INTERVENTION, GOVERNMENT ROLE, GOVERNMENT SUBSIDIES, GOVERNMENT'S REFORM PROGRAM, GROSS NATIONAL PRODUCT, GROWTH RATE, HEALTH SERVICES, HUMAN CAPITAL, IMPORT TARIFFS, INCOME, INCOME SUPPORT, INFLATION, INFLATION RATES, INPUT USE, INSOLVENCY, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL REFORMS, INSURANCE, LABOR MARKET, LAWS, LEGAL FRAMEWORK, LEGISLATION, LICENSES, LIVING STANDARDS, LOAN GUARANTEES, MACROECONOMIC STABILITY, MARKET DISTORTIONS, MARKET PRICES, MARKET RISK, MONOPOLIES, NATIONAL INCOME, NATIONAL LEVEL, NEW ENTRANTS, NOMINAL INTEREST RATES, PENSIONS, PER CAPITA INCOME, POLICY ENVIRONMENT, POLITICAL REFORMS, POWER PLANTS, PRIVATE BANKS, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PRIVATIZATION OF STATE, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC DEBT, PUBLIC EXPENDITURE, PUBLIC EXPENDITURE MANAGEMENT, PUBLIC OFFERING, PUBLIC SECTOR, PUBLIC SECTOR BORROWING, PUBLIC SECTOR REFORM, RATIONALIZATION, REAL GNP, REAL SECTOR, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, RESOURCE ALLOCATION, RETIREMENT, RETIREMENT INCOME, RISK MANAGEMENT, SAVINGS, SOCIAL INSURANCE, SOCIAL INSURANCE SYSTEM, SOCIAL PROTECTION, SOCIAL PROTECTION SYSTEM, SOCIAL SECURITY, SOCIAL SECURITY REFORM, SOCIAL WELFARE, STATE ASSETS, STATE BANKS, STATE ENTERPRISES, STATE OWNED ENTERPRISES, STATE-OWNED ENTERPRISES, SUSTAINABLE GROWTH, TAX, TECHNOLOGICAL CHANGE, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRANSPARENCY, TREASURY, UNDERVALUATION, UNEMPLOYMENT, VALUE ADDED, WAGES, WORLD TRADE ORGANIZATION, WTO