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on Central and Western Asia |
| By: | Ahmet Benlialper (Department of Economics, İpek University, Ankara, Turkey; Department of Economics, Middle East Technical University, Ankara, Turkey); Hasan Cömert (Department of Economics, Middle East Technical University, Ankara, Turkey) |
| Abstract: | This study aims to evaluate the developments in Turkish monetary policy after 2002 and understand the constraints on the effectiveness of the Central Bank of the Republic of Turkey (CBRT). The CBRT has significantly altered its monetary policy in response to the crisis. It became much more experimental and aware of challenges it faced. However, the Bank’s ability to exert influence on key variables seems to have been restrained by factors outside of its control. Financial flows exert great influence on key macroeconomic variables that the Bank monitors closely. Furthermore, energy prices are among the key determinants of inflation in Turkey. As a result, the Bank’s influence on growth and inflation through intermediate variables became a daunting task. The magnitude and direction of flows seem to be mainly related to global risk perception determining the worldwide liquidity conditions rather than to domestic factors. Under these conditions central banks may not set their official interest rates independent of interest rates in advanced countries. Indeed, our VAR analysis exercise supports this argument for the Turkish case. Existing policy framework would not produce desired outcomes unless the sources of the problems such as financial flows as the main global constraints on monetary policy are addressed in a much more serious manner. |
| Keywords: | Central banking, Economic and financial crisis, Capital inflows, the Turkish economy |
| JEL: | E52 G01 F31 F32 O53 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:met:wpaper:1513&r=cwa |
| By: | Aysit Tansel (Department of Economics, METU; Institute for the Study of Labor (IZA) Bonn, Germany; Economic Research Forum (ERF) Cairo, Egypt) |
| Abstract: | This paper aims to provide information on intergenerational educational mobility in Turkey over the last century (at least over the last 65 years). This is the first study explicitly on providing the association between parents’ and children’s education in Turkey over time unlike the previous studies of one point in time. Given the absence of longitudinal data, we make use of a unique data set on educational outcomes based on children recall of parental education. The data used is the result of Adult Education Survey of 2007. Several findings emerge from the analysis. First of all, children’s and parents’ educational outcomes are correlated. The intergenerational educational coefficient of the mothers is somewhat larger than that of the fathers. The intergenerational educational coefficients of both the mothers and the fathers decrease over the cohorts implying that intergenerational educational mobility increased significantly for the younger generations of children in Turkey. The chances of attaining a university degree for the children increases as fathers’ completed schooling level increases. Men’s chances of attaining high school or university education are substantially higher than that of women’s. The association between parent and child education is stronger when parent educational background is poor. The results imply that the policy makes should focus on children with poor parental educational background and on women. |
| Keywords: | Intergenerational mobility, Educational transmission, Turkey |
| JEL: | I21 I28 J11 J62 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:met:wpaper:1512&r=cwa |
| By: | Vahabi, Mehrdad |
| Abstract: | This paper studies the economic role of Sepah (The Guardians of Revolution) in the Iranian Economy. It discusses the relationship of Sepah and the indeterminate property rights, parastatal sector and the confiscatory regime under the Islamic republic of Iran. |
| Keywords: | Seapah, parastatal sector, confiscatory regime, indeterminate property rights |
| JEL: | H1 K4 L3 O1 P4 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:68531&r=cwa |