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on Central and Western Asia |
| By: | International Monetary Fund. |
| Abstract: | Azerbaijan built large buffers and invested heavily during the oil boom years, but efforts to diversify the economy have lagged. The authorities have taken steps to adjust to slumping oil prices and weaker growth in trading partner countries. In 2015, the Central Bank of Azerbaijan (CBA) undertook two devaluations and switched to a managed float. Inflation rose while the large current account surplus evaporated and the budget moved to a deficit. Financial sector soundness deteriorated. Monetary policy has been tightened to address inflation and support the currency. The non-oil primary balanced improved in 2015, but is being reversed in 2016 with a revised budget that boosts capital and current spending. The largest bank is being restructured via a bad bank-special purpose vehicle (SPV) model, some smaller banks have been closed or intervened, and a new integrated financial supervisory agency has been created. |
| Keywords: | Article IV consultation reports;Economic growth;Fiscal policy;Fiscal consolidation;Monetary policy;Banking sector;Bank restructuring;Economic indicators;Balance of payments statistics;Debt sustainability analysis;Staff Reports;Press releases;Azerbaijan; |
| Date: | 2016–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:16/296&r=cwa |
| By: | Guncavdi, Oner; Kayam, Saime Suna |
| Abstract: | In this study we reveal the structure of exports in an emerging economy, Turkey, to shed light on the impediments not only this country but also other developing countries might face in pursuit of increasing exports to tackle their current account problems. We employ panel data econometrics for estimating exports, labour and imports market specifications simultaneously to address endogeneity issues. The data covers 13 manufacturing industry sectors, 25 main export markets over the period 2000-2011. Our findings reveal that unlike conventional assumptions, export supply is not infinitely elastic, and the supply side of the market plays a critical role in reviving export earnings in Turkey. |
| Keywords: | Export demand and supply; exchange rate policy; Turkey |
| JEL: | F14 F41 O24 |
| Date: | 2016–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:73890&r=cwa |