Abstract
The effects of recent Turkish financial liberalization reforms on the real economy are investigated with the aid of a computable general equilibrium model that incorporates financial markets. The model is used for conducting counterfactual and comparative static simulation experiments to analyze three sets of issues: (1) the real side effects of the government's mode of financing its fiscal deficit through debt instruments or monetization; (2) the effects of deregulation of the public debt instrument issuing rules on the financial markets; and (3) the domestic implications of the continued external debt servicing and the foreign exchange rate devaluations.
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