Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey

Agénor, Pierre-Richard; Jensen, Henning Tarp; Verghis, Mathew; Yeldan, Erinc

doi:10.1596/1813-9450-3804

Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey

collection.link.5	https://openknowledge.worldbank.org/handle/10986/9
collection.name.5	Policy Research Working Papers
dc.contributor.author	Agénor, Pierre-Richard
dc.contributor.author	Jensen, Henning Tarp
dc.contributor.author	Verghis, Mathew
dc.contributor.author	Yeldan, Erinc
dc.date.accessioned	2012-06-22T19:21:17Z
dc.date.available	2012-06-22T19:21:17Z
dc.date.issued	2006-01
dc.date.lastModified	2021-04-23T14:02:40Z
dc.description.abstract	This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions between default risk on government liabilities, credibility, and inflation expectations. The short- and long-run effects of a rise in official interest rates and tax increases are analyzed. The results highlight the importance of accounting for the link between default risk and credibility in understanding the real and financial effects of macroeconomic adjustment.	en
dc.identifier	http://documents.worldbank.org/curated/en/2006/01/6523042/disinflation-fiscal-sustainability-labor-market-adjustment-turkey
dc.identifier.uri	http://hdl.handle.net/10986/8829
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Policy Research Working Paper; No. 3804
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo/
dc.subject	ACCOUNTING
dc.subject	ADJUSTMENT PROGRAM
dc.subject	ADVERSE EFFECT
dc.subject	ADVERSE EFFECTS
dc.subject	AGGREGATE DEMAND
dc.subject	AGGREGATE SUPPLY
dc.subject	AGRICULTURE
dc.subject	AVERAGE WAGES
dc.subject	BALANCE OF PAYMENTS
dc.subject	BANK DEPOSITS
dc.subject	BANK LENDING
dc.subject	BANK RESTRUCTURING
dc.subject	BANKING SECTOR
dc.subject	BARGAINING POWER
dc.subject	BOND MARKETS
dc.subject	BORROWING
dc.subject	BUDGET CONSTRAINT
dc.subject	BUDGET CONSTRAINTS
dc.subject	BUDGET DEFICITS
dc.subject	BUSINESS CYCLE
dc.subject	CAPITAL NEEDS
dc.subject	CENTRAL BANK
dc.subject	COLLECTIVE AGREEMENTS
dc.subject	COMMERCIAL BANKS
dc.subject	CORPORATE INCOME TAX
dc.subject	DEBT
dc.subject	DEBT SERVICE
dc.subject	DEFAULT RISK
dc.subject	DISINFLATION
dc.subject	DOMESTIC BORROWING
dc.subject	DOMESTIC INFLATION
dc.subject	DOMESTIC MARKET
dc.subject	DOMESTIC PRICE
dc.subject	DOMESTIC PRICES
dc.subject	ECONOMIC RESEARCH
dc.subject	ELASTICITY
dc.subject	ELASTICITY OF SUBSTITUTION
dc.subject	EMPLOYEE
dc.subject	EMPLOYMENT
dc.subject	EMPLOYMENT LEVELS
dc.subject	EMPLOYMENT PROBABILITY
dc.subject	EMPLOYMENT PROTECTION RULES
dc.subject	EQUATIONS
dc.subject	EQUILIBRIUM
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATES
dc.subject	EXPECTED WAGE
dc.subject	EXPECTED WAGES
dc.subject	EXPORTS
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL SECTOR
dc.subject	FIRING COSTS
dc.subject	FISCAL ADJUSTMENT
dc.subject	FISCAL DEFICIT
dc.subject	FISCAL MANAGEMENT
dc.subject	FISCAL POLICY
dc.subject	FISCAL REFORMS
dc.subject	FISCAL SUSTAINABILITY
dc.subject	FOREIGN BORROWING
dc.subject	GDP
dc.subject	GNP
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT BUDGET
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT SUBSIDIES
dc.subject	GROWTH RATE
dc.subject	INCOME
dc.subject	INCOME TAXES
dc.subject	INFLATION RATE
dc.subject	INFORMAL ECONOMY
dc.subject	INFORMAL LABOR MARKET
dc.subject	INFORMAL SECTOR
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL MIGRATION
dc.subject	JOB SEARCH
dc.subject	JOB SECURITY
dc.subject	JOB TURNOVER
dc.subject	LABOR DEMAND
dc.subject	LABOR FORCE
dc.subject	LABOR FORCE PARTICIPATION
dc.subject	LABOR LAWS
dc.subject	LABOR MARKET
dc.subject	LABOR MARKET ADJUSTMENT
dc.subject	LABOR MARKET REGULATIONS
dc.subject	LABOR MARKET SEGMENTATION
dc.subject	LABOR MARKETS
dc.subject	LABOR MIGRATION
dc.subject	LABOR REGULATIONS
dc.subject	LABOR SUPPLY
dc.subject	LIQUIDITY
dc.subject	MARGINAL PRODUCT
dc.subject	MINIMUM WAGE
dc.subject	MINIMUM WAGE LAW
dc.subject	MONETARY POLICY
dc.subject	NOMINAL INTEREST RATE
dc.subject	OPEN UNEMPLOYMENT
dc.subject	PAYROLL TAX
dc.subject	PAYROLL TAXES
dc.subject	PRINCIPLE
dc.subject	PRIVATE FIRMS
dc.subject	PRIVATE GOODS
dc.subject	PRIVATE SECTOR
dc.subject	PRIVATE SECTOR WAGE
dc.subject	PRIVATE SECTOR WAGES
dc.subject	PROBABILITY OF DEFAULT
dc.subject	PRODUCTION
dc.subject	PRODUCTION FUNCTION
dc.subject	PRODUCTION INPUTS
dc.subject	PRODUCTION SIDE
dc.subject	PRODUCTIVE SECTOR
dc.subject	PRODUCTIVITY
dc.subject	PROFIT MAXIMIZATION
dc.subject	PUBLIC
dc.subject	PUBLIC CAPITAL
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC EMPLOYMENT
dc.subject	PUBLIC GOOD
dc.subject	PUBLIC GOODS
dc.subject	PUBLIC SECTOR
dc.subject	PUBLIC SECTOR BORROWING
dc.subject	PUBLIC SECTOR BORROWING REQUIREMENTS
dc.subject	PUBLIC SECTOR EMPLOYMENT
dc.subject	PUBLIC SECTOR WAGES
dc.subject	PUBLIC SERVICES
dc.subject	PUBLIC TRANSPORTATION
dc.subject	PURCHASING POWER
dc.subject	REAL EXCHANGE RATE
dc.subject	REAL GROWTH
dc.subject	REAL INTEREST RATE
dc.subject	REAL INTEREST RATES
dc.subject	REAL VARIABLES
dc.subject	REAL WAGE
dc.subject	REAL WAGES
dc.subject	RELATIVE PRICES
dc.subject	RETURNS TO SCALE
dc.subject	RISK PREMIUM
dc.subject	ROADS
dc.subject	SAVINGS
dc.subject	SERVANTS
dc.subject	SEVERANCE PAYMENTS
dc.subject	SKILLED WORKER
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL SECURITY CONTRIBUTIONS
dc.subject	STATE-OWNED ENTERPRISES
dc.subject	STRUCTURAL ADJUSTMENT
dc.subject	SUPPLY CURVE
dc.subject	TAX REFORM
dc.subject	TAX REVENUE
dc.subject	TEMPORARY WORKERS
dc.subject	TOTAL EMPLOYMENT
dc.subject	TRADE POLICY
dc.subject	TRADE UNIONS
dc.subject	TREASURY
dc.subject	TREASURY BILLS
dc.subject	UNEMPLOYED
dc.subject	UNEMPLOYMENT
dc.subject	UNEMPLOYMENT BENEFIT
dc.subject	UNEMPLOYMENT INSURANCE
dc.subject	UNEMPLOYMENT RATE
dc.subject	UNPAID FAMILY WORKERS
dc.subject	UNSKILLED LABOR
dc.subject	UNSKILLED WORKERS
dc.subject	URBAN ECONOMY
dc.subject	URBAN WORKERS
dc.subject	VALUE ADDED
dc.subject	VAR MODELS
dc.subject	WAGE BARGAINING
dc.subject	WAGE BILL
dc.subject	WAGE RATES
dc.subject	WAGE SET
dc.subject	WAGES
dc.subject	WEALTH
dc.subject	WORKER
dc.subject	WORKING CAPITAL
dc.title	Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey	en
okr.crosscuttingsolutionarea	Jobs
okr.doctype	Publications & Research :: Policy Research Working Paper
okr.doctype	Publications & Research
okr.docurl	http://documents.worldbank.org/curated/en/2006/01/6523042/disinflation-fiscal-sustainability-labor-market-adjustment-turkey
okr.globalpractice	Macroeconomics and Fiscal Management
okr.globalpractice	Social Protection and Labor
okr.globalpractice	Finance and Markets
okr.globalpractice	Governance
okr.googlescholar.linkpresent	yes
okr.identifier.doi	10.1596/1813-9450-3804
okr.identifier.externaldocumentum	000016406_20060109155202
okr.identifier.internaldocumentum	6523042
okr.identifier.report	WPS3804
okr.language.supported	en
okr.pdfurl	http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/09/000016406_20060109155202/Rendered/PDF/wps3804.pdf	en
okr.region.administrative	Europe and Central Asia
okr.region.country	Turkey
okr.topic	Economic Theory and Research
okr.topic	Banks and Banking Reform
okr.topic	Social Protections and Labor :: Labor Markets
okr.topic	Macroeconomics and Economic Growth :: Economic Stabilization
okr.topic	Public Sector Economics and Finance
okr.topic	Finance and Financial Sector Development
okr.topic	Public Sector Development
okr.unit	Development Research Group (DECRG)
okr.volume	1 of 1

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