A Turkey and IMF: A case study in the international political economy of policy implementation
The International Monetary Fund comprises 190 nations and operates to foster international trade, encourage sustainable growth in the economy, oversee global monetary cooperation, mitigate poverty, secure financial stability of the country, and promote employment countrywide (Arpac & Graham 23). This presentation explains the implantation of Turkey with IMF during and after Erdogan.
In 1964 Turkey had several programs with IMF, and thus in 1980, it started to implement the neo-liberalist improvements within the guidance of the World Bank and IMF (Arpac & Graham 30). The instant objectives implemented within Turkey were eliminating the payment account imbalance and mitigate the rates of inflation. Ideally, the primary policy instruments involved the devaluation of exchange rates, liberalization of critical prices such as bank deposits rates of interest. And also the goals of monitory to aim these goals.
Besides, the heavy borrowing within the government resulted in commercial banks grasping the short spots across the foreign currencies (Arpac & Graham 34). In that case, banks took a short time to fund the government from global markets through bond purchases. Consequently, the government could only maintain the instance through a foreign capital that is continuously flowed in, which decreased Turkey’s credit ratings. In July 1998, IMF and Turkey agreed on a staff-control program (37). The program was aspiring to mitigate inflation. It concentrated on gradual and changed flexible rates of exchange.
Accordingly, the lira was enabled to devalue until 2003 (Arpac & Graham 40). Turkey decided to bring a program that was similar to the monetary committee. The program handled economic and political reforms. Also, IMF provided SDR fifteen billion to assist in supplemental reserve with adequate resources (42). It stabilized inflation and still fiscal discipline. Turkey has begun to reestablish its economy and paid for its debts in the long run.
From the presentation, it can be said that the original intention of IMF is to be a currency cop in standard exchange rates among countries. Thus, it enables governments to handle economic crises. However, it is not the same way with the Turkey case study (Arpac & Graham 50). The policies within IMF stresses tax increases and other significant spending cuts. For instance, with Turkey’s present condition, where the IMF seems the only option due to COVID-19, their president is not showing interest in taking them. That means the IMF undermines utility. still fiscal discipline. Turkey has begun to reestablish its economy and paid for its debts in the long run.
From the presentation, it can be said that the original intention of IMF is to be a currency cop in standard exchange rates among countries. Thus, it enables governments to handle economic crises. However, it is not the same way with the Turkey case study (Arpac & Graham 50). The policies within IMF stresses tax increases and other significant spending cuts. For instance, with Turkey’s present condition, where the IMF seems the only option due to COVID-19, their president is not showing interest in taking them. That means the IMF undermines utility.
Arpac, Ozlem, and Graham Bird. “Turkey and the IMF: A case study in the political economy of policy implementation.” The Review of International Organizations 4.2 (2009): 135-157.
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