As a result of the fact that the stabilization program put into force in 1978 and 1979 in the Economy of Turkey could not be efficiently implemented due to the political instability and weak governments, a need to dra...As a result of the fact that the stabilization program put into force in 1978 and 1979 in the Economy of Turkey could not be efficiently implemented due to the political instability and weak governments, a need to draft a new stabilization program emerged. The stabilization program of January 24th, 1980 was prepared in this environment. This is a program which includes the structural transformations in the long term as well as the aims foreseen to be realized in the short term. The program adopted the implementation of significant changes in the structure of the economy and the price mechanism in the market which becomes the only guide as the basic principle. The difference from the previous programs is an economic development program intending to provide a very permanent and structural change in the economy rather than to realize the short-term goals. With the decisions, a large devaluation was implemented, the exchange rate policy and importation were liberated, foreign capital and exportation were encouraged, the subsidies with the exception of energy, fertilizer, and transportation were removed, restrictions were imposed on the support purchases in agricultural products, and the overseas contracting services were supported. There are two structural objectives desired to be performed in the long term, shrinking the public sector and removing the intervention in the markets. The basic philosophy is to decrease the state intervention to the minimum level in the economy and to bring functionality to the market economy and to validate the price mechanism. In this paper, the stabilization decisions in the economy of Turkey belonging to pre- and early post-January 24th period will be comparatively analysed.展开更多
The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investiga...The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.展开更多
文摘As a result of the fact that the stabilization program put into force in 1978 and 1979 in the Economy of Turkey could not be efficiently implemented due to the political instability and weak governments, a need to draft a new stabilization program emerged. The stabilization program of January 24th, 1980 was prepared in this environment. This is a program which includes the structural transformations in the long term as well as the aims foreseen to be realized in the short term. The program adopted the implementation of significant changes in the structure of the economy and the price mechanism in the market which becomes the only guide as the basic principle. The difference from the previous programs is an economic development program intending to provide a very permanent and structural change in the economy rather than to realize the short-term goals. With the decisions, a large devaluation was implemented, the exchange rate policy and importation were liberated, foreign capital and exportation were encouraged, the subsidies with the exception of energy, fertilizer, and transportation were removed, restrictions were imposed on the support purchases in agricultural products, and the overseas contracting services were supported. There are two structural objectives desired to be performed in the long term, shrinking the public sector and removing the intervention in the markets. The basic philosophy is to decrease the state intervention to the minimum level in the economy and to bring functionality to the market economy and to validate the price mechanism. In this paper, the stabilization decisions in the economy of Turkey belonging to pre- and early post-January 24th period will be comparatively analysed.
文摘The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.
