The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What i...The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well展开更多
The reform in water pricing plays a critical role in agricultural production, which is believed to have great water savings potential. We consider eliminating irrigation subsidies as a simulation and conduct a compara...The reform in water pricing plays a critical role in agricultural production, which is believed to have great water savings potential. We consider eliminating irrigation subsidies as a simulation and conduct a comparative evaluation between the water parallel pricing system （WPPS） and the water pricing system （WPS）, which are incorporated into two computable general equilibrium （CGE） models, respectively. The results prove that, compared with WPPS, WPS would contribute higher capacities for water savings with more farming imports and less loss in farming output; households in rural and urban areas would benefit from more income and food consumption, which would be matched by increasing farming imports. A policy recommendation is that eliminating the irrigation subsidy should pay more concerns on alleviating the negative effects on farming outputs. Moreover, improvements in agricultural labor mobility and water demand elasticity are needed to enable more focus on the water conservation policy, particularly in WPS.展开更多
文摘The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well
基金National Natural Science Foundation of China(41271547,41501604 and 41271546)the 57th China Postdoctoral Science Foundation(2015M571109)
文摘The reform in water pricing plays a critical role in agricultural production, which is believed to have great water savings potential. We consider eliminating irrigation subsidies as a simulation and conduct a comparative evaluation between the water parallel pricing system （WPPS） and the water pricing system （WPS）, which are incorporated into two computable general equilibrium （CGE） models, respectively. The results prove that, compared with WPPS, WPS would contribute higher capacities for water savings with more farming imports and less loss in farming output; households in rural and urban areas would benefit from more income and food consumption, which would be matched by increasing farming imports. A policy recommendation is that eliminating the irrigation subsidy should pay more concerns on alleviating the negative effects on farming outputs. Moreover, improvements in agricultural labor mobility and water demand elasticity are needed to enable more focus on the water conservation policy, particularly in WPS.
