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Article Citation - WoS: 5Anatomy of a Failed Imf Program -: the 1999 Program in Turkey(M E Sharpe inc, 2004) Çapoglu, GThis paper analyzes the failed IMF program in Turkey that was initiated in December 1999. The 1999 Turkish exchange rate-based stabilization program was presented as an improved version of earlier programs implemented in Latin American countries. The inclusion of an exit strategy was considered as an innovative element of the Turkish program. However the program crashed fourteen months after its initiation. This paper argues that the Turkish program underestimated the possible negative impact of unfavorable initial conditions, especially conditions of an institutional nature, which turned out to be a fatal mistake. Among the conditions that were ignored by the 1999 program were the absence of an independent and effective regulatory agency in the banking sector and the circumstances under which the Treasury carried out its borrowing.Article Citation - WoS: 11Citation - Scopus: 13The Banking Sector, Government Bonds, and Financial Intermediation: The Case of Emerging Market Countries(M E Sharpe inc, 2010) Ozkan, F. Gulcin; Kipici, Ahmet; Ismihan, MustafaThis paper develops an analytical framework to explore how financial-sector characteristics shape the terms and the scale of public borrowing in emerging market economies. We find that the more competitive the banking sector and the more liquid and deeper the deposit market, the better are conditions in the public securities market. We also show that the greater the central bank independence, the higher the cost of public borrowing. Furthermore, our results suggest that, in countries where banks rely significantly on foreign currency financing, the greater the government's reliance on bank lending, the greater is its exposure to exchange rate risk.
