An addendum to the addendum
My friends at Turkey Data Monitor contacted me to tell me that they, after all, have some global data. Here’s Turkey’s inflation in comparison to advanced countries:
And BRIC + N11:
All numbers are period averages. For the advanced countries, what really matters for Turkey is the US and EU, so we could say there was a 7 percent inflation differential, on average, between Turkey and advanced countries. So if the real exchange rate appreciated 10 percent, on average, in 2010, 7 percent of it was coming from the inflation differential.
As for BRIC + N11, Turkey seems to have fared somewhat better, as it is in the middle of the pack in terms of inflation, but the only countries with more inflation than Turkey that could classify as emerging markets are Egypt and India…
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