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Roubini Topic Archive: Financial Regulation
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Istanbul as International Financial Center
It is no secret that the Turkish government wants to make a financial center out of Istanbul. They unveiled this “grand project” back in 2009, and then held a series of public and private meetings with stakeholders and experts afterwards,, which led me to update my original column in 2011. They have also been partnering [...]
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Yep, another surprise from the Central Bank of Turkey- well, sort of…
The Central Bank did lower the floor of the interest rate corridor, the borrowing rate, by 25 basis points (bp) as I was hinting it would in my latest post. As I mentioned in the intro. to my latest Hurriyet Daily News column, only four out of twelve economists polled by business channel CNBC-e were [...]
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Turkey: The Return of the Consumer
One of the most confusing and puzzling, or confuzzling, aspects of the Turkish economy of late has been the paths taken by the producer and the consumer, which were diverging until recently. Here is the intro. to my latest Hurriyet Daily News (HDN) column. I argue, based on the latest leading indicators, that this dilemma [...]
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The IMF on Turkey
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkey on November 16th and released the traditional short accompanying document yesterday. When I say short, it is really a very short piece, so have a look at it, but here is what I deemed as important. The Fund notes [...]
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Surely you’re joking, Mr. Basci!- on Turkish monetary policy
First, of all, it is not Mr. Basci, it is Dr. Basci, as Indiana’s sidekick insisted, but so was Feynman, or maybe not- I think the incident that gave rise to the title of the book happened while he was still in grad. school. Actually, Dr. Basci was not even at today’s Central Bank of [...]
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Merkel gets the full Monti
If expectations are set very low, even mediocre results will lead to euphoria. Here’s the intro. to my latest Hurriyet Daily News column, where I begin by explaining why markets reacted so strongly to the Eurozone Leaders Summit agreement. I then summarize what was decided upon before briefly discussing the merits and shortfalls of the [...]
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Saving Private Savings: The Turkish Savings Trilogy
In the spirit of The Lord of The Rings, I recently attempted my own trilogy about the low Turkish private savings, along with a cheesy title paying homage to one of my (and everyone’s I guess) favorite WWII movies. In fact, I was never planning a trilogy when I first wrote about the issue right [...]
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IMF’s Turkey Article IV Staff Report: Grim Reading
I spent the last couple of hours reading through the IMF’s Turkey Staff Report for the 2011 Article IV Consultation (and the accompanying documents). It is now exactly midnight, and the embargo on the document has been lifted, so I can publish this post:) Let’s cut down to the chase right away: I think the [...]
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More on the Eurozone Downgrades and Turkey (and other EMs)
Just a short follow-up to Monday’s Hurriyet Daily News column on the impact of Eurozone downgrades on Turkey, which was also posted here. First, on whether the downgrades mattered. Let’s start with the short-run: For France, Spain and the EFSF, it didn’t, but for Portugal, it surely did. Speaking of Portugal, I am off to [...]
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Turkish Crisis-Mongering and Conspiracy Theories
I will be posting my Hurriyet Daily News column soon enough, but before that, I needed to take care of urgent business. There is a lot of crisis talk in Turkey of late. While today’s Twitter gossip of Fitch downgrading Turkey (I know exactly where that came from, and I assure you the person who [...]
