Thursday, March 25, 2010

Roubini Post: On the Turkish Fiscal Rule

This post already appeared in the blog; Europe Economonitor is just republishing it, but I just wanted to cross link for the readers who might have missed it the first time around...

But while I am it, let me make a couple of clarifications. First, the following table, from the government's Pre-Accession Economic Program, summarizes the fiscal rule:

The budget deficit in this formula is actually a cyclically-adjusted deficit, which is done according to the following methodology:

I have to run to beat the rush hour traffic, but I will have an evaluation of these formulae later on...

BTW, these pictures conveniently provide a glimpse into what desktop, so you can see what I am working on:)

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