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Turkey --- Turkey --- History --- Civilization.
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Turkey's modern history has been shaped by its society and its institutions. In this fourth volume of The Cambridge History of Turkey a team of some of the most distinguished scholars of modern Turkey have come together to explore the interaction between these two aspects of Turkish modernization. The volume begins in the nineteenth century and traces the historical background through the reforms of the late Ottoman Empire, the period of the Young Turks, the War of Independence and the founding of the Ataturk's Republic. Thereafter, the volume focuses on the Republican period to consider a range of themes including political ideology, economic development, the military, migration, Kurdish nationalism, the rise of Islamism, and women's struggle for empowerment. The volume concludes with chapters on art and architecture, literature, and a brief history of Istanbul.
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Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective faced with two important challenges. On the one hand, inflation inertia settled in and non-tradable inflation stagnated at more than 10%, further fuelled by persistent surge in global commodity and energy prices. On the other hand, real interest rates remained high, continuing to fuel strong capital inflows and currency appreciation, and undermining the competitiveness of labour-intensive segments of the economy. Turkey is, therefore, faced with the classic dilemma of successful catching-up economies: Inflation inertia requires a tight policy while competitiveness losses appear to go beyond the absorption and adaptation capacity of large segments of the economy. This chapter argues that resolving this issue requires monetary policy to be supported by broader policies, including proactive competition policy to reduce costs and prices in services, enforcement of a credible multi-yearly spending framework to consolidate confidence in fiscal stability, and employers' and employees' commitment to anchor prices and wages more on the inflation target. Success with such policies would help shift the burden away from the central bank's interest rate as the only available instrument to increase the credibility of the inflation target.
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