Abstract

This article aims at identifying the determinants of currency crises in Turkey in the period of 1980:01-2006:06. A broad set of explanatory variables was tested through the signals approach and bivariate and multivariate logit regressions. The same procedure is then repeated for the post-capital account liberalization period (1989.09-2006:06). The results obtained are novel and deviate widely from the existing literature. The findings suggest that conventional crisis indicators fail to provide a satisfactory explanation for the crises experienced in Turkey. For the period spanning 1980:01-2006:06, banking sector fragility index, short-term debt/international reserves, bank ...

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