An Intertemporal Benchmark Model for Turkey’s Current Account

Figure 3: Turkey’s Current Account to GDP Ratio (1992:Q1 to 2005:Q3)

Year and quarter

Figure 4: Actual and Optimal Current Account (1994:Q4 to 2004:Q4)

-Actual Consumption Smoothing Current Account
■ Optimal Consumption Smoothing Current Account

20

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