Turkey and the crisis

Monetary authorities in countries like Turkey, where relatively low increases have been observed in risk premia, have been able to cuts rates significantly, explained Durmus Yilmaz, the governor of the country's central bank.

In a detailed study of how the financial crisis has affected Turkey, the governor set out how the central bank had responded.

The central bank has lowered the policy rate by 625 basis points since November 2008, the governor noted, though he acknowledged that the rise in

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