..., Section 3 describes data and methodology, Section 4 discusses empirical results and finally Section 5 concludes. Macroeconomics Finance Emerging economies F31 E51 C22 Demand for international reserves has been increasing since last two decades with the growing needs...

... the bootstrap procedure by Emirmahmutoglu and Kose (2011) , testing causality from x to y goes as follows: Dr Nicholas Apergis can be contacted at: napergis@unipi.gr © Emerald Group Publishing Limited 2015 Macroeconomics Emerging economies Time series analysis E41...

..., and to adopt a crawling peg which is not supported by fiscal reform. Originality/value The paper adds to the extensive examination of currency crises, and integrates macroeconomic and microeconomic approaches. The Turkish crisis can be viewed as a learning experience that policy makers in other developing...