Readapting macroeconomic management to a globalized economy: How to handle the accountability on the current account balance

Current account imbalances that have been a component of the globalization process threaten overall macroeconomic management, jeopardize financial stability and exacerbate effects of financial turmoil. Despite its detrimental effects, however, current account imbalances are overlooked by policy makers. In this paper we argue that assigning the responsibility to monitor and be accountable on the current account balance to an appropriate public institution would improve macroeconomic management not only in terms of soothing external balance but would also make internal balance concerns less troublesome and mitigate risks of economic and financial crises. Considering the developments particularly in the aftermath of the global financial crisis, we propose the central bank as a plausible candidate

Impact of Syrian Refugees on House Prices in Istanbul

Turkey is the world’s biggest refugee hosting nation, and Istanbul, Turkey’s commercial capital and Europe’s largest metropolitan city by population, is home to almost 1,500,000 Syrians. We investigate the short-run impact of refugees on house prices in Istanbul’s districts. We find a negative impact of massive immigration on house prices