Decomposition of Capital Inflows and Interest Rates in Turkey

Graphics below show

• the total capital inflows to Turkey (as % of GDP, 12 month moving average, left axis),
• decomposition of inflows (as % of GDP, 12 month moving average, left axis)
• the real interest rates in Turkey (in $ terms, ex-post, 12 month moving average, including currency appreciation, in right axis).

Notes:
(1) interest rate: dollar terms, ex-post, right axis
(2) capital flow: as % of gdp, left axis
(3) government borrowing (% of gdp, left axis, bonds issued abroad, IMF credits, other credits --- excluding Treasury domestic borrowing securities)
(4) hot money linked to interest rates (% of gdp, left axis, Treasury domestic borrowing securities, short term borrowing of banks, short term borrowing of other sectors, deposits, net errors and omissions, excluding stock purchases)