The Global Crisis and the Turkish Economy (No. 21)

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The Global Crisis and the Turkish Economy (No. 21)

USD 8.00 Publisher: TWN
ISBN: 978-967-5412-14-1
Year: 2010
No. of pages: 72
Size of book: 14.5cm x 21cm
Author: Ercan Uygur

About the Book

After a period of relatively high and stable growth, the Turkish economy suffered a serious blow from the global crisis of 2008-09. This paper examines the extent to which the major macroeconomic indicators of growth, employment and inflation in Turkey have been affected by the worldwide downturn. The paper also looks at the main channels through which the crisis reached Turkish shores: external trade, capital flows, the banking sector and business confidence.

Assessing the Turkish authorities’ response to the crisis, the paper contends that there was a delay in taking fiscal and monetary policy action to counteract the effects of the global turmoil. The effectiveness of the measures that were eventually implemented has also varied, with further concerns arising over the burden imposed by the fiscal measures on the government budget.

In terms of the future outlook, the paper states that post-crisis adjustments in the global economy may put paid to Turkey’s prior reliance on foreign capital inflows to fuel growth. In any event, the crisis has amply exposed the dangers of dependence on volatile financial flows – a dependence which, in Turkey’s case, has also been detrimental to long-run competitiveness and employment generation. Consequently, the author suggests, Turkey should move away from this unsustainable growth strategy and, among other measures, consider instituting capital and exchange controls in the medium term.

About the Author

ERCAN UYGUR is Professor of Economics at Ankara University and the president of the Turkish Economic Association.

Contents

INTRODUCTION
RECENT DEVELOPMENTS: GROWTH, EMPLOYMENT AND INFLATION
Growth
Employment
Inflation
THE IMPACT OF THE GLOBAL CRISIS ON THE TURKISH ECONOMY
Foreign Trade and the Current Account
The Capital Account and Foreign Debt
Banking and Finance
Global Uncertainty and Loss of Confidence
MONETARY POLICY RESPONSE TO THE GLOBAL CRISIS
Monetary Policy in Turkey
Monetary Policy Measures to Counteract the Global Crisis FISCAL
POLICY RESPONSE TO THE GLOBAL CRISIS
Fiscal Policy in Turkey
Fiscal Policy Measures to Counteract the Global Crisis
PROSPECTS FOR THE FUTURE
CONCLUDING REMARKS
Medium-Term Policy Alternatives

REFERENCES

APPENDIX I           Details of Monetary Policy Measures to Counteract the Global Crisis

APPENDIX II         Details of Fiscal Policy Measures to Counteract the Global Crisis

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This product was added to our catalog on Tuesday 09 August, 2011.

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The Global Crisis and the Turkish Economy (No. 21)