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Growth and economic crises in Turkey: leaving behind a turbulent past?

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  • Mihai Macovei
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    Abstract

    Turkey's performance in the current crisis shows that it has managed to weather the global stormy conditions relatively well and avoid collapsing into a full-fledged currency and financial crisis. On the face of it, one could conclude economic reforms introduced since 2001 have paid off and today's performance marks a clean break with the past. But there are also indications that the Turkish economy still retains some of its old vulnerabilities. By determining how resilient Turkey's economy has become to domestic and international economic volatility, one can better assess the sustainability of the accelerated economic convergence process on which Turkey embarked after the 2001 crisis.

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    File URL: http://ec.europa.eu/economy_finance/publications/publication16004_en.pdf
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    Bibliographic Info

    Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 386.

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    Length: 38 pages
    Date of creation: Oct 2009
    Date of revision:
    Handle: RePEc:euf:ecopap:0386

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    Related research

    Keywords: Economic crisis; external vulnerabilities; growth; economic convergence; fiscal consolidation; structural reforms; enlargement; boom-bust growth pattern; Macovei;

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    References

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    1. Tasso Adamopoulos & Ahmet Akyol, 2006. "Relative Stagnation alla Turca," 2006 Meeting Papers 703, Society for Economic Dynamics.
    2. Prakash Kannan, 2008. "Perspectiveson High Real Interest Rates in Turkey," IMF Working Papers 08/251, International Monetary Fund.
    3. Altug, Sumru G. & Filiztekin, Alpay & Pamuk, Sevket, 2007. "The Sources of Long-term Economic Growth for Turkey, 1880-2005," CEPR Discussion Papers 6463, C.E.P.R. Discussion Papers.
    4. Enrica Detragiache & Asli Demirgüç-Kunt, 1998. "Financial Liberalization and Financial Fragility," IMF Working Papers 98/83, International Monetary Fund.
    5. Özlem Onaran, 2006. "Speculation-led growth and fragility in Turkey: Does EU make a difference or "can it happen again"?," Department of Economics Working Papers wuwp093, Vienna University of Economics, Department of Economics.
    6. Ahmet Faruk Aysan & Sanli Pinar Ceyhan, 2007. "Market Disciplining Role of Crises on The Restructuring of the Turkish Banking Sector," Working Papers 2007/18, Bogazici University, Department of Economics.
    7. Anne-Marie Brook & Edward R. Whitehouse, 2006. "The Turkish Pension System: Further Reforms to Help Solve the Informality Problem," OECD Social, Employment and Migration Working Papers 44, OECD Publishing.
    8. Akyuz, Yilmaz & Boratav, Korkut, 2003. "The Making of the Turkish Financial Crisis," World Development, Elsevier, vol. 31(9), pages 1549-1566, September.
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