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Shaky emerging economies in view of the global financial crisis : the Turkish economy after three decades of liberal reforms

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  • Faruk Ülgen

    ()
    (CREG - Centre de recherche en économie de Grenoble - Université Pierre-Mendès-France - Grenoble II : EA4625)

Abstract

In the wake of the global change of a new accumulation regime in major capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to assess the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies, which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns. The economic recovery is not guaranteed by a hasty liberalisation. It requires consistent policies which should frame economic agents' forms of behaviour in order to induce a sustainable macroeconomic development.

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Paper provided by HAL in its series Post-Print with number halshs-00968501.

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Date of creation: 28 Oct 2013
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Publication status: Published - Presented, Conference online "Neoliberalism in Turkey : a balance sheet of three decades", World economics association, 28 octobre-24 novembre 2013, 2013, Unknown
Handle: RePEc:hal:journl:halshs-00968501

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Keywords: liberalisation ; stability ; sustainable growth regime ; Turkish economy;

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  1. José Antonio Ocampo, 2009. "Latin America and the global financial crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 703-724, July.
  2. C. Emre Alper & Ziya Onis, 2002. "Soft Budget Constraints, Government Ownership of Banks and Regulatory Failure: The Political Economy of the Turkish Banking System in the Post-Capital Account Liberalization Era," Working Papers, Bogazici University, Department of Economics 2002/02, Bogazici University, Department of Economics.
  3. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
  4. Irwin, Gregor & Vines, David, 1999. "A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2149, C.E.P.R. Discussion Papers.
  5. Bhattacharya, Rina, 1997. "Pace, sequencing and credibility of structural reforms," World Development, Elsevier, Elsevier, vol. 25(7), pages 1045-1061, July.
  6. Subir Lall & Roberto Cardarelli & Selim Elekdag, 2009. "Financial Stress, Downturns, and Recoveries," IMF Working Papers 09/100, International Monetary Fund.
  7. Stiglitz, Joseph & Ocampo, Jose Antonio & Spiegel, Shari & Ffrench-Davis, Ricardo & Nayyar, Deepak, 2006. "Stability with Growth: Macroeconomics, Liberalization and Development," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199288144, October.
  8. Ercan Uygur, 2010. "The Global Crisis And The Turkish Economy," Working Papers, Turkish Economic Association 2010/3, Turkish Economic Association.
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