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Global Crisis, National Responses: The Political Economy of Turkish Exceptionalism

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  • Ziya Onis

    ()
    (Koc University)

  • Ali Burak Güven
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    Abstract

    With its dilatory and piecemeal fiscal activism and uncharacteristic reluctance toward IMF assistance, the Turkish government’s response to the global economic crisis of 2008-2009 sharply contrasted the bold approaches adopted by other major emerging market countries. Underlying this policy exceptionalism were the constraints posed by Turkey’s pre-existing policy and macroeconomic constraints, cognitive failures on the part of policymakers, and the conjunctural dynamics of domestic politics. The interplay of these factors progressively narrowed the policy space for vigorous action, leading instead to a motley combination of reactive initiatives that neither offered sufficient protection to the most vulnerable social groups during the crisis nor promised sustainable growth in the long run.

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    File URL: http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1013.pdf
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    Bibliographic Info

    Paper provided by Koc University-TUSIAD Economic Research Forum in its series Koç University-TUSIAD Economic Research Forum Working Papers with number 1013.

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    Length: 27 pages
    Date of creation: Apr 2010
    Date of revision:
    Handle: RePEc:koc:wpaper:1013

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    Keywords: global economic crisis; fiscal stimulus; IMF; emerging markets; Turkey;

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    References

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    1. Ziya Önis & Fikret Senses, 2007. "Global Dynamics, Domestic Coalitions and a Reactive State: Major Policy Shifts in Post-War Turkish Economic Development," ERC Working Papers 0706, ERC - Economic Research Center, Middle East Technical University, revised Sep 2007.
    2. Akyuz, Yilmaz & Boratav, Korkut, 2003. "The Making of the Turkish Financial Crisis," World Development, Elsevier, vol. 31(9), pages 1549-1566, September.
    3. Ercan Uygur, 2010. "The Global Crisis And The Turkish Economy," Working Papers 2010/3, Turkish Economic Association.
    4. Ziya Onis & Fikret Senses, 2007. "Global Dynamics, Domestic Coalitions and a Reactive State: Major Policy Shifts in Post-War Turkish Economic Development," Working Papers 2007/7, Turkish Economic Association.
    5. Demir, Firat, 2004. "A Failure Story: Politics and Financial Liberalization in Turkey, Revisiting the Revolving Door Hypothesis," World Development, Elsevier, vol. 32(5), pages 851-869, May.
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