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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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  • Ulgen, Faruk

Abstract

In the wake of the global change of a new accumulation regime in main 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 evaluate 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 as the economic recovery is not guaranteed by a hasty liberalisation but by consistent policies which should frame economic actors‟ behaviour in the aim of a sustainable macroeconomic development.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35467.

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Date of creation: 26 Oct 2010
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Handle: RePEc:pra:mprapa:35467

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

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  1. Bhattacharya, Rina, 1997. "Pace, sequencing and credibility of structural reforms," World Development, Elsevier, vol. 25(7), pages 1045-1061, July.
  2. 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, number 9780199288144, September.
  3. Irwin, Gregor & Vines, David, 1999. "A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis," CEPR Discussion Papers 2149, C.E.P.R. Discussion Papers.
  4. Ercan Uygur, 2010. "The Global Crisis And The Turkish Economy," Working Papers 2010/3, Turkish Economic Association.
  5. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
  6. Subir Lall & Roberto Cardarelli & Selim Elekdag, 2009. "Financial Stress, Downturns, and Recoveries," IMF Working Papers 09/100, International Monetary Fund.
  7. José Antonio Ocampo, 2009. "Latin America and the global financial crisis," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 703-724, July.
  8. 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 2002/02, Bogazici University, Department of Economics.
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