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Eurozone Debt Crisis and its Effects on Turkish Economy

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  • Aysan, Ahmet Faruk
  • Ermişoğlu, Ergun
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    Abstract

    The Eurozone debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to rollover their government debt without the help of third parties. The reasons for the Eurozone debt crisis can be summarized in three groups: (i) Errors on the structure of the Monetary Union, (ii) Macroeconomic instabilities among the monetary union, (iii) Problems on the financial system. In this paper, after discussing the origins of the crisis, we summarize the measures taken against the crisis and then describe the current stage of the crisis. Finally, we focus on the effects of the crisis on the Turkish economy. Turkey is affected by the crisis via three channels: trade, finance and expectations channel. We focus especially on the trade and finance channel for the scope of this paper. We show that these effects have remained rather limited for Turkey with the help of the strong macroeconomic and financial structure.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50501.

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    Date of creation: Jan 2013
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    Handle: RePEc:pra:mprapa:50501

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    Keywords: Eurozone debt crisis; Optimum Currency Area; Turkish economy;

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    1. Lojsch, Dagmar Hartwig & Rodríguez-Vives, Marta & Slavík, Michal, 2011. "The size and composition of government debt in the euro area," Occasional Paper Series 132, European Central Bank.
    2. Aysan, Ahmet Faruk & Ceyhan, Sanli Pinar, 2007. "What Determines the Banking Sector Performance in Globalized Financial Markets: The Case of Turkey?," MPRA Paper 5495, University Library of Munich, Germany.
    3. Aysan, Ahmet Faruk & Al, Huseyin, 2006. "Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey," MPRA Paper 5481, University Library of Munich, Germany.
    4. M R Anand & G L Gupta & Ranjan Dash, 2012. "The Euro Zone Crisis and its Dimensions and Implications," Working Papers id:4764, eSocialSciences.
    5. Akin, Guzin Gulsun & Aysan, Ahmet Faruk & Yildiran, Levent, 2008. "Transformation of the Turkish Financial Sector in the Aftermath of the 2001 Crisis," MPRA Paper 17803, University Library of Munich, Germany.
    6. Jamal Ibrahim Haidar, 2012. "Sovereign Credit Risk in the Eurozone," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(1), pages 123-136, January.
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