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


  • Mihai Macovei


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.

Suggested Citation

  • Mihai Macovei, 2009. "Growth and economic crises in Turkey: leaving behind a turbulent past?," European Economy - Economic Papers 2008 - 2015 386, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  • Handle: RePEc:euf:ecopap:0386

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    References listed on IDEAS

    1. Demirguc-Kent, Asli & Detragiache, Enrica, 1998. "Financial liberalization and financial fragility," Policy Research Working Paper Series 1917, The World Bank.
    2. 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.
    3. Prakash Kannan, 2008. "Perspectives on High Real Interest Rates in Turkey," IMF Working Papers 08/251, International Monetary Fund.
    4. 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.
    5. Onaran, Özlem, 2006. "Speculation-led growth and fragility in Turkey: Does EU make a difference or "can it happen again"?," Department of Economics Working Paper Series 1118, WU Vienna University of Economics and Business.
    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. 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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    More about this item


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

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects

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