Yükselen Piyasalarda Finansal Kriz
[Financial Crises in Emerging Markets]
The 1980s witnessed the failure of the planned economic development models and absolute victory of the free trade thought. However, the context of the 1990s also included money and capital free movements besides foreign exchange and banking crises. The effective demand crisis of 1929, social expenditure and balance of payment crises of the 1970s have developed the corrective characteristics of free trade or capitalist model. In the recent 20 years, not only economic but also political and institutional factors have been embedded into models to understand the nature of social life. Macro economic management, political regime, openness, forex regime, and competition and dynamism of private sector need to be handled altogether. Many other developed and developing countries also experienced the crisis process which Turkey has suffered so much. European monetary system crisis in 1990-92 (Britain, France, Portugal, and Sweden), Mexican crisis in 1994, Asian crisis in 1997, Russian and Brazilian crises in 1998 and finally the financial and economic crisis of Turkey between 2000 and2001 are the examples of the new generation crises. This article compares the nature and logic of recent economic fluctuations.
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