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U.S-Turkey Crisis and Its Impact on the Economy of the Black Sea Region

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  • Abuselidze, George
  • Mamaladze, Lela

Abstract

The process of political, economic and socio-cultural integration is underway of rapid pace in terms of globalization. Consequently, changes in one state will be reflected in other countries or region as a result of increased interdependence. The U.S. and Turkey have a historically strong relationship. They have a shared interest in economic collaboration, stability and security. The long history partnership has been tested in 2018 by a series of disagreements. Turkey and the U.S face their greatest diplomatic crisis. The lira lost almost a quarter of its value against the dollar. It should be noted Turkey’s increasing more independent regional role and influence. There are also signs that the crisis has the wider impact. However, the aim of this paper is to present the correlation between the U.S-Turkey crisis and the economy of the Black Sea Region countries. The paper consists of several thematic parts and a part dedicated to conclusions and recommendations. First one is introduction, second one is theoretical and provides to analyze specific issues related to US-Turkey relations: from alliance to crisis. The third part discusses the research methodology used during the research for this study. The article includes short and long term recommendations which are possible solutions for it.

Suggested Citation

  • Abuselidze, George & Mamaladze, Lela, 2019. "U.S-Turkey Crisis and Its Impact on the Economy of the Black Sea Region," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 135.
    • Handle: RePEc:zbw:espost:216641
    DOI: 10.1051/e3sconf/201913503077
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    References listed on IDEAS

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    1. Caraiani, Petre, 2010. "Forecasting Romanian GDP Using a BVAR Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 76-87, December.
    2. Abuselidze, George, 2019. "European Integration of Georgia and Financial-Economic Condition: Achievements and Challenges," MPRA Paper 97343, University Library of Munich, Germany.
    3. Axel Dreher, 2006. "Does globalization affect growth? Evidence from a new index of globalization," Applied Economics, Taylor & Francis Journals, vol. 38(10), pages 1091-1110.
    4. Abuselidze, George, 2018. "Modern Challenges of Monetary Policy Strategies: Inflation and Devaluation Influence on Economic Development of the Country," MPRA Paper 99885, University Library of Munich, Germany, revised 26 Jan 2019.
    5. Kubiszewski, Ida & Costanza, Robert & Franco, Carol & Lawn, Philip & Talberth, John & Jackson, Tim & Aylmer, Camille, 2013. "Beyond GDP: Measuring and achieving global genuine progress," Ecological Economics, Elsevier, vol. 93(C), pages 57-68.
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    Cited by:

    1. Abuselidze, George & Slobodianyk, Anna, 2020. "Social responsibility of business and government in the conditions of the COVID-19 pandemic," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 210.

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    More about this item

    Keywords

    Crisis; sanctions; trade relations; Black Sea region;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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