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The Making Of The Turkish Financial Crisis

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  • Y?lmaz Akyüz
  • Korkut Boratav

Abstract

There can be little doubt that at the turn of the century the Turkish economy was in need of an urgent stabilization in order to halt a treacherous process of high and volatile inflation, unsustainable public debt accumulation, and increasing financial fragility, resulting from irresponsible policies and lack of fiscal discipline that had been endemic under various governments since the early 1980s. However, the stabilization program formulated and launched with strong support from the IMF failed to deliver its promises, plunging the economy into an unprecedented crisis, in large part because of serious shortcomings in its design as well as in crisis intervention which appears to have drawn no useful lessons from the recent bouts of crises in emerging markets.

Suggested Citation

  • Y?lmaz Akyüz & Korkut Boratav, 2002. "The Making Of The Turkish Financial Crisis," UNCTAD Discussion Papers 158, United Nations Conference on Trade and Development.
  • Handle: RePEc:unc:dispap:158
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    References listed on IDEAS

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    4. Yïlmaz AKYÜZ, 2000. "The Debate On The International Financial Architecture: Reforming The Reformers," UNCTAD Discussion Papers 148, United Nations Conference on Trade and Development.
    5. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
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    Citations

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    Cited by:

    1. Guluzar Kurt Gumus, 2010. "The Effect of Foreign Investors on Security Markets: The Case of Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 11(44), pages 58-85.
    2. Jörg Mayer, 2008. "Policy Space: What, For What, And Where?," UNCTAD Discussion Papers 191, United Nations Conference on Trade and Development.
    3. repec:bor:iserev:v:11:y:2011:i:44:p:1-28 is not listed on IDEAS
    4. Mete Feridun, 2005. "Explaining Financial Crises in Emerging Markets: A logit model on the Turkish data (1984-2001)," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 10(1), pages 33-47, Jan-Jun.
    5. Ýhsan Ugur Delikanli, 2010. "Financial Reporting for the Repo Transactions and the Impact of Proposed Amendments in IAS 39 and IFRS 7," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 11(44), pages 1-28.
    6. Ceylan Onay & Emre Ozsoz, 2013. "The Impact of Internet-Banking on Brick and Mortar Branches: The Case of Turkey," Journal of Financial Services Research, Springer;Western Finance Association, vol. 44(2), pages 187-204, October.
    7. Sebastian Dullien, 2009. "Central Banking, Financial Institutions And Credit Creation In Developing Countries," UNCTAD Discussion Papers 193, United Nations Conference on Trade and Development.
    8. Serkan Yilmaz Kandir, 2010. "Investigating Investment Preferences of Institutional Investors toward ISE Companies," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 11(44), pages 29-58.
    9. U. Ozlale & E. Yeldan, 2004. "Measuring exchange rate misalignment in Turkey," Applied Economics, Taylor & Francis Journals, vol. 36(16), pages 1839-1849.
    10. Martina Metzger, 2008. "Regional Cooperation And Integration In Sub-Saharan Africa," UNCTAD Discussion Papers 189, United Nations Conference on Trade and Development.
    11. Nazim K. Ekinci & Korkut A. Erturk, 2004. "Turkish Currency Crisis of 2000-1, Revisited," Working Paper Series, Department of Economics, University of Utah 2004_01, University of Utah, Department of Economics.
    12. Voyvoda, Ebru & Yeldan, Erinc, 2005. "Managing Turkish debt: An OLG investigation of the IMF's fiscal programming model for Turkey," Journal of Policy Modeling, Elsevier, vol. 27(6), pages 743-765, September.
    13. Guncavdi Oner & Kucukcifci Suat, 2005. "Financial Reforms and the Decomposition of Economic Growth: An Investigation of the Changing Role of the Financial Sector in Turkey," Review of Middle East Economics and Finance, De Gruyter, vol. 3(1), pages 61-84, April.
    14. repec:bor:iserev:v:11:y:2011:i:44:p:29-57 is not listed on IDEAS
    15. repec:bor:iserev:v:11:y:2011:i:44:p:58-85 is not listed on IDEAS
    16. Hasan Ersel, 2013. "Politico-Economic Development of Turkey and The Transformation of Political Islam," Working Papers 746, Economic Research Forum, revised Apr 2013.
    17. Enrique Cosio-Pascal, 2008. "The Emerging Of A Multilateral Forum For Debt Restructuring: The Paris Club," UNCTAD Discussion Papers 192, United Nations Conference on Trade and Development.

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