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The making of Turkey's 2018-2019 economic crisis

Author

Listed:
  • Akcay, Ümit
  • Güngen, Ali Riza

Abstract

Turkish economic growth depends on capital inflows and access to cheap credit sources. Once the global financial conditions tightened in 2018, Turkey was among the emerging markets that suffered the most. This article analyses the making of Turkey's economic crisis in 2018-2019, while elaborating the phases of Turkish financialisation. It locates the slow-motion drift of Turkish economy within the context of dependent financialisation and argues that a long-term account is needed to grasp the economic turmoil of recent years.

Suggested Citation

  • Akcay, Ümit & Güngen, Ali Riza, 2019. "The making of Turkey's 2018-2019 economic crisis," IPE Working Papers 120/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:1202019
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    File URL: https://www.econstor.eu/bitstream/10419/200182/1/1667890263.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Debating ‘State Capitalism’ in Turkey: Beyond False Dichotomies
      by mehmetermanerol in Development Economics on 2020-12-10 09:32:00

    Citations

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    Cited by:

    1. Abdullahil Mamun & Harun Bal & Shahanara Basher & Md Mahi Uddin & Nazamul Hoque, 2023. "Growth Effects Of Currency Misalignment And Capital Flight In Turkey," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(2), pages 221-250, May.
    2. Sabri Mekimah, 2020. "The Phases Of Covid-19 Crisis Managment By The Directorates Of Commerce In Algeria And Its Effect On The Consumer Behavior," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 26, pages 9-28, December.
    3. Kazandziska, Milka, 2022. "Financialization in emerging Europe," IPE Working Papers 183/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    Turkey; Dependent Financialisation; Economic Crises; Crisis Management;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G01 - Financial Economics - - General - - - Financial Crises

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