Premature Liberalization, Incomplete Stabilization

Premature Liberalization, Incomplete Stabilization
Author: Dani Rodrik
Publisher:
Total Pages: 60
Release: 1990
Genre: Deficit financing
ISBN:

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In late 1979, Turkey stood in the throes of a foreign exchange crisis, with widespread shortages, negative growth, and inflation into triple digits. A decade later, Turkey has a comfortable balance-of-payments situation, and sits atop considerable foreign exchange reserves. The economy has achieved a remarkable transformation from an inward-oriented outlook to an outwardoriented one. Yet, after some success in the early 1980s, inflation remains unconquered and the public sector budget is out of control. This paper provides an interpretation of the Turkish experience in the 1980s. It is argued that foreign capital inflows in the early 1980s cushioned the fiscal squeeze, and allowed a relatively painless reduction in inflation alongside a process of export-oriented growth. In the best of all possible worlds, the outward-oriented reforms would have taken sufficient root by the mid-1980s to allow the public sector to undertake the delayed retrenchment as the inflows came to an end, at no great cost to output. Instead, policy followed a mix of liberalization with patronage politics detrimental to monetary discipline. Financial liberalization reduced demand for base money at the same time that fiscal balances came under increasing strain due to the external transfer. Inflation was rekindled under the dual influence of fiscal deficits and a shrinking base for the inflation tax.

Lessons of Economic Stabilization and Its Aftermath

Lessons of Economic Stabilization and Its Aftermath
Author: Banḳ Yiśraʼel
Publisher: MIT Press
Total Pages: 472
Release: 1991
Genre: Business & Economics
ISBN: 9780262023245

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Comprises essays presented at a conference held in Jerusalem in 1990.

Uneven Centuries

Uneven Centuries
Author: ?evket Pamuk
Publisher: Princeton University Press
Total Pages: 372
Release: 2018-11-20
Genre: Business & Economics
ISBN: 0691166374

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The first comprehensive history of the Turkish economy The population and economy of the area within the present-day borders of Turkey has consistently been among the largest in the developing world, yet there has been no authoritative economic history of Turkey until now. In Uneven Centuries, Şevket Pamuk examines the economic growth and human development of Turkey over the past two hundred years. Taking a comparative global perspective, Pamuk investigates Turkey’s economic history through four periods: the open economy during the nineteenth-century Ottoman era, the transition from empire to nation-state that spanned the two world wars and the Great Depression, the continued protectionism and import-substituting industrialization after World War II, and the neoliberal policies and the opening of the economy after 1980. Making use of indices of GDP per capita, trade, wages, health, and education, Pamuk argues that Turkey’s long-term economic trends cannot be explained only by immediate causes such as economic policies, rates of investment, productivity growth, and structural change. Uneven Centuries offers a deeper analysis of the essential forces underlying Turkey’s development—its institutions and their evolution—to make better sense of the country’s unique history and to provide important insights into the patterns of growth in developing countries during the past two centuries.

Hyperinflation and Stabilization in Postsocialist Economies

Hyperinflation and Stabilization in Postsocialist Economies
Author: G.W Kolodko
Publisher: Springer Science & Business Media
Total Pages: 200
Release: 2012-12-06
Genre: Business & Economics
ISBN: 940113894X

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One would think states and peoples have had so many bad experiences with inflation that politicians at the helm of these states would do everything within their power to avoid inflation and, in particular, its very intensive shape, i. e. hyperinflation. However, this has not been the case. After the big inflations of the twenties and the post-war inflations of the fourties, we still witness intensive, economically, socially and politically extremely painful inflationary processes. And the eighties will be particularly engraved in history as a period in which the inflation has assumed an exceptionally dynamic character with respect to some countries. This regards, in the first place, Latin America, but not exclusively. Not without reason -as will be of particular intensity has also affected shown in this book -inflation countries which, according to the passed economic doctrine, were supposed to be completely immune from this economic illness. Most generally, the inflation can be assumed to be a uniform phenomenon which, in each case, can be described by a single, universal definition, while being divided into a number of forms and types distinguishable according to their original and secondary sources, their mechanisms, the ways of their manifestation as well as to their effects and the methods of counteracting them.

Turkish Economy

Turkish Economy
Author: Ahmet Faruk Aysan
Publisher: Springer
Total Pages: 425
Release: 2018-03-30
Genre: Political Science
ISBN: 3319703803

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This book scrutinizes the last 15 years of exceptional growth in the Turkish economy, and presents a model for sustainable ongoing growth that has particular implications for other key emerging economies. The growth of the Turkish economy in the 2000’s was based on two integrated fundamental factors: fixing deteriorating dynamics and implementing further reforms to stimulate economic activity. This basic formula led to pleasing rates of economic growth, fuelled particularly by domestic private investments along with revived consumption and exports. Driven by political stability established by single party governments in the post-2002 period, an improved economic outlook helped Turkey enjoy record levels of foreign investment, adding momentum to its growth story. The Turkish experience in the post-crisis period implies that in order to achieve a fast and - more importantly - sustainable onward growth, the economy needs a new generation of structural reforms that simultaneously heal fragility and vitalize economic activity. The papers in this book offer professional assessments and assistance - especially for policymakers, and present a new direction upon which the Turkish economy - and emerging markets - can progress successfully for a further 15 years.

Religion, Identity and Power

Religion, Identity and Power
Author: Ahmet Erdi Ozturk
Publisher: Edinburgh University Press
Total Pages: 264
Release: 2021-01-05
Genre: Political Science
ISBN: 1474474713

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This book examines Turkey’s ethno-religious activism and power-related political strategies in the Balkans between 2002 and 2020, the period under the rule of the Justice and Development Party (AKP), to determine the scopes of its activities in the region.
Ahmet Erdi Öztürk illuminates an often-neglected aspect of Turkey’s relations with its Balkan neighbours that emerged as a result of the much discussed ‘authoritarian turn’ – a broader shift in Turkish domestic and foreign policy from a realist-secular to a Sunni Islamic orientation with ethno-nationalist policies.
Öztürk draws on personal testimonies given by both Turkish and non-Turkish, Muslim and non-Muslim interviewees in three country cases: Bulgaria, North Macedonia and Albania. The findings shed light on contemporary issues surrounding the continuous redefinition of Turkish secularism under the AKP rule and the emergence of a new Muslim elite in Turkey.

The Political Economy of Turkey

The Political Economy of Turkey
Author: Harvard University, Cambridge, MA, USA John F. Kennedy School of Government
Publisher: Springer
Total Pages: 289
Release: 1990-06-18
Genre: Political Science
ISBN: 1349112747

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Turkey stands at a crossroad after a decade of adjustment to its severe debt crisis in the late 1970s. This volume brings together a group of contributors who discuss the consequences of this transition and the likely pains for the future.

Turkish Economy At The Crossroads: Facing The Challenges Ahead

Turkish Economy At The Crossroads: Facing The Challenges Ahead
Author: Asaf Savas Akat
Publisher: World Scientific
Total Pages: 370
Release: 2020-10-05
Genre: Business & Economics
ISBN: 9811214905

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Turkish Economy at the Crossroads: Facing the Challenges Ahead is an exciting new volume of articles from prominent experts, edited by two distinguished economists. Despite its international stature and its diversified open-market economy, the global literature on Turkey is dispersed and sparse. The book aims to remedy this shortcoming by providing readers interested in Turkey with a balanced and up-to-date overview of the economy.Topics discussed include trends in long-term political economy, post-2001 macroeconomic policies, tradable and non-tradable sectors and their impact on income distribution, capital flows and financial imbalances, success and problems of structural transformation at the micro level, characteristics of the labor markets with special emphasis on female employment, Turkey's long lasting but difficult relations with the European Union and possible scenarios for the near future. This unified approach permits to highlight and tackle effectively the challenges and risks Turkey faces in the final and critical stage of transition to a modern developed society.